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
"TGI Fridays: 1,000 UK jobs to go despite rescue deal",https://www.bbc.co.uk/news/articles/cqxryv2pw40o,2024-10-07T13:49:16.788Z,"More than 1,000 TGI Fridays' UK staff will be made redundant despite a rescue deal from the owners of restaurant group D&D London. They have bought the UK operator of the American-themed chain, after its owner fell into administration last month. The deal will save nearly 2,400 jobs at 51 restaurants, but the administrators, Teneo, said 35 branches have closed. TGI Fridays UK said it was working with landlords on a deal to save the closed restaurants. ""We are doing everything possible to retain our team and support those impacted,"" said chief executive Julie McEwan. She added she was ""devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us"". The buyers, Breal Capital and Calveton UK, already own restaurant chains Byron Burgers and Vinoteca as well as restaurant group D&D London. A spokesperson for the new owners said it wanted to ""both modernise the business and capitalise on the heritage of this iconic brand"". They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"". However, Unite lead organiser for hospitality Bryan Simpson called the treatment of TGI Fridays' UK staff ""a national disgrace"". The union claimed that staff were locked out of their workplaces when some of the sites closed.  It has also said that its members are uncertain whether or not they will receive wages, holiday pay or tips earned. The company declined to comment when asked about these allegations by the BBC. The restaurants being closed are Barnsley, Birmingham Hagley Road, Bracknell, Brighton Marina, Bristol Cabot Circus, Cardiff Newport Road, Chelmsford, Cheltenham, Croydon, Derby, Dundee, Durham, Edinburgh Fort Kinnaird, Enfield, Gateshead, Gloucester Quays, Halifax, Jersey, Leeds, Leeds Trinity, Leicester, Lincoln, Manchester Royal Exchange, Newcastle Eldon Square, Newport, Northampton, Prestwich, Romford, Sale, Solihull, Southampton West Quay South, Speke, Sutton Coldfield, Swansea, and Watford North. Breal and Calveton secured the deal on Monday after TGI Fridays' UK owner Hostmore fell into administration due to debt. Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. ""With some investment and more importantly enthusiasm, the brand can really connect with diners again,"" said analyst Catherine Shuttleworth. She added it was notable the new owners had chosen to keep locations in shopping centres and retail parks ""where younger diners and families choose to spend their money"". TGI Fridays opened its first restaurant in New York in 1965 and its first UK restaurant in Covent Garden two decades later. ",BBC,07/10/2024,"[""More than 1,000 TGI Fridays' UK staff will be made redundant despite a rescue deal from the owners of restaurant group D&D London."", 'They have bought the UK operator of the American-themed chain, after its owner fell into administration last month.', 'The deal will save nearly 2,400 jobs at 51 restaurants, but the administrators, Teneo, said 35 branches have closed.', 'TGI Fridays UK said it was working with landlords on a deal to save the closed restaurants. ""', 'We are doing everything possible to retain our team and support those impacted,"" said chief executive Julie McEwan.', 'She added she was ""devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us"".', 'The buyers, Breal Capital and Calveton UK, already own restaurant chains Byron Burgers and Vinoteca as well as restaurant group D&D London.', 'A spokesperson for the new owners said it wanted to ""both modernise the business and capitalise on the heritage of this iconic brand"".', 'They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".', 'However, Unite lead organiser for hospitality Bryan Simpson called the treatment of TGI Fridays\' UK staff ""a national disgrace"".', 'The union claimed that staff were locked out of their workplaces when some of the sites closed.', 'It has also said that its members are uncertain whether or not they will receive wages, holiday pay or tips earned.', 'The company declined to comment when asked about these allegations by the BBC.', 'The restaurants being closed are Barnsley, Birmingham Hagley Road, Bracknell, Brighton Marina, Bristol Cabot Circus, Cardiff Newport Road, Chelmsford, Cheltenham, Croydon, Derby, Dundee, Durham, Edinburgh Fort Kinnaird, Enfield, Gateshead, Gloucester Quays, Halifax, Jersey, Leeds, Leeds Trinity, Leicester, Lincoln, Manchester Royal Exchange, Newcastle Eldon Square, Newport, Northampton, Prestwich, Romford, Sale, Solihull, Southampton West Quay South, Speke, Sutton Coldfield, Swansea, and Watford North.', ""Breal and Calveton secured the deal on Monday after TGI Fridays' UK owner Hostmore fell into administration due to debt."", 'Retail experts have blamed the collapse of TGI Fridays\' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. ""', 'With some investment and more importantly enthusiasm, the brand can really connect with diners again,"" said analyst Catherine Shuttleworth.', 'She added it was notable the new owners had chosen to keep locations in shopping centres and retail parks ""where younger diners and families choose to spend their money"".', 'TGI Fridays opened its first restaurant in New York in 1965 and its first UK restaurant in Covent Garden two decades later.']",0.0818722346734015,"They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".","Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. """,0.1620138353771633,"They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".","Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. """,2024-10-07
Rachel Reeves signals plan to spend more on big projects,https://www.bbc.co.uk/news/articles/czxdnq24v7ro,2024-10-03T23:07:20.658Z,"The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said. In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years. She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”. But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects. After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment. The green schemes are two new carbon capture and storage projects on Merseyside and Teesside. The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals. The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%. However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects. She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"". But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""I’m not going to make those mistakes,” she said. Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit. That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds. She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days. ",BBC,03/10/2024,"['The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said.', 'In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years.', 'She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”.', 'But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects.', 'After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.', 'The green schemes are two new carbon capture and storage projects on Merseyside and Teesside.', 'The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals.', 'The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', ""She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%."", 'However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects.', 'She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"".', 'But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""', 'I’m not going to make those mistakes,” she said.', 'Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit.', 'That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds.', 'She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.']",0.0631907369324557,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",0.1054802374406294,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",2024-10-07
Food rating lies exposed by BBC secret recording,https://www.bbc.co.uk/news/articles/c3wp46l3gv4o,2024-10-07T04:39:58.346Z,"Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed. Secret recording captured businesses from small local restaurants to the supermarket chain Sainsbury's misleading customers with inaccurate Food Standards Agency (FSA) ratings, in what experts say is a nationwide problem. Over several weeks, the BBC visited dozens of food establishments in east London, following tip-offs that deception about ratings in the area was rife. Where places lied when asked about their ratings, one expert said this amounted to fraud. Confronted with the evidence, some businesses did not respond at all while others denied any deliberate deception. Using hidden cameras, the BBC's team set out in July and August to document the accuracy of food hygiene ratings on display and also to see how businesses would respond when questioned about their score. The BBC's investigation revealed that the London Borough of Waltham Forest has a serious food hygiene problem. As of September 2024, it has the highest percentage of establishments in England and Wales rated zero to two stars on the food hygiene scale. Under the FSA's scheme, businesses are ranked from zero to five, with those scoring below three described as in need of improvement. The Sainsbury's store found to have been misrepresenting its status was one of its  ""Local"" outlets, in Leyton. A BBC undercover team repeatedly visited the store in July and August and found a top mark of five prominently displayed there. However, its official FSA rating at the time was zero - indicating urgent improvement was needed.  The inspection report, obtained by the BBC through a freedom of information request, detailed serious pest-control issues, with mouse droppings discovered in an access hatch adjacent to a cash machine. Widespread filth and grime were found throughout the store and cleaning standards deemed 'not acceptable'. The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"". According to the report, allergen labelling was not available for some products on display - posing a risk to customers with food allergies. The FSA's hygiene ratings provide customers with information about the cleanliness and safety practices of establishments that sell food. The ratings are based on factors such as food handling practices, cleanliness of facilities and overall food safety management. Low scores can indicate issues such as poor cleaning practices, inadequate temperature control of food or pest infestations. Such conditions can lead to bacterial growth, cross-contamination and, ultimately, a higher likelihood of customers falling ill - in some cases seriously. In response to the BBC investigation, Sainsbury's said food safety was a priority and claimed that ""95%"" of their stores had a rating of five.  ""We've removed an outdated rating sticker at our Leyton High Road Local store and reviewed our procedures to ensure this doesn't happen again."" The company also said it was ""continuing to make improvements at the store"" and admitted that the wrong rating about the store had also been displayed on the Sainsbury's website and that this had been rectified. Since the BBC visited the store, its rating has improved from zero to three - meaning hygiene there is now ""generally satisfactory"". While the actions of Sainsbury's raise concerns about misleading customers, other establishments lied about their ratings when asked directly about them, potentially crossing the line into fraudulent behaviour. One such business was Nadeem Halal Meat & Grocery, in Leyton. A rating of three was prominently displayed there when BBC undercover reporters visited in July and August. However, the shop's rating was actually zero. When questioned, a manager assured our reporter: ""Don't worry, never a problem, never nothing."" However, the shop's FSA inspection had found filthy conditions and a lack of food safety awareness among staff.  When the BBC visited, we spotted evidence of a rodent infestation in the form of a trap, indicating the suspected presence of rats or mice. At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good. Nearly five."" In reality, the café had a rating of one. Its FSA inspection report indicated major hygiene issues and a lack of allergen information. At Pizza & BBQ Express, in Lea, when an undercover reporter expressed concern about a previous stomach issue, the manager claimed the business had a five-star rating. ""No problem,"" he said, encouraging the reporter to ""look at the outside"" for confirmation of the top mark. At the time, the business's rating was zero. At Midland Supermarket, in Leyton, a five-star rating was prominently displayed, despite the store's actual score being one. When questioned, the manager told the BBC: ""Five means it's excellent. One is a low. Zero is the lowest. Five is top class."" What he failed to mention was that FSA inspectors had found the store selling food well past its expiration date, putting customers at risk of consuming potentially dangerous products. Jon Payne, a food safety lawyer who analysed the BBC's evidence, said businesses that lied when asked about their food ratings were potentially committing fraud. ""It makes me cross to see there are businesses out there who are willing to flout the law and put people at risk,"" he said. ""The BBC investigation has quite clearly shown that there are a lot of people out there who are willing to break the law. Those that have lied about their food hygiene ratings are committing criminal offences; they are effectively criminals."" He added: ""Where there is a deliberate attempt to deceive a customer, that's where it's fraud. They know about it, they've done nothing about it. That's fraud. ""Dealing with food is a serious matter. Anybody who is selling food is providing a customer with something that they put into their body and ultimately can kill them."" He pointed out that the issue is far from one isolated to east London.  ""This happens throughout the country,"" Mr Payne told the BBC. ""I and many other lawyers come across this every few months at work. And it's not just limited to small establishments, it can happen in bigger premises as well."" Selena Green's experience illustrates the dangers of poor food hygiene. After eating a chicken pastry at an unrelated establishment displaying a five-star rating, she became severely ill with what a doctor said was food poisoning. ""I started to feel really, really unwell and laid down,"" Ms Green recounted. ""Then it was probably about one o'clock in the morning, I made my way to the bathroom because I was just feeling like I wanted to be sick. And I remember I just passed out on the floor in the bathroom and I was starting to go pale."" The situation quickly became critical. ""By that time I was just so weak I couldn't even move,"" she said. ""A family member took me into the front room. And I was starting to feel breathless. I was just starting to feel nauseous and I was starting to go pale... and my sister called the ambulance to come and get me."" Her ordeal culminated in a hospital stay, a stark reminder of the potentially serious consequences when food hygiene standards are compromised. The BBC found 27 businesses that were misleading the public, all within a couple of miles of each other, and approached all of those featured in this article. Nadeem Halal Meat & Grocery apologised and said it was retraining staff. Pizza BBQ Express cited staff confusion for the rating discrepancy, denying intentional deception. Its rating has risen to a three since the BBC recording. Midland Supermarket and Café Mondial did not respond to requests for comment. The investigation raises questions about the effectiveness of England's voluntary display system for food hygiene ratings. Unlike in Wales and Northern Ireland, where displaying a rating is mandatory, English establishments can lawfully choose whether or not to show their ratings - or even display false ones.   Richard Reichman, a consumer protection solicitor, believes the nature of England's system might be an issue. ""I can see an argument that it would be helpful for businesses to display a food hygiene rating, to make it clear to consumers what their rating is rather than consumers needing to search for that rating online,"" he said. ""The voluntary nature of the system in England may be contributing to the problem we're seeing."" Waltham Forest Council, which has responsibility for enforcing the kind of trading standards breaches uncovered by the BBC, said it took food hygiene seriously and closed about 50 businesses each year for poor standards. It added that it would investigate any misrepresentation of scores. The Food Standards Agency said displaying incorrect ratings was potentially illegal. It said its latest audit showed 91% of English businesses displayed the correct ratings, adding that it had long advocated for making the scheme statutory in England - as it is in Wales and Northern Ireland - but that the final decision about that was one for the government. Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. ",BBC,07/10/2024,"['Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed.', ""Secret recording captured businesses from small local restaurants to the supermarket chain Sainsbury's misleading customers with inaccurate Food Standards Agency (FSA) ratings, in what experts say is a nationwide problem."", 'Over several weeks, the BBC visited dozens of food establishments in east London, following tip-offs that deception about ratings in the area was rife.', 'Where places lied when asked about their ratings, one expert said this amounted to fraud.', 'Confronted with the evidence, some businesses did not respond at all while others denied any deliberate deception.', ""Using hidden cameras, the BBC's team set out in July and August to document the accuracy of food hygiene ratings on display and also to see how businesses would respond when questioned about their score."", ""The BBC's investigation revealed that the London Borough of Waltham Forest has a serious food hygiene problem."", 'As of September 2024, it has the highest percentage of establishments in England and Wales rated zero to two stars on the food hygiene scale.', ""Under the FSA's scheme, businesses are ranked from zero to five, with those scoring below three described as in need of improvement."", 'The Sainsbury\'s store found to have been misrepresenting its status was one of its ""Local"" outlets, in Leyton.', 'A BBC undercover team repeatedly visited the store in July and August and found a top mark of five prominently displayed there.', 'However, its official FSA rating at the time was zero - indicating urgent improvement was needed.', 'The inspection report, obtained by the BBC through a freedom of information request, detailed serious pest-control issues, with mouse droppings discovered in an access hatch adjacent to a cash machine.', ""Widespread filth and grime were found throughout the store and cleaning standards deemed 'not acceptable'."", 'The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"".', 'According to the report, allergen labelling was not available for some products on display - posing a risk to customers with food allergies.', ""The FSA's hygiene ratings provide customers with information about the cleanliness and safety practices of establishments that sell food."", 'The ratings are based on factors such as food handling practices, cleanliness of facilities and overall food safety management.', 'Low scores can indicate issues such as poor cleaning practices, inadequate temperature control of food or pest infestations.', 'Such conditions can lead to bacterial growth, cross-contamination and, ultimately, a higher likelihood of customers falling ill - in some cases seriously.', 'In response to the BBC investigation, Sainsbury\'s said food safety was a priority and claimed that ""95%"" of their stores had a rating of five. ""', 'We\'ve removed an outdated rating sticker at our Leyton High Road Local store and reviewed our procedures to ensure this doesn\'t happen again.""', 'The company also said it was ""continuing to make improvements at the store"" and admitted that the wrong rating about the store had also been displayed on the Sainsbury\'s website and that this had been rectified.', 'Since the BBC visited the store, its rating has improved from zero to three - meaning hygiene there is now ""generally satisfactory"".', ""While the actions of Sainsbury's raise concerns about misleading customers, other establishments lied about their ratings when asked directly about them, potentially crossing the line into fraudulent behaviour."", 'One such business was Nadeem Halal Meat & Grocery, in Leyton.', 'A rating of three was prominently displayed there when BBC undercover reporters visited in July and August.', ""However, the shop's rating was actually zero."", 'When questioned, a manager assured our reporter: ""Don\'t worry, never a problem, never nothing.""', ""However, the shop's FSA inspection had found filthy conditions and a lack of food safety awareness among staff."", 'When the BBC visited, we spotted evidence of a rodent infestation in the form of a trap, indicating the suspected presence of rats or mice.', 'At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good.', 'Nearly five.""', 'In reality, the café had a rating of one.', 'Its FSA inspection report indicated major hygiene issues and a lack of allergen information.', 'At Pizza & BBQ Express, in Lea, when an undercover reporter expressed concern about a previous stomach issue, the manager claimed the business had a five-star rating. ""', 'No problem,"" he said, encouraging the reporter to ""look at the outside"" for confirmation of the top mark.', ""At the time, the business's rating was zero."", ""At Midland Supermarket, in Leyton, a five-star rating was prominently displayed, despite the store's actual score being one."", 'When questioned, the manager told the BBC: ""Five means it\'s excellent.', 'One is a low.', 'Zero is the lowest.', 'Five is top class.""', 'What he failed to mention was that FSA inspectors had found the store selling food well past its expiration date, putting customers at risk of consuming potentially dangerous products.', 'Jon Payne, a food safety lawyer who analysed the BBC\'s evidence, said businesses that lied when asked about their food ratings were potentially committing fraud. ""', 'It makes me cross to see there are businesses out there who are willing to flout the law and put people at risk,"" he said. ""', 'The BBC investigation has quite clearly shown that there are a lot of people out there who are willing to break the law.', 'Those that have lied about their food hygiene ratings are committing criminal offences; they are effectively criminals.""', 'He added: ""Where there is a deliberate attempt to deceive a customer, that\'s where it\'s fraud.', ""They know about it, they've done nothing about it."", 'That\'s fraud. ""', 'Dealing with food is a serious matter.', 'Anybody who is selling food is providing a customer with something that they put into their body and ultimately can kill them.""', 'He pointed out that the issue is far from one isolated to east London. ""', 'This happens throughout the country,"" Mr Payne told the BBC. ""', 'I and many other lawyers come across this every few months at work.', 'And it\'s not just limited to small establishments, it can happen in bigger premises as well.""', ""Selena Green's experience illustrates the dangers of poor food hygiene."", 'After eating a chicken pastry at an unrelated establishment displaying a five-star rating, she became severely ill with what a doctor said was food poisoning. ""', 'I started to feel really, really unwell and laid down,"" Ms Green recounted. ""', ""Then it was probably about one o'clock in the morning, I made my way to the bathroom because I was just feeling like I wanted to be sick."", 'And I remember I just passed out on the floor in the bathroom and I was starting to go pale.""', 'The situation quickly became critical. ""', 'By that time I was just so weak I couldn\'t even move,"" she said. ""', 'A family member took me into the front room.', 'And I was starting to feel breathless.', 'I was just starting to feel nauseous and I was starting to go pale... and my sister called the ambulance to come and get me.""', 'Her ordeal culminated in a hospital stay, a stark reminder of the potentially serious consequences when food hygiene standards are compromised.', 'The BBC found 27 businesses that were misleading the public, all within a couple of miles of each other, and approached all of those featured in this article.', 'Nadeem Halal Meat & Grocery apologised and said it was retraining staff.', 'Pizza BBQ Express cited staff confusion for the rating discrepancy, denying intentional deception.', 'Its rating has risen to a three since the BBC recording.', 'Midland Supermarket and Café Mondial did not respond to requests for comment.', ""The investigation raises questions about the effectiveness of England's voluntary display system for food hygiene ratings."", 'Unlike in Wales and Northern Ireland, where displaying a rating is mandatory, English establishments can lawfully choose whether or not to show their ratings - or even display false ones.', 'Richard Reichman, a consumer protection solicitor, believes the nature of England\'s system might be an issue. ""', 'I can see an argument that it would be helpful for businesses to display a food hygiene rating, to make it clear to consumers what their rating is rather than consumers needing to search for that rating online,"" he said. ""', 'The voluntary nature of the system in England may be contributing to the problem we\'re seeing.""', 'Waltham Forest Council, which has responsibility for enforcing the kind of trading standards breaches uncovered by the BBC, said it took food hygiene seriously and closed about 50 businesses each year for poor standards.', 'It added that it would investigate any misrepresentation of scores.', 'The Food Standards Agency said displaying incorrect ratings was potentially illegal.', 'It said its latest audit showed 91% of English businesses displayed the correct ratings, adding that it had long advocated for making the scheme statutory in England - as it is in Wales and Northern Ireland - but that the final decision about that was one for the government.', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.']",-0.1321836587155775,"At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good.","The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"".",-0.5454262284671559,Its rating has risen to a three since the BBC recording.,"Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed.",2024-10-07
ASOS returns fee: Will charges stop you buying clothes online?,https://www.bbc.co.uk/news/articles/cwy98e42xkno,2024-10-04T21:52:00.238Z,"A panic order ahead of the weekend and a return on Monday for the stuff we do not want  - many of us are used to the convenience online shopping gives us. But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"". Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes. Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores. The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.  Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order. They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free. Pretty Little Thing faced  a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year. Other stores have also adopted similar approaches. Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics. Online sales currently account for 25% of retail sales. Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP). In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging. Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says 'I want it tomorrow or fast delivery', that can also increase the carbon emissions because it's having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”  However, he added the responsibility is with both the retailers and the shoppers. Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry. Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that's liveable"". “If you purchase something knowing it's going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said. Debra Hart, said she shops 50/50 online and in store. She said sizing and accessibility may be factors in people making their decisions. “I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don't care"". She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making? We all have a part to play.” Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop. Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons. They might just go somewhere else that’s cheaper."" She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added. Ms Parry Williams, who founded Making Places Work which revitalises retail destinations,  said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""I think consumers like satisfaction and convenience,"" she said. “Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element."" She said it may even mean online retailers lead into that demand and open physical stores. ",BBC,04/10/2024,"['A panic order ahead of the weekend and a return on Monday for the stuff we do not want - many of us are used to the convenience online shopping gives us.', 'But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".', ""Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes."", 'Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores.', 'The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.', 'Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order.', 'They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free.', 'Pretty Little Thing faced a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year.', 'Other stores have also adopted similar approaches.', 'Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.', 'Online sales currently account for 25% of retail sales.', 'Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP).', 'In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging.', 'Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says \'I want it tomorrow or fast delivery\', that can also increase the carbon emissions because it\'s having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""', 'So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “', 'I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”', 'However, he added the responsibility is with both the retailers and the shoppers.', 'Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry.', 'Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that\'s liveable"". “', 'If you purchase something knowing it\'s going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said.', 'Debra Hart, said she shops 50/50 online and in store.', 'She said sizing and accessibility may be factors in people making their decisions. “', 'I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don\'t care"".', 'She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making?', 'We all have a part to play.”', 'Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop.', 'Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons.', 'They might just go somewhere else that’s cheaper.""', 'She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “', 'The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added.', 'Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""', 'I think consumers like satisfaction and convenience,"" she said. “', 'Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “', 'But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""', 'The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “', 'The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element.""', 'She said it may even mean online retailers lead into that demand and open physical stores.']",0.10197514549183,"Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “","But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".",0.0764182408650716,"Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.","Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. """,2024-10-07
Housing crisis: Do homes for $1 schemes work?,https://www.bbc.co.uk/news/articles/c1e8g5leve0o,2024-10-06T23:21:02.763Z,"It was a regeneration idea that started half a century ago in the US, and has spread to other parts of the world. But do $1 homes reverse urban decay and who are the winners and losers? Judy Aleksalza’s house in the Pigtown area of Baltimore feels like a real-life version of the Tardis, Doctor Who’s famous time-travelling police box. It seems bigger on the inside than the outside. It’s part of a row of impeccably kept 19th Century terrace houses - there are freshly watered plant pots outside many of the front steps, and no litter or graffiti. Ms Aleksalza bought the then abandoned, derelict property back in the 1976 for the same price as her neighbours - $1 (77p). Since then she has spent tens of thousands of dollars, and much more in blood sweat and tears, transforming it. Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “I came very close to declaring personal bankruptcy,” she says. “It’s kind of like childbirth, you know. It was horrible while it was going on. “But you know, after it was all over, I said ‘it is mine, it’s all mine’. And the stability of having your own home is everything.” Baltimore, 40 miles (64km) northeast of Washington DC, was one of the first cities in the US to try what it called “urban homesteading”. Vacant properties were sold off for just one dollar, allowing people to get on the housing ladder who might not otherwise be able to afford it. The scheme was run by Jay Brodie who at the time was a senior figure in the city’s housing department. “We picked names out of a hat and started meeting with them,” he remembers. “Once it was finished, it made the cover of the American Express magazine… and we said ‘we have something here’. “We're talking about something that you can see and touch. They were living examples of what could be done with Baltimore row houses.” The project came to a halt in 1988 after Mr Brodie left the department in the early 1980s. But some ideas never quite go away, and instead spread their wings. Fast forward to 2013, and three and a half thousand miles away, another port city that had faced similar issues of urban decay decided to try something similar – Liverpool. Tony Mousedale from Liverpool City Council’s housing department had heard about the idea of selling off abandoned properties cheaply. He suggested Liverpool try it. So they offered properties in the Webster Triangle area of Wavertree for just £1. “I think we just felt that there was an appetite for people who were keen to renovate derelict houses, starting from scratch, putting their own stamp on it,” says Mr Mousedale. “We put that sort of concept out there, and received a very positive response. I think it really captured people’s imagination.” It might have raised a lot of interest, but some of the more than 100 buyers were brought down to earth with a bump. “There was a rat infestation, and I had a tree growing out of the front bay window frame,” says Maxine Sharples, one of those who bought into the scheme. “It was gruelling, backbreaking work. It was filthy.” Despite all the heartache and hard work, Maxine Sharples says it was worth it. “It’s completely changed my life. I don’t take it for granted that I’m living in the home of my dreams that I renovated and got for a quid.” Similar schemes have also introduced in other countries, including Italy, and Spain. And things have in some ways come full circle. Earlier this year Baltimore unveiled new plans to help regenerate its blighted neighbourhoods. Part of that? A scheme called the Fixed Pricing Program that would allow residents to buy a derelict property for just $1. Any individual wishing to buy a house for a dollar needs to show that they have $90,000 for the renovation. Plus, they must already live in the city, and promise to reside in the renovated property for five years. Interest in the project is said to be high. Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen."" Yet so far only a handful of people have met the criteria and actually been successful. Meanwhile, non-profit providers of affordable housing, known as “community land trusts”, can also buy the Baltimore buildings for $1, while large housing developers can apply to purchase them for $3,000. Such $1 home schemes are quick to make media headlines, but critics questions what they can achieve. One such sceptic is David Simon, the creator of the hit TV series The Wire, which was set in Baltimore. The gritty show, which was broadcast from 2002 to 2008, was inspired by Mr Simon’s own experience as a reporter for the Baltimore Sun newspaper. He says that the original Baltimore scheme didn’t benefit those who were economically marginalised, as the properties were bought by people who had enough money to do them up. “I mean it brought tax base back to the city,” says Mr Simon, who still lives and works in Baltimore. “But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth. But I don’t think any urban renewal, or any urban reclamation, that I'm familiar with in the city, has ever been egalitarian.” In Liverpool Tony Mousedale accepts that while its scheme has helped improve the area in question, there are still issues with anti-social behaviour, and there are still boarded up properties that haven’t been renovated, a decade later. “I would say anti-social incidents are not as frequent as they used to be,” he says. “Generally speaking, the homes for a pound scheme has been a driver for regenerating the area. There is still a way to go. I think in some ways regeneration never finishes, does it? There's always more to do.” Back in Baltimore, David Lidz runs Waterbottle Cooperative, a grassroots organisation that buys up decaying properties in Baltimore and renovates them to rent to people on low incomes. He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “So then you ask yourself where do those people go? Well they move over to the next rotting neighbourhood. That’s not good.” At the Baltimore Housing Commissioner’s office, Alice Kennedy says she’s aware of the problems previous renewal schemes have created, and is keen to learn the lessons of the past. “A top priority for all of us that work in the city is to redress the racist housing policies of the past and the socioeconomic segregation,"" she says. ""For me, success is really knowing that our communities are going to be whole again, and that they're going to have the ability to thrive from birth to death as a human in the city of Baltimore.” ",BBC,06/10/2024,"['It was a regeneration idea that started half a century ago in the US, and has spread to other parts of the world.', 'But do $1 homes reverse urban decay and who are the winners and losers?', 'Judy Aleksalza’s house in the Pigtown area of Baltimore feels like a real-life version of the Tardis, Doctor Who’s famous time-travelling police box.', 'It seems bigger on the inside than the outside.', 'It’s part of a row of impeccably kept 19th Century terrace houses - there are freshly watered plant pots outside many of the front steps, and no litter or graffiti.', 'Ms Aleksalza bought the then abandoned, derelict property back in the 1976 for the same price as her neighbours - $1 (77p).', 'Since then she has spent tens of thousands of dollars, and much more in blood sweat and tears, transforming it.', 'Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “', 'I came very close to declaring personal bankruptcy,” she says. “', 'It’s kind of like childbirth, you know.', 'It was horrible while it was going on. “', 'But you know, after it was all over, I said ‘it is mine, it’s all mine’.', 'And the stability of having your own home is everything.”', 'Baltimore, 40 miles (64km) northeast of Washington DC, was one of the first cities in the US to try what it called “urban homesteading”.', 'Vacant properties were sold off for just one dollar, allowing people to get on the housing ladder who might not otherwise be able to afford it.', 'The scheme was run by Jay Brodie who at the time was a senior figure in the city’s housing department. “', 'We picked names out of a hat and started meeting with them,” he remembers. “', 'Once it was finished, it made the cover of the American Express magazine… and we said ‘we have something here’. “', ""We're talking about something that you can see and touch."", 'They were living examples of what could be done with Baltimore row houses.”', 'The project came to a halt in 1988 after Mr Brodie left the department in the early 1980s.', 'But some ideas never quite go away, and instead spread their wings.', 'Fast forward to 2013, and three and a half thousand miles away, another port city that had faced similar issues of urban decay decided to try something similar – Liverpool.', 'Tony Mousedale from Liverpool City Council’s housing department had heard about the idea of selling off abandoned properties cheaply.', 'He suggested Liverpool try it.', 'So they offered properties in the Webster Triangle area of Wavertree for just £1. “', 'I think we just felt that there was an appetite for people who were keen to renovate derelict houses, starting from scratch, putting their own stamp on it,” says Mr Mousedale. “', 'We put that sort of concept out there, and received a very positive response.', 'I think it really captured people’s imagination.”', 'It might have raised a lot of interest, but some of the more than 100 buyers were brought down to earth with a bump. “', 'There was a rat infestation, and I had a tree growing out of the front bay window frame,” says Maxine Sharples, one of those who bought into the scheme. “', 'It was gruelling, backbreaking work.', 'It was filthy.”', 'Despite all the heartache and hard work, Maxine Sharples says it was worth it. “', 'It’s completely changed my life.', 'I don’t take it for granted that I’m living in the home of my dreams that I renovated and got for a quid.”', 'Similar schemes have also introduced in other countries, including Italy, and Spain.', 'And things have in some ways come full circle.', 'Earlier this year Baltimore unveiled new plans to help regenerate its blighted neighbourhoods.', 'Part of that?', 'A scheme called the Fixed Pricing Program that would allow residents to buy a derelict property for just $1.', 'Any individual wishing to buy a house for a dollar needs to show that they have $90,000 for the renovation.', 'Plus, they must already live in the city, and promise to reside in the renovated property for five years.', 'Interest in the project is said to be high.', 'Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen.""', 'Yet so far only a handful of people have met the criteria and actually been successful.', 'Meanwhile, non-profit providers of affordable housing, known as “community land trusts”, can also buy the Baltimore buildings for $1, while large housing developers can apply to purchase them for $3,000.', 'Such $1 home schemes are quick to make media headlines, but critics questions what they can achieve.', 'One such sceptic is David Simon, the creator of the hit TV series The Wire, which was set in Baltimore.', 'The gritty show, which was broadcast from 2002 to 2008, was inspired by Mr Simon’s own experience as a reporter for the Baltimore Sun newspaper.', 'He says that the original Baltimore scheme didn’t benefit those who were economically marginalised, as the properties were bought by people who had enough money to do them up. “', 'I mean it brought tax base back to the city,” says Mr Simon, who still lives and works in Baltimore. “', ""But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth."", ""But I don’t think any urban renewal, or any urban reclamation, that I'm familiar with in the city, has ever been egalitarian.”"", 'In Liverpool Tony Mousedale accepts that while its scheme has helped improve the area in question, there are still issues with anti-social behaviour, and there are still boarded up properties that haven’t been renovated, a decade later. “', 'I would say anti-social incidents are not as frequent as they used to be,” he says. “', 'Generally speaking, the homes for a pound scheme has been a driver for regenerating the area.', 'There is still a way to go.', 'I think in some ways regeneration never finishes, does it?', ""There's always more to do.”"", 'Back in Baltimore, David Lidz runs Waterbottle Cooperative, a grassroots organisation that buys up decaying properties in Baltimore and renovates them to rent to people on low incomes.', 'He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “', 'So then you ask yourself where do those people go?', 'Well they move over to the next rotting neighbourhood.', 'That’s not good.”', 'At the Baltimore Housing Commissioner’s office, Alice Kennedy says she’s aware of the problems previous renewal schemes have created, and is keen to learn the lessons of the past. “', 'A top priority for all of us that work in the city is to redress the racist housing policies of the past and the socioeconomic segregation,"" she says. ""', ""For me, success is really knowing that our communities are going to be whole again, and that they're going to have the ability to thrive from birth to death as a human in the city of Baltimore.”""]",0.0521094192060566,"But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth.","Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “",0.481170479208231,"Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen.""","He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “",2024-10-07
'Rightmove is my porn' - the addiction to online property search,https://www.bbc.co.uk/news/articles/c77xdp1e56yo,2024-10-05T23:36:55.911Z,"Katie Smith has had an addiction for as long as she can remember. Something she feels compelled to do dozens of times a day. The 30-year-old finds herself repeatedly opening the Rightmove app, despite the fact she has no intention of moving house anytime soon. ""Rightmove is my porn,"" laughs Katie, from Stone, Staffordshire. ""It's like being a modern day peeping Tom,"" she says, referring to the number of homes she looks inside, all from the comfort of her smartphone. Last week, after a day trip to Knutsford, Cheshire, she spent the evening looking at all the houses for sale there - regardless of price. And during a recent weekend in London, she loved looking at ""how expensive houses in Richmond are"", which was close to her hotel. Property portals like Rightmove, Zoopla and On the Market are goldmines of user data about both homebuyers and sellers. Zoopla told the BBC that 1,860 properties are viewed every minute on its website and app, while the figure is even higher for Rightmove – nearly 10,000 properties viewed per minute. Rightmove recently rejected a fourth takeover bid by Rupert Murdoch’s REA Group, saying the latest £6.2bn offer undervalued the company and its future prospects, showing just how valuable the data it holds is. The websites themselves acknowledge that not all their users may actually be looking to move home, so what is it that keeps people scrolling? Katie, who previously worked in interior design, says she loves to check how quickly properties might sell and has a list of favourite homes she has looked at. ""I love character properties, things with features like beautiful Georgian homes,"" she says. While she and her partner are planning to move out of her rented accommodation in about six months, there is no immediate or urgent need to search. ""He thinks I am looking at more houses because of this, but it's not - it's just because I love it!” Sam Kennedy Christian, who lives in Herne Bay in Kent with her husband and two children, uses Zoopla to look at her dream purchases. ""I love imagining what I'd get if we won the lottery... specifically in the Isle of Man where I grew up and my family still live,"" she says. They moved closer to the seaside during the pandemic as many people looked for more outdoor space. Sam says she enjoys refreshing the Zoopla app as part of her ""bedtime scrolling"" routine, or while waiting for the baby to drop off to sleep. She also keeps an eye on similar properties in the local market, although they are not intending to sell anytime soon. ""I especially love a floorplan - you can get a real handle on a house, and how you might use the space."" When we browse property websites, we’re engaging in “a form of escapism that taps into the brain’s reward systems,"" says Louisa Dunbar, the founder of OrangeGrove, a research agency that uses behavioural science to improve business websites. ""Visualising ourselves in these desirable homes triggers the dopamine system, giving us a sense of pleasure, even if we’re not planning to buy. It’s a chance to mentally step into a better life.” She says that certain features of property portals can play a big role on what we might click on. High-quality photos may encourage viewers to picture themselves living in a property, while the use of badging listings with terms like ""Highlight"" or ""Just added"" fuels the fear of missing out. These psychological triggers can keep us engaged as we nose around the neighbour's living room, or imagine a better future, she says. Users may love these property sites, but are they worth it to estate agents, given most online viewings will not turn into actual enquiries? Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader. They say they provide all the photos and listings information about the houses for sale and are then having to pay to do it. It means these high costs can limit their ability to advertise in local newspapers or other places. One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove. The prices [for estate agents] are going up faster than I’d like and I worry about the stranglehold they have on the market. “But, even if many users are just idly browsing without any real intention of moving, it is still worth it to have properties on there.” Rightmove responded, saying it has ""a variety of different packages to suit businesses of different sizes and needs and the average [agent] spends £1,497 per month"". Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall. On Thursday, Zoopla said the number of homes for sale on its platform is growing. And for now they seem to be attracting everyone whether you're an idle browser just nosing around, fantasising perhaps about castles you can never afford, a homeowner checking on how the value of your home compares with your neighbours’, or even an actual genuine buyer. Additional reporting by Chris Newlands ",BBC,05/10/2024,"['Katie Smith has had an addiction for as long as she can remember.', 'Something she feels compelled to do dozens of times a day.', 'The 30-year-old finds herself repeatedly opening the Rightmove app, despite the fact she has no intention of moving house anytime soon. ""', 'Rightmove is my porn,"" laughs Katie, from Stone, Staffordshire. ""', 'It\'s like being a modern day peeping Tom,"" she says, referring to the number of homes she looks inside, all from the comfort of her smartphone.', 'Last week, after a day trip to Knutsford, Cheshire, she spent the evening looking at all the houses for sale there - regardless of price.', 'And during a recent weekend in London, she loved looking at ""how expensive houses in Richmond are"", which was close to her hotel.', 'Property portals like Rightmove, Zoopla and On the Market are goldmines of user data about both homebuyers and sellers.', 'Zoopla told the BBC that 1,860 properties are viewed every minute on its website and app, while the figure is even higher for Rightmove – nearly 10,000 properties viewed per minute.', 'Rightmove recently rejected a fourth takeover bid by Rupert Murdoch’s REA Group, saying the latest £6.2bn offer undervalued the company and its future prospects, showing just how valuable the data it holds is.', 'The websites themselves acknowledge that not all their users may actually be looking to move home, so what is it that keeps people scrolling?', 'Katie, who previously worked in interior design, says she loves to check how quickly properties might sell and has a list of favourite homes she has looked at. ""', 'I love character properties, things with features like beautiful Georgian homes,"" she says.', 'While she and her partner are planning to move out of her rented accommodation in about six months, there is no immediate or urgent need to search. ""', ""He thinks I am looking at more houses because of this, but it's not - it's just because I love it!”"", 'Sam Kennedy Christian, who lives in Herne Bay in Kent with her husband and two children, uses Zoopla to look at her dream purchases. ""', 'I love imagining what I\'d get if we won the lottery... specifically in the Isle of Man where I grew up and my family still live,"" she says.', 'They moved closer to the seaside during the pandemic as many people looked for more outdoor space.', 'Sam says she enjoys refreshing the Zoopla app as part of her ""bedtime scrolling"" routine, or while waiting for the baby to drop off to sleep.', 'She also keeps an eye on similar properties in the local market, although they are not intending to sell anytime soon. ""', 'I especially love a floorplan - you can get a real handle on a house, and how you might use the space.""', 'When we browse property websites, we’re engaging in “a form of escapism that taps into the brain’s reward systems,"" says Louisa Dunbar, the founder of OrangeGrove, a research agency that uses behavioural science to improve business websites. ""', 'Visualising ourselves in these desirable homes triggers the dopamine system, giving us a sense of pleasure, even if we’re not planning to buy.', 'It’s a chance to mentally step into a better life.”', 'She says that certain features of property portals can play a big role on what we might click on.', 'High-quality photos may encourage viewers to picture themselves living in a property, while the use of badging listings with terms like ""Highlight"" or ""Just added"" fuels the fear of missing out.', ""These psychological triggers can keep us engaged as we nose around the neighbour's living room, or imagine a better future, she says."", 'Users may love these property sites, but are they worth it to estate agents, given most online viewings will not turn into actual enquiries?', 'Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader.', 'They say they provide all the photos and listings information about the houses for sale and are then having to pay to do it.', 'It means these high costs can limit their ability to advertise in local newspapers or other places.', 'One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove.', 'The prices [for estate agents] are going up faster than I’d like and I worry about the stranglehold they have on the market. “', 'But, even if many users are just idly browsing without any real intention of moving, it is still worth it to have properties on there.”', 'Rightmove responded, saying it has ""a variety of different packages to suit businesses of different sizes and needs and the average [agent] spends £1,497 per month"".', 'Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall.', 'On Thursday, Zoopla said the number of homes for sale on its platform is growing.', ""And for now they seem to be attracting everyone whether you're an idle browser just nosing around, fantasising perhaps about castles you can never afford, a homeowner checking on how the value of your home compares with your neighbours’, or even an actual genuine buyer."", 'Additional reporting by Chris Newlands']",0.3008770236306,"I love character properties, things with features like beautiful Georgian homes,"" she says.","One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove.",0.1301024887296888,"Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall.","Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader.",2024-10-07
"House prices close to record high, says Halifax",https://www.bbc.co.uk/news/articles/c62mv1d3650o,2024-10-07T07:09:21.121Z,"The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax. The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022. Prices have now risen for three months in a row, Halifax said, as market conditions improve. ""Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. ""This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022."" Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022. That was partially a reflection of the weakness of activity a year ago. The value of a typical property value has risen by about £13,000 over the past year, but was a rebound from falling value over the previous 12 months. Looking back two years, prices had only increased by just 0.4%, the equivalent of £1,202, the Halifax said. Guy Gittins, chief executive of Foxtons estate agents, told the BBC's Today programme: ""The market is recovering. ""It certainly won't be the best year we've ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year."" Karen Noye, mortgage expert at Quilter, said: ""Currently, some lenders offer deals around the 4% mark, a stark contrast to the 5% or higher rates seen in the immediate aftermath of the 2022 mini-budget and beyond.  ""This reduction in rates has enabled buyers to secure larger mortgages, making previously unaffordable properties more attainable and boosting buyer confidence."" However, Ms Noye added that the cost of borrowing was still out of reach for many, especially first-time buyers. On Monday, the average rate on a two-year fixed rate mortgage was 5.38%, according to the financial information service Moneyfacts. It said the average for a five-year fixed deal was 5.05%. Halifax said that despite recent cuts in mortgage rates, ""housing costs remain a challenge for many"". According to the lender, the typical first-time buyer is now buying a property priced at £232,769, which is the highest price since May this year. However, this is still around £1,000 less than the average amount a first-time buyer was paying two years ago. Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals. Cash buyers account for about a third of housing sales. Read more here ",BBC,07/10/2024,"['The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax.', ""The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022."", 'Prices have now risen for three months in a row, Halifax said, as market conditions improve. ""', 'Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. ""', 'This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022.""', 'Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022.', 'That was partially a reflection of the weakness of activity a year ago.', 'The value of a typical property value has risen by about £13,000 over the past year, but was a rebound from falling value over the previous 12 months.', 'Looking back two years, prices had only increased by just 0.4%, the equivalent of £1,202, the Halifax said.', 'Guy Gittins, chief executive of Foxtons estate agents, told the BBC\'s Today programme: ""The market is recovering. ""', 'It certainly won\'t be the best year we\'ve ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year.""', 'Karen Noye, mortgage expert at Quilter, said: ""Currently, some lenders offer deals around the 4% mark, a stark contrast to the 5% or higher rates seen in the immediate aftermath of the 2022 mini-budget and beyond. ""', 'This reduction in rates has enabled buyers to secure larger mortgages, making previously unaffordable properties more attainable and boosting buyer confidence.""', 'However, Ms Noye added that the cost of borrowing was still out of reach for many, especially first-time buyers.', 'On Monday, the average rate on a two-year fixed rate mortgage was 5.38%, according to the financial information service Moneyfacts.', 'It said the average for a five-year fixed deal was 5.05%.', 'Halifax said that despite recent cuts in mortgage rates, ""housing costs remain a challenge for many"".', 'According to the lender, the typical first-time buyer is now buying a property priced at £232,769, which is the highest price since May this year.', 'However, this is still around £1,000 less than the average amount a first-time buyer was paying two years ago.', ""Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals."", 'Cash buyers account for about a third of housing sales.', 'Read more here']",0.2541415144683159,"Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. """,That was partially a reflection of the weakness of activity a year ago.,0.4038373933118932,"Prices have now risen for three months in a row, Halifax said, as market conditions improve. """,That was partially a reflection of the weakness of activity a year ago.,2024-10-07
"Ex-cabinet secretary Lord O'Donnell says £200,000 job is 'massively underpaid'",https://www.bbc.co.uk/news/articles/c748we5g359o,2024-10-06T07:47:50.802Z,"Former cabinet secretary Lord O'Donnell has said the position of top civil servant is ""massively underpaid"".  He is involved in the recruitment process for the £200,000-a-year role, following Simon Case's decision to step down on health grounds. Lord O'Donnell, who held the post between 2005 and 2011, told the BBC the ""incredibly demanding job"" should have a higher salary. The cabinet secretary is the UK's most senior civil servant.  The job involves advising the prime minister, leading implementation of the government's policies and managing other high-level civil servants. Speaking to BBC Radio 4's The Westminster Hour, Lord O'Donnell described the position as a ""huge job"". He said: ""It's massively underpaid in my view - given I've been paid a lot more since, to do a lot less."" Senior civil servants' pay is set by the government after receiving recommendations from the independent Senior Salaries Review Body. Lord O'Donnell served as cabinet secretary under three prime ministers. He was promoted to the post under Tony Blair in 2005, and he remained in the role for Gordon Brown's premiership between 2007 and 2010.  He stepped down in 2011, under the David Cameron-led coalition government. Recruitment is under way to replace the current cabinet secretary, Simon Case, who has said he will step down by the end of the year. Announcing his resignation, Mr Case said he had been undergoing medical treatment for a ""neurological condition"" for the past 18 months.  He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".  Lord O'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister's chief of staff. When he spoke to the BBC, that was Sue Gray, who Lord O'Donnell said ""knows the civil service backwards"". Ms Gray has since resigned as chief of staff and will take up a new role as the PM's envoy for nations and regions. Previously a senior civil servant herself, Ms Gray was at the centre of a row over her own salary in September, after the BBC revealed she was paid £170,000 a year.  This is more than the prime minister, who earns £166,786. Announcing her resignation, Ms Gray said ""intense commentary"" around her position in recent weeks ""risked becoming a distraction to the government's vital work of change"". She has been replaced by Morgan McSweeney, who was Labour's general election campaign director.  ",BBC,06/10/2024,"['Former cabinet secretary Lord O\'Donnell has said the position of top civil servant is ""massively underpaid"".', ""He is involved in the recruitment process for the £200,000-a-year role, following Simon Case's decision to step down on health grounds."", 'Lord O\'Donnell, who held the post between 2005 and 2011, told the BBC the ""incredibly demanding job"" should have a higher salary.', ""The cabinet secretary is the UK's most senior civil servant."", ""The job involves advising the prime minister, leading implementation of the government's policies and managing other high-level civil servants."", 'Speaking to BBC Radio 4\'s The Westminster Hour, Lord O\'Donnell described the position as a ""huge job"".', 'He said: ""It\'s massively underpaid in my view - given I\'ve been paid a lot more since, to do a lot less.""', ""Senior civil servants' pay is set by the government after receiving recommendations from the independent Senior Salaries Review Body."", ""Lord O'Donnell served as cabinet secretary under three prime ministers."", ""He was promoted to the post under Tony Blair in 2005, and he remained in the role for Gordon Brown's premiership between 2007 and 2010."", 'He stepped down in 2011, under the David Cameron-led coalition government.', 'Recruitment is under way to replace the current cabinet secretary, Simon Case, who has said he will step down by the end of the year.', 'Announcing his resignation, Mr Case said he had been undergoing medical treatment for a ""neurological condition"" for the past 18 months.', 'He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".', 'Lord O\'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister\'s chief of staff.', 'When he spoke to the BBC, that was Sue Gray, who Lord O\'Donnell said ""knows the civil service backwards"".', ""Ms Gray has since resigned as chief of staff and will take up a new role as the PM's envoy for nations and regions."", 'Previously a senior civil servant herself, Ms Gray was at the centre of a row over her own salary in September, after the BBC revealed she was paid £170,000 a year.', 'This is more than the prime minister, who earns £166,786.', 'Announcing her resignation, Ms Gray said ""intense commentary"" around her position in recent weeks ""risked becoming a distraction to the government\'s vital work of change"".', ""She has been replaced by Morgan McSweeney, who was Labour's general election campaign director.""]",-0.0291410068206913,"Lord O'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister's chief of staff.","He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".",-0.3163933257261912,"Speaking to BBC Radio 4's The Westminster Hour, Lord O'Donnell described the position as a ""huge job"".","He said: ""It's massively underpaid in my view - given I've been paid a lot more since, to do a lot less.""",2024-10-07
Ex-Harrods man: I lost my job due to Al Fayed,https://www.bbc.co.uk/news/articles/ced068nl600o,2024-10-04T18:31:39.784Z,"A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed. Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation. Nigel Blow, who worked for 14 years at Al Fayed's companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape. He said he had been deemed ""guilty by association"" by Fenwick. Fenwick declined to comment.  “I worked at Harrods in senior roles from 2002 to 2007. I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC. Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known."" A BBC spokesperson said: “We stand fully behind our journalist and our journalism. This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.” On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month. No reason for the decision was given. Mr Blow's statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business."" Fenwick declined to comment on this claim. The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK. Mr Blow joined Harrods in 1992.  There were  several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults. Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk. Such behaviour prompted me to seek alternative employment from 2006,"" he said. In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes.  Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.  ",BBC,04/10/2024,"['A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed.', 'Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.', 'Nigel Blow, who worked for 14 years at Al Fayed\'s companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape.', 'He said he had been deemed ""guilty by association"" by Fenwick.', 'Fenwick declined to comment. “', 'I worked at Harrods in senior roles from 2002 to 2007.', 'I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “', 'I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC.', 'Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""', 'It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""', 'A BBC spokesperson said: “We stand fully behind our journalist and our journalism.', 'This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.”', 'On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month.', 'No reason for the decision was given.', 'Mr Blow\'s statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business.""', 'Fenwick declined to comment on this claim.', 'The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.', 'Mr Blow joined Harrods in 1992.', ""There were several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults."", 'Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “', 'On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk.', 'Such behaviour prompted me to seek alternative employment from 2006,"" he said.', ""In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes."", ""Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.""]",-0.1379506433704656,"The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.","Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.",-0.915090537071228,,"It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""",2024-10-07
Irish budget: Stark difference in UK and Ireland's budgets,https://www.bbc.co.uk/news/articles/cqlvzlxd7l5o,2024-10-05T06:12:15.987Z,"As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight. The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all."" He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs. He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year. The contrast with the looming UK budget could hardly be more stark. The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public. A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners. Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing. It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised. On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects. But there is a fundamental difference between the two economies at the moment. The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes. Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options. Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years. Since the 1950s the country has had a policy of using tax incentives to attract foreign investment. Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world. In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland. Ironically this was partially a response to the pressure on big companies to clean up their act on tax. The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees. Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people. What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses. Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year. The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue. In 2017 Ireland raised just over €8bn in corporation tax. By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year. The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"". It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn. The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.  The consultation document for that wealth fund involved a glance across the Irish Sea. It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation."" It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons."" ",BBC,05/10/2024,"['As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight.', 'The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all.""', 'He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs.', 'He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year.', 'The contrast with the looming UK budget could hardly be more stark.', 'The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.', 'A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners.', 'Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing.', 'It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised.', 'On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects.', 'But there is a fundamental difference between the two economies at the moment.', 'The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes.', 'Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options.', 'Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.', 'Since the 1950s the country has had a policy of using tax incentives to attract foreign investment.', 'Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world.', ""In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland."", 'Ironically this was partially a response to the pressure on big companies to clean up their act on tax.', 'The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees.', 'Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people.', 'What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.', ""Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year."", 'The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue.', 'In 2017 Ireland raised just over €8bn in corporation tax.', 'By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year.', 'The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"".', 'It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.', 'The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.', 'The consultation document for that wealth fund involved a glance across the Irish Sea.', 'It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""', 'In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation.""', 'It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons.""']",0.1704626924378996,What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.,"The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.",0.5188697347274194,Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.,"It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.",2024-10-07
Luton mould misery as botched insulation sparks calls for action,https://www.bbc.co.uk/news/articles/ce3zxx1gek1o,2024-10-03T23:02:46.330Z,"Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation. Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"". Mrs Khatun’s case is far from unique. A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector. The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with. Mrs Khatun is 84 and recently had a stroke. Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards.  ""Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall. In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4. It is designed to help low-income households make their homes warmer and cut their energy bills. Insulation boards are fixed to the exterior brickwork of a house and then coated in render. More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.  The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard. Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house. A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot. Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""We just want to wake up from this nightmare and get our lives back."" He gives me a tour of the house. As we move from room to room, he cuts mushrooms off the walls.  He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990.  ""They were passionate about having their own house. And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’ More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.  Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""I think the government and the people they’re working with have to take more responsibility. Without these things resolved at a national level, I think this could create a form of crisis.’’ The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible. A growing number of MPs are sounding the alarm. The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem.  ""The tragedy is it's not a problem that's impacting Luton alone. In my own constituency, we've had very similar situations. I think there is a duty upon government to look at this.’’ The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"". For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.  The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered. In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives. When customers have concerns, we urge them to follow our disputes process. Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme."" Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work. Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party. We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’ A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “Any measures installed must be safe and effective, with issues promptly and properly rectified.” ",BBC,03/10/2024,"['Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation.', 'Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"".', 'Mrs Khatun’s case is far from unique.', 'A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector.', 'The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with.', 'Mrs Khatun is 84 and recently had a stroke.', 'Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards. ""', 'Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall.', 'In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4.', 'It is designed to help low-income households make their homes warmer and cut their energy bills.', 'Insulation boards are fixed to the exterior brickwork of a house and then coated in render.', 'More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.', 'The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard.', 'Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house.', 'A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot.', 'Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""', 'We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""', 'We just want to wake up from this nightmare and get our lives back.""', 'He gives me a tour of the house.', 'As we move from room to room, he cuts mushrooms off the walls.', 'He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990. ""', 'They were passionate about having their own house.', ""And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’"", 'More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.', 'Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""', 'I think the government and the people they’re working with have to take more responsibility.', 'Without these things resolved at a national level, I think this could create a form of crisis.’’', ""The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible."", 'A growing number of MPs are sounding the alarm.', 'The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem. ""', ""The tragedy is it's not a problem that's impacting Luton alone."", ""In my own constituency, we've had very similar situations."", 'I think there is a duty upon government to look at this.’’', 'The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “', 'The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"".', 'For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.', 'The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered.', 'In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives.', 'When customers have concerns, we urge them to follow our disputes process.', 'Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme.""', 'Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work.', 'Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party.', 'We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’', 'A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “', 'Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “', 'Any measures installed must be safe and effective, with issues promptly and properly rectified.”']",0.056749690022046,We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’,"And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’",-0.626567929983139,It is designed to help low-income households make their homes warmer and cut their energy bills.,"The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “",2024-10-07
'Crumblgate' : How a A$17.50 cookie sparked a social media storm,https://www.bbc.co.uk/news/articles/cvglmr40lzlo,2024-10-04T06:31:04.755Z,"Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under. So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions. With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following. But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii. Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline. Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat. It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"". The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box. All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""This is actually very bad... the texture is just weird,"" one vlogger said. ""I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review. Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10. The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm. All of which prompted a confusing story, followed by an apology by the Sydney organisers. In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage. He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"". And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “We kept them to these requirements. Some were warmed to enhance their texture, which is what Crumbl does as well. ""We apologise that they don’t live up to expectations. However, they are just cookies at the end of the day,” the statement added. The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new. One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan. But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer. To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""In an age where information travel so quickly… people don’t want to be behind the curve. They act out of impulse instead of logic,” he explains. It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act. But beyond a few cease-and-desist letters, Hughes thinks it's unlikely the US-brand will take further action. ""They'll deny it. They'll say it's bad. But at the end of the day, it's good publicity because it raises their brand awareness in Australia. ""All of a sudden, people who hadn't heard of them are now talking about them."" ",BBC,04/10/2024,"['Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under.', ""So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions."", 'With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.', 'But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii.', 'Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.', 'Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.', 'It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".', 'The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box.', 'All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""', 'This is actually very bad... the texture is just weird,"" one vlogger said. ""', 'I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review.', 'Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10.', 'The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm.', 'All of which prompted a confusing story, followed by an apology by the Sydney organisers.', 'In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage.', 'He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"".', ""And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “"", 'We kept them to these requirements.', 'Some were warmed to enhance their texture, which is what Crumbl does as well. ""', 'We apologise that they don’t live up to expectations.', 'However, they are just cookies at the end of the day,” the statement added.', 'The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new.', 'One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan.', 'But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer.', 'To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""', 'In an age where information travel so quickly… people don’t want to be behind the curve.', 'They act out of impulse instead of logic,” he explains.', ""It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act."", 'But beyond a few cease-and-desist letters, Hughes thinks it\'s unlikely the US-brand will take further action. ""', ""They'll deny it."", ""They'll say it's bad."", 'But at the end of the day, it\'s good publicity because it raises their brand awareness in Australia. ""', 'All of a sudden, people who hadn\'t heard of them are now talking about them.""']",0.0606615654917613,"Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.","Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.",-0.4098753929138183,"With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.","It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".",2024-10-07
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-07
Trump's proposals would add $4tn more to US debt than Harris's - study,https://www.bbc.co.uk/news/articles/ce81g9593dro,2024-10-07T17:00:28.215Z,"Donald Trump's campaign proposals would increase the US national debt by double the amount Kamala Harris's would, according to a new analysis by a non-partisan group. Both candidates would add trillions to the national debt if their campaign pledges were enacted, according to the Committee for a Responsible Federal Budget. Trump would add $7.5tn and Harris would add $3.5tn, the group said. The think tank warned on Monday that neither party appeared willing to address the country's growing $35.6tn debt. Both candidates have, at least partially, backed extending major tax cuts that the US passed during Trump's first term. These cuts form the biggest chunk of this hypothetical additional debt. Parts of that Trump tax plan are due to expire in 2025, setting up a tough tax fight for whoever wins the White House in November. Trump has vowed to extend the tax package in its entirety. He has also proposed new cuts which would eliminate taxes on overtime, social security and tips income, and grant domestic manufacturers an ultra low corporate rate of 15%.  He said he plans to raise money by imposing widespread tariffs - a tax on goods imported into the country, which could raise $2.7tn, according to the CRFB. Harris, by contrast, has pledged to roll back tax cuts for the wealthy and raise the 21% rate for corporations, which was meant to be permanent, to 28%. But she would extend the Trump cuts for Americans earning less than $400,000 and has backed his idea of eliminating taxes on tips.  Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.  Many of their proposals would have to be approved by Congress, and it remains unclear how much either candidate would be able to muscle through the divided legislative branch which has ultimate power over taxes and spending.  ""Both candidates are wanting to get elected so, you know, tax cuts sound better than higher taxes so I think that's what you're hearing. Whether or not all of that gets through we'll see,"" said Jimmy Lee, the founder and CEO of the investment firm Wealth Consulting Group. But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.  The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.  But some analysts have warned that the US may be facing higher costs in the future.  The ratio of US debt to its economy or GDP, gross domestic product is already one of the highest among major economies in the world.  It stands at about 120%, according to the IMF. That compares to 144% in Italy, 110% in Spain, 101% in the UK, 106% in Canada, 77% in China, 67% in Germany and 56% in Australia.  ",BBC,07/10/2024,"[""Donald Trump's campaign proposals would increase the US national debt by double the amount Kamala Harris's would, according to a new analysis by a non-partisan group."", 'Both candidates would add trillions to the national debt if their campaign pledges were enacted, according to the Committee for a Responsible Federal Budget.', 'Trump would add $7.5tn and Harris would add $3.5tn, the group said.', ""The think tank warned on Monday that neither party appeared willing to address the country's growing $35.6tn debt."", ""Both candidates have, at least partially, backed extending major tax cuts that the US passed during Trump's first term."", 'These cuts form the biggest chunk of this hypothetical additional debt.', 'Parts of that Trump tax plan are due to expire in 2025, setting up a tough tax fight for whoever wins the White House in November.', 'Trump has vowed to extend the tax package in its entirety.', 'He has also proposed new cuts which would eliminate taxes on overtime, social security and tips income, and grant domestic manufacturers an ultra low corporate rate of 15%.', 'He said he plans to raise money by imposing widespread tariffs - a tax on goods imported into the country, which could raise $2.7tn, according to the CRFB.', 'Harris, by contrast, has pledged to roll back tax cuts for the wealthy and raise the 21% rate for corporations, which was meant to be permanent, to 28%.', 'But she would extend the Trump cuts for Americans earning less than $400,000 and has backed his idea of eliminating taxes on tips.', 'Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.', 'Many of their proposals would have to be approved by Congress, and it remains unclear how much either candidate would be able to muscle through the divided legislative branch which has ultimate power over taxes and spending. ""', ""Both candidates are wanting to get elected so, you know, tax cuts sound better than higher taxes so I think that's what you're hearing."", 'Whether or not all of that gets through we\'ll see,"" said Jimmy Lee, the founder and CEO of the investment firm Wealth Consulting Group.', 'But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.', 'The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.', 'But some analysts have warned that the US may be facing higher costs in the future.', 'The ratio of US debt to its economy or GDP, gross domestic product is already one of the highest among major economies in the world.', 'It stands at about 120%, according to the IMF.', 'That compares to 144% in Italy, 110% in Spain, 101% in the UK, 106% in Canada, 77% in China, 67% in Germany and 56% in Australia.']",-0.0328409378410068,"Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.","But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.",0.1026516490512424,"The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.",But some analysts have warned that the US may be facing higher costs in the future.,2024-10-07
Oil price rises on Biden Iran oil strike comments,https://www.bbc.co.uk/news/articles/cx250ygn9ddo,2024-10-03T15:41:26.276Z,"The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."" Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China. Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year. Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices. The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022. But the escalation of violence in the Middle East and threat of further action is now stalking the markets. Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass. Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers. Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant. Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”. All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war. It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack. ",BBC,03/10/2024,"['The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.', 'Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.""', 'Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.', 'Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.', 'Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.', 'So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.', 'The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.', 'But the escalation of violence in the Middle East and threat of further action is now stalking the markets.', 'Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.', 'Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.', 'Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.', 'Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.', 'All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.', 'It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.']",-0.2695893627206487,"Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.",But the escalation of violence in the Middle East and threat of further action is now stalking the markets.,0.2404266744852066,"Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.","So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.",2024-10-07
US jobs creation surges unexpectedly in September,https://www.bbc.co.uk/news/articles/c3e903nx51qo,2024-10-04T12:43:58.610Z,"Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.  Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.  That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast. President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.  Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment. Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels. Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market. But Friday's report showed solid wage gains and eased fears of a sudden change for the worse in the labour market.  ""All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics.  ""If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries."" Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report. Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.  The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought. Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time.  ""Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices."" However, analysts cautioned that September can be a quirky month for data, given the start of the school year. Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene. Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target.  But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""They can move at a more measured pace,"" Ms Vanden Houten said.  ""To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn't sending that signal."" ",BBC,04/10/2024,"['Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.', 'Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.', 'That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.', 'President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.', 'Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.', 'Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels.', 'Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.', 'But Friday\'s report showed solid wage gains and eased fears of a sudden change for the worse in the labour market. ""', 'All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics. ""', 'If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""', 'Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report.', 'Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.', 'The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought.', 'Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""', 'Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""', 'With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices.""', 'However, analysts cautioned that September can be a quirky month for data, given the start of the school year.', 'Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene.', ""Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target."", 'But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""', 'They can move at a more measured pace,"" Ms Vanden Houten said. ""', 'To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn\'t sending that signal.""']",-0.0467778797903839,"That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.","If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""",0.493999096751213,"Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""","Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.",2024-10-07
How worried should I be about rising oil prices?,https://www.bbc.co.uk/news/articles/cgry10924jqo,2024-10-04T17:54:11.932Z,"As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.  That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130. The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine. So how worried should we be? Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years. If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices. These increased costs could then be passed on by supermarkets selling the food to us, the consumer. The cost of living goes up. ""Everything we go and buy in the shop has been transported around and has been made from things that have been transported around. The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC. Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK. Mr Bailey said he was watching developments ""extremely closely"". This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter. Yet so far a rise to about $78 a barrel is not the time for alarm bells. If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics. Iran is the world's seventh largest oil exporter, with half of its exports going to China. If supplies were disrupted, China could turn to Russia. But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"". She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia's ""loyalty will lie"" as the world's second largest oil producer and whether it will increase or restrict further production. Mr Macpherson says if Israel did decide to attack Iran's oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".  He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates. However, he also points out ""there might not ultimately be any disruption to supply"" at all. The direct impact of Iran's oil production is not the only concern.  There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil. It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine. Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant. Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills. As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods. UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January. This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices. But Ms Bain says the risk of strait being blocked as a result of the conflict is small. And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway. There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.  There's a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"". ",BBC,04/10/2024,"['As the conflict across the Middle East widens, rising oil prices are being closely watched.', 'The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.', 'The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.', ""That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130."", ""The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine."", 'So how worried should we be?', ""Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years."", 'If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices.', 'These increased costs could then be passed on by supermarkets selling the food to us, the consumer.', 'The cost of living goes up. ""', 'Everything we go and buy in the shop has been transported around and has been made from things that have been transported around.', 'The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC.', 'Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK.', 'Mr Bailey said he was watching developments ""extremely closely"".', ""This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter."", 'Yet so far a rise to about $78 a barrel is not the time for alarm bells.', 'If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics.', ""Iran is the world's seventh largest oil exporter, with half of its exports going to China."", 'If supplies were disrupted, China could turn to Russia.', 'But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"".', 'She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia\'s ""loyalty will lie"" as the world\'s second largest oil producer and whether it will increase or restrict further production.', 'Mr Macpherson says if Israel did decide to attack Iran\'s oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".', 'He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates.', 'However, he also points out ""there might not ultimately be any disruption to supply"" at all.', ""The direct impact of Iran's oil production is not the only concern."", 'There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil.', 'It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine.', 'Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant.', ""Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills."", 'As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods.', 'UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January.', 'This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices.', 'But Ms Bain says the risk of strait being blocked as a result of the conflict is small.', ""And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway."", 'There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.', 'There\'s a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"".']",-0.1453578692361221,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.","That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130.",-0.3424388539223444,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.",Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills.,2024-10-07
How ‘perfect storm’ blew away planned social homes England needs,https://www.bbc.co.uk/news/articles/czegynwy938o,2024-10-07T00:11:10.207Z,"England has a housing crisis - more than one million families and individuals are on the waiting list for a social home. Experts think 90,000 of these homes need to be built every year for a decade to house everyone - but less than 5,000 were completed in the past year. And there are fears the problem will become even worse. We spoke to organisations working in the planning, building and management of social homes who tell us they are in a ""perfect storm"" of financial uncertainty, unsuitable construction and huge bills for repairs. The result, they say, is that thousands of sites earmarked for affordable and social housing are not being built despite the enormous need. The Home Builders Federation, which represents housebuilders, told the BBC their members have at least 13,000 affordable properties, including social homes, ready to be built right now. But they can’t start because there are no housing providers to buy these properties. ""It is a major and growing problem that is increasingly threatening affordable and overall housing supply,"" says Steve Turner, executive director at the Home Builders Federation. ""Small sites are being prevented from starting and larger sites are being halted as a result."" The largest problem, experts tell us, is that housing providers - predominantly housing associations - no longer have as much money to spend on buying new properties as they did before. Housing associations are mostly not-for-profit organisations that buy up affordable properties and rent them as social homes to low income tenants at discounted rates, receiving a government subsidy to do so. They're having to spend more money on repairing the homes they already own, they say - meaning less to spend on buying new properties. In the aftermath of the Grenfell fire, the owners of buildings found to contain unsafe cladding have spent billions of pounds replacing it. The National Housing Federation (NHF), which represents housing associations, estimates it will cost their members £6bn. They also say they are spending more money on fixing damp problems following the death of two-year-old Awaab Ishak, who died of breathing problems caused by mould.  A new law named after him will require landlords who own social housing to repair damp homes more quickly. Housing associations are making less money from renting out social homes, too, they say. Marie Chadwick, policy leader at the NHF, explains that over the last decade the government has been cutting and capping the rent paid by social housing tenants.  ""This equated to £3bn in lost rental income for housing associations last year,"" she says. As well as having less money than expected, the frequently changing rent levels mean housing associations struggle to predict how much rental income they will have in future, they say. They say that this uncertainty makes budgeting how much they can spend on buying new properties more difficult and reduces the amount of money banks are willing to lend them to fund these purchases. High interest rates also make borrowing this money more expensive.  Several councils have warned they could go bankrupt unless more social homes are built - because of the money they're spending on temporary housing for people on waiting lists. In the past year they spent more than £1bn on temporary accommodation for people with nowhere else to go. If their areas had more social homes, they could house these people instead of paying for them to stay in hotels and hostels. Some councils still buy and manage their own social homes - but the financial pressure they're under means they can’t afford to buy the new properties being offered by housebuilders, they say. Claire Holland, chairwoman of London Councils, which represents the 33 based in the city, says the housing crisis is ""wreaking havoc on town hall finances across the capital"" and that “the current outlook is bleak”. These financial problems, affecting housing associations and councils, were described to us repeatedly as the main reason why thousands of sites earmarked for affordable and social housing are not being built – despite England’s enormous need for them. There's also the problem of the social homes not matching what the housing associations want. A common complaint is that they are being offered too many one-bedroom flats and not enough family homes. Over 150,000 children are currently living in temporary accommodation. Housing associations also say too many of these homes have gas boilers, which don't fit their plans to be more environmentally friendly. The UK is legally obliged to reach net zero carbon emissions by 2050. Several organisations told us that more of these planned social homes might have been bought if housing associations had been more closely involved at the start of the planning process. Housebuilders say their homes were approved by councils and that changing them now to suit the wishes of housing associations would be costly. ""It’s a perfect storm,"" says Ms Chadwick, an assessment several other people we spoke to agreed with.  ""These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever."" What might help? Housebuilders say that homes previously agreed to be built as affordable housing, under what are known as Section 106 contracts, could be allowed for sale on the open market. They say this would allow them to build more homes and help meet the government’s overall target for house building - 1.5 million in the next five years. In return, housebuilders would give some money from these sales to councils.  But that doesn’t help councils get the social homes they need for families stuck on the waiting list. Another possibility is for the government to alter the rules around the way housing associations can spend the money they are given or - as was often said to us - they could give them more money overall to buy newly built social homes. But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two. The government is to announce a new budget this month and Polly Neate, chief executive of Shelter, says they must provide more funding. Her charity and the NHF are calling for 90,000 new social homes to be built annually - a target endorsed in May by a committee of MPs who specialise in housing issues. The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"". Ms Neate adds: ""If we truly want economic growth in this country, we can’t afford not to build.  ""The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good."" The World at One discusses the slowdown in construction of affordable homes in England with panellists Paul Brocklehurst - of the Land, Planning and Development Federation - and Fiona Fletcher-Smith, chief executive of housing association L&Q.  ",BBC,07/10/2024,"['England has a housing crisis - more than one million families and individuals are on the waiting list for a social home.', 'Experts think 90,000 of these homes need to be built every year for a decade to house everyone - but less than 5,000 were completed in the past year.', 'And there are fears the problem will become even worse.', 'We spoke to organisations working in the planning, building and management of social homes who tell us they are in a ""perfect storm"" of financial uncertainty, unsuitable construction and huge bills for repairs.', 'The result, they say, is that thousands of sites earmarked for affordable and social housing are not being built despite the enormous need.', 'The Home Builders Federation, which represents housebuilders, told the BBC their members have at least 13,000 affordable properties, including social homes, ready to be built right now.', 'But they can’t start because there are no housing providers to buy these properties. ""', 'It is a major and growing problem that is increasingly threatening affordable and overall housing supply,"" says Steve Turner, executive director at the Home Builders Federation. ""', 'Small sites are being prevented from starting and larger sites are being halted as a result.""', 'The largest problem, experts tell us, is that housing providers - predominantly housing associations - no longer have as much money to spend on buying new properties as they did before.', 'Housing associations are mostly not-for-profit organisations that buy up affordable properties and rent them as social homes to low income tenants at discounted rates, receiving a government subsidy to do so.', ""They're having to spend more money on repairing the homes they already own, they say - meaning less to spend on buying new properties."", 'In the aftermath of the Grenfell fire, the owners of buildings found to contain unsafe cladding have spent billions of pounds replacing it.', 'The National Housing Federation (NHF), which represents housing associations, estimates it will cost their members £6bn.', 'They also say they are spending more money on fixing damp problems following the death of two-year-old Awaab Ishak, who died of breathing problems caused by mould.', 'A new law named after him will require landlords who own social housing to repair damp homes more quickly.', 'Housing associations are making less money from renting out social homes, too, they say.', 'Marie Chadwick, policy leader at the NHF, explains that over the last decade the government has been cutting and capping the rent paid by social housing tenants. ""', 'This equated to £3bn in lost rental income for housing associations last year,"" she says.', 'As well as having less money than expected, the frequently changing rent levels mean housing associations struggle to predict how much rental income they will have in future, they say.', 'They say that this uncertainty makes budgeting how much they can spend on buying new properties more difficult and reduces the amount of money banks are willing to lend them to fund these purchases.', 'High interest rates also make borrowing this money more expensive.', ""Several councils have warned they could go bankrupt unless more social homes are built - because of the money they're spending on temporary housing for people on waiting lists."", 'In the past year they spent more than £1bn on temporary accommodation for people with nowhere else to go.', 'If their areas had more social homes, they could house these people instead of paying for them to stay in hotels and hostels.', ""Some councils still buy and manage their own social homes - but the financial pressure they're under means they can’t afford to buy the new properties being offered by housebuilders, they say."", 'Claire Holland, chairwoman of London Councils, which represents the 33 based in the city, says the housing crisis is ""wreaking havoc on town hall finances across the capital"" and that “the current outlook is bleak”.', 'These financial problems, affecting housing associations and councils, were described to us repeatedly as the main reason why thousands of sites earmarked for affordable and social housing are not being built – despite England’s enormous need for them.', ""There's also the problem of the social homes not matching what the housing associations want."", 'A common complaint is that they are being offered too many one-bedroom flats and not enough family homes.', 'Over 150,000 children are currently living in temporary accommodation.', ""Housing associations also say too many of these homes have gas boilers, which don't fit their plans to be more environmentally friendly."", 'The UK is legally obliged to reach net zero carbon emissions by 2050.', 'Several organisations told us that more of these planned social homes might have been bought if housing associations had been more closely involved at the start of the planning process.', 'Housebuilders say their homes were approved by councils and that changing them now to suit the wishes of housing associations would be costly. ""', 'It’s a perfect storm,"" says Ms Chadwick, an assessment several other people we spoke to agreed with. ""', 'These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever.""', 'What might help?', 'Housebuilders say that homes previously agreed to be built as affordable housing, under what are known as Section 106 contracts, could be allowed for sale on the open market.', 'They say this would allow them to build more homes and help meet the government’s overall target for house building - 1.5 million in the next five years.', 'In return, housebuilders would give some money from these sales to councils.', 'But that doesn’t help councils get the social homes they need for families stuck on the waiting list.', 'Another possibility is for the government to alter the rules around the way housing associations can spend the money they are given or - as was often said to us - they could give them more money overall to buy newly built social homes.', 'But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two.', 'The government is to announce a new budget this month and Polly Neate, chief executive of Shelter, says they must provide more funding.', 'Her charity and the NHF are calling for 90,000 new social homes to be built annually - a target endorsed in May by a committee of MPs who specialise in housing issues.', 'The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"".', 'Ms Neate adds: ""If we truly want economic growth in this country, we can’t afford not to build. ""', 'The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good.""', 'The World at One discusses the slowdown in construction of affordable homes in England with panellists Paul Brocklehurst - of the Land, Planning and Development Federation - and Fiona Fletcher-Smith, chief executive of housing association L&Q.']",-0.0367370914671124,"The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good.""",But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two.,-0.5367729345957438,"The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"".","These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever.""",2024-10-07
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-07
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-07
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Reports have suggested this is unlikely, although other tax breaks in the pension system could be altered. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Reports have suggested this is unlikely, although other tax breaks in the pension system could be altered.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1453853496653933,"Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.1002412703302171,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-07
Maldives President Muizzu in Delhi to seek aid and reboot ties,https://www.bbc.co.uk/news/articles/c2ek1x3p7rjo,2024-10-06T07:05:11.523Z,"Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis. Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars. The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit. Experts point out that Muizzu's reconciliatory tone towards Delhi is a far cry from the rhetoric he adopted during his election campaign a year ago. That campaign had centred on an “India out” policy, demanding that Delhi must withdraw its troops from the island nation. Speaking to the BBC, Muizzu did not directly address his anti-India campaign but said: “We are confident that any differences can be addressed through open dialogue and mutual understanding."" An Indian relief package will bolster the country’s foreign currency reserves. Last month, global agency Moody’s downgraded the Maldives' credit rating, saying that “default risks have risen materially”. But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. ""We have our own home-grown agenda,"" he said. However, Moody has said that “(foreign) reserves remain significantly below the government’s external debt service of around $600m in 2025 and over $1bn in 2026”. It’s not clear where Muizzu will find the money to overcome the reserves crisis and that’s where his Delhi visit is seen as crucial. India has already offered financial support worth $1.4bn to Male for various infrastructure and development projects. Since Muizzu came to power in November 2023, relations between Male and Delhi have become strained. Soon after taking over, he chose to travel to Turkey and China - his visit to the latter in January was seen especially as a high-profile snub to India as previous Maldivian leaders first visited Delhi after being elected. Around the same time, a controversy erupted in India after three Maldivian officials made derogatory comments about Prime Minister Narendra Modi. Muizzu also gave an ultimatum to India to withdraw about 80 troops based in the country. Delhi said they were stationed there to maintain and operate two rescue and reconnaissance helicopters and a Dornier aircraft it had donated years ago. In the end, both countries reached a compromise by agreeing to replace soldiers with Indian civilian technical staff to operate the aircraft. Muizzu’s administration also announced that it would not renew a hydrographic survey agreement with India that was signed by the previous government to map the seabed in Maldivian territorial waters. But the Maldivian president defended his decision. “The decisions taken are based on our evolving domestic interests and strategic priorities. The will of the people, that elected me 10 months ago,” Muizzu said. “I believe both the Maldives and India have a better understanding of each others’ priorities and concerns,” he added. Some of Muizzu's decisions were seen as a way to reduce Delhi’s influence and forge closer ties with India’s rival China.  In February, Muizzu’s administration allowed the port call of a Chinese research ship, Xiang Yang Hong 3, in the Maldives, much to Delhi’s displeasure. Some saw it as a mission to collect data which could - at a later date - be used by the Chinese military for submarine operations. But Muizzu rejects the pro-China tag. “I have made clear our foreign policy the day I took office - that it is a ‘Maldives First’ policy. Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “We believe that through open communication and collaboration, we can address any concerns, contributing to a peaceful and prosperous Indian Ocean region,” he says. Despite Muizzu's attempts to move Male closer to Beijing, analysts say financial assistance from China hasn’t been forthcoming, As a result, the president's extraordinary turnaround towards India now is based on harsh realities. Muizzu’s Delhi visit ""is a realisation of how dependent the Maldives is on India, a dependency that no other country will find easy to fill"", says Azim Zahir, a Maldivian analyst. ",BBC,06/10/2024,"['Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis.', 'Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars.', 'The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “', 'India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit.', ""Experts point out that Muizzu's reconciliatory tone towards Delhi is a far cry from the rhetoric he adopted during his election campaign a year ago."", 'That campaign had centred on an “India out” policy, demanding that Delhi must withdraw its troops from the island nation.', 'Speaking to the BBC, Muizzu did not directly address his anti-India campaign but said: “We are confident that any differences can be addressed through open dialogue and mutual understanding.""', 'An Indian relief package will bolster the country’s foreign currency reserves.', ""Last month, global agency Moody’s downgraded the Maldives' credit rating, saying that “default risks have risen materially”."", 'But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. ""', 'We have our own home-grown agenda,"" he said.', 'However, Moody has said that “(foreign) reserves remain significantly below the government’s external debt service of around $600m in 2025 and over $1bn in 2026”.', 'It’s not clear where Muizzu will find the money to overcome the reserves crisis and that’s where his Delhi visit is seen as crucial.', 'India has already offered financial support worth $1.4bn to Male for various infrastructure and development projects.', 'Since Muizzu came to power in November 2023, relations between Male and Delhi have become strained.', 'Soon after taking over, he chose to travel to Turkey and China - his visit to the latter in January was seen especially as a high-profile snub to India as previous Maldivian leaders first visited Delhi after being elected.', 'Around the same time, a controversy erupted in India after three Maldivian officials made derogatory comments about Prime Minister Narendra Modi.', 'Muizzu also gave an ultimatum to India to withdraw about 80 troops based in the country.', 'Delhi said they were stationed there to maintain and operate two rescue and reconnaissance helicopters and a Dornier aircraft it had donated years ago.', 'In the end, both countries reached a compromise by agreeing to replace soldiers with Indian civilian technical staff to operate the aircraft.', 'Muizzu’s administration also announced that it would not renew a hydrographic survey agreement with India that was signed by the previous government to map the seabed in Maldivian territorial waters.', 'But the Maldivian president defended his decision. “', 'The decisions taken are based on our evolving domestic interests and strategic priorities.', 'The will of the people, that elected me 10 months ago,” Muizzu said. “', 'I believe both the Maldives and India have a better understanding of each others’ priorities and concerns,” he added.', ""Some of Muizzu's decisions were seen as a way to reduce Delhi’s influence and forge closer ties with India’s rival China."", 'In February, Muizzu’s administration allowed the port call of a Chinese research ship, Xiang Yang Hong 3, in the Maldives, much to Delhi’s displeasure.', 'Some saw it as a mission to collect data which could - at a later date - be used by the Chinese military for submarine operations.', 'But Muizzu rejects the pro-China tag. “', 'I have made clear our foreign policy the day I took office - that it is a ‘Maldives First’ policy.', 'Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “', 'We believe that through open communication and collaboration, we can address any concerns, contributing to a peaceful and prosperous Indian Ocean region,” he says.', ""Despite Muizzu's attempts to move Male closer to Beijing, analysts say financial assistance from China hasn’t been forthcoming, As a result, the president's extraordinary turnaround towards India now is based on harsh realities."", 'Muizzu’s Delhi visit ""is a realisation of how dependent the Maldives is on India, a dependency that no other country will find easy to fill"", says Azim Zahir, a Maldivian analyst.']",0.0301300197102659,"Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “","But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. """,-0.0138828940689563,An Indian relief package will bolster the country’s foreign currency reserves.,"The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “",2024-10-07
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-07
ScotRail timetable returns to normal for Monday commute,https://www.bbc.co.uk/news/articles/c870l83px54o,2024-10-06T21:14:52.401Z,"The train timetable in Scotland has returned to normal after the resolution of a pay row. ScotRail had been running a reduced service since July. The change will mean many more services - especially in the evenings. But there are still fewer services on some routes than before the Covid pandemic. Customers are advised to check the timetable online. ScotRail warned that despite the extra services, some trains may not be at the times customers have got used to in recent weeks, or connections may be different. Trains will run every 15 minutes on the main Glasgow to Edinburgh service at peak times. The pay row was resolved after a 4.5% wage increase was accepted by the drivers' union ASLEF almost two weeks ago. Drivers had been declining overtime and rest day working although there was no industrial action by the union itself. This led to a large number of last-minute cancellations in early July. ScotRail then introduced a temporary timetable with fewer services to try to offer customers more reliability. After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back. It had to check how many drivers might be available for overtime, draw up new rotas and update the timetable. The company says it is committed to reducing its dependence on overtime by drivers but this will take time. About 250 new drivers have been recruited since ScotRail was brought back into public ownership by the Scottish government in April 2022. A further 160 a year are being recruited. However, their training takes time and some of the new drivers will replace others who have left. Some routes still have less frequent services than before the pandemic. Notably, trains still run between Glasgow and Edinburgh every half hour for much of the daytime - not every 15 minutes. When the return to the regular timetable was launched, Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" The restored timetable comes a week after the reintroduction of peak time fares - although the two are unconnected. Peak fares were abolished as an experiment through a project funded by the Scottish government.  The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself. The rise in passenger numbers was insufficient and the government has decided to stop paying for the pilot. ",BBC,06/10/2024,"['The train timetable in Scotland has returned to normal after the resolution of a pay row.', 'ScotRail had been running a reduced service since July.', 'The change will mean many more services - especially in the evenings.', 'But there are still fewer services on some routes than before the Covid pandemic.', 'Customers are advised to check the timetable online.', 'ScotRail warned that despite the extra services, some trains may not be at the times customers have got used to in recent weeks, or connections may be different.', 'Trains will run every 15 minutes on the main Glasgow to Edinburgh service at peak times.', ""The pay row was resolved after a 4.5% wage increase was accepted by the drivers' union ASLEF almost two weeks ago."", 'Drivers had been declining overtime and rest day working although there was no industrial action by the union itself.', 'This led to a large number of last-minute cancellations in early July.', 'ScotRail then introduced a temporary timetable with fewer services to try to offer customers more reliability.', 'After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back.', 'It had to check how many drivers might be available for overtime, draw up new rotas and update the timetable.', 'The company says it is committed to reducing its dependence on overtime by drivers but this will take time.', 'About 250 new drivers have been recruited since ScotRail was brought back into public ownership by the Scottish government in April 2022.', 'A further 160 a year are being recruited.', 'However, their training takes time and some of the new drivers will replace others who have left.', 'Some routes still have less frequent services than before the pandemic.', 'Notably, trains still run between Glasgow and Edinburgh every half hour for much of the daytime - not every 15 minutes.', 'When the return to the regular timetable was launched, Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'The restored timetable comes a week after the reintroduction of peak time fares - although the two are unconnected.', 'Peak fares were abolished as an experiment through a project funded by the Scottish government.', 'The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself.', 'The rise in passenger numbers was insufficient and the government has decided to stop paying for the pilot.']",0.0413380005212249,"When the return to the regular timetable was launched, Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""","After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back.",-0.4894475009706285,The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself.,This led to a large number of last-minute cancellations in early July.,2024-10-07
"Bankers ‘neither villains nor rock stars’, says Industry creator",https://www.bbc.co.uk/news/articles/c99v37n1931o,2024-10-06T00:36:53.035Z,"Wall Street, American Psycho, The Wolf of Wall Street… for decades, the image of the banker has loomed large in popular culture. And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry. Konrad Kay, who co-writes the series, says bankers faced a ""lazy"" and ""villainous stereotype"" at the time - with a perception that they needed ""bringing down a peg or two"". Industry is a critically-acclaimed drama set inside the fictional London office of Pierpoint & Co, a prestigious, high-pressure, sex-and-drug-fuelled international investment bank. It is now airing its third series. Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"". For Kay and co-creator Mickey Down, who both previously worked in finance, their show is not a simple question of whether bankers are good or bad. ""I guess what the show is saying, and we're never didactic about this stuff, is that Pierpoint and the wider capitalist enterprise turbocharge some of their worst instincts,"" says Kay. Ultimately, bankers are ""neither villains nor rock stars"", he adds. Industry looks at some of the nuances of the financial world, the writers say, and especially the people at the beginning of their careers. According to Down, the show is driven by the characters who have the least amount of power. Industry follows three Gen-Z finance workers: Harper Stern (played by Myha'la), Robert Spearing (Harry Lawtey) and Yasmin Kara-Hanani (Marisa Abela). Down adds that Industry is about realising there are ""different ceilings for everyone"" - and that your background, race and gender can ""have a huge bearing on how successful you can be"". This is partly why the co-writers say they portray the character of Harper, arguably the most ruthless of the three main characters, ""with love"". ""People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she's awful, she's heinous, she's selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. ""We write her as a young black woman who has come from a disadvantaged background, who is ridiculously ambitious and will do everything to achieve her goals - and that is thrilling."" ",BBC,06/10/2024,"['Wall Street, American Psycho, The Wolf of Wall Street… for decades, the image of the banker has loomed large in popular culture.', 'And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry.', 'Konrad Kay, who co-writes the series, says bankers faced a ""lazy"" and ""villainous stereotype"" at the time - with a perception that they needed ""bringing down a peg or two"".', 'Industry is a critically-acclaimed drama set inside the fictional London office of Pierpoint & Co, a prestigious, high-pressure, sex-and-drug-fuelled international investment bank.', 'It is now airing its third series.', 'Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".', 'For Kay and co-creator Mickey Down, who both previously worked in finance, their show is not a simple question of whether bankers are good or bad. ""', 'I guess what the show is saying, and we\'re never didactic about this stuff, is that Pierpoint and the wider capitalist enterprise turbocharge some of their worst instincts,"" says Kay.', 'Ultimately, bankers are ""neither villains nor rock stars"", he adds.', 'Industry looks at some of the nuances of the financial world, the writers say, and especially the people at the beginning of their careers.', 'According to Down, the show is driven by the characters who have the least amount of power.', ""Industry follows three Gen-Z finance workers: Harper Stern (played by Myha'la), Robert Spearing (Harry Lawtey) and Yasmin Kara-Hanani (Marisa Abela)."", 'Down adds that Industry is about realising there are ""different ceilings for everyone"" - and that your background, race and gender can ""have a huge bearing on how successful you can be"".', 'This is partly why the co-writers say they portray the character of Harper, arguably the most ruthless of the three main characters, ""with love"". ""', 'People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she\'s awful, she\'s heinous, she\'s selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. ""', 'We write her as a young black woman who has come from a disadvantaged background, who is ridiculously ambitious and will do everything to achieve her goals - and that is thrilling.""']",0.0061795911751729,"Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".","People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she's awful, she's heinous, she's selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. """,-0.1122929453849792,"Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".","And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry.",2024-10-07
When to tip and when not to tip,https://www.bbc.co.uk/news/articles/cz7jr4125wzo,2024-10-04T21:32:11.086Z,"It's the end of a meal out and you've been presented with the bill. Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip. If you tip too little will you face the wrath of the waiting staff? Will you end up tipping too much? And if the service was bad, should you tip at all? The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters. A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales. But there are no hard and fast rules about how much you have to leave. Mae, a 17-year-old waitress for a small business, says she doesn't expect customers to tip on top of the service charge that is added to the bill. ""So it's quite unusual for customers to tip afterwards, which is fine. Lots of customers actually double check that when they're paying that there is service on there and that it gets divided fairly."" But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly. A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”. Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"". If a service charge is discretionary you can ask for it to be removed. If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order. Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up. Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub. He knew them well, and would have their pints poured for them before they reached the bar. One evening he was closing up and they invited him to join them - at a local strip club. ""They paid for all my drinks, and a dance for me,"" he says. ""That was generous."" On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says. However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""But when you need a job, and that's what's available, you don't really argue too loudly,"" he says. The new law means the service charge must now be paid to staff. It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK. Where Mae works, a 12.5% service charge is added to the bill. Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"". Ms Akano agrees that 10% is about right. ""Whether people do that or not is a different thing but it's nice to have a guide."" Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre. Mae says she doesn't tip in the UK because the service is almost always included, but did when she went to the US. ""I did tip every time because the tipping culture is different there. That being said, it was a bit uncomfortable at times."" In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you're eating. If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly. If you're dining at the Ivy, however, you're likely to tip more ""to give the impression you're a big spender"", she says. ""At the end of the day, it's theatre,"" she adds. If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed. Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. ""When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says. If staff do a good job, they should be tipped - but this should be down to the customer, he says. Etiquette expert John-Paul Stuthridge says it's prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of 'surprise' service charges"".  ""You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests."" Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives. This way they might remove the service charge for you. Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm. However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen."" An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"". Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could."" ",BBC,04/10/2024,"[""It's the end of a meal out and you've been presented with the bill."", ""Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip."", 'If you tip too little will you face the wrath of the waiting staff?', 'Will you end up tipping too much?', 'And if the service was bad, should you tip at all?', 'The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters.', 'A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales.', 'But there are no hard and fast rules about how much you have to leave.', 'Mae, a 17-year-old waitress for a small business, says she doesn\'t expect customers to tip on top of the service charge that is added to the bill. ""', ""So it's quite unusual for customers to tip afterwards, which is fine."", 'Lots of customers actually double check that when they\'re paying that there is service on there and that it gets divided fairly.""', ""But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly."", 'A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”.', 'Etiquette expert Laura Akano, from Polished Manners, says it\'s always ""up to the individual"" how much to tip but thinks ""it\'s important to show appreciation if you\'ve had a good service"".', 'If a service charge is discretionary you can ask for it to be removed.', 'If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order.', 'Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up.', 'Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub.', 'He knew them well, and would have their pints poured for them before they reached the bar.', 'One evening he was closing up and they invited him to join them - at a local strip club. ""', 'They paid for all my drinks, and a dance for me,"" he says. ""', 'That was generous.""', 'On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says.', 'However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""', 'But when you need a job, and that\'s what\'s available, you don\'t really argue too loudly,"" he says.', 'The new law means the service charge must now be paid to staff.', ""It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK."", 'Where Mae works, a 12.5% service charge is added to the bill.', 'Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"".', 'Ms Akano agrees that 10% is about right. ""', 'Whether people do that or not is a different thing but it\'s nice to have a guide.""', 'Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre.', 'Mae says she doesn\'t tip in the UK because the service is almost always included, but did when she went to the US. ""', 'I did tip every time because the tipping culture is different there.', 'That being said, it was a bit uncomfortable at times.""', 'In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""', 'Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you\'re eating.', ""If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly."", 'If you\'re dining at the Ivy, however, you\'re likely to tip more ""to give the impression you\'re a big spender"", she says. ""', 'At the end of the day, it\'s theatre,"" she adds.', 'If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed.', 'Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he\'s always been concerned that tips don\'t reach staff, and doesn\'t like eateries that automatically add a service charge. ""', 'When it\'s printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.', 'If staff do a good job, they should be tipped - but this should be down to the customer, he says.', 'Etiquette expert John-Paul Stuthridge says it\'s prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of \'surprise\' service charges"". ""', 'You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests.""', ""Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives."", 'This way they might remove the service charge for you.', 'Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm.', 'However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""', 'If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen.""', 'An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"".', 'Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""', 'The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could.""']",0.1498033085995002,"Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"".","When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.",0.2842033938928084,"However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""","Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. """,2024-10-07
LVMH and Formula One announce 10-year partnership,https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html,2024-10-02T16:25:28+0000,"In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.""The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei. ""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""We look forward to working with Bernard and Frédéric Arnault in the years to come.""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.More details of the partnership are set to come in 2025 and there were no financial details included in the release. Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.The next Grand Prix is Oct. 20 in Austin, Texas.",CNBC,02/10/2024,"['In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.', 'The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.', '""The official arrangement will not be the first time that LVMH and F1 have worked together.', ""F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei."", '""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""', 'We look forward to working with Bernard and Frédéric Arnault in the years to come.', '""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.', '""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.', 'More details of the partnership are set to come in 2025 and there were no financial details included in the release.', ""Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years."", 'Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers.', 'The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.', 'The next Grand Prix is Oct. 20 in Austin, Texas.']",0.3087355541446604,"F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.",More details of the partnership are set to come in 2025 and there were no financial details included in the release.,0.8942435483137766,Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.,,2024-10-07
As communist China turns 75 can Xi fix its economy?,https://www.bbc.co.uk/news/articles/c3dvrxg8mllo,2024-10-03T23:17:53.585Z,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy. The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending. Shares in mainland China and Hong Kong chalked up record gains after the announcements. But economists warn the policies may not be enough to fix China's economic problems. Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market. The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares. PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending. Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo. Officials promised to intensify government spending aimed to support the economy. On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%. The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""Investors loved the announcements"", China analyst, Bill Bishop said. While investors may have been popping champagne corks, Xi has deeper issues to tackle. The People's Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""Avoiding the fate of the Soviet Union has long been a key concern for China's leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. At the forefront of officials' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence."" One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago.  Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry. It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers. But there is scepticism that such moves are enough to shore up the housing market. ""Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. ""China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so."" At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.  However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China's economy faces will not go away. Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy. Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems."" On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People's Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"". According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.  The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries. The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""This is what the leadership has come to realise and is responding to."" ",BBC,03/10/2024,"['As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.', ""The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending."", 'Shares in mainland China and Hong Kong chalked up record gains after the announcements.', ""But economists warn the policies may not be enough to fix China's economic problems."", ""Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market."", 'The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.', 'PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.', ""Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo."", 'Officials promised to intensify government spending aimed to support the economy.', 'On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis.', 'The move capped off a five-day rally that saw the index jump by 20%.', 'The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""', 'Investors loved the announcements"", China analyst, Bill Bishop said.', 'While investors may have been popping champagne corks, Xi has deeper issues to tackle.', 'The People\'s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""', 'Avoiding the fate of the Soviet Union has long been a key concern for China\'s leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'At the forefront of officials\' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""', 'In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""', 'The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""', ""One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago."", 'Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.', 'It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.', 'But there is scepticism that such moves are enough to shore up the housing market. ""', 'Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody\'s Analytics. ""', 'China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.""', 'At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.', 'However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""', 'Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""', 'In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China\'s economy faces will not go away.', 'Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy.', 'Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""', 'Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""', 'In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.""', 'On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People\'s Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"".', 'According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.', ""The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries."", 'The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""', 'This is what the leadership has come to realise and is responding to.""']",0.1343040893565776,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.","Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. """,0.3924955482836122,"The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""","The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""",2024-10-07
CVS is under pressure and considering a breakup. Here's why that could be risky,https://www.cnbc.com/2024/10/04/cvs-is-considering-a-break-up-heres-why-that-could-be-risky.html,2024-10-04T15:30:17+0000,"In this articleIt's time for a wellness check at CVS Health.Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.CVS has engaged advisors in a strategic review of its business, CNBC reported Monday. One option being weighed is splitting up its retail pharmacy and insurance units. It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.Some analysts contend that a breakup of CVS would be challenging and unlikely. CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark. That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters. ""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported. But Glenview on Tuesday denied rumors that it is pushing to break up the company.If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits. CVS on Monday said that plan involves laying off nearly 3,000 employees.Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year. That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane.CVS' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup. ""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement. Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses. Separating them could come with risks, they added. ""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy.""Many of CVS' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI. Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue. Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. In the event of a breakup, it's not clear where Caremark would fall.Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business. CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March. Walgreens trailed behind with nearly 15% of that share last year. Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues, largely due to falling reimbursement rates for prescription drugs. Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store. Meanwhile, burnout among pharmacy staff is also putting pressure on the industry. CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S. CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut. He said a spinoff of CVS' retail pharmacies would be more likely.""There's a reason they're cutting down stores. Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?"" Tanquilut said. CVS has other assets that would need to be distributed in the event of a breakup. That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022. Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years. Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday. The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services. CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers. But CVS has also started to integrate Oak Street Health with its retail pharmacies. The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year. Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Walgreens could potentially exit that market altogether. The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they're actually hitting their numbers."" Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added. ""Why get rid of them when they're still strategic in nature?"" Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny. He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said. Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year. Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision. Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry. More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF. But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon. Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits. In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year. Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services. Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing. But things may start to look up in 2025. For example, one of the company's large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August. ""We're giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said. During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track."" The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits. That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.",CNBC,04/10/2024,"[""In this articleIt's time for a wellness check at CVS Health."", 'Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.', 'As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.', 'CVS has engaged advisors in a strategic review of its business, CNBC reported Monday.', 'One option being weighed is splitting up its retail pharmacy and insurance units.', 'It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.', 'Some analysts contend that a breakup of CVS would be challenging and unlikely.', 'CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark.', 'That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters.', '""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""', 'If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.', '""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported.', 'But Glenview on Tuesday denied rumors that it is pushing to break up the company.', 'If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.', 'The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits.', 'CVS on Monday said that plan involves laying off nearly 3,000 employees.', 'Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year.', ""That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane."", 'CVS\' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup.', '""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement.', 'Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.', 'Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses.', 'Separating them could come with risks, they added.', '""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""', ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy."", '""Many of CVS\' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI.', 'Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.', ""Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", ""That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses."", ""In the event of a breakup, it's not clear where Caremark would fall."", ""Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal."", 'But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said.', ""That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business."", 'CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March.', 'Walgreens trailed behind with nearly 15% of that share last year.', 'Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues,largely due to falling reimbursement rates for prescription drugs.', 'Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store.', 'Meanwhile, burnout among pharmacy staff is also putting pressure on the industry.', ""CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S.CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August."", 'The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut.', ""He said a spinoff of CVS' retail pharmacies would be more likely."", '""There\'s a reason they\'re cutting down stores.', 'Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?""', 'Tanquilut said.', 'CVS has other assets that would need to be distributed in the event of a breakup.', 'That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022.', ""Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years."", 'Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday.', ""The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services."", ""CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers."", 'But CVS has also started to integrate Oak Street Health with its retail pharmacies.', 'The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year.', 'Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Walgreens could potentially exit that market altogether.', 'The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they\'re actually hitting their numbers.', '""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.', 'Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added.', '""Why get rid of them when they\'re still strategic in nature?""', 'Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.', 'If CVS doesn\'t undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.', ""He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said."", 'Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year.', 'Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', 'Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry.', 'More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF.But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon.', 'Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits.', ""In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year."", 'Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services.', 'Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.', 'Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing.', 'But things may start to look up in 2025.For example, one of the company\'s large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August.', '""We\'re giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said.', 'During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track.', '""The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits.', 'That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them.', 'Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.']",0.2494791947242859,"If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.","Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.",-0.1334115386009216,"""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.","He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said.",2024-10-07
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-07
QVC to add USA Pickleball to its home shopping experience,https://www.cnbc.com/2024/10/03/qvc-to-add-usa-pickleball-to-its-home-shopping-experience.html,2024-10-03T13:37:55+0000,"In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.In QVC's case, the choice to bring on pickleball was intentional.Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC's vice president of brand marketing.""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps' late-night talk show, ""Busy This Week.""""As you look at what those relevant, highly successful examples of media have been, it's live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""It was really that perfect next place to go.""",CNBC,03/10/2024,"['In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.', 'In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport.', ""The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups."", 'As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.', ""The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming."", ""In QVC's case, the choice to bring on pickleball was intentional."", 'Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC\'s vice president of brand marketing.', '""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""', 'We thought, what two perfect partners to come together.', 'We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.', '""Pickleball has been booming in the U.S. and has been called the country\'s fastest-growing sport.', 'More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.', 'Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.', 'As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps\' late-night talk show, ""Busy This Week.', '""""As you look at what those relevant, highly successful examples of media have been, it\'s live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""', 'It was really that perfect next place to go.""']",0.2956397488085089,"The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups.",,0.9692991205624172,"""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport.",,2024-10-07
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-07
"GM investor day: Cruise, cash and EV profits top of mind for Wall Street",https://www.cnbc.com/2024/10/07/gm-general-motors-investor-day.html,2024-10-07T17:42:06+0000,"In this articleDETROIT — A lot has changed since General Motors' last investor day two years ago, but one thing that hasn't is the automaker's ability to outperform Wall Street's expectations — doing so every quarter since then.GM CEO Mary Barra will attempt to convince investors during a capital markets day Tuesday that she and her executive team can continue to do that despite slowing consumer demand and changing market conditions.Wall Street analysts are eager to hear about plans for electric vehicles and hybrids, the company's embattled Cruise autonomous vehicle unit, its China restructuring and GM's near-term plans for free cash flow, lowering costs and rewarding investors.Many of them are expecting GM will be more grounded in its near-term targets and messaging than it has in its most recent investor days, including three years ago, when Barra and others laid out ambitious long-term financial targets by to double the automaker's revenue to about $280 billion by 2030.""It's clear we enter a very different industry environment vs. three years ago,"" Barclays analyst Dan Levy said last week in an investor note. ""Accordingly, whereas the theme for GM three years ago was ""Growth Motors,"" we believe the theme today is ""praGMatic Motors.""The company is expected to tout its ""flexibility"" when it comes to producing EVs, as well as vehicles with traditional internal combustion engines, commonly called ICE, at the event. To underscore that effort, the event is taking place GM's vehicle assembly and Ultium EV battery plants in Tennessee. Spring Hill Assembly produces both types of vehicles.Barra and other executives have stressed such a dual strategy since lowering or withdrawing nearly all of the company's EV targets amid slower than expected adoption of electric vehicles.""We are making the most of every opportunity we have in ICE and in EV and leveraging our core strengths,"" Barra said during the company's second-quarter investor call in July. ""We're being flexible and opportunistic, but also importantly, we're being very disciplined.""Despite this being the first GM investor day since November 2022, several Wall Street analysts have low expectations.""Net, while we remain favorable on the stock, we don't see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.But as Wolfe analyst Shreyas Pati points out, ""relatively low"" expectations could provide ""room for GM's message to be more constructive-than-anticipated.""Heading into the event, GM's stock has been under pressure as of late despite billions of dollars in buybacks. While shares are up roughly 28% for the year, they're off 9% from a high of more than $50 reached in July and down about 8% from the beginning of last month.The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.Morgan Stanley and Bernstein recently downgraded GM and cut price targets, citing challenging market conditions and low upside potential, among other things.""We want to wait and see which updates GM shares with the market and downgrade the stock to Market-Perform,"" Bernstein analyst Daniel Roeska wrote in a Sept. 23 investor note.GM's stock remains overweight with a price target of $54.64 a share, according to average estimates of 29 analysts compiled by FactSet.Investors aren't only concerned about peak profits potentially being in the rearview mirror for automakers such as GM.They're also worried about the company's restructuring in China. That change was announced with little to no information of what should be expected, other than the company saying it was necessary after GM's business in the country has been in a yearslong freefall.The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such as BYD that have caused a pricing war, especially when it comes to EVs.In GM's home market, investors are seeking updates to its plans for EVs as well as hybrids. Unlike crosstown rival Ford, which has amped up its focus on hybrids, GM hasn't offered a hybrid option other than a Corvette for many years.""The event will likely provide a glimpse into GM's efforts to balance the slowdown in EV adoption with its Future business plan, which we still expect will be centered on electrification, but with a greater emphasis on hybrid technology,"" BofA Securities analyst John Murphy said in a Sept. 20 note.GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.Regarding Cruise, Wall Street is particularly interested in the company's future funding plans for the embattled autonomous vehicle unit.After ceasing all on-road operations last year and ousting leaders following an accident involving a pedestrian in October, Cruise has slowly been attempting to relaunch operations, but it remains far from it was before the incident.",CNBC,07/10/2024,"[""In this articleDETROIT — A lot has changed since General Motors' last investor day two years ago, but one thing that hasn't is the automaker's ability to outperform Wall Street's expectations — doing so every quarter since then."", 'GM CEO Mary Barra will attempt to convince investors during a capital markets day Tuesday that she and her executive team can continue to do that despite slowing consumer demand and changing market conditions.', ""Wall Street analysts are eager to hear about plans for electric vehicles and hybrids, the company's embattled Cruise autonomous vehicle unit, its China restructuring and GM's near-term plans for free cash flow, lowering costs and rewarding investors."", 'Many of them are expecting GM will be more grounded in its near-term targets and messaging than it has in its most recent investor days, including three years ago, when Barra and others laid out ambitious long-term financial targets by to double the automaker\'s revenue to about $280 billion by 2030.""It\'s clear we enter a very different industry environment vs. three years ago,"" Barclays analyst Dan Levy said last week in an investor note. ""', 'Accordingly, whereas the theme for GM three years ago was ""Growth Motors,"" we believe the theme today is ""praGMatic Motors.', '""The company is expected to tout its ""flexibility"" when it comes to producing EVs, as well as vehicles with traditional internal combustion engines, commonly called ICE, at the event.', ""To underscore that effort, the event is taking place GM's vehicle assembly and Ultium EV battery plants in Tennessee."", 'Spring Hill Assembly produces both types of vehicles.', ""Barra and other executives have stressed such a dual strategy since lowering or withdrawing nearly all of the company's EV targets amid slower than expected adoption of electric vehicles."", '""We are making the most of every opportunity we have in ICE and in EV and leveraging our core strengths,"" Barra said during the company\'s second-quarter investor call in July. ""', ""We're being flexible and opportunistic, but also importantly, we're being very disciplined."", '""Despite this being the first GM investor day since November 2022, several Wall Street analysts have low expectations.', '""Net, while we remain favorable on the stock, we don\'t see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.', 'But as Wolfe analyst Shreyas Pati points out, ""relatively low"" expectations could provide ""room for GM\'s message to be more constructive-than-anticipated.', '""Heading into the event, GM\'s stock has been under pressure as of late despite billions of dollars in buybacks.', ""While shares are up roughly 28% for the year, they're off 9% from a high of more than $50 reached in July and down about 8% from the beginning of last month."", 'The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.', 'Morgan Stanley and Bernstein recently downgraded GM and cut price targets, citing challenging market conditions and low upside potential, among other things.', '""We want to wait and see which updates GM shares with the market and downgrade the stock to Market-Perform,"" Bernstein analyst Daniel Roeska wrote in a Sept. 23 investor note.', ""GM's stock remains overweight with a price target of $54.64 a share, according to average estimates of 29 analysts compiled by FactSet."", ""Investors aren't only concerned about peak profits potentially being in the rearview mirror for automakers such as GM.They're also worried about the company's restructuring in China."", ""That change was announced with little to no information of what should be expected, other than the company saying it was necessary after GM's business in the country has been in a yearslong freefall."", 'The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such asBYD that have caused a pricing war, especially when it comes to EVs.', ""In GM's home market, investors are seeking updates to its plans for EVs as well as hybrids."", ""Unlike crosstown rival Ford, which has amped up its focus on hybrids, GM hasn't offered a hybrid option other than a Corvette for many years."", '""The event will likely provide a glimpse into GM\'s efforts to balance the slowdown in EV adoption with its Future business plan, which we still expect will be centered on electrification, but with a greater emphasis on hybrid technology,"" BofA Securities analyst John Murphy said in a Sept. 20 note.', 'GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.', ""Regarding Cruise, Wall Street is particularly interested in the company's future funding plans for the embattled autonomous vehicle unit."", 'After ceasing all on-road operations last year and ousting leaders following an accident involving a pedestrian in October, Cruise has slowly been attempting to relaunch operations, but it remains far from it was before the incident.']",0.1528054193446802,"""Net, while we remain favorable on the stock, we don't see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.","The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such asBYD that have caused a pricing war, especially when it comes to EVs.",-0.2007194856802622,"GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.","The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.",2024-10-07
GM halts production at two major U.S. plants due to Hurricane Helene,https://www.cnbc.com/2024/10/04/gm-halts-production-at-two-major-us-plants-due-to-hurricane-helene.html,2024-10-04T15:14:47+0000,"DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.A GM spokeswoman declined to speculate on when the plants were expected to restart production as of Friday morning. A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard. At least 215 people have died and hundreds are still missing.GM declined to disclose what suppliers are impacted or where they are located.Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker. The strike ended later Thursday and dockworkers returned to the job Friday.Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. ""Pre-Covid, understanding what the sub-tiers were was more difficult. We've got a great inventory of what those sub-tiers are now. Not only can we control the material we directly buy, we can talk to all of our suppliers.""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.",CNBC,04/10/2024,"['DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.', 'The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.', 'A GM spokeswoman declined to speculateonwhen the plants were expected to restart production as of Friday morning.', 'A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.', '""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.', 'Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard.', 'At least 215 people have died and hundreds are still missing.', 'GM declined to disclose what suppliers are impacted or where they are located.', 'Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker.', 'The strike ended later Thursday and dockworkers returned to the job Friday.', 'Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.', '""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson\'s Rainbow Push Coalition in Detroit. ""', 'Pre-Covid, understanding what the sub-tiers were was more difficult.', ""We've got a great inventory of what those sub-tiers are now."", 'Not only can we control the material we directly buy, we can talk to all of our suppliers.', '""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.']",0.0386024478705646,We've got a great inventory of what those sub-tiers are now.,At least 215 people have died and hundreds are still missing.,-0.1178106307983398,"""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. """,DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.,2024-10-07
Walmart-owned Sam's Club tests a future without checkout lines,https://www.cnbc.com/2024/10/07/sams-club-scan-and-go-technology.html,2024-10-07T15:11:16+0000,"In this articleGRAPEVINE, Texas — When shoppers walk into Sam's Club's newest store, they'll soon see a shiny blue Mercedes-Benz SUV, a sectional sofa and zero checkout lanes.Welcome to the Walmart-owned membership club's first all-digital store — and a preview of what could be its future.Inside the club, which will open in mid-October, customers will have to use a smartphone app called Scan & Go to ring up their purchases as they walk through the aisles. In the area typically reserved for cash registers, the company will display online-only items as wide-ranging as a 12-foot Christmas tree and a five-carat lab-grown diamond. Members can scan QR codes and go straight to the items in the app.Store workers will have about four times more space for preparing customers' e-commerce orders for curbside pickup and home delivery, according to Sam's Club executives.""It's kind of the physical manifestation of a journey we're trying to go on as a company,"" Sam's Club CEO Chris Nicholas said, as he showed off the club before its grand opening.Since Walmart founder Sam Walton opened the first Sam's Club in 1983, the membership-based club has become the more tech-savvy arm of its retail-behemoth parent. The club has spun out several key innovations that its parent company now uses, too, such as Scan & Go. It's also used digital offerings to try to outmatch its largest rival, Costco.Sam's Club is doubling down on that strategy with the Dallas-area store, which is reopening nearly two years after it was damaged by a tornado.Nicholas said upon its reopening, the location will become a testing ground for Sam's Club's newest features and emerging technology.""The idea is that over time, we will be 100% digital engagement as a business, and you've got to prove that things work before you scale them,"" he said.He added that he hopes ""it feels like what it's like to shop in the future.""Costco has long been ""the king of the warehouse club channel,"" said Peter Keith, senior research analyst at Piper Sandler. But Sam's Club has added features to ""upgrade the shopping experiences,"" he said, such as introducing a permanent station in some of the clubs where a chef makes sushi rolls in front of customers.And notably, Sam's Club has differentiated iself by embracing e-commerce offerings and appealing to customers who are seeking easier and faster ways to shop, such as Scan & Go.""It really eliminates the most painful part of these membership clubs, which is the long lines to check out,"" he said.Sam's Club and Costco have roughly the same number of U.S. clubs, but Costco pulls in about twice as much annual revenue. Net sales for Sam's Club totaled $86.2 billion in its most recent fiscal year, compared with $176.63 billion for Costco's U.S. clubs.Sam's Club has made several other key moves to catch up to Costco: It consolidated its private labels from more than 20 different brands into a single one: Member's Mark. It cut back on the number of unique items it sells, so it focuses on the proven and popular ones. And it recently announced it would raise average hourly wages for nearly 100,000 of its workers ahead of the holiday season.Sam's Club also opened The Clubhouse in August, an approximately 37,000-square-foot office building across from the retailer's headquarters in Bentonville, Arkansas. It includes workshop rooms and tools such as white boards, arts and crafts supplies, and cardboard models that will help the retailer to come up with new ideas, test products and collaborate on projects with cross-department teams.And it's in the middle of an aggressive expansion, with plans to open about 30 new clubs over a five-year period.Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period. That included 22% year-over-year e-commerce growth.Nicholas said the new clubs, including the one that's opening in Grapevine, will be designed to better handle higher volume, too.For example, the club's cafe will include a pizza robot that will be able to make as many as 100 pizzas in an hour. It will also test a new system that delivers food orders to an assigned cubby after customers order through Scan & Go.Like its parent company, Walmart, Sam's Club has been attracting customers across a wider range of incomes and ages as it focuses on offering convenient ways to shop. About half of the new members that joined Sam's Club during the most recent quarter were millennials or Gen Z, according to the company.The company said 1 in 3 members currently use Scan & Go when shopping in clubs. It has recently rolled out new exit technology that automatically checks customers' shopping carts and allows them to exit the club without an employee looking at a receipt or auditing their cart. Shoppers walk under an archway that's powered by computer vision and artificial intelligence. That system functions similarly to Amazon's Just Walk Out technology that's begun to take hold at events stadiums in addition to some of the e-commerce giant's physical storefronts.But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine.Tiffany Zuniga, a mom and a Lyft driver who lives in the Dallas area, said she's eager to return to Sam's Club, but is a little wary of the new technology. Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage.She's never used Scan & Go and said she hopes the new technology doesn't come at the expense of customer service.""Sometimes it can get a little dicey if you scan the wrong thing or need help,"" she said. ""Hopefully, they will have enough staff on hand.""As construction crews finished up work on Sam's Club in Grapevine, the retailer put up signs at the nearby Sam's Club gas station and car wash to alert customers to the return of the club and encourage them to download the Scan & Go app.And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.Nicholas said there will be no change to the number of store workers in Grapevine, but some will have new roles.",CNBC,07/10/2024,"[""In this articleGRAPEVINE, Texas — When shoppers walk into Sam's Club's newest store, they'll soon see a shiny blue Mercedes-Benz SUV, a sectional sofa and zero checkout lanes."", ""Welcome to the Walmart-owned membership club's first all-digital store — and a preview of what could be its future."", 'Inside the club, which will open in mid-October, customers will have to use a smartphone app called Scan & Go to ring up their purchases as they walk through the aisles.', 'In the area typically reserved for cash registers, the company will display online-only items as wide-ranging as a 12-foot Christmas tree and a five-carat lab-grown diamond.', 'Members can scan QR codes and go straight to the items in the app.', ""Store workers will have about four times more space for preparing customers' e-commerce orders for curbside pickup and home delivery, according to Sam's Club executives."", '""It\'s kind of the physical manifestation of a journey we\'re trying to go on as a company,"" Sam\'s Club CEO Chris Nicholas said, as he showed off the club before its grand opening.', ""Since Walmart founder Sam Walton opened the first Sam's Club in 1983, the membership-based club has become the more tech-savvy arm of its retail-behemoth parent."", 'The club has spun out several key innovations that its parent company now uses, too, such as Scan & Go.', ""It's also used digital offerings to try to outmatch its largest rival, Costco."", ""Sam's Club is doubling down on that strategy with the Dallas-area store, which is reopening nearly two years after it was damaged by a tornado."", ""Nicholas said upon its reopening, the location will become a testing ground for Sam's Club's newest features and emerging technology."", '""The idea is that over time, we will be 100% digital engagement as a business, and you\'ve got to prove that things work before you scale them,"" he said.', 'He added that he hopes ""it feels like what it\'s like to shop in the future.', '""Costco has long been ""the king of the warehouse club channel,"" said Peter Keith, senior research analyst at Piper Sandler.', 'But Sam\'s Club has added features to ""upgrade the shopping experiences,"" he said, such as introducing a permanent station in some of the clubs where a chef makes sushi rolls in front of customers.', ""And notably, Sam's Club has differentiated iself by embracing e-commerce offerings and appealing to customers who are seeking easier and faster ways to shop, such as Scan & Go."", '""It really eliminates the most painful part of these membership clubs, which is the long lines to check out,"" he said.', ""Sam's Club and Costco have roughly the same number of U.S. clubs, but Costco pulls in about twice as much annual revenue."", ""Net sales for Sam's Club totaled $86.2 billion in its most recent fiscal year, compared with $176.63 billion for Costco's U.S. clubs."", ""Sam's Club has made several other key moves to catch up to Costco: It consolidated its private labels from more than 20 different brands into a single one: Member's Mark."", 'It cut back on the number of unique items it sells, so it focuses on the proven and popular ones.', 'And it recently announced it would raise average hourly wages for nearly 100,000 of its workers ahead of the holiday season.', ""Sam's Club also opened The Clubhouse in August, an approximately 37,000-square-foot office building across from the retailer's headquarters in Bentonville, Arkansas."", 'It includes workshop rooms and tools such as white boards, arts and crafts supplies, and cardboard models that will help the retailer to come up with new ideas, test products and collaborate on projects with cross-department teams.', ""And it's in the middle of an aggressive expansion, with plans to open about 30 new clubs over a five-year period."", ""Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period."", 'That included 22% year-over-year e-commerce growth.', ""Nicholas said the new clubs, including the one that's opening in Grapevine, will be designed to better handle higher volume, too."", ""For example, the club's cafe will include a pizza robot that will be able to make as many as 100 pizzas in an hour."", 'It will also test a new system that delivers food orders to an assigned cubby after customers order through Scan & Go.', ""Like its parent company, Walmart, Sam's Club has been attracting customers across a wider range of incomes and ages as it focuses on offering convenient ways to shop."", ""About half of the new members that joined Sam's Club during the most recent quarter were millennials or Gen Z, according to the company."", 'The company said 1 in 3 members currently use Scan & Go when shopping in clubs.', ""It has recently rolled out new exit technology that automatically checks customers' shopping carts and allows them to exit the club without an employee looking at a receipt or auditing their cart."", ""Shoppers walk under an archway that's powered by computer vision and artificial intelligence."", ""That system functions similarly to Amazon's Just Walk Out technology that's begun to take hold at events stadiums in addition to some of the e-commerce giant's physical storefronts."", ""But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine."", ""Tiffany Zuniga, a mom and a Lyft driver who lives in the Dallas area, said she's eager to return to Sam's Club, but is a little wary of the new technology."", ""Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage."", ""She's never used Scan & Go and said she hopes the new technology doesn't come at the expense of customer service."", '""Sometimes it can get a little dicey if you scan the wrong thing or need help,"" she said. ""', 'Hopefully, they will have enough staff on hand.', '""As construction crews finished up work on Sam\'s Club in Grapevine, the retailer put up signs at the nearby Sam\'s Club gas station and car wash to alert customers to the return of the club and encourage them to download the Scan & Go app.', 'And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.', 'Nicholas said there will be no change to the number of store workers in Grapevine, but some will have new roles.']",0.1717630716224149,"And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.","Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage.",0.6451813280582428,"Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period.","But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine.",2024-10-07
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-07
Ford's third-quarter sales up 0.7% as GM overtakes it in EVs,https://www.cnbc.com/2024/10/02/fords-third-quarter-sales-up-0point7percent-as-gm-overtakes-it-in-evs.html,2024-10-02T17:05:20+0000,"In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.",CNBC,02/10/2024,"[""In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed."", 'Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.', 'The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units.', 'That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.', 'Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.', 'The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.', 'GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies.', 'Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.', '""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""', ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."", '""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand\'s ranking in sales.', 'The Ford brand maintains its No.', '2 sales position behind Tesla, according to the Detroit automaker.', ""Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry."", 'Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.', 'Traditional vehicles for the automaker were down by 2.8% year over year.', ""Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.""]",0.0544563419545526,"Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.","Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.",0.4970227132240931,"Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.","In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.",2024-10-07
A new Blue Origin: CEO Dave Limp is bringing urgency and ‘decisiveness’ to Jeff Bezos’ space company,https://www.cnbc.com/2024/10/05/blue-origin-ceo-dave-limp-brings-urgency-to-jeff-bezos-space-company.html,2024-10-07T15:23:07+0000,"Dave Limp had only one question for Jeff Bezos when he interviewed last year to become CEO of Blue Origin, the billionaire's space venture.""Jeff, is Blue Origin a hobby or a business?"" Limp asked.After 14 years as a senior Amazon executive, Limp told CNBC he made it clear to Bezos that he wasn't interested in leading Blue Origin if the nearly 25-year-old venture wasn't intended to be a serious company.""I don't know how to run a hobby,"" Limp said, adding that ""if it was a hobby, it's not right for me.""But he said Bezos was adamant that Blue Origin needed to be a business.Limp admitted that it took some convincing from Bezos for him to make the move over to the space sector. ""My initial reaction was: It's not the right role for me because I'm not an aerospace engineer,"" he said. But he decided to take the leap of faith.""Jeff felt that [Blue Origin] needed manufacturing expertise; it needed decisiveness; it need a little bit of energy,"" Limp said.Limp has now been the CEO of Blue Origin for nine months and counting. He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.Blue Origin for years has been flying tourists and research to the edge of space on short jaunts, including Bezos himself. And over the past two decades, Bezos has been spending billions of dollars a year to turn Blue Origin into a space sector powerhouse. The company's projects reach from rockets and spacecraft to space stations and lunar landers.Yet in the industry table stakes of orbital missions, Blue Origin has not entered the serious rocketry game, as the U.S. launch market remains dominated by SpaceX, followed by United Launch Alliance, Rocket Lab and Firefly Aerospace.But the company said it's closer than ever to the long-awaited debut of its New Glenn rocket. Towering about 320 feet tall, the launch vehicle is advertised as lifting as much as 45,000 kilograms (or over 99,000 pounds) to low Earth orbit — double that of SpaceX's workhorse Falcon 9 rocket.Like Falcon 9, New Glenn is designed to be partly reusable. Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets.New Glenn's first launch attempt is slated for November. Blue Origin is in the final stages of putting it all together, including conducting a recent crucial test firing of the rocket's upper stage last month.Originally the company was aiming for the audacious feat of flying NASA's ESCAPADE mission to Mars on New Glenn's debut. But with a dwindling launch window, the agency delayed ESCAPADE to a later launch. In the mission's place, Blue Origin will fly a demonstration of its spacecraft Blue Ring on the first New Glenn launch.Headquartered in the Seattle suburb of Kent, Washington, Blue Origin has over 10,000 employees there and in half a dozen other major locations around the country, including in industry strongholds of Texas, Florida and Alabama. Speaking plainly, Limp said Blue Origin has been ""in kind of an R&D phase for a long time,"" an aspect of the company's culture he's trying to change.""We were very, very good at building shiny factories and very good at building high fidelity prototypes. And some of those prototypes even flew … but that's not what we want to do to scale to be a world class manufacturer,"" Limp said. ""We need to be able to build things a lot,"" he added.But he said he sees genuine excitement for space across Blue's workforce, calling that passion the foundation of a ""missionary culture."" In Limp's view, Amazon's customer-centric principles drive the tech giant's culture — but Amazon doesn't have ""the vehement mission that exists at Blue.""""People's eyes light up, almost to a T. They grew up thinking about space, they always wanted to work in the space industry and here they are at Blue working on space,"" Limp said.Now he's trying to install Amazon's customer-centric focus as a key part of Blue Origin. While Blue's customers — the likes of NASA, ULA, and suborbital astronauts — are quite a bit different than the consumers Limp used to focus on, his message to Blue's employees is to make delivering for its customers the top priority.""Even if the technology is really nice and fun … the customer has to be front and center,"" Limp said.To further shift Blue's culture, Limp highlighted a number of key leadership additions: Allen Parker as CFO after past executive finance roles at Zillow and Amazon; Jennifer Pena-Leanos as chief people officer, after running human resources in Limp's prior Amazon Devices team; Ian Richardson as senior vice president of manufacturing operations after a long stint as SpaceX production director; and Tim Collins as the vice president of global supply chain after previously leading global operations for Flexport and Amazon.Limp also made a change by moving more of the company's headcount to the factory floor.""You can walk into a factory and know when it's running well and know when it's not,"" he said. ""It doesn't matter how much capex you put in place, what kind of machines you have, if you're not using them the right way. It's like having a shiny new car that just sits in the driveway — what fun is that?"" Limp has two main goals for his first year as CEO: Launch New Glenn and get Blue's engine production humming.""We aren't going anywhere without engines, and we had to figure out how to build engines at rate,"" Limp said.Blue Origin's BE-4 engine powers both its New Glenn rocket as well as ULA's Vulcan rocket. The latter requires two engines per launch.With ULA aiming for four Vulcan launches this year — with two down and two to go — Blue has delivered eight flight-ready BE-4 engines to ULA, as well as seven BE-4 engines for its first New Glenn launch. On the first two Vulcan launches, the BE-4 engines performed as expected.""We'd like to [be delivering] about an engine a week by the end of the year. I'm not sure we'll get exactly to a week, but it'll be sub-10 days … [and] by the end of 2025, we have to be faster than that,"" Limp said.Limp has ""a very high level of confidence"" that New Glenn will launch before the end of the year. And Blue plans to scale the cadence of New Glenn missions quickly, wanting to perform as many as 10 New Glenn launches next year. Yet it still has a ways to go to rival SpaceX, which is targeting nearly 150 Falcon rocket launches this year.Perhaps even more optimistically, Blue aims to land New Glenn on its very first launch, cheekily naming the booster ""So You're Telling Me There's a Chance."" No company has stuck the landing on the first try with an orbital rocket booster, and New Glenn will be aiming for a 200-foot-wide pad on a vessel named Jacklyn in the Atlantic Ocean.""It'll be adventurous. It'll be fun. I'm excited about it … but if we [don't] stick the landing the first time, that's OK. We've got another booster right behind it. We'll build more,"" Limp said.It seems almost inevitable that New Glenn's future will involve a crew spacecraft — especially given Blue's long-standing mission: ""We envision millions of people living and working in space for the benefit of Earth."" Currently, only SpaceX's Dragon spacecraft is certified by NASA to fly astronauts to-and-from orbit after Boeing's Starliner suffered another setback this summer. But Limp deferred when asked about development of a New Glenn crew capsule: ""Nothing to say about that.""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule. Limp noted that Blue Origin is working to get ""New Shepard back to a cadence of regular flights,"" flying both crews and research cargo.It's done two New Shepard missions this year, and is aiming for a third next week. That mission will also feature a new rocket booster and capsule to add a second vehicle ""to better meet growing customer demand,"" the company said, having lost a booster during a cargo flight failure in September 2022.Beyond New Glenn and engine production, Blue's making more progress: Last year it won a $3.4 billion NASA contract to build a lunar lander for the agency's astronauts. In the spring, Blue got entry into the Pentagon's lucrative National Security Space Launch program, a turnaround from having missed out on the previous phase of NSSL in 2020.As for Limp, he's spending his time on ""a little bit of a round trip between"" Blue Origin's facilities every 2½ weeks. He goes from its Seattle headquarters, to meeting with customers in Washington, D.C., to seeing engine production and testing in Huntsville, Alabama, and finally checking out New Glenn work at Cape Canaveral. It's all part of his interest in leading a proper space company, rather than a billionaire's hobby.""Let's have the financial discipline to build a business that we love, and let's make decisions quickly, knowing that we'll make some mistakes. But let's not make the same mistakes, and let's cure them quick,"" Limp said.",CNBC,07/10/2024,"[""Dave Limp had only one question for Jeff Bezos when he interviewed last year to become CEO of Blue Origin, the billionaire's space venture."", '""Jeff, is Blue Origin a hobby or a business?""', 'Limp asked.', ""After 14 years as a senior Amazon executive, Limp told CNBC he made it clear to Bezos that he wasn't interested in leading Blue Origin if the nearly 25-year-old venture wasn't intended to be a serious company."", '""I don\'t know how to run a hobby,"" Limp said, adding that ""if it was a hobby, it\'s not right for me.', '""But he said Bezos was adamant that Blue Origin needed to be a business.', 'Limp admitted that it took some convincing from Bezos for him to make the move over to the space sector. ""', 'My initial reaction was: It\'s not the right role for me because I\'m not an aerospace engineer,"" he said.', 'But he decided to take the leap of faith.', '""Jeff felt that [Blue Origin] needed manufacturing expertise; it needed decisiveness; it need a little bit of energy,"" Limp said.', 'Limp has now been the CEO of Blue Origin for nine months and counting.', ""He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts."", 'Blue Origin for years has been flying tourists and research to the edge of space on short jaunts, including Bezos himself.', 'And over the past two decades, Bezos has been spending billions of dollars a year to turn Blue Origin into a space sector powerhouse.', ""The company's projects reach from rockets and spacecraft to space stations and lunar landers."", 'Yet in the industry table stakes of orbital missions, Blue Origin has not entered the serious rocketry game, as the U.S. launch market remains dominated by SpaceX, followed by United Launch Alliance, Rocket Lab and Firefly Aerospace.', ""But the company said it's closer than ever to the long-awaited debut of its New Glenn rocket."", ""Towering about 320 feet tall, the launch vehicle is advertised as lifting as much as 45,000 kilograms (or over 99,000 pounds) to low Earth orbit — double that of SpaceX's workhorse Falcon 9 rocket."", 'Like Falcon 9, New Glenn is designed to be partly reusable.', ""Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets."", ""New Glenn's first launch attempt is slated for November."", ""Blue Origin is in the final stages of putting it all together, including conducting a recent crucial test firing of the rocket's upper stage last month."", ""Originally the company was aiming for the audacious feat of flying NASA's ESCAPADE mission to Mars on New Glenn's debut."", 'But with a dwindling launch window, the agency delayed ESCAPADE to a later launch.', ""In the mission's place, Blue Origin will fly a demonstration of its spacecraft Blue Ring on the first New Glenn launch."", 'Headquartered in the Seattle suburb of Kent, Washington, Blue Origin has over 10,000 employees there and in half a dozen other major locations around the country, including in industry strongholds of Texas, Florida and Alabama.', 'Speaking plainly, Limp said Blue Origin has been ""in kind of an R&D phase for a long time,"" an aspect of the company\'s culture he\'s trying to change.', '""We were very, very good at building shiny factories and very good at building high fidelity prototypes.', 'And some of those prototypes even flew … but that\'s not what we want to do to scale to be a world class manufacturer,"" Limp said.', '""We need to be able to build things a lot,"" he added.', 'But he said he sees genuine excitement for space across Blue\'s workforce, calling that passion the foundation of a ""missionary culture.""', 'In Limp\'s view, Amazon\'s customer-centric principles drive the tech giant\'s culture — but Amazon doesn\'t have ""the vehement mission that exists at Blue.', '""""People\'s eyes light up, almost to a T. They grew up thinking about space, they always wanted to work in the space industry and here they are at Blue working on space,"" Limp said.', ""Now he's trying to install Amazon's customer-centric focus as a key part of Blue Origin."", ""While Blue's customers — the likes of NASA, ULA, and suborbital astronauts — are quite a bit different than the consumers Limp used to focus on, his message to Blue's employees is to make delivering for its customers the top priority."", '""Even if the technology is really nice and fun … the customer has to be front and center,"" Limp said.', ""To further shift Blue's culture, Limp highlighted a number of key leadership additions: Allen Parker as CFO after past executive finance roles at Zillow and Amazon; Jennifer Pena-Leanos as chief people officer, after running human resources in Limp's prior Amazon Devices team; Ian Richardson as senior vice president of manufacturing operations after a long stint as SpaceX production director; and Tim Collins as the vice president of global supply chain after previously leading global operations for Flexport and Amazon."", ""Limp also made a change by moving more of the company's headcount to the factory floor."", '""You can walk into a factory and know when it\'s running well and know when it\'s not,"" he said. ""', ""It doesn't matter how much capex you put in place, what kind of machines you have, if you're not using them the right way."", 'It\'s like having a shiny new car that just sits in the driveway — what fun is that?""Limp has two main goals for his first year as CEO: Launch New Glenn and get Blue\'s engine production humming.', '""We aren\'t going anywhere without engines, and we had to figure out how to build engines at rate,"" Limp said.', ""Blue Origin's BE-4 engine powers both its New Glenn rocket as well as ULA's Vulcan rocket."", 'The latter requires two engines per launch.', 'With ULA aiming for four Vulcan launches this year — with two down and two to go — Blue has delivered eight flight-ready BE-4 engines to ULA, as well as seven BE-4 engines for its first New Glenn launch.', 'On the first two Vulcan launches, the BE-4 engines performed as expected.', '""We\'d like to [be delivering] about an engine a week by the end of the year.', 'I\'m not sure we\'ll get exactly to a week, but it\'ll be sub-10 days … [and] by the end of 2025, we have to be faster than that,"" Limp said.', 'Limp has ""a very high level of confidence"" that New Glenn will launch before the end of the year.', 'And Blue plans to scale the cadence of New Glenn missions quickly, wanting to perform as many as 10 New Glenn launches next year.', 'Yet it still has a ways to go to rival SpaceX, which is targeting nearly 150 Falcon rocket launches this year.', 'Perhaps even more optimistically, Blue aims to land New Glenn on its very first launch, cheekily naming the booster ""So You\'re Telling Me There\'s a Chance.""', 'No company has stuck the landing on the first try with an orbital rocket booster, and New Glenn will be aiming for a 200-foot-wide pad on a vessel named Jacklyn in the Atlantic Ocean.', '""It\'ll be adventurous.', ""It'll be fun."", ""I'm excited about it … but if we [don't] stick the landing the first time, that's OK."", ""We've got another booster right behind it."", 'We\'ll build more,"" Limp said.', 'It seems almost inevitable that New Glenn\'s future will involve a crew spacecraft — especially given Blue\'s long-standing mission: ""We envision millions of people living and working in space for the benefit of Earth.""', ""Currently, only SpaceX's Dragon spacecraft is certified by NASA to fly astronauts to-and-from orbit after Boeing's Starliner suffered another setback this summer."", 'But Limp deferred when asked about development of a New Glenn crew capsule: ""Nothing to say about that.', '""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule.', 'Limp noted that Blue Origin is working to get ""New Shepard back to a cadence of regular flights,"" flying both crews and research cargo.', ""It's done two New Shepard missions this year, and is aiming for a third next week."", 'That mission will also feature a new rocket booster and capsule to add a second vehicle ""to better meet growing customer demand,"" the company said, having lost a booster during a cargo flight failure in September 2022.Beyond New Glenn and engine production, Blue\'s making more progress: Last year it won a $3.4 billion NASA contract to build a lunar landerfor the agency\'s astronauts.', 'In the spring, Blue got entry into the Pentagon\'s lucrative National Security Space Launch program, a turnaround from having missed out on the previous phase of NSSL in 2020.As for Limp, he\'s spending his time on ""a little bit of a round trip between"" Blue Origin\'s facilities every 2½ weeks.', 'He goes from its Seattle headquarters, to meeting with customers in Washington, D.C., to seeing engine production and testing in Huntsville, Alabama, and finally checking out New Glenn work at Cape Canaveral.', ""It's all part of his interest in leading a proper space company, rather than a billionaire's hobby."", '""Let\'s have the financial discipline to build a business that we love, and let\'s make decisions quickly, knowing that we\'ll make some mistakes.', 'But let\'s not make the same mistakes, and let\'s cure them quick,"" Limp said.']",0.179387550577403,"Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets.",He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.,0.4926084359486898,"""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule.",He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.,2024-10-07
"Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai",https://www.cnbc.com/2024/10/03/miami-dolphins-talks-sell-minority-stake-ares-management-joe-tsai.html,2024-10-04T00:55:28+0000,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.Nothing has been signed and there is no timeline for a potential deal, the person added.The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League. An earlier version misstated the league they are in.",CNBC,04/10/2024,"['The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.', 'The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.', 'A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.', ""CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium."", 'As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said.', 'Bloomberg earlier reported the talks.', 'Nothing has been signed and there is no timeline for a potential deal, the person added.', ""The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment."", 'Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.', 'A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.', ""Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium."", 'This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.', 'The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium.', 'Ross said he wanted to keep the team within his family.', 'In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.', 'The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.', 'Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.', 'Meanwhile, Tsai has been building a sports empire.', 'The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center.', 'He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.', 'Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League.', 'An earlier version misstated the league they are in.']",0.1962544445746297,"CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",0.1584650993347168,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",2024-10-07
Levi Strauss trims guidance as it weighs sale of Dockers business,https://www.cnbc.com/2024/10/02/levi-levi-earnings-q3-2024.html,2024-10-03T13:39:37+0000,"In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday. Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected. Shares of Levi's fell more than 8% in extended trading Wednesday.Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier. Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier. With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG. It expects earnings per share to be at the midpoint of that range.It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%. That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers. It started that brand in 1986 to offer consumers an alternative to denim: khakis. Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion. The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans.During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million. ""Over the last couple of years, the brand has underperformed. … We felt this was the right decision for the long term. Our view financially is the exit of Dockers will improve the company's overall margins and also minimize volatility in top-line growth,"" Levi's finance chief, Harmit Singh, told CNBC in an interview. ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."" Levi's has tapped Bank of America to lead the sale process. Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers.During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold. Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's. The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII'S JEANS"" earlier this year on her country album.""Our strategic decision was to actually have Beyoncé represent some of our core product. So in the first ad, chapter one, she's in ... 501s and an essential white t-shirt and it doesn't get more Levi's than that,"" CEO Michelle Gass told CNBC. ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.""Sales in Levi's Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower. Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected. In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million. ""China was a drag,"" Singh said of the region, which represents about 2% of Levi's overall business. ""It's got this macro headwinds, and we had some execution issues. We've just changed the leadership in China and over time we still believe in the long-term potential of China.""In the Americas, beyond a slowdown at Docker's, sales were also impacted by one of Levi's largest wholesale customers in Mexico, Singh said. During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales. The region is also working through some ""execution issues,"" said Singh.",CNBC,03/10/2024,"['In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday.', ""Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected."", ""Shares of Levi's fell more than 8% in extended trading Wednesday."", ""Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier."", ""Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share."", 'Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.', ""With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG.It expects earnings per share to be at the midpoint of that range."", 'It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%.', ""That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers."", 'It started that brand in 1986 to offer consumers an alternative to denim: khakis.', ""Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion."", ""The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans."", 'During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million.', '""Over the last couple of years, the brand has underperformed. …', 'We felt this was the right decision for the long term.', 'Our view financially is the exit of Dockers will improve the company\'s overall margins and also minimize volatility in top-line growth,"" Levi\'s finance chief, Harmit Singh, told CNBC in an interview. ""', ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."", '""Levi\'s has tapped Bank of America to lead the sale process.', ""Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers."", ""During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold."", ""Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's."", 'The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.', ""During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce."", 'Overall, direct sales comprised 44% of total revenue and Levi\'s wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII\'S JEANS"" earlier this year on her country album.', '""Our strategic decision was to actually have Beyoncé represent some of our core product.', 'So in the first ad, chapter one, she\'s in ... 501s and an essential white t-shirt and it doesn\'t get more Levi\'s than that,"" CEO Michelle Gass told CNBC. ""', ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that."", '""Sales in Levi\'s Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower.', ""Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected."", ""In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million."", '""China was a drag,"" Singh said of the region, which represents about 2% of Levi\'s overall business. ""', ""It's got this macro headwinds, and we had some execution issues."", ""We've just changed the leadership in China and over time we still believe in the long-term potential of China."", '""In the Americas, beyond a slowdown at Docker\'s, sales were also impacted by one of Levi\'s largest wholesale customers in Mexico, Singh said.', 'During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales.', 'The region is also working through some ""execution issues,"" said Singh.']",0.1341454095251397,"Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.","Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion.",0.0854245259844023,"During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold.","Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.",2024-10-07
Electric cars: EU hits China with tariffs in battle for sales,https://www.bbc.co.uk/news/articles/cly20n4d0g9o,2024-10-04T08:56:04.312Z,"Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans. The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars. Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers. The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist. China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry. Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices. The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years. The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation. The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely. EU members were divided on tariffs. Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them. Many EU members abstained in the vote. German carmakers have been vocal in opposition. Volkswagen says tariffs are ""the wrong approach"". However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes. The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it. Germany's top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"". The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles. China's Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations. The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China. A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""We do not understand why our sector is being sacrificed in this way."" It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".  Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier. In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body. The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"". The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles. Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030. Car makers are required to meet electric vehicle sales targets. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035. Manufacturers that fail to hit quotas could be fined £15,000 per car. The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets. They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"". The average cost to buy an electric car in the UK is around £48,000. They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric. ",BBC,04/10/2024,"['Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans.', 'The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars.', 'Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers.', 'The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.', ""China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry."", 'Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.', ""The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years."", 'The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation.', 'The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely.', 'EU members were divided on tariffs.', 'Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them.', 'Many EU members abstained in the vote.', 'German carmakers have been vocal in opposition.', 'Volkswagen says tariffs are ""the wrong approach"".', 'However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes.', 'The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it.', 'Germany\'s top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"".', 'The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles.', 'China\'s Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations.', 'The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China.', 'A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""', 'We do not understand why our sector is being sacrificed in this way.""', 'It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".', 'Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.', 'In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body.', 'The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"".', 'The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles.', 'Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030.', 'Car makers are required to meet electric vehicle sales targets.', 'Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035.', 'Manufacturers that fail to hit quotas could be fined £15,000 per car.', 'The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets.', 'They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"".', 'The average cost to buy an electric car in the UK is around £48,000.', 'They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric.']",-0.0882379991331963,China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry.,"The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.",-0.3424473875447323,"Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.","Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.",2024-10-07
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-07
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-07
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-07
Mortgage rates spike after stronger-than-expected jobs report,https://www.cnbc.com/2024/10/04/mortgage-rates-jobs-report.html,2024-10-04T17:53:26+0000,"The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report. The rate is now 6.53%, according to Mortgage News Daily.That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point. Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.For mortgage rates, it is all about what the expectation is next for the Fed. As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.""Indeed, the Fed's decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today's would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily. ""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.""MBA's forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association's chief economist, Michael Fratantoni, wrote after the jobs report was released. ""This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.""Today's homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels. There is also still very low inventory on the market, which has only served to keep prices higher. Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",CNBC,04/10/2024,"[""The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report."", 'The rate is now 6.53%, according to Mortgage News Daily.', 'That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point.', 'Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.', 'For mortgage rates, it is all about what the expectation is next for the Fed.', 'As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.', '""Indeed, the Fed\'s decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today\'s would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily.', '""The only salvation here would be the notion that this is just one jobs report in a recent run that\'s been mostly weaker and that perhaps the next one won\'t be so damning for bonds.', '""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.', '""MBA\'s forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association\'s chief economist, Michael Fratantoni, wrote after the jobs report was released. ""', 'This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.', '""Today\'s homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels.', 'There is also still very low inventory on the market, which has only served to keep prices higher.', 'Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.']",-0.1087109778747531,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.","""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.",0.0860202095725319,The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report.,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",2024-10-07
Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks,https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html,2024-10-03T15:16:52+0000,"Major League Baseball is out of here.Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan.Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.MLB's regular season ended earlier this week, and the postseason has already begun. Regional sports networks primarily air regular-season games.""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible.""He added the company is still in negotiations with the individual clubs, but its discussions with MLB's Commissioner's Office have ended.MLB's attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again."" A spokesperson for MLB declined to comment. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games. But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates. As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month.A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan. While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists. Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.""Today marks an important step forward for Diamond with the filing of a baseline plan to enable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans. We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.""Diamond's tussles with MLB began before the filing.Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.",CNBC,03/10/2024,"['Major League Baseball is out of here.', 'Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.', 'Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.', ""A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan."", 'Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.', ""MLB's regular season ended earlier this week, and the postseason has already begun."", 'Regional sports networks primarily air regular-season games.', '""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""', ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible."", '""He added the company is still in negotiations with the individual clubs, but its discussions with MLB\'s Commissioner\'s Office have ended.', 'MLB\'s attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again.""', 'A spokesperson for MLB declined to comment.', ""Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal."", 'For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games.', 'But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.', ""This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates."", 'As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.', ""In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month."", 'A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan.', 'While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists.', 'Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.', '""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""', 'We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans.', 'We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.', '""Diamond\'s tussles with MLB began before the filing.', 'Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.', 'Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.']",0.1290548242003872,We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.,"But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",-0.1579184710979461,"""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""","But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",2024-10-07
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-07
Stellantis files federal lawsuit against UAW union over strike threats,https://www.cnbc.com/2024/10/04/stellantis-sues-uaw-union-strike.html,2024-10-04T20:40:53+0000,"DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.In an internal message Friday to employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in California that participated in a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center.""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning.The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis. He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.""""Our legal team has complete confidence in our right to strike. The company's legal threats are just that—threats intended to intimidate us, so we won't fight back,"" Fain said.The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year. It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors.The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company's expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.""We're here today for one reason. Stellantis CEO Carlos Tavares is out of control and it's once again up to UAW members to save this company from itself,"" Fain said during the event. ""A strike will cripple this company. And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment.""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",CNBC,04/10/2024,"['DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.', ""In an internal messageFridayto employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in Californiathat participatedin a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center."", '""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.', ""A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning."", 'The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.', 'The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.', 'UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis.', 'He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.', '""""Our legal team has complete confidence in our right to strike.', 'The company\'s legal threats are just that—threats intended to intimidate us, so we won\'t fight back,"" Fain said.', 'The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year.', 'It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.', 'Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.', ""The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors."", 'The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company\'s expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.', '""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.', '""We\'re here today for one reason.', 'Stellantis CEO Carlos Tavares is out of control and it\'s once again up to UAW members to save this company from itself,"" Fain said during the event. ""', 'A strike will cripple this company.', ""And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment."", '""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.', 'Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract\'s] no strike clause.""']",-0.285459965784248,"""""Our legal team has complete confidence in our right to strike.","Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",-0.4637392535805702,"""""Our legal team has complete confidence in our right to strike.","It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.",2024-10-07
Starbucks invests in two innovation farms to help climate-proof its coffee,https://www.cnbc.com/2024/10/03/starbucks-innovation-farms-climate-proof-coffee.html,2024-10-03T14:53:14+0000,"In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica. Now the coffee giant has added two more to its portfolio.The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change.Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply. For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers. Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions. The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall.""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn't mean that it's going to be working everywhere,"" Vega said.Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change.For example, the company's new Guatemalan farm is small, with depleted soil and low productivity. Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.""The farm is not necessarily in good shape, and that's exactly what we were looking for. We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.",CNBC,03/10/2024,"['In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica.', 'Now the coffee giant has added two more to its portfolio.', ""The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change."", 'Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.', ""For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers."", 'Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.', '""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.', 'The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.', 'At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions.', ""The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall."", '""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn\'t mean that it\'s going to be working everywhere,"" Vega said.', ""Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change."", ""For example, the company's new Guatemalan farm is small, with depleted soil and low productivity."", 'Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.', '""The farm is not necessarily in good shape, and that\'s exactly what we were looking for.', 'We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.', 'At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.', 'Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.']",0.0235090567272819,The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",0.3018690678808424,Now the coffee giant has added two more to its portfolio.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",2024-10-07
"Ford reveals new 2025 Expedition SUV, including off-road and 'Ultimate' models",https://www.cnbc.com/2024/10/03/2025-ford-expedition-new-off-road-and-ultimate-models-revealed.html,2024-10-04T12:40:19+0000,"In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system.""We spent more than 1,100 hours talking with customers about their everyday lives. And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring. That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon.While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs.Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor. The off-road inspired Tremor is new for the Expedition but is available on other vehicles.The Expedition will continue to be available in a standard version or longer ""Max"" model. It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.",CNBC,04/10/2024,"['In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.', ""The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system."", '""We spent more than 1,100 hours talking with customers about their everyday lives.', 'And with those insights we\'ve rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.', 'Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring.', ""That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles."", ""The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon."", ""While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market."", ""Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs."", 'Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor.', 'The off-road inspired Tremor is new for the Expedition but is available on other vehicles.', 'The Expedition will continue to be available in a standard version or longer ""Max"" model.', 'It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.']",0.134815351609088,"And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.","While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.",0.5859340826670328,"Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.","That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.",2024-10-07
"Rivian shares fall after EV maker slashes production forecast, misses Q3 delivery expectations",https://www.cnbc.com/2024/10/04/rivian-lowers-production-forecast-misses-q3-delivery-expectations.html,2024-10-04T20:46:18+0000,"In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time. Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.",CNBC,04/10/2024,"['In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.', '""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues.', 'As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.', 'Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.', 'Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We\'ve had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.', '""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.', 'Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.', 'The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time.', 'Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.', 'Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.']",-0.149495442567363,"Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.","Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.",-0.4296137009348188,"As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.","In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.",2024-10-07
Costco adds platinum bars to its precious metals lineup,https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html,2024-10-02T18:56:52+0000,"In this articleCostco continues to chip away at the gold mine that is the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins. The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.It's no surprise the company has continued to delve into the precious metals market. Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.""I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company's earnings call in September 2023. ""When we load them on the site, they're typically gone within a few hours, and we limit two per member.""The value of gold has risen more than 40% in the past year and over 70% in the last five years. But the price of platinum has been a little more rocky in recent years. The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.— CNBC's Jeff Cox contributed to this report.",CNBC,02/10/2024,"['In this articleCostco continues to chip away at the gold mine that is the precious metals market.', 'The wholesaler is adding Swiss-made platinum bars to its selection.', 'Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins.', 'The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.', 'Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.', ""It's no surprise the company has continued to delve into the precious metals market."", 'Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.', 'Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.', '""I\'ve gotten a couple of calls that people have seen online that we\'ve been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company\'s earnings call in September 2023. ""', ""When we load them on the site, they're typically gone within a few hours, and we limit two per member."", '""The value of gold has risen more than 40% in the past year and over 70% in the last five years.', 'But the price of platinum has been a little more rocky in recent years.', 'The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.—', ""CNBC's Jeff Cox contributed to this report.""]",0.1985392723854112,In this articleCostco continues to chip away at the gold mine that is the precious metals market.,,0.3339467048645019,"""The value of gold has risen more than 40% in the past year and over 70% in the last five years.",But the price of platinum has been a little more rocky in recent years.,2024-10-07
Ford's third-quarter sales up 0.7% as GM overtakes it in EVs,https://www.cnbc.com/2024/10/02/fords-third-quarter-sales-up-0point7percent-as-gm-overtakes-it-in-evs.html,2024-10-02T17:05:20+0000,"In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.",CNBC,02/10/2024,"[""In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed."", 'Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.', 'The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units.', 'That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.', 'Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.', 'The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.', 'GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies.', 'Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.', '""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""', ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."", '""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand\'s ranking in sales.', 'The Ford brand maintains its No.', '2 sales position behind Tesla, according to the Detroit automaker.', ""Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry."", 'Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.', 'Traditional vehicles for the automaker were down by 2.8% year over year.', ""Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.""]",0.0544563419545526,"Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.","Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.",0.4970227132240931,"Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.","In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.",2024-10-06
Levi Strauss trims guidance as it weighs sale of Dockers business,https://www.cnbc.com/2024/10/02/levi-levi-earnings-q3-2024.html,2024-10-03T13:39:37+0000,"In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday. Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected. Shares of Levi's fell more than 8% in extended trading Wednesday.Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier. Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier. With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG. It expects earnings per share to be at the midpoint of that range.It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%. That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers. It started that brand in 1986 to offer consumers an alternative to denim: khakis. Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion. The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans.During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million. ""Over the last couple of years, the brand has underperformed. … We felt this was the right decision for the long term. Our view financially is the exit of Dockers will improve the company's overall margins and also minimize volatility in top-line growth,"" Levi's finance chief, Harmit Singh, told CNBC in an interview. ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."" Levi's has tapped Bank of America to lead the sale process. Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers.During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold. Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's. The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII'S JEANS"" earlier this year on her country album.""Our strategic decision was to actually have Beyoncé represent some of our core product. So in the first ad, chapter one, she's in ... 501s and an essential white t-shirt and it doesn't get more Levi's than that,"" CEO Michelle Gass told CNBC. ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.""Sales in Levi's Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower. Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected. In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million. ""China was a drag,"" Singh said of the region, which represents about 2% of Levi's overall business. ""It's got this macro headwinds, and we had some execution issues. We've just changed the leadership in China and over time we still believe in the long-term potential of China.""In the Americas, beyond a slowdown at Docker's, sales were also impacted by one of Levi's largest wholesale customers in Mexico, Singh said. During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales. The region is also working through some ""execution issues,"" said Singh.",CNBC,03/10/2024,"['In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday.', ""Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected."", ""Shares of Levi's fell more than 8% in extended trading Wednesday."", ""Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier."", ""Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share."", 'Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.', ""With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG.It expects earnings per share to be at the midpoint of that range."", 'It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%.', ""That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers."", 'It started that brand in 1986 to offer consumers an alternative to denim: khakis.', ""Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion."", ""The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans."", 'During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million.', '""Over the last couple of years, the brand has underperformed. …', 'We felt this was the right decision for the long term.', 'Our view financially is the exit of Dockers will improve the company\'s overall margins and also minimize volatility in top-line growth,"" Levi\'s finance chief, Harmit Singh, told CNBC in an interview. ""', ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."", '""Levi\'s has tapped Bank of America to lead the sale process.', ""Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers."", ""During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold."", ""Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's."", 'The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.', ""During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce."", 'Overall, direct sales comprised 44% of total revenue and Levi\'s wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII\'S JEANS"" earlier this year on her country album.', '""Our strategic decision was to actually have Beyoncé represent some of our core product.', 'So in the first ad, chapter one, she\'s in ... 501s and an essential white t-shirt and it doesn\'t get more Levi\'s than that,"" CEO Michelle Gass told CNBC. ""', ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that."", '""Sales in Levi\'s Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower.', ""Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected."", ""In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million."", '""China was a drag,"" Singh said of the region, which represents about 2% of Levi\'s overall business. ""', ""It's got this macro headwinds, and we had some execution issues."", ""We've just changed the leadership in China and over time we still believe in the long-term potential of China."", '""In the Americas, beyond a slowdown at Docker\'s, sales were also impacted by one of Levi\'s largest wholesale customers in Mexico, Singh said.', 'During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales.', 'The region is also working through some ""execution issues,"" said Singh.']",0.1341454095251397,"Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.","Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion.",0.0854245259844023,"During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold.","Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.",2024-10-06
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-06
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-06
Starbucks invests in two innovation farms to help climate-proof its coffee,https://www.cnbc.com/2024/10/03/starbucks-innovation-farms-climate-proof-coffee.html,2024-10-03T14:53:14+0000,"In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica. Now the coffee giant has added two more to its portfolio.The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change.Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply. For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers. Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions. The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall.""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn't mean that it's going to be working everywhere,"" Vega said.Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change.For example, the company's new Guatemalan farm is small, with depleted soil and low productivity. Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.""The farm is not necessarily in good shape, and that's exactly what we were looking for. We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.",CNBC,03/10/2024,"['In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica.', 'Now the coffee giant has added two more to its portfolio.', ""The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change."", 'Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.', ""For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers."", 'Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.', '""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.', 'The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.', 'At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions.', ""The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall."", '""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn\'t mean that it\'s going to be working everywhere,"" Vega said.', ""Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change."", ""For example, the company's new Guatemalan farm is small, with depleted soil and low productivity."", 'Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.', '""The farm is not necessarily in good shape, and that\'s exactly what we were looking for.', 'We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.', 'At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.', 'Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.']",0.0235090567272819,The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",0.3018690678808424,Now the coffee giant has added two more to its portfolio.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",2024-10-06
Costco adds platinum bars to its precious metals lineup,https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html,2024-10-02T18:56:52+0000,"In this articleCostco continues to chip away at the gold mine that is the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins. The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.It's no surprise the company has continued to delve into the precious metals market. Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.""I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company's earnings call in September 2023. ""When we load them on the site, they're typically gone within a few hours, and we limit two per member.""The value of gold has risen more than 40% in the past year and over 70% in the last five years. But the price of platinum has been a little more rocky in recent years. The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.— CNBC's Jeff Cox contributed to this report.",CNBC,02/10/2024,"['In this articleCostco continues to chip away at the gold mine that is the precious metals market.', 'The wholesaler is adding Swiss-made platinum bars to its selection.', 'Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins.', 'The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.', 'Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.', ""It's no surprise the company has continued to delve into the precious metals market."", 'Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.', 'Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.', '""I\'ve gotten a couple of calls that people have seen online that we\'ve been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company\'s earnings call in September 2023. ""', ""When we load them on the site, they're typically gone within a few hours, and we limit two per member."", '""The value of gold has risen more than 40% in the past year and over 70% in the last five years.', 'But the price of platinum has been a little more rocky in recent years.', 'The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.—', ""CNBC's Jeff Cox contributed to this report.""]",0.1985392723854112,In this articleCostco continues to chip away at the gold mine that is the precious metals market.,,0.3339467048645019,"""The value of gold has risen more than 40% in the past year and over 70% in the last five years.",But the price of platinum has been a little more rocky in recent years.,2024-10-06
"Rivian shares fall after EV maker slashes production forecast, misses Q3 delivery expectations",https://www.cnbc.com/2024/10/04/rivian-lowers-production-forecast-misses-q3-delivery-expectations.html,2024-10-04T20:46:18+0000,"In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time. Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.",CNBC,04/10/2024,"['In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.', '""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues.', 'As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.', 'Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.', 'Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We\'ve had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.', '""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.', 'Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.', 'The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time.', 'Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.', 'Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.']",-0.149495442567363,"Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.","Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.",-0.4296137009348188,"As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.","In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.",2024-10-06
GM halts production at two major U.S. plants due to Hurricane Helene,https://www.cnbc.com/2024/10/04/gm-halts-production-at-two-major-us-plants-due-to-hurricane-helene.html,2024-10-04T15:14:47+0000,"DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.A GM spokeswoman declined to speculate on when the plants were expected to restart production as of Friday morning. A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard. At least 215 people have died and hundreds are still missing.GM declined to disclose what suppliers are impacted or where they are located.Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker. The strike ended later Thursday and dockworkers returned to the job Friday.Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. ""Pre-Covid, understanding what the sub-tiers were was more difficult. We've got a great inventory of what those sub-tiers are now. Not only can we control the material we directly buy, we can talk to all of our suppliers.""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.",CNBC,04/10/2024,"['DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.', 'The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.', 'A GM spokeswoman declined to speculateonwhen the plants were expected to restart production as of Friday morning.', 'A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.', '""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.', 'Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard.', 'At least 215 people have died and hundreds are still missing.', 'GM declined to disclose what suppliers are impacted or where they are located.', 'Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker.', 'The strike ended later Thursday and dockworkers returned to the job Friday.', 'Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.', '""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson\'s Rainbow Push Coalition in Detroit. ""', 'Pre-Covid, understanding what the sub-tiers were was more difficult.', ""We've got a great inventory of what those sub-tiers are now."", 'Not only can we control the material we directly buy, we can talk to all of our suppliers.', '""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.']",0.0386024478705646,We've got a great inventory of what those sub-tiers are now.,At least 215 people have died and hundreds are still missing.,-0.1178106307983398,"""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. """,DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.,2024-10-06
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-06
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-06
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-06
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-06
CVS is under pressure and considering a breakup. Here's why that could be risky,https://www.cnbc.com/2024/10/04/cvs-is-considering-a-break-up-heres-why-that-could-be-risky.html,2024-10-04T15:30:17+0000,"In this articleIt's time for a wellness check at CVS Health.Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.CVS has engaged advisors in a strategic review of its business, CNBC reported Monday. One option being weighed is splitting up its retail pharmacy and insurance units. It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.Some analysts contend that a breakup of CVS would be challenging and unlikely. CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark. That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters. ""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported. But Glenview on Tuesday denied rumors that it is pushing to break up the company.If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits. CVS on Monday said that plan involves laying off nearly 3,000 employees.Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year. That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane.CVS' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup. ""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement. Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses. Separating them could come with risks, they added. ""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy.""Many of CVS' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI. Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue. Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. In the event of a breakup, it's not clear where Caremark would fall.Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business. CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March. Walgreens trailed behind with nearly 15% of that share last year. Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues, largely due to falling reimbursement rates for prescription drugs. Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store. Meanwhile, burnout among pharmacy staff is also putting pressure on the industry. CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S. CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut. He said a spinoff of CVS' retail pharmacies would be more likely.""There's a reason they're cutting down stores. Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?"" Tanquilut said. CVS has other assets that would need to be distributed in the event of a breakup. That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022. Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years. Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday. The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services. CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers. But CVS has also started to integrate Oak Street Health with its retail pharmacies. The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year. Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Walgreens could potentially exit that market altogether. The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they're actually hitting their numbers."" Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added. ""Why get rid of them when they're still strategic in nature?"" Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny. He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said. Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year. Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision. Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry. More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF. But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon. Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits. In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year. Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services. Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing. But things may start to look up in 2025. For example, one of the company's large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August. ""We're giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said. During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track."" The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits. That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.",CNBC,04/10/2024,"[""In this articleIt's time for a wellness check at CVS Health."", 'Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.', 'As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.', 'CVS has engaged advisors in a strategic review of its business, CNBC reported Monday.', 'One option being weighed is splitting up its retail pharmacy and insurance units.', 'It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.', 'Some analysts contend that a breakup of CVS would be challenging and unlikely.', 'CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark.', 'That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters.', '""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""', 'If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.', '""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported.', 'But Glenview on Tuesday denied rumors that it is pushing to break up the company.', 'If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.', 'The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits.', 'CVS on Monday said that plan involves laying off nearly 3,000 employees.', 'Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year.', ""That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane."", 'CVS\' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup.', '""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement.', 'Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.', 'Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses.', 'Separating them could come with risks, they added.', '""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""', ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy."", '""Many of CVS\' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI.', 'Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.', ""Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", ""That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses."", ""In the event of a breakup, it's not clear where Caremark would fall."", ""Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal."", 'But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said.', ""That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business."", 'CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March.', 'Walgreens trailed behind with nearly 15% of that share last year.', 'Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues,largely due to falling reimbursement rates for prescription drugs.', 'Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store.', 'Meanwhile, burnout among pharmacy staff is also putting pressure on the industry.', ""CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S.CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August."", 'The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut.', ""He said a spinoff of CVS' retail pharmacies would be more likely."", '""There\'s a reason they\'re cutting down stores.', 'Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?""', 'Tanquilut said.', 'CVS has other assets that would need to be distributed in the event of a breakup.', 'That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022.', ""Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years."", 'Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday.', ""The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services."", ""CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers."", 'But CVS has also started to integrate Oak Street Health with its retail pharmacies.', 'The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year.', 'Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Walgreens could potentially exit that market altogether.', 'The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they\'re actually hitting their numbers.', '""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.', 'Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added.', '""Why get rid of them when they\'re still strategic in nature?""', 'Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.', 'If CVS doesn\'t undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.', ""He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said."", 'Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year.', 'Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', 'Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry.', 'More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF.But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon.', 'Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits.', ""In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year."", 'Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services.', 'Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.', 'Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing.', 'But things may start to look up in 2025.For example, one of the company\'s large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August.', '""We\'re giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said.', 'During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track.', '""The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits.', 'That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them.', 'Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.']",0.2494791947242859,"If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.","Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.",-0.1334115386009216,"""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.","He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said.",2024-10-06
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Reports have suggested this is unlikely, although other tax breaks in the pension system could be altered. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Reports have suggested this is unlikely, although other tax breaks in the pension system could be altered.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1453853496653933,"Pension tax relief People who pay into private or workplace pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.1002412703302171,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-06
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-06
"GM investor day: Cruise, cash and EV profits top of mind for Wall Street",https://www.cnbc.com/2024/10/07/gm-general-motors-investor-day.html,2024-10-07T17:42:06+0000,"In this articleDETROIT — A lot has changed since General Motors' last investor day two years ago, but one thing that hasn't is the automaker's ability to outperform Wall Street's expectations — doing so every quarter since then.GM CEO Mary Barra will attempt to convince investors during a capital markets day Tuesday that she and her executive team can continue to do that despite slowing consumer demand and changing market conditions.Wall Street analysts are eager to hear about plans for electric vehicles and hybrids, the company's embattled Cruise autonomous vehicle unit, its China restructuring and GM's near-term plans for free cash flow, lowering costs and rewarding investors.Many of them are expecting GM will be more grounded in its near-term targets and messaging than it has in its most recent investor days, including three years ago, when Barra and others laid out ambitious long-term financial targets by to double the automaker's revenue to about $280 billion by 2030.""It's clear we enter a very different industry environment vs. three years ago,"" Barclays analyst Dan Levy said last week in an investor note. ""Accordingly, whereas the theme for GM three years ago was ""Growth Motors,"" we believe the theme today is ""praGMatic Motors.""The company is expected to tout its ""flexibility"" when it comes to producing EVs, as well as vehicles with traditional internal combustion engines, commonly called ICE, at the event. To underscore that effort, the event is taking place GM's vehicle assembly and Ultium EV battery plants in Tennessee. Spring Hill Assembly produces both types of vehicles.Barra and other executives have stressed such a dual strategy since lowering or withdrawing nearly all of the company's EV targets amid slower than expected adoption of electric vehicles.""We are making the most of every opportunity we have in ICE and in EV and leveraging our core strengths,"" Barra said during the company's second-quarter investor call in July. ""We're being flexible and opportunistic, but also importantly, we're being very disciplined.""Despite this being the first GM investor day since November 2022, several Wall Street analysts have low expectations.""Net, while we remain favorable on the stock, we don't see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.But as Wolfe analyst Shreyas Pati points out, ""relatively low"" expectations could provide ""room for GM's message to be more constructive-than-anticipated.""Heading into the event, GM's stock has been under pressure as of late despite billions of dollars in buybacks. While shares are up roughly 28% for the year, they're off 9% from a high of more than $50 reached in July and down about 8% from the beginning of last month.The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.Morgan Stanley and Bernstein recently downgraded GM and cut price targets, citing challenging market conditions and low upside potential, among other things.""We want to wait and see which updates GM shares with the market and downgrade the stock to Market-Perform,"" Bernstein analyst Daniel Roeska wrote in a Sept. 23 investor note.GM's stock remains overweight with a price target of $54.64 a share, according to average estimates of 29 analysts compiled by FactSet.Investors aren't only concerned about peak profits potentially being in the rearview mirror for automakers such as GM.They're also worried about the company's restructuring in China. That change was announced with little to no information of what should be expected, other than the company saying it was necessary after GM's business in the country has been in a yearslong freefall.The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such as BYD that have caused a pricing war, especially when it comes to EVs.In GM's home market, investors are seeking updates to its plans for EVs as well as hybrids. Unlike crosstown rival Ford, which has amped up its focus on hybrids, GM hasn't offered a hybrid option other than a Corvette for many years.""The event will likely provide a glimpse into GM's efforts to balance the slowdown in EV adoption with its Future business plan, which we still expect will be centered on electrification, but with a greater emphasis on hybrid technology,"" BofA Securities analyst John Murphy said in a Sept. 20 note.GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.Regarding Cruise, Wall Street is particularly interested in the company's future funding plans for the embattled autonomous vehicle unit.After ceasing all on-road operations last year and ousting leaders following an accident involving a pedestrian in October, Cruise has slowly been attempting to relaunch operations, but it remains far from it was before the incident.",CNBC,07/10/2024,"[""In this articleDETROIT — A lot has changed since General Motors' last investor day two years ago, but one thing that hasn't is the automaker's ability to outperform Wall Street's expectations — doing so every quarter since then."", 'GM CEO Mary Barra will attempt to convince investors during a capital markets day Tuesday that she and her executive team can continue to do that despite slowing consumer demand and changing market conditions.', ""Wall Street analysts are eager to hear about plans for electric vehicles and hybrids, the company's embattled Cruise autonomous vehicle unit, its China restructuring and GM's near-term plans for free cash flow, lowering costs and rewarding investors."", 'Many of them are expecting GM will be more grounded in its near-term targets and messaging than it has in its most recent investor days, including three years ago, when Barra and others laid out ambitious long-term financial targets by to double the automaker\'s revenue to about $280 billion by 2030.""It\'s clear we enter a very different industry environment vs. three years ago,"" Barclays analyst Dan Levy said last week in an investor note. ""', 'Accordingly, whereas the theme for GM three years ago was ""Growth Motors,"" we believe the theme today is ""praGMatic Motors.', '""The company is expected to tout its ""flexibility"" when it comes to producing EVs, as well as vehicles with traditional internal combustion engines, commonly called ICE, at the event.', ""To underscore that effort, the event is taking place GM's vehicle assembly and Ultium EV battery plants in Tennessee."", 'Spring Hill Assembly produces both types of vehicles.', ""Barra and other executives have stressed such a dual strategy since lowering or withdrawing nearly all of the company's EV targets amid slower than expected adoption of electric vehicles."", '""We are making the most of every opportunity we have in ICE and in EV and leveraging our core strengths,"" Barra said during the company\'s second-quarter investor call in July. ""', ""We're being flexible and opportunistic, but also importantly, we're being very disciplined."", '""Despite this being the first GM investor day since November 2022, several Wall Street analysts have low expectations.', '""Net, while we remain favorable on the stock, we don\'t see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.', 'But as Wolfe analyst Shreyas Pati points out, ""relatively low"" expectations could provide ""room for GM\'s message to be more constructive-than-anticipated.', '""Heading into the event, GM\'s stock has been under pressure as of late despite billions of dollars in buybacks.', ""While shares are up roughly 28% for the year, they're off 9% from a high of more than $50 reached in July and down about 8% from the beginning of last month."", 'The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.', 'Morgan Stanley and Bernstein recently downgraded GM and cut price targets, citing challenging market conditions and low upside potential, among other things.', '""We want to wait and see which updates GM shares with the market and downgrade the stock to Market-Perform,"" Bernstein analyst Daniel Roeska wrote in a Sept. 23 investor note.', ""GM's stock remains overweight with a price target of $54.64 a share, according to average estimates of 29 analysts compiled by FactSet."", ""Investors aren't only concerned about peak profits potentially being in the rearview mirror for automakers such as GM.They're also worried about the company's restructuring in China."", ""That change was announced with little to no information of what should be expected, other than the company saying it was necessary after GM's business in the country has been in a yearslong freefall."", 'The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such asBYD that have caused a pricing war, especially when it comes to EVs.', ""In GM's home market, investors are seeking updates to its plans for EVs as well as hybrids."", ""Unlike crosstown rival Ford, which has amped up its focus on hybrids, GM hasn't offered a hybrid option other than a Corvette for many years."", '""The event will likely provide a glimpse into GM\'s efforts to balance the slowdown in EV adoption with its Future business plan, which we still expect will be centered on electrification, but with a greater emphasis on hybrid technology,"" BofA Securities analyst John Murphy said in a Sept. 20 note.', 'GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.', ""Regarding Cruise, Wall Street is particularly interested in the company's future funding plans for the embattled autonomous vehicle unit."", 'After ceasing all on-road operations last year and ousting leaders following an accident involving a pedestrian in October, Cruise has slowly been attempting to relaunch operations, but it remains far from it was before the incident.']",0.1528054193446802,"""Net, while we remain favorable on the stock, we don't see a particularly attractive tactical risk/reward into the event,"" UBS analyst Joseph Spak said in a Sept. 23 investor note.","The operations, which recorded $2 billion in equity income in 2018, posted a loss of $104 million during the second quarter — its second consecutive quarterly loss after hitting a roughly 20-year low in 2023.China has been inundated with domestic automakers such asBYD that have caused a pricing war, especially when it comes to EVs.",-0.2007194856802622,"GM has maintained expectations that its EVs will be profitable on a production, or contribution-margin basis, once it reaches output of 200,000 units by the fourth quarter.","The stock also saw a 5.4% drop in one day last month, its second-largest daily decline this year, due to Wall Street analyst downgrades of price adjustments.",2024-10-06
Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks,https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html,2024-10-03T15:16:52+0000,"Major League Baseball is out of here.Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan.Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.MLB's regular season ended earlier this week, and the postseason has already begun. Regional sports networks primarily air regular-season games.""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible.""He added the company is still in negotiations with the individual clubs, but its discussions with MLB's Commissioner's Office have ended.MLB's attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again."" A spokesperson for MLB declined to comment. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games. But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates. As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month.A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan. While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists. Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.""Today marks an important step forward for Diamond with the filing of a baseline plan to enable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans. We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.""Diamond's tussles with MLB began before the filing.Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.",CNBC,03/10/2024,"['Major League Baseball is out of here.', 'Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.', 'Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.', ""A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan."", 'Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.', ""MLB's regular season ended earlier this week, and the postseason has already begun."", 'Regional sports networks primarily air regular-season games.', '""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""', ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible."", '""He added the company is still in negotiations with the individual clubs, but its discussions with MLB\'s Commissioner\'s Office have ended.', 'MLB\'s attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again.""', 'A spokesperson for MLB declined to comment.', ""Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal."", 'For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games.', 'But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.', ""This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates."", 'As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.', ""In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month."", 'A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan.', 'While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists.', 'Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.', '""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""', 'We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans.', 'We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.', '""Diamond\'s tussles with MLB began before the filing.', 'Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.', 'Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.']",0.1290548242003872,We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.,"But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",-0.1579184710979461,"""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""","But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",2024-10-06
A new Blue Origin: CEO Dave Limp is bringing urgency and ‘decisiveness’ to Jeff Bezos’ space company,https://www.cnbc.com/2024/10/05/blue-origin-ceo-dave-limp-brings-urgency-to-jeff-bezos-space-company.html,2024-10-07T15:23:07+0000,"Dave Limp had only one question for Jeff Bezos when he interviewed last year to become CEO of Blue Origin, the billionaire's space venture.""Jeff, is Blue Origin a hobby or a business?"" Limp asked.After 14 years as a senior Amazon executive, Limp told CNBC he made it clear to Bezos that he wasn't interested in leading Blue Origin if the nearly 25-year-old venture wasn't intended to be a serious company.""I don't know how to run a hobby,"" Limp said, adding that ""if it was a hobby, it's not right for me.""But he said Bezos was adamant that Blue Origin needed to be a business.Limp admitted that it took some convincing from Bezos for him to make the move over to the space sector. ""My initial reaction was: It's not the right role for me because I'm not an aerospace engineer,"" he said. But he decided to take the leap of faith.""Jeff felt that [Blue Origin] needed manufacturing expertise; it needed decisiveness; it need a little bit of energy,"" Limp said.Limp has now been the CEO of Blue Origin for nine months and counting. He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.Blue Origin for years has been flying tourists and research to the edge of space on short jaunts, including Bezos himself. And over the past two decades, Bezos has been spending billions of dollars a year to turn Blue Origin into a space sector powerhouse. The company's projects reach from rockets and spacecraft to space stations and lunar landers.Yet in the industry table stakes of orbital missions, Blue Origin has not entered the serious rocketry game, as the U.S. launch market remains dominated by SpaceX, followed by United Launch Alliance, Rocket Lab and Firefly Aerospace.But the company said it's closer than ever to the long-awaited debut of its New Glenn rocket. Towering about 320 feet tall, the launch vehicle is advertised as lifting as much as 45,000 kilograms (or over 99,000 pounds) to low Earth orbit — double that of SpaceX's workhorse Falcon 9 rocket.Like Falcon 9, New Glenn is designed to be partly reusable. Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets.New Glenn's first launch attempt is slated for November. Blue Origin is in the final stages of putting it all together, including conducting a recent crucial test firing of the rocket's upper stage last month.Originally the company was aiming for the audacious feat of flying NASA's ESCAPADE mission to Mars on New Glenn's debut. But with a dwindling launch window, the agency delayed ESCAPADE to a later launch. In the mission's place, Blue Origin will fly a demonstration of its spacecraft Blue Ring on the first New Glenn launch.Headquartered in the Seattle suburb of Kent, Washington, Blue Origin has over 10,000 employees there and in half a dozen other major locations around the country, including in industry strongholds of Texas, Florida and Alabama. Speaking plainly, Limp said Blue Origin has been ""in kind of an R&D phase for a long time,"" an aspect of the company's culture he's trying to change.""We were very, very good at building shiny factories and very good at building high fidelity prototypes. And some of those prototypes even flew … but that's not what we want to do to scale to be a world class manufacturer,"" Limp said. ""We need to be able to build things a lot,"" he added.But he said he sees genuine excitement for space across Blue's workforce, calling that passion the foundation of a ""missionary culture."" In Limp's view, Amazon's customer-centric principles drive the tech giant's culture — but Amazon doesn't have ""the vehement mission that exists at Blue.""""People's eyes light up, almost to a T. They grew up thinking about space, they always wanted to work in the space industry and here they are at Blue working on space,"" Limp said.Now he's trying to install Amazon's customer-centric focus as a key part of Blue Origin. While Blue's customers — the likes of NASA, ULA, and suborbital astronauts — are quite a bit different than the consumers Limp used to focus on, his message to Blue's employees is to make delivering for its customers the top priority.""Even if the technology is really nice and fun … the customer has to be front and center,"" Limp said.To further shift Blue's culture, Limp highlighted a number of key leadership additions: Allen Parker as CFO after past executive finance roles at Zillow and Amazon; Jennifer Pena-Leanos as chief people officer, after running human resources in Limp's prior Amazon Devices team; Ian Richardson as senior vice president of manufacturing operations after a long stint as SpaceX production director; and Tim Collins as the vice president of global supply chain after previously leading global operations for Flexport and Amazon.Limp also made a change by moving more of the company's headcount to the factory floor.""You can walk into a factory and know when it's running well and know when it's not,"" he said. ""It doesn't matter how much capex you put in place, what kind of machines you have, if you're not using them the right way. It's like having a shiny new car that just sits in the driveway — what fun is that?"" Limp has two main goals for his first year as CEO: Launch New Glenn and get Blue's engine production humming.""We aren't going anywhere without engines, and we had to figure out how to build engines at rate,"" Limp said.Blue Origin's BE-4 engine powers both its New Glenn rocket as well as ULA's Vulcan rocket. The latter requires two engines per launch.With ULA aiming for four Vulcan launches this year — with two down and two to go — Blue has delivered eight flight-ready BE-4 engines to ULA, as well as seven BE-4 engines for its first New Glenn launch. On the first two Vulcan launches, the BE-4 engines performed as expected.""We'd like to [be delivering] about an engine a week by the end of the year. I'm not sure we'll get exactly to a week, but it'll be sub-10 days … [and] by the end of 2025, we have to be faster than that,"" Limp said.Limp has ""a very high level of confidence"" that New Glenn will launch before the end of the year. And Blue plans to scale the cadence of New Glenn missions quickly, wanting to perform as many as 10 New Glenn launches next year. Yet it still has a ways to go to rival SpaceX, which is targeting nearly 150 Falcon rocket launches this year.Perhaps even more optimistically, Blue aims to land New Glenn on its very first launch, cheekily naming the booster ""So You're Telling Me There's a Chance."" No company has stuck the landing on the first try with an orbital rocket booster, and New Glenn will be aiming for a 200-foot-wide pad on a vessel named Jacklyn in the Atlantic Ocean.""It'll be adventurous. It'll be fun. I'm excited about it … but if we [don't] stick the landing the first time, that's OK. We've got another booster right behind it. We'll build more,"" Limp said.It seems almost inevitable that New Glenn's future will involve a crew spacecraft — especially given Blue's long-standing mission: ""We envision millions of people living and working in space for the benefit of Earth."" Currently, only SpaceX's Dragon spacecraft is certified by NASA to fly astronauts to-and-from orbit after Boeing's Starliner suffered another setback this summer. But Limp deferred when asked about development of a New Glenn crew capsule: ""Nothing to say about that.""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule. Limp noted that Blue Origin is working to get ""New Shepard back to a cadence of regular flights,"" flying both crews and research cargo.It's done two New Shepard missions this year, and is aiming for a third next week. That mission will also feature a new rocket booster and capsule to add a second vehicle ""to better meet growing customer demand,"" the company said, having lost a booster during a cargo flight failure in September 2022.Beyond New Glenn and engine production, Blue's making more progress: Last year it won a $3.4 billion NASA contract to build a lunar lander for the agency's astronauts. In the spring, Blue got entry into the Pentagon's lucrative National Security Space Launch program, a turnaround from having missed out on the previous phase of NSSL in 2020.As for Limp, he's spending his time on ""a little bit of a round trip between"" Blue Origin's facilities every 2½ weeks. He goes from its Seattle headquarters, to meeting with customers in Washington, D.C., to seeing engine production and testing in Huntsville, Alabama, and finally checking out New Glenn work at Cape Canaveral. It's all part of his interest in leading a proper space company, rather than a billionaire's hobby.""Let's have the financial discipline to build a business that we love, and let's make decisions quickly, knowing that we'll make some mistakes. But let's not make the same mistakes, and let's cure them quick,"" Limp said.",CNBC,07/10/2024,"[""Dave Limp had only one question for Jeff Bezos when he interviewed last year to become CEO of Blue Origin, the billionaire's space venture."", '""Jeff, is Blue Origin a hobby or a business?""', 'Limp asked.', ""After 14 years as a senior Amazon executive, Limp told CNBC he made it clear to Bezos that he wasn't interested in leading Blue Origin if the nearly 25-year-old venture wasn't intended to be a serious company."", '""I don\'t know how to run a hobby,"" Limp said, adding that ""if it was a hobby, it\'s not right for me.', '""But he said Bezos was adamant that Blue Origin needed to be a business.', 'Limp admitted that it took some convincing from Bezos for him to make the move over to the space sector. ""', 'My initial reaction was: It\'s not the right role for me because I\'m not an aerospace engineer,"" he said.', 'But he decided to take the leap of faith.', '""Jeff felt that [Blue Origin] needed manufacturing expertise; it needed decisiveness; it need a little bit of energy,"" Limp said.', 'Limp has now been the CEO of Blue Origin for nine months and counting.', ""He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts."", 'Blue Origin for years has been flying tourists and research to the edge of space on short jaunts, including Bezos himself.', 'And over the past two decades, Bezos has been spending billions of dollars a year to turn Blue Origin into a space sector powerhouse.', ""The company's projects reach from rockets and spacecraft to space stations and lunar landers."", 'Yet in the industry table stakes of orbital missions, Blue Origin has not entered the serious rocketry game, as the U.S. launch market remains dominated by SpaceX, followed by United Launch Alliance, Rocket Lab and Firefly Aerospace.', ""But the company said it's closer than ever to the long-awaited debut of its New Glenn rocket."", ""Towering about 320 feet tall, the launch vehicle is advertised as lifting as much as 45,000 kilograms (or over 99,000 pounds) to low Earth orbit — double that of SpaceX's workhorse Falcon 9 rocket."", 'Like Falcon 9, New Glenn is designed to be partly reusable.', ""Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets."", ""New Glenn's first launch attempt is slated for November."", ""Blue Origin is in the final stages of putting it all together, including conducting a recent crucial test firing of the rocket's upper stage last month."", ""Originally the company was aiming for the audacious feat of flying NASA's ESCAPADE mission to Mars on New Glenn's debut."", 'But with a dwindling launch window, the agency delayed ESCAPADE to a later launch.', ""In the mission's place, Blue Origin will fly a demonstration of its spacecraft Blue Ring on the first New Glenn launch."", 'Headquartered in the Seattle suburb of Kent, Washington, Blue Origin has over 10,000 employees there and in half a dozen other major locations around the country, including in industry strongholds of Texas, Florida and Alabama.', 'Speaking plainly, Limp said Blue Origin has been ""in kind of an R&D phase for a long time,"" an aspect of the company\'s culture he\'s trying to change.', '""We were very, very good at building shiny factories and very good at building high fidelity prototypes.', 'And some of those prototypes even flew … but that\'s not what we want to do to scale to be a world class manufacturer,"" Limp said.', '""We need to be able to build things a lot,"" he added.', 'But he said he sees genuine excitement for space across Blue\'s workforce, calling that passion the foundation of a ""missionary culture.""', 'In Limp\'s view, Amazon\'s customer-centric principles drive the tech giant\'s culture — but Amazon doesn\'t have ""the vehement mission that exists at Blue.', '""""People\'s eyes light up, almost to a T. They grew up thinking about space, they always wanted to work in the space industry and here they are at Blue working on space,"" Limp said.', ""Now he's trying to install Amazon's customer-centric focus as a key part of Blue Origin."", ""While Blue's customers — the likes of NASA, ULA, and suborbital astronauts — are quite a bit different than the consumers Limp used to focus on, his message to Blue's employees is to make delivering for its customers the top priority."", '""Even if the technology is really nice and fun … the customer has to be front and center,"" Limp said.', ""To further shift Blue's culture, Limp highlighted a number of key leadership additions: Allen Parker as CFO after past executive finance roles at Zillow and Amazon; Jennifer Pena-Leanos as chief people officer, after running human resources in Limp's prior Amazon Devices team; Ian Richardson as senior vice president of manufacturing operations after a long stint as SpaceX production director; and Tim Collins as the vice president of global supply chain after previously leading global operations for Flexport and Amazon."", ""Limp also made a change by moving more of the company's headcount to the factory floor."", '""You can walk into a factory and know when it\'s running well and know when it\'s not,"" he said. ""', ""It doesn't matter how much capex you put in place, what kind of machines you have, if you're not using them the right way."", 'It\'s like having a shiny new car that just sits in the driveway — what fun is that?""Limp has two main goals for his first year as CEO: Launch New Glenn and get Blue\'s engine production humming.', '""We aren\'t going anywhere without engines, and we had to figure out how to build engines at rate,"" Limp said.', ""Blue Origin's BE-4 engine powers both its New Glenn rocket as well as ULA's Vulcan rocket."", 'The latter requires two engines per launch.', 'With ULA aiming for four Vulcan launches this year — with two down and two to go — Blue has delivered eight flight-ready BE-4 engines to ULA, as well as seven BE-4 engines for its first New Glenn launch.', 'On the first two Vulcan launches, the BE-4 engines performed as expected.', '""We\'d like to [be delivering] about an engine a week by the end of the year.', 'I\'m not sure we\'ll get exactly to a week, but it\'ll be sub-10 days … [and] by the end of 2025, we have to be faster than that,"" Limp said.', 'Limp has ""a very high level of confidence"" that New Glenn will launch before the end of the year.', 'And Blue plans to scale the cadence of New Glenn missions quickly, wanting to perform as many as 10 New Glenn launches next year.', 'Yet it still has a ways to go to rival SpaceX, which is targeting nearly 150 Falcon rocket launches this year.', 'Perhaps even more optimistically, Blue aims to land New Glenn on its very first launch, cheekily naming the booster ""So You\'re Telling Me There\'s a Chance.""', 'No company has stuck the landing on the first try with an orbital rocket booster, and New Glenn will be aiming for a 200-foot-wide pad on a vessel named Jacklyn in the Atlantic Ocean.', '""It\'ll be adventurous.', ""It'll be fun."", ""I'm excited about it … but if we [don't] stick the landing the first time, that's OK."", ""We've got another booster right behind it."", 'We\'ll build more,"" Limp said.', 'It seems almost inevitable that New Glenn\'s future will involve a crew spacecraft — especially given Blue\'s long-standing mission: ""We envision millions of people living and working in space for the benefit of Earth.""', ""Currently, only SpaceX's Dragon spacecraft is certified by NASA to fly astronauts to-and-from orbit after Boeing's Starliner suffered another setback this summer."", 'But Limp deferred when asked about development of a New Glenn crew capsule: ""Nothing to say about that.', '""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule.', 'Limp noted that Blue Origin is working to get ""New Shepard back to a cadence of regular flights,"" flying both crews and research cargo.', ""It's done two New Shepard missions this year, and is aiming for a third next week."", 'That mission will also feature a new rocket booster and capsule to add a second vehicle ""to better meet growing customer demand,"" the company said, having lost a booster during a cargo flight failure in September 2022.Beyond New Glenn and engine production, Blue\'s making more progress: Last year it won a $3.4 billion NASA contract to build a lunar landerfor the agency\'s astronauts.', 'In the spring, Blue got entry into the Pentagon\'s lucrative National Security Space Launch program, a turnaround from having missed out on the previous phase of NSSL in 2020.As for Limp, he\'s spending his time on ""a little bit of a round trip between"" Blue Origin\'s facilities every 2½ weeks.', 'He goes from its Seattle headquarters, to meeting with customers in Washington, D.C., to seeing engine production and testing in Huntsville, Alabama, and finally checking out New Glenn work at Cape Canaveral.', ""It's all part of his interest in leading a proper space company, rather than a billionaire's hobby."", '""Let\'s have the financial discipline to build a business that we love, and let\'s make decisions quickly, knowing that we\'ll make some mistakes.', 'But let\'s not make the same mistakes, and let\'s cure them quick,"" Limp said.']",0.179387550577403,"Blue Origin aims to return and land the rocket's booster, its largest and most valuable section, to unlock the kind of cost and time efficiencies that SpaceX claims with its rockets.",He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.,0.4926084359486898,"""Blue Origin has gained experience in the lower-risk, suborbital realm of human spaceflight with its New Shepard rocket and capsule.",He took the reins from prior leadership who had widely expanded the company's workforce and infrastructure but had fallen years behind on several major programs and lost competitions for key government contracts.,2024-10-06
Mortgage rates spike after stronger-than-expected jobs report,https://www.cnbc.com/2024/10/04/mortgage-rates-jobs-report.html,2024-10-04T17:53:26+0000,"The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report. The rate is now 6.53%, according to Mortgage News Daily.That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point. Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.For mortgage rates, it is all about what the expectation is next for the Fed. As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.""Indeed, the Fed's decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today's would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily. ""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.""MBA's forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association's chief economist, Michael Fratantoni, wrote after the jobs report was released. ""This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.""Today's homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels. There is also still very low inventory on the market, which has only served to keep prices higher. Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",CNBC,04/10/2024,"[""The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report."", 'The rate is now 6.53%, according to Mortgage News Daily.', 'That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point.', 'Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.', 'For mortgage rates, it is all about what the expectation is next for the Fed.', 'As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.', '""Indeed, the Fed\'s decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today\'s would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily.', '""The only salvation here would be the notion that this is just one jobs report in a recent run that\'s been mostly weaker and that perhaps the next one won\'t be so damning for bonds.', '""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.', '""MBA\'s forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association\'s chief economist, Michael Fratantoni, wrote after the jobs report was released. ""', 'This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.', '""Today\'s homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels.', 'There is also still very low inventory on the market, which has only served to keep prices higher.', 'Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.']",-0.1087109778747531,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.","""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.",0.0860202095725319,The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report.,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",2024-10-06
Walmart-owned Sam's Club tests a future without checkout lines,https://www.cnbc.com/2024/10/07/sams-club-scan-and-go-technology.html,2024-10-07T15:11:16+0000,"In this articleGRAPEVINE, Texas — When shoppers walk into Sam's Club's newest store, they'll soon see a shiny blue Mercedes-Benz SUV, a sectional sofa and zero checkout lanes.Welcome to the Walmart-owned membership club's first all-digital store — and a preview of what could be its future.Inside the club, which will open in mid-October, customers will have to use a smartphone app called Scan & Go to ring up their purchases as they walk through the aisles. In the area typically reserved for cash registers, the company will display online-only items as wide-ranging as a 12-foot Christmas tree and a five-carat lab-grown diamond. Members can scan QR codes and go straight to the items in the app.Store workers will have about four times more space for preparing customers' e-commerce orders for curbside pickup and home delivery, according to Sam's Club executives.""It's kind of the physical manifestation of a journey we're trying to go on as a company,"" Sam's Club CEO Chris Nicholas said, as he showed off the club before its grand opening.Since Walmart founder Sam Walton opened the first Sam's Club in 1983, the membership-based club has become the more tech-savvy arm of its retail-behemoth parent. The club has spun out several key innovations that its parent company now uses, too, such as Scan & Go. It's also used digital offerings to try to outmatch its largest rival, Costco.Sam's Club is doubling down on that strategy with the Dallas-area store, which is reopening nearly two years after it was damaged by a tornado.Nicholas said upon its reopening, the location will become a testing ground for Sam's Club's newest features and emerging technology.""The idea is that over time, we will be 100% digital engagement as a business, and you've got to prove that things work before you scale them,"" he said.He added that he hopes ""it feels like what it's like to shop in the future.""Costco has long been ""the king of the warehouse club channel,"" said Peter Keith, senior research analyst at Piper Sandler. But Sam's Club has added features to ""upgrade the shopping experiences,"" he said, such as introducing a permanent station in some of the clubs where a chef makes sushi rolls in front of customers.And notably, Sam's Club has differentiated iself by embracing e-commerce offerings and appealing to customers who are seeking easier and faster ways to shop, such as Scan & Go.""It really eliminates the most painful part of these membership clubs, which is the long lines to check out,"" he said.Sam's Club and Costco have roughly the same number of U.S. clubs, but Costco pulls in about twice as much annual revenue. Net sales for Sam's Club totaled $86.2 billion in its most recent fiscal year, compared with $176.63 billion for Costco's U.S. clubs.Sam's Club has made several other key moves to catch up to Costco: It consolidated its private labels from more than 20 different brands into a single one: Member's Mark. It cut back on the number of unique items it sells, so it focuses on the proven and popular ones. And it recently announced it would raise average hourly wages for nearly 100,000 of its workers ahead of the holiday season.Sam's Club also opened The Clubhouse in August, an approximately 37,000-square-foot office building across from the retailer's headquarters in Bentonville, Arkansas. It includes workshop rooms and tools such as white boards, arts and crafts supplies, and cardboard models that will help the retailer to come up with new ideas, test products and collaborate on projects with cross-department teams.And it's in the middle of an aggressive expansion, with plans to open about 30 new clubs over a five-year period.Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period. That included 22% year-over-year e-commerce growth.Nicholas said the new clubs, including the one that's opening in Grapevine, will be designed to better handle higher volume, too.For example, the club's cafe will include a pizza robot that will be able to make as many as 100 pizzas in an hour. It will also test a new system that delivers food orders to an assigned cubby after customers order through Scan & Go.Like its parent company, Walmart, Sam's Club has been attracting customers across a wider range of incomes and ages as it focuses on offering convenient ways to shop. About half of the new members that joined Sam's Club during the most recent quarter were millennials or Gen Z, according to the company.The company said 1 in 3 members currently use Scan & Go when shopping in clubs. It has recently rolled out new exit technology that automatically checks customers' shopping carts and allows them to exit the club without an employee looking at a receipt or auditing their cart. Shoppers walk under an archway that's powered by computer vision and artificial intelligence. That system functions similarly to Amazon's Just Walk Out technology that's begun to take hold at events stadiums in addition to some of the e-commerce giant's physical storefronts.But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine.Tiffany Zuniga, a mom and a Lyft driver who lives in the Dallas area, said she's eager to return to Sam's Club, but is a little wary of the new technology. Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage.She's never used Scan & Go and said she hopes the new technology doesn't come at the expense of customer service.""Sometimes it can get a little dicey if you scan the wrong thing or need help,"" she said. ""Hopefully, they will have enough staff on hand.""As construction crews finished up work on Sam's Club in Grapevine, the retailer put up signs at the nearby Sam's Club gas station and car wash to alert customers to the return of the club and encourage them to download the Scan & Go app.And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.Nicholas said there will be no change to the number of store workers in Grapevine, but some will have new roles.",CNBC,07/10/2024,"[""In this articleGRAPEVINE, Texas — When shoppers walk into Sam's Club's newest store, they'll soon see a shiny blue Mercedes-Benz SUV, a sectional sofa and zero checkout lanes."", ""Welcome to the Walmart-owned membership club's first all-digital store — and a preview of what could be its future."", 'Inside the club, which will open in mid-October, customers will have to use a smartphone app called Scan & Go to ring up their purchases as they walk through the aisles.', 'In the area typically reserved for cash registers, the company will display online-only items as wide-ranging as a 12-foot Christmas tree and a five-carat lab-grown diamond.', 'Members can scan QR codes and go straight to the items in the app.', ""Store workers will have about four times more space for preparing customers' e-commerce orders for curbside pickup and home delivery, according to Sam's Club executives."", '""It\'s kind of the physical manifestation of a journey we\'re trying to go on as a company,"" Sam\'s Club CEO Chris Nicholas said, as he showed off the club before its grand opening.', ""Since Walmart founder Sam Walton opened the first Sam's Club in 1983, the membership-based club has become the more tech-savvy arm of its retail-behemoth parent."", 'The club has spun out several key innovations that its parent company now uses, too, such as Scan & Go.', ""It's also used digital offerings to try to outmatch its largest rival, Costco."", ""Sam's Club is doubling down on that strategy with the Dallas-area store, which is reopening nearly two years after it was damaged by a tornado."", ""Nicholas said upon its reopening, the location will become a testing ground for Sam's Club's newest features and emerging technology."", '""The idea is that over time, we will be 100% digital engagement as a business, and you\'ve got to prove that things work before you scale them,"" he said.', 'He added that he hopes ""it feels like what it\'s like to shop in the future.', '""Costco has long been ""the king of the warehouse club channel,"" said Peter Keith, senior research analyst at Piper Sandler.', 'But Sam\'s Club has added features to ""upgrade the shopping experiences,"" he said, such as introducing a permanent station in some of the clubs where a chef makes sushi rolls in front of customers.', ""And notably, Sam's Club has differentiated iself by embracing e-commerce offerings and appealing to customers who are seeking easier and faster ways to shop, such as Scan & Go."", '""It really eliminates the most painful part of these membership clubs, which is the long lines to check out,"" he said.', ""Sam's Club and Costco have roughly the same number of U.S. clubs, but Costco pulls in about twice as much annual revenue."", ""Net sales for Sam's Club totaled $86.2 billion in its most recent fiscal year, compared with $176.63 billion for Costco's U.S. clubs."", ""Sam's Club has made several other key moves to catch up to Costco: It consolidated its private labels from more than 20 different brands into a single one: Member's Mark."", 'It cut back on the number of unique items it sells, so it focuses on the proven and popular ones.', 'And it recently announced it would raise average hourly wages for nearly 100,000 of its workers ahead of the holiday season.', ""Sam's Club also opened The Clubhouse in August, an approximately 37,000-square-foot office building across from the retailer's headquarters in Bentonville, Arkansas."", 'It includes workshop rooms and tools such as white boards, arts and crafts supplies, and cardboard models that will help the retailer to come up with new ideas, test products and collaborate on projects with cross-department teams.', ""And it's in the middle of an aggressive expansion, with plans to open about 30 new clubs over a five-year period."", ""Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period."", 'That included 22% year-over-year e-commerce growth.', ""Nicholas said the new clubs, including the one that's opening in Grapevine, will be designed to better handle higher volume, too."", ""For example, the club's cafe will include a pizza robot that will be able to make as many as 100 pizzas in an hour."", 'It will also test a new system that delivers food orders to an assigned cubby after customers order through Scan & Go.', ""Like its parent company, Walmart, Sam's Club has been attracting customers across a wider range of incomes and ages as it focuses on offering convenient ways to shop."", ""About half of the new members that joined Sam's Club during the most recent quarter were millennials or Gen Z, according to the company."", 'The company said 1 in 3 members currently use Scan & Go when shopping in clubs.', ""It has recently rolled out new exit technology that automatically checks customers' shopping carts and allows them to exit the club without an employee looking at a receipt or auditing their cart."", ""Shoppers walk under an archway that's powered by computer vision and artificial intelligence."", ""That system functions similarly to Amazon's Just Walk Out technology that's begun to take hold at events stadiums in addition to some of the e-commerce giant's physical storefronts."", ""But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine."", ""Tiffany Zuniga, a mom and a Lyft driver who lives in the Dallas area, said she's eager to return to Sam's Club, but is a little wary of the new technology."", ""Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage."", ""She's never used Scan & Go and said she hopes the new technology doesn't come at the expense of customer service."", '""Sometimes it can get a little dicey if you scan the wrong thing or need help,"" she said. ""', 'Hopefully, they will have enough staff on hand.', '""As construction crews finished up work on Sam\'s Club in Grapevine, the retailer put up signs at the nearby Sam\'s Club gas station and car wash to alert customers to the return of the club and encourage them to download the Scan & Go app.', 'And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.', 'Nicholas said there will be no change to the number of store workers in Grapevine, but some will have new roles.']",0.1717630716224149,"And when customers walk into the newly reopened club, employees will be ready to help them download the app or to tag along on a shopping trip if they need help learning how to use it, the company said.","Zuniga said she used to turn to the club for easy family dinners or supplies for church events, but switched to Costco when Sam's Club was closed because of tornado damage.",0.6451813280582428,"Sam's Club's comparable sales in the U.S., a metric that includes sales from stores and clubs open for the previous 12 months, grew 5.2% in the most recent quarter, which ended July 31, compared with the year-ago period.","But Nicholas, the Sam's Club CEO, acknowledged some shoppers may be reluctant to embrace new technology or a new routine.",2024-10-06
US jobs creation surges unexpectedly in September,https://www.bbc.co.uk/news/articles/c3e903nx51qo,2024-10-04T12:43:58.610Z,"Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.  Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.  That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast. President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.  Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment. Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels. Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market. But Friday's report showed solid wage gains and eased fears of a sudden change for the worse in the labour market.  ""All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics.  ""If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries."" Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report. Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.  The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought. Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time.  ""Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices."" However, analysts cautioned that September can be a quirky month for data, given the start of the school year. Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene. Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target.  But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""They can move at a more measured pace,"" Ms Vanden Houten said.  ""To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn't sending that signal."" ",BBC,04/10/2024,"['Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.', 'Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.', 'That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.', 'President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.', 'Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.', 'Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels.', 'Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.', 'But Friday\'s report showed solid wage gains and eased fears of a sudden change for the worse in the labour market. ""', 'All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics. ""', 'If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""', 'Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report.', 'Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.', 'The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought.', 'Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""', 'Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""', 'With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices.""', 'However, analysts cautioned that September can be a quirky month for data, given the start of the school year.', 'Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene.', ""Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target."", 'But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""', 'They can move at a more measured pace,"" Ms Vanden Houten said. ""', 'To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn\'t sending that signal.""']",-0.0467778797903839,"That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.","If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""",0.493999096751213,"Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""","Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.",2024-10-06
When to tip and when not to tip,https://www.bbc.co.uk/news/articles/cz7jr4125wzo,2024-10-04T21:32:11.086Z,"It's the end of a meal out and you've been presented with the bill. Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip. If you tip too little will you face the wrath of the waiting staff? Will you end up tipping too much? And if the service was bad, should you tip at all? The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters. A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales. But there are no hard and fast rules about how much you have to leave. Mae, a 17-year-old waitress for a small business, says she doesn't expect customers to tip on top of the service charge that is added to the bill. ""So it's quite unusual for customers to tip afterwards, which is fine. Lots of customers actually double check that when they're paying that there is service on there and that it gets divided fairly."" But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly. A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”. Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"". If a service charge is discretionary you can ask for it to be removed. If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order. Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up. Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub. He knew them well, and would have their pints poured for them before they reached the bar. One evening he was closing up and they invited him to join them - at a local strip club. ""They paid for all my drinks, and a dance for me,"" he says. ""That was generous."" On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says. However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""But when you need a job, and that's what's available, you don't really argue too loudly,"" he says. The new law means the service charge must now be paid to staff. It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK. Where Mae works, a 12.5% service charge is added to the bill. Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"". Ms Akano agrees that 10% is about right. ""Whether people do that or not is a different thing but it's nice to have a guide."" Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre. Mae says she doesn't tip in the UK because the service is almost always included, but did when she went to the US. ""I did tip every time because the tipping culture is different there. That being said, it was a bit uncomfortable at times."" In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you're eating. If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly. If you're dining at the Ivy, however, you're likely to tip more ""to give the impression you're a big spender"", she says. ""At the end of the day, it's theatre,"" she adds. If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed. Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. ""When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says. If staff do a good job, they should be tipped - but this should be down to the customer, he says. Etiquette expert John-Paul Stuthridge says it's prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of 'surprise' service charges"".  ""You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests."" Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives. This way they might remove the service charge for you. Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm. However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen."" An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"". Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could."" ",BBC,04/10/2024,"[""It's the end of a meal out and you've been presented with the bill."", ""Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip."", 'If you tip too little will you face the wrath of the waiting staff?', 'Will you end up tipping too much?', 'And if the service was bad, should you tip at all?', 'The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters.', 'A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales.', 'But there are no hard and fast rules about how much you have to leave.', 'Mae, a 17-year-old waitress for a small business, says she doesn\'t expect customers to tip on top of the service charge that is added to the bill. ""', ""So it's quite unusual for customers to tip afterwards, which is fine."", 'Lots of customers actually double check that when they\'re paying that there is service on there and that it gets divided fairly.""', ""But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly."", 'A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”.', 'Etiquette expert Laura Akano, from Polished Manners, says it\'s always ""up to the individual"" how much to tip but thinks ""it\'s important to show appreciation if you\'ve had a good service"".', 'If a service charge is discretionary you can ask for it to be removed.', 'If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order.', 'Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up.', 'Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub.', 'He knew them well, and would have their pints poured for them before they reached the bar.', 'One evening he was closing up and they invited him to join them - at a local strip club. ""', 'They paid for all my drinks, and a dance for me,"" he says. ""', 'That was generous.""', 'On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says.', 'However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""', 'But when you need a job, and that\'s what\'s available, you don\'t really argue too loudly,"" he says.', 'The new law means the service charge must now be paid to staff.', ""It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK."", 'Where Mae works, a 12.5% service charge is added to the bill.', 'Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"".', 'Ms Akano agrees that 10% is about right. ""', 'Whether people do that or not is a different thing but it\'s nice to have a guide.""', 'Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre.', 'Mae says she doesn\'t tip in the UK because the service is almost always included, but did when she went to the US. ""', 'I did tip every time because the tipping culture is different there.', 'That being said, it was a bit uncomfortable at times.""', 'In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""', 'Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you\'re eating.', ""If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly."", 'If you\'re dining at the Ivy, however, you\'re likely to tip more ""to give the impression you\'re a big spender"", she says. ""', 'At the end of the day, it\'s theatre,"" she adds.', 'If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed.', 'Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he\'s always been concerned that tips don\'t reach staff, and doesn\'t like eateries that automatically add a service charge. ""', 'When it\'s printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.', 'If staff do a good job, they should be tipped - but this should be down to the customer, he says.', 'Etiquette expert John-Paul Stuthridge says it\'s prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of \'surprise\' service charges"". ""', 'You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests.""', ""Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives."", 'This way they might remove the service charge for you.', 'Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm.', 'However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""', 'If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen.""', 'An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"".', 'Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""', 'The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could.""']",0.1498033085995002,"Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"".","When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.",0.2842033938928084,"However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""","Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. """,2024-10-06
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-06
ASOS returns fee: Will charges stop you buying clothes online?,https://www.bbc.co.uk/news/articles/cwy98e42xkno,2024-10-04T21:52:00.238Z,"A panic order ahead of the weekend and a return on Monday for the stuff we do not want  - many of us are used to the convenience online shopping gives us. But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"". Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes. Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores. The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.  Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order. They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free. Pretty Little Thing faced  a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year. Other stores have also adopted similar approaches. Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics. Online sales currently account for 25% of retail sales. Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP). In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging. Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says 'I want it tomorrow or fast delivery', that can also increase the carbon emissions because it's having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”  However, he added the responsibility is with both the retailers and the shoppers. Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry. Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that's liveable"". “If you purchase something knowing it's going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said. Debra Hart, said she shops 50/50 online and in store. She said sizing and accessibility may be factors in people making their decisions. “I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don't care"". She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making? We all have a part to play.” Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop. Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons. They might just go somewhere else that’s cheaper."" She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added. Ms Parry Williams, who founded Making Places Work which revitalises retail destinations,  said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""I think consumers like satisfaction and convenience,"" she said. “Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element."" She said it may even mean online retailers lead into that demand and open physical stores. ",BBC,04/10/2024,"['A panic order ahead of the weekend and a return on Monday for the stuff we do not want - many of us are used to the convenience online shopping gives us.', 'But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".', ""Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes."", 'Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores.', 'The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.', 'Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order.', 'They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free.', 'Pretty Little Thing faced a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year.', 'Other stores have also adopted similar approaches.', 'Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.', 'Online sales currently account for 25% of retail sales.', 'Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP).', 'In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging.', 'Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says \'I want it tomorrow or fast delivery\', that can also increase the carbon emissions because it\'s having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""', 'So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “', 'I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”', 'However, he added the responsibility is with both the retailers and the shoppers.', 'Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry.', 'Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that\'s liveable"". “', 'If you purchase something knowing it\'s going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said.', 'Debra Hart, said she shops 50/50 online and in store.', 'She said sizing and accessibility may be factors in people making their decisions. “', 'I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don\'t care"".', 'She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making?', 'We all have a part to play.”', 'Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop.', 'Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons.', 'They might just go somewhere else that’s cheaper.""', 'She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “', 'The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added.', 'Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""', 'I think consumers like satisfaction and convenience,"" she said. “', 'Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “', 'But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""', 'The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “', 'The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element.""', 'She said it may even mean online retailers lead into that demand and open physical stores.']",0.10197514549183,"Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “","But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".",0.0764182408650716,"Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.","Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. """,2024-10-06
Food rating lies exposed by BBC secret recording,https://www.bbc.co.uk/news/articles/c3wp46l3gv4o,2024-10-07T04:39:58.346Z,"Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed. Secret recording captured businesses from small local restaurants to the supermarket chain Sainsbury's misleading customers with inaccurate Food Standards Agency (FSA) ratings, in what experts say is a nationwide problem. Over several weeks, the BBC visited dozens of food establishments in east London, following tip-offs that deception about ratings in the area was rife. Where places lied when asked about their ratings, one expert said this amounted to fraud. Confronted with the evidence, some businesses did not respond at all while others denied any deliberate deception. Using hidden cameras, the BBC's team set out in July and August to document the accuracy of food hygiene ratings on display and also to see how businesses would respond when questioned about their score. The BBC's investigation revealed that the London Borough of Waltham Forest has a serious food hygiene problem. As of September 2024, it has the highest percentage of establishments in England and Wales rated zero to two stars on the food hygiene scale. Under the FSA's scheme, businesses are ranked from zero to five, with those scoring below three described as in need of improvement. The Sainsbury's store found to have been misrepresenting its status was one of its  ""Local"" outlets, in Leyton. A BBC undercover team repeatedly visited the store in July and August and found a top mark of five prominently displayed there. However, its official FSA rating at the time was zero - indicating urgent improvement was needed.  The inspection report, obtained by the BBC through a freedom of information request, detailed serious pest-control issues, with mouse droppings discovered in an access hatch adjacent to a cash machine. Widespread filth and grime were found throughout the store and cleaning standards deemed 'not acceptable'. The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"". According to the report, allergen labelling was not available for some products on display - posing a risk to customers with food allergies. The FSA's hygiene ratings provide customers with information about the cleanliness and safety practices of establishments that sell food. The ratings are based on factors such as food handling practices, cleanliness of facilities and overall food safety management. Low scores can indicate issues such as poor cleaning practices, inadequate temperature control of food or pest infestations. Such conditions can lead to bacterial growth, cross-contamination and, ultimately, a higher likelihood of customers falling ill - in some cases seriously. In response to the BBC investigation, Sainsbury's said food safety was a priority and claimed that ""95%"" of their stores had a rating of five.  ""We've removed an outdated rating sticker at our Leyton High Road Local store and reviewed our procedures to ensure this doesn't happen again."" The company also said it was ""continuing to make improvements at the store"" and admitted that the wrong rating about the store had also been displayed on the Sainsbury's website and that this had been rectified. Since the BBC visited the store, its rating has improved from zero to three - meaning hygiene there is now ""generally satisfactory"". While the actions of Sainsbury's raise concerns about misleading customers, other establishments lied about their ratings when asked directly about them, potentially crossing the line into fraudulent behaviour. One such business was Nadeem Halal Meat & Grocery, in Leyton. A rating of three was prominently displayed there when BBC undercover reporters visited in July and August. However, the shop's rating was actually zero. When questioned, a manager assured our reporter: ""Don't worry, never a problem, never nothing."" However, the shop's FSA inspection had found filthy conditions and a lack of food safety awareness among staff.  When the BBC visited, we spotted evidence of a rodent infestation in the form of a trap, indicating the suspected presence of rats or mice. At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good. Nearly five."" In reality, the café had a rating of one. Its FSA inspection report indicated major hygiene issues and a lack of allergen information. At Pizza & BBQ Express, in Lea, when an undercover reporter expressed concern about a previous stomach issue, the manager claimed the business had a five-star rating. ""No problem,"" he said, encouraging the reporter to ""look at the outside"" for confirmation of the top mark. At the time, the business's rating was zero. At Midland Supermarket, in Leyton, a five-star rating was prominently displayed, despite the store's actual score being one. When questioned, the manager told the BBC: ""Five means it's excellent. One is a low. Zero is the lowest. Five is top class."" What he failed to mention was that FSA inspectors had found the store selling food well past its expiration date, putting customers at risk of consuming potentially dangerous products. Jon Payne, a food safety lawyer who analysed the BBC's evidence, said businesses that lied when asked about their food ratings were potentially committing fraud. ""It makes me cross to see there are businesses out there who are willing to flout the law and put people at risk,"" he said. ""The BBC investigation has quite clearly shown that there are a lot of people out there who are willing to break the law. Those that have lied about their food hygiene ratings are committing criminal offences; they are effectively criminals."" He added: ""Where there is a deliberate attempt to deceive a customer, that's where it's fraud. They know about it, they've done nothing about it. That's fraud. ""Dealing with food is a serious matter. Anybody who is selling food is providing a customer with something that they put into their body and ultimately can kill them."" He pointed out that the issue is far from one isolated to east London.  ""This happens throughout the country,"" Mr Payne told the BBC. ""I and many other lawyers come across this every few months at work. And it's not just limited to small establishments, it can happen in bigger premises as well."" Selena Green's experience illustrates the dangers of poor food hygiene. After eating a chicken pastry at an unrelated establishment displaying a five-star rating, she became severely ill with what a doctor said was food poisoning. ""I started to feel really, really unwell and laid down,"" Ms Green recounted. ""Then it was probably about one o'clock in the morning, I made my way to the bathroom because I was just feeling like I wanted to be sick. And I remember I just passed out on the floor in the bathroom and I was starting to go pale."" The situation quickly became critical. ""By that time I was just so weak I couldn't even move,"" she said. ""A family member took me into the front room. And I was starting to feel breathless. I was just starting to feel nauseous and I was starting to go pale... and my sister called the ambulance to come and get me."" Her ordeal culminated in a hospital stay, a stark reminder of the potentially serious consequences when food hygiene standards are compromised. The BBC found 27 businesses that were misleading the public, all within a couple of miles of each other, and approached all of those featured in this article. Nadeem Halal Meat & Grocery apologised and said it was retraining staff. Pizza BBQ Express cited staff confusion for the rating discrepancy, denying intentional deception. Its rating has risen to a three since the BBC recording. Midland Supermarket and Café Mondial did not respond to requests for comment. The investigation raises questions about the effectiveness of England's voluntary display system for food hygiene ratings. Unlike in Wales and Northern Ireland, where displaying a rating is mandatory, English establishments can lawfully choose whether or not to show their ratings - or even display false ones.   Richard Reichman, a consumer protection solicitor, believes the nature of England's system might be an issue. ""I can see an argument that it would be helpful for businesses to display a food hygiene rating, to make it clear to consumers what their rating is rather than consumers needing to search for that rating online,"" he said. ""The voluntary nature of the system in England may be contributing to the problem we're seeing."" Waltham Forest Council, which has responsibility for enforcing the kind of trading standards breaches uncovered by the BBC, said it took food hygiene seriously and closed about 50 businesses each year for poor standards. It added that it would investigate any misrepresentation of scores. The Food Standards Agency said displaying incorrect ratings was potentially illegal. It said its latest audit showed 91% of English businesses displayed the correct ratings, adding that it had long advocated for making the scheme statutory in England - as it is in Wales and Northern Ireland - but that the final decision about that was one for the government. Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. ",BBC,07/10/2024,"['Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed.', ""Secret recording captured businesses from small local restaurants to the supermarket chain Sainsbury's misleading customers with inaccurate Food Standards Agency (FSA) ratings, in what experts say is a nationwide problem."", 'Over several weeks, the BBC visited dozens of food establishments in east London, following tip-offs that deception about ratings in the area was rife.', 'Where places lied when asked about their ratings, one expert said this amounted to fraud.', 'Confronted with the evidence, some businesses did not respond at all while others denied any deliberate deception.', ""Using hidden cameras, the BBC's team set out in July and August to document the accuracy of food hygiene ratings on display and also to see how businesses would respond when questioned about their score."", ""The BBC's investigation revealed that the London Borough of Waltham Forest has a serious food hygiene problem."", 'As of September 2024, it has the highest percentage of establishments in England and Wales rated zero to two stars on the food hygiene scale.', ""Under the FSA's scheme, businesses are ranked from zero to five, with those scoring below three described as in need of improvement."", 'The Sainsbury\'s store found to have been misrepresenting its status was one of its ""Local"" outlets, in Leyton.', 'A BBC undercover team repeatedly visited the store in July and August and found a top mark of five prominently displayed there.', 'However, its official FSA rating at the time was zero - indicating urgent improvement was needed.', 'The inspection report, obtained by the BBC through a freedom of information request, detailed serious pest-control issues, with mouse droppings discovered in an access hatch adjacent to a cash machine.', ""Widespread filth and grime were found throughout the store and cleaning standards deemed 'not acceptable'."", 'The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"".', 'According to the report, allergen labelling was not available for some products on display - posing a risk to customers with food allergies.', ""The FSA's hygiene ratings provide customers with information about the cleanliness and safety practices of establishments that sell food."", 'The ratings are based on factors such as food handling practices, cleanliness of facilities and overall food safety management.', 'Low scores can indicate issues such as poor cleaning practices, inadequate temperature control of food or pest infestations.', 'Such conditions can lead to bacterial growth, cross-contamination and, ultimately, a higher likelihood of customers falling ill - in some cases seriously.', 'In response to the BBC investigation, Sainsbury\'s said food safety was a priority and claimed that ""95%"" of their stores had a rating of five. ""', 'We\'ve removed an outdated rating sticker at our Leyton High Road Local store and reviewed our procedures to ensure this doesn\'t happen again.""', 'The company also said it was ""continuing to make improvements at the store"" and admitted that the wrong rating about the store had also been displayed on the Sainsbury\'s website and that this had been rectified.', 'Since the BBC visited the store, its rating has improved from zero to three - meaning hygiene there is now ""generally satisfactory"".', ""While the actions of Sainsbury's raise concerns about misleading customers, other establishments lied about their ratings when asked directly about them, potentially crossing the line into fraudulent behaviour."", 'One such business was Nadeem Halal Meat & Grocery, in Leyton.', 'A rating of three was prominently displayed there when BBC undercover reporters visited in July and August.', ""However, the shop's rating was actually zero."", 'When questioned, a manager assured our reporter: ""Don\'t worry, never a problem, never nothing.""', ""However, the shop's FSA inspection had found filthy conditions and a lack of food safety awareness among staff."", 'When the BBC visited, we spotted evidence of a rodent infestation in the form of a trap, indicating the suspected presence of rats or mice.', 'At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good.', 'Nearly five.""', 'In reality, the café had a rating of one.', 'Its FSA inspection report indicated major hygiene issues and a lack of allergen information.', 'At Pizza & BBQ Express, in Lea, when an undercover reporter expressed concern about a previous stomach issue, the manager claimed the business had a five-star rating. ""', 'No problem,"" he said, encouraging the reporter to ""look at the outside"" for confirmation of the top mark.', ""At the time, the business's rating was zero."", ""At Midland Supermarket, in Leyton, a five-star rating was prominently displayed, despite the store's actual score being one."", 'When questioned, the manager told the BBC: ""Five means it\'s excellent.', 'One is a low.', 'Zero is the lowest.', 'Five is top class.""', 'What he failed to mention was that FSA inspectors had found the store selling food well past its expiration date, putting customers at risk of consuming potentially dangerous products.', 'Jon Payne, a food safety lawyer who analysed the BBC\'s evidence, said businesses that lied when asked about their food ratings were potentially committing fraud. ""', 'It makes me cross to see there are businesses out there who are willing to flout the law and put people at risk,"" he said. ""', 'The BBC investigation has quite clearly shown that there are a lot of people out there who are willing to break the law.', 'Those that have lied about their food hygiene ratings are committing criminal offences; they are effectively criminals.""', 'He added: ""Where there is a deliberate attempt to deceive a customer, that\'s where it\'s fraud.', ""They know about it, they've done nothing about it."", 'That\'s fraud. ""', 'Dealing with food is a serious matter.', 'Anybody who is selling food is providing a customer with something that they put into their body and ultimately can kill them.""', 'He pointed out that the issue is far from one isolated to east London. ""', 'This happens throughout the country,"" Mr Payne told the BBC. ""', 'I and many other lawyers come across this every few months at work.', 'And it\'s not just limited to small establishments, it can happen in bigger premises as well.""', ""Selena Green's experience illustrates the dangers of poor food hygiene."", 'After eating a chicken pastry at an unrelated establishment displaying a five-star rating, she became severely ill with what a doctor said was food poisoning. ""', 'I started to feel really, really unwell and laid down,"" Ms Green recounted. ""', ""Then it was probably about one o'clock in the morning, I made my way to the bathroom because I was just feeling like I wanted to be sick."", 'And I remember I just passed out on the floor in the bathroom and I was starting to go pale.""', 'The situation quickly became critical. ""', 'By that time I was just so weak I couldn\'t even move,"" she said. ""', 'A family member took me into the front room.', 'And I was starting to feel breathless.', 'I was just starting to feel nauseous and I was starting to go pale... and my sister called the ambulance to come and get me.""', 'Her ordeal culminated in a hospital stay, a stark reminder of the potentially serious consequences when food hygiene standards are compromised.', 'The BBC found 27 businesses that were misleading the public, all within a couple of miles of each other, and approached all of those featured in this article.', 'Nadeem Halal Meat & Grocery apologised and said it was retraining staff.', 'Pizza BBQ Express cited staff confusion for the rating discrepancy, denying intentional deception.', 'Its rating has risen to a three since the BBC recording.', 'Midland Supermarket and Café Mondial did not respond to requests for comment.', ""The investigation raises questions about the effectiveness of England's voluntary display system for food hygiene ratings."", 'Unlike in Wales and Northern Ireland, where displaying a rating is mandatory, English establishments can lawfully choose whether or not to show their ratings - or even display false ones.', 'Richard Reichman, a consumer protection solicitor, believes the nature of England\'s system might be an issue. ""', 'I can see an argument that it would be helpful for businesses to display a food hygiene rating, to make it clear to consumers what their rating is rather than consumers needing to search for that rating online,"" he said. ""', 'The voluntary nature of the system in England may be contributing to the problem we\'re seeing.""', 'Waltham Forest Council, which has responsibility for enforcing the kind of trading standards breaches uncovered by the BBC, said it took food hygiene seriously and closed about 50 businesses each year for poor standards.', 'It added that it would investigate any misrepresentation of scores.', 'The Food Standards Agency said displaying incorrect ratings was potentially illegal.', 'It said its latest audit showed 91% of English businesses displayed the correct ratings, adding that it had long advocated for making the scheme statutory in England - as it is in Wales and Northern Ireland - but that the final decision about that was one for the government.', 'Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram.']",-0.1321836587155775,"At Café Mondial, in Leyton, the rating of four on display suggested ""good"" hygiene standards, with a manager there telling our reporter: ""Four is good.","The report noted ""excessive dirt and debris beneath shelving, dirty evaporator grills in the walk-in fridge, dirty walls and ceiling in the bakery, dirty lights in the walk-in chiller, and debris in corners of the kitchen and warehouse"".",-0.5454262284671559,Its rating has risen to a three since the BBC recording.,"Businesses have been displaying inaccurate food hygiene ratings, with many lying about them when challenged, an undercover BBC investigation has revealed.",2024-10-06
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-06
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-06
LVMH and Formula One announce 10-year partnership,https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html,2024-10-02T16:25:28+0000,"In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.""The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei. ""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""We look forward to working with Bernard and Frédéric Arnault in the years to come.""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.More details of the partnership are set to come in 2025 and there were no financial details included in the release. Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.The next Grand Prix is Oct. 20 in Austin, Texas.",CNBC,02/10/2024,"['In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.', 'The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.', '""The official arrangement will not be the first time that LVMH and F1 have worked together.', ""F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei."", '""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""', 'We look forward to working with Bernard and Frédéric Arnault in the years to come.', '""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.', '""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.', 'More details of the partnership are set to come in 2025 and there were no financial details included in the release.', ""Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years."", 'Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers.', 'The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.', 'The next Grand Prix is Oct. 20 in Austin, Texas.']",0.3087355541446604,"F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.",More details of the partnership are set to come in 2025 and there were no financial details included in the release.,0.8942435483137766,Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.,,2024-10-06
"Ford reveals new 2025 Expedition SUV, including off-road and 'Ultimate' models",https://www.cnbc.com/2024/10/03/2025-ford-expedition-new-off-road-and-ultimate-models-revealed.html,2024-10-04T12:40:19+0000,"In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system.""We spent more than 1,100 hours talking with customers about their everyday lives. And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring. That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon.While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs.Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor. The off-road inspired Tremor is new for the Expedition but is available on other vehicles.The Expedition will continue to be available in a standard version or longer ""Max"" model. It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.",CNBC,04/10/2024,"['In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.', ""The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system."", '""We spent more than 1,100 hours talking with customers about their everyday lives.', 'And with those insights we\'ve rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.', 'Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring.', ""That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles."", ""The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon."", ""While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market."", ""Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs."", 'Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor.', 'The off-road inspired Tremor is new for the Expedition but is available on other vehicles.', 'The Expedition will continue to be available in a standard version or longer ""Max"" model.', 'It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.']",0.134815351609088,"And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.","While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.",0.5859340826670328,"Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.","That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.",2024-10-06
Stellantis files federal lawsuit against UAW union over strike threats,https://www.cnbc.com/2024/10/04/stellantis-sues-uaw-union-strike.html,2024-10-04T20:40:53+0000,"DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.In an internal message Friday to employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in California that participated in a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center.""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning.The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis. He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.""""Our legal team has complete confidence in our right to strike. The company's legal threats are just that—threats intended to intimidate us, so we won't fight back,"" Fain said.The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year. It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors.The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company's expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.""We're here today for one reason. Stellantis CEO Carlos Tavares is out of control and it's once again up to UAW members to save this company from itself,"" Fain said during the event. ""A strike will cripple this company. And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment.""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",CNBC,04/10/2024,"['DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.', ""In an internal messageFridayto employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in Californiathat participatedin a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center."", '""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.', ""A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning."", 'The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.', 'The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.', 'UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis.', 'He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.', '""""Our legal team has complete confidence in our right to strike.', 'The company\'s legal threats are just that—threats intended to intimidate us, so we won\'t fight back,"" Fain said.', 'The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year.', 'It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.', 'Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.', ""The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors."", 'The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company\'s expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.', '""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.', '""We\'re here today for one reason.', 'Stellantis CEO Carlos Tavares is out of control and it\'s once again up to UAW members to save this company from itself,"" Fain said during the event. ""', 'A strike will cripple this company.', ""And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment."", '""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.', 'Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract\'s] no strike clause.""']",-0.285459965784248,"""""Our legal team has complete confidence in our right to strike.","Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",-0.4637392535805702,"""""Our legal team has complete confidence in our right to strike.","It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.",2024-10-06
QVC to add USA Pickleball to its home shopping experience,https://www.cnbc.com/2024/10/03/qvc-to-add-usa-pickleball-to-its-home-shopping-experience.html,2024-10-03T13:37:55+0000,"In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.In QVC's case, the choice to bring on pickleball was intentional.Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC's vice president of brand marketing.""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps' late-night talk show, ""Busy This Week.""""As you look at what those relevant, highly successful examples of media have been, it's live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""It was really that perfect next place to go.""",CNBC,03/10/2024,"['In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.', 'In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport.', ""The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups."", 'As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.', ""The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming."", ""In QVC's case, the choice to bring on pickleball was intentional."", 'Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC\'s vice president of brand marketing.', '""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""', 'We thought, what two perfect partners to come together.', 'We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.', '""Pickleball has been booming in the U.S. and has been called the country\'s fastest-growing sport.', 'More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.', 'Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.', 'As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps\' late-night talk show, ""Busy This Week.', '""""As you look at what those relevant, highly successful examples of media have been, it\'s live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""', 'It was really that perfect next place to go.""']",0.2956397488085089,"The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups.",,0.9692991205624172,"""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport.",,2024-10-06
"Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai",https://www.cnbc.com/2024/10/03/miami-dolphins-talks-sell-minority-stake-ares-management-joe-tsai.html,2024-10-04T00:55:28+0000,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.Nothing has been signed and there is no timeline for a potential deal, the person added.The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League. An earlier version misstated the league they are in.",CNBC,04/10/2024,"['The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.', 'The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.', 'A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.', ""CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium."", 'As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said.', 'Bloomberg earlier reported the talks.', 'Nothing has been signed and there is no timeline for a potential deal, the person added.', ""The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment."", 'Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.', 'A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.', ""Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium."", 'This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.', 'The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium.', 'Ross said he wanted to keep the team within his family.', 'In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.', 'The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.', 'Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.', 'Meanwhile, Tsai has been building a sports empire.', 'The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center.', 'He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.', 'Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League.', 'An earlier version misstated the league they are in.']",0.1962544445746297,"CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",0.1584650993347168,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",2024-10-06
Irish budget: Stark difference in UK and Ireland's budgets,https://www.bbc.co.uk/news/articles/cqlvzlxd7l5o,2024-10-05T06:12:15.987Z,"As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight. The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all."" He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs. He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year. The contrast with the looming UK budget could hardly be more stark. The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public. A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners. Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing. It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised. On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects. But there is a fundamental difference between the two economies at the moment. The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes. Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options. Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years. Since the 1950s the country has had a policy of using tax incentives to attract foreign investment. Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world. In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland. Ironically this was partially a response to the pressure on big companies to clean up their act on tax. The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees. Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people. What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses. Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year. The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue. In 2017 Ireland raised just over €8bn in corporation tax. By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year. The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"". It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn. The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.  The consultation document for that wealth fund involved a glance across the Irish Sea. It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation."" It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons."" ",BBC,05/10/2024,"['As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight.', 'The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all.""', 'He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs.', 'He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year.', 'The contrast with the looming UK budget could hardly be more stark.', 'The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.', 'A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners.', 'Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing.', 'It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised.', 'On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects.', 'But there is a fundamental difference between the two economies at the moment.', 'The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes.', 'Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options.', 'Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.', 'Since the 1950s the country has had a policy of using tax incentives to attract foreign investment.', 'Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world.', ""In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland."", 'Ironically this was partially a response to the pressure on big companies to clean up their act on tax.', 'The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees.', 'Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people.', 'What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.', ""Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year."", 'The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue.', 'In 2017 Ireland raised just over €8bn in corporation tax.', 'By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year.', 'The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"".', 'It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.', 'The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.', 'The consultation document for that wealth fund involved a glance across the Irish Sea.', 'It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""', 'In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation.""', 'It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons.""']",0.1704626924378996,What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.,"The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.",0.5188697347274194,Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.,"It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.",2024-10-06
Rachel Reeves signals plan to spend more on big projects,https://www.bbc.co.uk/news/articles/czxdnq24v7ro,2024-10-03T23:07:20.658Z,"The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said. In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years. She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”. But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects. After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment. The green schemes are two new carbon capture and storage projects on Merseyside and Teesside. The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals. The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%. However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects. She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"". But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""I’m not going to make those mistakes,” she said. Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit. That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds. She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days. ",BBC,03/10/2024,"['The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said.', 'In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years.', 'She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”.', 'But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects.', 'After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.', 'The green schemes are two new carbon capture and storage projects on Merseyside and Teesside.', 'The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals.', 'The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', ""She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%."", 'However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects.', 'She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"".', 'But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""', 'I’m not going to make those mistakes,” she said.', 'Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit.', 'That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds.', 'She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.']",0.0631907369324557,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",0.1054802374406294,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",2024-10-06
Ex-Harrods man: I lost my job due to Al Fayed,https://www.bbc.co.uk/news/articles/ced068nl600o,2024-10-04T18:31:39.784Z,"A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed. Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation. Nigel Blow, who worked for 14 years at Al Fayed's companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape. He said he had been deemed ""guilty by association"" by Fenwick. Fenwick declined to comment.  “I worked at Harrods in senior roles from 2002 to 2007. I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC. Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known."" A BBC spokesperson said: “We stand fully behind our journalist and our journalism. This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.” On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month. No reason for the decision was given. Mr Blow's statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business."" Fenwick declined to comment on this claim. The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK. Mr Blow joined Harrods in 1992.  There were  several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults. Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk. Such behaviour prompted me to seek alternative employment from 2006,"" he said. In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes.  Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.  ",BBC,04/10/2024,"['A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed.', 'Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.', 'Nigel Blow, who worked for 14 years at Al Fayed\'s companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape.', 'He said he had been deemed ""guilty by association"" by Fenwick.', 'Fenwick declined to comment. “', 'I worked at Harrods in senior roles from 2002 to 2007.', 'I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “', 'I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC.', 'Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""', 'It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""', 'A BBC spokesperson said: “We stand fully behind our journalist and our journalism.', 'This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.”', 'On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month.', 'No reason for the decision was given.', 'Mr Blow\'s statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business.""', 'Fenwick declined to comment on this claim.', 'The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.', 'Mr Blow joined Harrods in 1992.', ""There were several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults."", 'Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “', 'On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk.', 'Such behaviour prompted me to seek alternative employment from 2006,"" he said.', ""In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes."", ""Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.""]",-0.1379506433704656,"The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.","Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.",-0.915090537071228,,"It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""",2024-10-06
How ‘perfect storm’ blew away planned social homes England needs,https://www.bbc.co.uk/news/articles/czegynwy938o,2024-10-07T00:11:10.207Z,"England has a housing crisis - more than one million families and individuals are on the waiting list for a social home. Experts think 90,000 of these homes need to be built every year for a decade to house everyone - but less than 5,000 were completed in the past year. And there are fears the problem will become even worse. We spoke to organisations working in the planning, building and management of social homes who tell us they are in a ""perfect storm"" of financial uncertainty, unsuitable construction and huge bills for repairs. The result, they say, is that thousands of sites earmarked for affordable and social housing are not being built despite the enormous need. The Home Builders Federation, which represents housebuilders, told the BBC their members have at least 13,000 affordable properties, including social homes, ready to be built right now. But they can’t start because there are no housing providers to buy these properties. ""It is a major and growing problem that is increasingly threatening affordable and overall housing supply,"" says Steve Turner, executive director at the Home Builders Federation. ""Small sites are being prevented from starting and larger sites are being halted as a result."" The largest problem, experts tell us, is that housing providers - predominantly housing associations - no longer have as much money to spend on buying new properties as they did before. Housing associations are mostly not-for-profit organisations that buy up affordable properties and rent them as social homes to low income tenants at discounted rates, receiving a government subsidy to do so. They're having to spend more money on repairing the homes they already own, they say - meaning less to spend on buying new properties. In the aftermath of the Grenfell fire, the owners of buildings found to contain unsafe cladding have spent billions of pounds replacing it. The National Housing Federation (NHF), which represents housing associations, estimates it will cost their members £6bn. They also say they are spending more money on fixing damp problems following the death of two-year-old Awaab Ishak, who died of breathing problems caused by mould.  A new law named after him will require landlords who own social housing to repair damp homes more quickly. Housing associations are making less money from renting out social homes, too, they say. Marie Chadwick, policy leader at the NHF, explains that over the last decade the government has been cutting and capping the rent paid by social housing tenants.  ""This equated to £3bn in lost rental income for housing associations last year,"" she says. As well as having less money than expected, the frequently changing rent levels mean housing associations struggle to predict how much rental income they will have in future, they say. They say that this uncertainty makes budgeting how much they can spend on buying new properties more difficult and reduces the amount of money banks are willing to lend them to fund these purchases. High interest rates also make borrowing this money more expensive.  Several councils have warned they could go bankrupt unless more social homes are built - because of the money they're spending on temporary housing for people on waiting lists. In the past year they spent more than £1bn on temporary accommodation for people with nowhere else to go. If their areas had more social homes, they could house these people instead of paying for them to stay in hotels and hostels. Some councils still buy and manage their own social homes - but the financial pressure they're under means they can’t afford to buy the new properties being offered by housebuilders, they say. Claire Holland, chairwoman of London Councils, which represents the 33 based in the city, says the housing crisis is ""wreaking havoc on town hall finances across the capital"" and that “the current outlook is bleak”. These financial problems, affecting housing associations and councils, were described to us repeatedly as the main reason why thousands of sites earmarked for affordable and social housing are not being built – despite England’s enormous need for them. There's also the problem of the social homes not matching what the housing associations want. A common complaint is that they are being offered too many one-bedroom flats and not enough family homes. Over 150,000 children are currently living in temporary accommodation. Housing associations also say too many of these homes have gas boilers, which don't fit their plans to be more environmentally friendly. The UK is legally obliged to reach net zero carbon emissions by 2050. Several organisations told us that more of these planned social homes might have been bought if housing associations had been more closely involved at the start of the planning process. Housebuilders say their homes were approved by councils and that changing them now to suit the wishes of housing associations would be costly. ""It’s a perfect storm,"" says Ms Chadwick, an assessment several other people we spoke to agreed with.  ""These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever."" What might help? Housebuilders say that homes previously agreed to be built as affordable housing, under what are known as Section 106 contracts, could be allowed for sale on the open market. They say this would allow them to build more homes and help meet the government’s overall target for house building - 1.5 million in the next five years. In return, housebuilders would give some money from these sales to councils.  But that doesn’t help councils get the social homes they need for families stuck on the waiting list. Another possibility is for the government to alter the rules around the way housing associations can spend the money they are given or - as was often said to us - they could give them more money overall to buy newly built social homes. But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two. The government is to announce a new budget this month and Polly Neate, chief executive of Shelter, says they must provide more funding. Her charity and the NHF are calling for 90,000 new social homes to be built annually - a target endorsed in May by a committee of MPs who specialise in housing issues. The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"". Ms Neate adds: ""If we truly want economic growth in this country, we can’t afford not to build.  ""The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good."" The World at One discusses the slowdown in construction of affordable homes in England with panellists Paul Brocklehurst - of the Land, Planning and Development Federation - and Fiona Fletcher-Smith, chief executive of housing association L&Q.  ",BBC,07/10/2024,"['England has a housing crisis - more than one million families and individuals are on the waiting list for a social home.', 'Experts think 90,000 of these homes need to be built every year for a decade to house everyone - but less than 5,000 were completed in the past year.', 'And there are fears the problem will become even worse.', 'We spoke to organisations working in the planning, building and management of social homes who tell us they are in a ""perfect storm"" of financial uncertainty, unsuitable construction and huge bills for repairs.', 'The result, they say, is that thousands of sites earmarked for affordable and social housing are not being built despite the enormous need.', 'The Home Builders Federation, which represents housebuilders, told the BBC their members have at least 13,000 affordable properties, including social homes, ready to be built right now.', 'But they can’t start because there are no housing providers to buy these properties. ""', 'It is a major and growing problem that is increasingly threatening affordable and overall housing supply,"" says Steve Turner, executive director at the Home Builders Federation. ""', 'Small sites are being prevented from starting and larger sites are being halted as a result.""', 'The largest problem, experts tell us, is that housing providers - predominantly housing associations - no longer have as much money to spend on buying new properties as they did before.', 'Housing associations are mostly not-for-profit organisations that buy up affordable properties and rent them as social homes to low income tenants at discounted rates, receiving a government subsidy to do so.', ""They're having to spend more money on repairing the homes they already own, they say - meaning less to spend on buying new properties."", 'In the aftermath of the Grenfell fire, the owners of buildings found to contain unsafe cladding have spent billions of pounds replacing it.', 'The National Housing Federation (NHF), which represents housing associations, estimates it will cost their members £6bn.', 'They also say they are spending more money on fixing damp problems following the death of two-year-old Awaab Ishak, who died of breathing problems caused by mould.', 'A new law named after him will require landlords who own social housing to repair damp homes more quickly.', 'Housing associations are making less money from renting out social homes, too, they say.', 'Marie Chadwick, policy leader at the NHF, explains that over the last decade the government has been cutting and capping the rent paid by social housing tenants. ""', 'This equated to £3bn in lost rental income for housing associations last year,"" she says.', 'As well as having less money than expected, the frequently changing rent levels mean housing associations struggle to predict how much rental income they will have in future, they say.', 'They say that this uncertainty makes budgeting how much they can spend on buying new properties more difficult and reduces the amount of money banks are willing to lend them to fund these purchases.', 'High interest rates also make borrowing this money more expensive.', ""Several councils have warned they could go bankrupt unless more social homes are built - because of the money they're spending on temporary housing for people on waiting lists."", 'In the past year they spent more than £1bn on temporary accommodation for people with nowhere else to go.', 'If their areas had more social homes, they could house these people instead of paying for them to stay in hotels and hostels.', ""Some councils still buy and manage their own social homes - but the financial pressure they're under means they can’t afford to buy the new properties being offered by housebuilders, they say."", 'Claire Holland, chairwoman of London Councils, which represents the 33 based in the city, says the housing crisis is ""wreaking havoc on town hall finances across the capital"" and that “the current outlook is bleak”.', 'These financial problems, affecting housing associations and councils, were described to us repeatedly as the main reason why thousands of sites earmarked for affordable and social housing are not being built – despite England’s enormous need for them.', ""There's also the problem of the social homes not matching what the housing associations want."", 'A common complaint is that they are being offered too many one-bedroom flats and not enough family homes.', 'Over 150,000 children are currently living in temporary accommodation.', ""Housing associations also say too many of these homes have gas boilers, which don't fit their plans to be more environmentally friendly."", 'The UK is legally obliged to reach net zero carbon emissions by 2050.', 'Several organisations told us that more of these planned social homes might have been bought if housing associations had been more closely involved at the start of the planning process.', 'Housebuilders say their homes were approved by councils and that changing them now to suit the wishes of housing associations would be costly. ""', 'It’s a perfect storm,"" says Ms Chadwick, an assessment several other people we spoke to agreed with. ""', 'These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever.""', 'What might help?', 'Housebuilders say that homes previously agreed to be built as affordable housing, under what are known as Section 106 contracts, could be allowed for sale on the open market.', 'They say this would allow them to build more homes and help meet the government’s overall target for house building - 1.5 million in the next five years.', 'In return, housebuilders would give some money from these sales to councils.', 'But that doesn’t help councils get the social homes they need for families stuck on the waiting list.', 'Another possibility is for the government to alter the rules around the way housing associations can spend the money they are given or - as was often said to us - they could give them more money overall to buy newly built social homes.', 'But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two.', 'The government is to announce a new budget this month and Polly Neate, chief executive of Shelter, says they must provide more funding.', 'Her charity and the NHF are calling for 90,000 new social homes to be built annually - a target endorsed in May by a committee of MPs who specialise in housing issues.', 'The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"".', 'Ms Neate adds: ""If we truly want economic growth in this country, we can’t afford not to build. ""', 'The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good.""', 'The World at One discusses the slowdown in construction of affordable homes in England with panellists Paul Brocklehurst - of the Land, Planning and Development Federation - and Fiona Fletcher-Smith, chief executive of housing association L&Q.']",-0.0367370914671124,"The government must set a clear target and invest in a new generation of social rent homes - building 90,000 a year for ten years will clear social housing waiting lists and end homelessness for good.""",But Labour has consistently said the public finances are tight after inheriting what they claim as the worst economic circumstances since World War Two.,-0.5367729345957438,"The government says it recognises the need, with the ministry of housing telling us the next five years would see the ""biggest increase in social and affordable housing in a generation"".","These factors have inevitably led to a reduction in plans for building new affordable and social housing at a time when they are needed more than ever.""",2024-10-06
"House prices close to record high, says Halifax",https://www.bbc.co.uk/news/articles/c62mv1d3650o,2024-10-07T07:09:21.121Z,"The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax. The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022. Prices have now risen for three months in a row, Halifax said, as market conditions improve. ""Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. ""This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022."" Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022. That was partially a reflection of the weakness of activity a year ago. The value of a typical property value has risen by about £13,000 over the past year, but was a rebound from falling value over the previous 12 months. Looking back two years, prices had only increased by just 0.4%, the equivalent of £1,202, the Halifax said. Guy Gittins, chief executive of Foxtons estate agents, told the BBC's Today programme: ""The market is recovering. ""It certainly won't be the best year we've ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year."" Karen Noye, mortgage expert at Quilter, said: ""Currently, some lenders offer deals around the 4% mark, a stark contrast to the 5% or higher rates seen in the immediate aftermath of the 2022 mini-budget and beyond.  ""This reduction in rates has enabled buyers to secure larger mortgages, making previously unaffordable properties more attainable and boosting buyer confidence."" However, Ms Noye added that the cost of borrowing was still out of reach for many, especially first-time buyers. On Monday, the average rate on a two-year fixed rate mortgage was 5.38%, according to the financial information service Moneyfacts. It said the average for a five-year fixed deal was 5.05%. Halifax said that despite recent cuts in mortgage rates, ""housing costs remain a challenge for many"". According to the lender, the typical first-time buyer is now buying a property priced at £232,769, which is the highest price since May this year. However, this is still around £1,000 less than the average amount a first-time buyer was paying two years ago. Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals. Cash buyers account for about a third of housing sales. Read more here ",BBC,07/10/2024,"['The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax.', ""The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022."", 'Prices have now risen for three months in a row, Halifax said, as market conditions improve. ""', 'Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. ""', 'This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022.""', 'Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022.', 'That was partially a reflection of the weakness of activity a year ago.', 'The value of a typical property value has risen by about £13,000 over the past year, but was a rebound from falling value over the previous 12 months.', 'Looking back two years, prices had only increased by just 0.4%, the equivalent of £1,202, the Halifax said.', 'Guy Gittins, chief executive of Foxtons estate agents, told the BBC\'s Today programme: ""The market is recovering. ""', 'It certainly won\'t be the best year we\'ve ever seen but each time we see a small interest rate drop, more buyers are returning from that backlog of last year.""', 'Karen Noye, mortgage expert at Quilter, said: ""Currently, some lenders offer deals around the 4% mark, a stark contrast to the 5% or higher rates seen in the immediate aftermath of the 2022 mini-budget and beyond. ""', 'This reduction in rates has enabled buyers to secure larger mortgages, making previously unaffordable properties more attainable and boosting buyer confidence.""', 'However, Ms Noye added that the cost of borrowing was still out of reach for many, especially first-time buyers.', 'On Monday, the average rate on a two-year fixed rate mortgage was 5.38%, according to the financial information service Moneyfacts.', 'It said the average for a five-year fixed deal was 5.05%.', 'Halifax said that despite recent cuts in mortgage rates, ""housing costs remain a challenge for many"".', 'According to the lender, the typical first-time buyer is now buying a property priced at £232,769, which is the highest price since May this year.', 'However, this is still around £1,000 less than the average amount a first-time buyer was paying two years ago.', ""Halifax's house price data is based on its own mortgage lending, which does not include buyers who purchase homes with cash, or buy-to-let deals."", 'Cash buyers account for about a third of housing sales.', 'Read more here']",0.2541415144683159,"Mortgage affordability has been easing thanks to strong wage growth and falling interest rates,"" said Amanda Bryden, head of mortgages at Halifax. """,That was partially a reflection of the weakness of activity a year ago.,0.4038373933118932,"Prices have now risen for three months in a row, Halifax said, as market conditions improve. """,That was partially a reflection of the weakness of activity a year ago.,2024-10-06
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-06
Housing crisis: Do homes for $1 schemes work?,https://www.bbc.co.uk/news/articles/c1e8g5leve0o,2024-10-06T23:21:02.763Z,"It was a regeneration idea that started half a century ago in the US, and has spread to other parts of the world. But do $1 homes reverse urban decay and who are the winners and losers? Judy Aleksalza’s house in the Pigtown area of Baltimore feels like a real-life version of the Tardis, Doctor Who’s famous time-travelling police box. It seems bigger on the inside than the outside. It’s part of a row of impeccably kept 19th Century terrace houses - there are freshly watered plant pots outside many of the front steps, and no litter or graffiti. Ms Aleksalza bought the then abandoned, derelict property back in the 1976 for the same price as her neighbours - $1 (77p). Since then she has spent tens of thousands of dollars, and much more in blood sweat and tears, transforming it. Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “I came very close to declaring personal bankruptcy,” she says. “It’s kind of like childbirth, you know. It was horrible while it was going on. “But you know, after it was all over, I said ‘it is mine, it’s all mine’. And the stability of having your own home is everything.” Baltimore, 40 miles (64km) northeast of Washington DC, was one of the first cities in the US to try what it called “urban homesteading”. Vacant properties were sold off for just one dollar, allowing people to get on the housing ladder who might not otherwise be able to afford it. The scheme was run by Jay Brodie who at the time was a senior figure in the city’s housing department. “We picked names out of a hat and started meeting with them,” he remembers. “Once it was finished, it made the cover of the American Express magazine… and we said ‘we have something here’. “We're talking about something that you can see and touch. They were living examples of what could be done with Baltimore row houses.” The project came to a halt in 1988 after Mr Brodie left the department in the early 1980s. But some ideas never quite go away, and instead spread their wings. Fast forward to 2013, and three and a half thousand miles away, another port city that had faced similar issues of urban decay decided to try something similar – Liverpool. Tony Mousedale from Liverpool City Council’s housing department had heard about the idea of selling off abandoned properties cheaply. He suggested Liverpool try it. So they offered properties in the Webster Triangle area of Wavertree for just £1. “I think we just felt that there was an appetite for people who were keen to renovate derelict houses, starting from scratch, putting their own stamp on it,” says Mr Mousedale. “We put that sort of concept out there, and received a very positive response. I think it really captured people’s imagination.” It might have raised a lot of interest, but some of the more than 100 buyers were brought down to earth with a bump. “There was a rat infestation, and I had a tree growing out of the front bay window frame,” says Maxine Sharples, one of those who bought into the scheme. “It was gruelling, backbreaking work. It was filthy.” Despite all the heartache and hard work, Maxine Sharples says it was worth it. “It’s completely changed my life. I don’t take it for granted that I’m living in the home of my dreams that I renovated and got for a quid.” Similar schemes have also introduced in other countries, including Italy, and Spain. And things have in some ways come full circle. Earlier this year Baltimore unveiled new plans to help regenerate its blighted neighbourhoods. Part of that? A scheme called the Fixed Pricing Program that would allow residents to buy a derelict property for just $1. Any individual wishing to buy a house for a dollar needs to show that they have $90,000 for the renovation. Plus, they must already live in the city, and promise to reside in the renovated property for five years. Interest in the project is said to be high. Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen."" Yet so far only a handful of people have met the criteria and actually been successful. Meanwhile, non-profit providers of affordable housing, known as “community land trusts”, can also buy the Baltimore buildings for $1, while large housing developers can apply to purchase them for $3,000. Such $1 home schemes are quick to make media headlines, but critics questions what they can achieve. One such sceptic is David Simon, the creator of the hit TV series The Wire, which was set in Baltimore. The gritty show, which was broadcast from 2002 to 2008, was inspired by Mr Simon’s own experience as a reporter for the Baltimore Sun newspaper. He says that the original Baltimore scheme didn’t benefit those who were economically marginalised, as the properties were bought by people who had enough money to do them up. “I mean it brought tax base back to the city,” says Mr Simon, who still lives and works in Baltimore. “But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth. But I don’t think any urban renewal, or any urban reclamation, that I'm familiar with in the city, has ever been egalitarian.” In Liverpool Tony Mousedale accepts that while its scheme has helped improve the area in question, there are still issues with anti-social behaviour, and there are still boarded up properties that haven’t been renovated, a decade later. “I would say anti-social incidents are not as frequent as they used to be,” he says. “Generally speaking, the homes for a pound scheme has been a driver for regenerating the area. There is still a way to go. I think in some ways regeneration never finishes, does it? There's always more to do.” Back in Baltimore, David Lidz runs Waterbottle Cooperative, a grassroots organisation that buys up decaying properties in Baltimore and renovates them to rent to people on low incomes. He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “So then you ask yourself where do those people go? Well they move over to the next rotting neighbourhood. That’s not good.” At the Baltimore Housing Commissioner’s office, Alice Kennedy says she’s aware of the problems previous renewal schemes have created, and is keen to learn the lessons of the past. “A top priority for all of us that work in the city is to redress the racist housing policies of the past and the socioeconomic segregation,"" she says. ""For me, success is really knowing that our communities are going to be whole again, and that they're going to have the ability to thrive from birth to death as a human in the city of Baltimore.” ",BBC,06/10/2024,"['It was a regeneration idea that started half a century ago in the US, and has spread to other parts of the world.', 'But do $1 homes reverse urban decay and who are the winners and losers?', 'Judy Aleksalza’s house in the Pigtown area of Baltimore feels like a real-life version of the Tardis, Doctor Who’s famous time-travelling police box.', 'It seems bigger on the inside than the outside.', 'It’s part of a row of impeccably kept 19th Century terrace houses - there are freshly watered plant pots outside many of the front steps, and no litter or graffiti.', 'Ms Aleksalza bought the then abandoned, derelict property back in the 1976 for the same price as her neighbours - $1 (77p).', 'Since then she has spent tens of thousands of dollars, and much more in blood sweat and tears, transforming it.', 'Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “', 'I came very close to declaring personal bankruptcy,” she says. “', 'It’s kind of like childbirth, you know.', 'It was horrible while it was going on. “', 'But you know, after it was all over, I said ‘it is mine, it’s all mine’.', 'And the stability of having your own home is everything.”', 'Baltimore, 40 miles (64km) northeast of Washington DC, was one of the first cities in the US to try what it called “urban homesteading”.', 'Vacant properties were sold off for just one dollar, allowing people to get on the housing ladder who might not otherwise be able to afford it.', 'The scheme was run by Jay Brodie who at the time was a senior figure in the city’s housing department. “', 'We picked names out of a hat and started meeting with them,” he remembers. “', 'Once it was finished, it made the cover of the American Express magazine… and we said ‘we have something here’. “', ""We're talking about something that you can see and touch."", 'They were living examples of what could be done with Baltimore row houses.”', 'The project came to a halt in 1988 after Mr Brodie left the department in the early 1980s.', 'But some ideas never quite go away, and instead spread their wings.', 'Fast forward to 2013, and three and a half thousand miles away, another port city that had faced similar issues of urban decay decided to try something similar – Liverpool.', 'Tony Mousedale from Liverpool City Council’s housing department had heard about the idea of selling off abandoned properties cheaply.', 'He suggested Liverpool try it.', 'So they offered properties in the Webster Triangle area of Wavertree for just £1. “', 'I think we just felt that there was an appetite for people who were keen to renovate derelict houses, starting from scratch, putting their own stamp on it,” says Mr Mousedale. “', 'We put that sort of concept out there, and received a very positive response.', 'I think it really captured people’s imagination.”', 'It might have raised a lot of interest, but some of the more than 100 buyers were brought down to earth with a bump. “', 'There was a rat infestation, and I had a tree growing out of the front bay window frame,” says Maxine Sharples, one of those who bought into the scheme. “', 'It was gruelling, backbreaking work.', 'It was filthy.”', 'Despite all the heartache and hard work, Maxine Sharples says it was worth it. “', 'It’s completely changed my life.', 'I don’t take it for granted that I’m living in the home of my dreams that I renovated and got for a quid.”', 'Similar schemes have also introduced in other countries, including Italy, and Spain.', 'And things have in some ways come full circle.', 'Earlier this year Baltimore unveiled new plans to help regenerate its blighted neighbourhoods.', 'Part of that?', 'A scheme called the Fixed Pricing Program that would allow residents to buy a derelict property for just $1.', 'Any individual wishing to buy a house for a dollar needs to show that they have $90,000 for the renovation.', 'Plus, they must already live in the city, and promise to reside in the renovated property for five years.', 'Interest in the project is said to be high.', 'Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen.""', 'Yet so far only a handful of people have met the criteria and actually been successful.', 'Meanwhile, non-profit providers of affordable housing, known as “community land trusts”, can also buy the Baltimore buildings for $1, while large housing developers can apply to purchase them for $3,000.', 'Such $1 home schemes are quick to make media headlines, but critics questions what they can achieve.', 'One such sceptic is David Simon, the creator of the hit TV series The Wire, which was set in Baltimore.', 'The gritty show, which was broadcast from 2002 to 2008, was inspired by Mr Simon’s own experience as a reporter for the Baltimore Sun newspaper.', 'He says that the original Baltimore scheme didn’t benefit those who were economically marginalised, as the properties were bought by people who had enough money to do them up. “', 'I mean it brought tax base back to the city,” says Mr Simon, who still lives and works in Baltimore. “', ""But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth."", ""But I don’t think any urban renewal, or any urban reclamation, that I'm familiar with in the city, has ever been egalitarian.”"", 'In Liverpool Tony Mousedale accepts that while its scheme has helped improve the area in question, there are still issues with anti-social behaviour, and there are still boarded up properties that haven’t been renovated, a decade later. “', 'I would say anti-social incidents are not as frequent as they used to be,” he says. “', 'Generally speaking, the homes for a pound scheme has been a driver for regenerating the area.', 'There is still a way to go.', 'I think in some ways regeneration never finishes, does it?', ""There's always more to do.”"", 'Back in Baltimore, David Lidz runs Waterbottle Cooperative, a grassroots organisation that buys up decaying properties in Baltimore and renovates them to rent to people on low incomes.', 'He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “', 'So then you ask yourself where do those people go?', 'Well they move over to the next rotting neighbourhood.', 'That’s not good.”', 'At the Baltimore Housing Commissioner’s office, Alice Kennedy says she’s aware of the problems previous renewal schemes have created, and is keen to learn the lessons of the past. “', 'A top priority for all of us that work in the city is to redress the racist housing policies of the past and the socioeconomic segregation,"" she says. ""', ""For me, success is really knowing that our communities are going to be whole again, and that they're going to have the ability to thrive from birth to death as a human in the city of Baltimore.”""]",0.0521094192060566,"But it wasn’t socialistic in the sense that I don't think it was successful in, in spreading the wealth.","Poor weather, contractors who failed to do the work, it was, in Judy’s words – “a horror story”. “",0.481170479208231,"Alice Kennedy, the Baltimore Housing Commissioner, tells me: ""I think that it definitely got people more excited or interested than even, I think, we recognized that would happen.""","He is concerned that individuals buying homes for a $1 may lead to areas being gentrified, which results in general rent levels being “jacked up” and people on lower incomes being “pushed out”. “",2024-10-06
Maldives President Muizzu in Delhi to seek aid and reboot ties,https://www.bbc.co.uk/news/articles/c2ek1x3p7rjo,2024-10-06T07:05:11.523Z,"Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis. Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars. The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit. Experts point out that Muizzu's reconciliatory tone towards Delhi is a far cry from the rhetoric he adopted during his election campaign a year ago. That campaign had centred on an “India out” policy, demanding that Delhi must withdraw its troops from the island nation. Speaking to the BBC, Muizzu did not directly address his anti-India campaign but said: “We are confident that any differences can be addressed through open dialogue and mutual understanding."" An Indian relief package will bolster the country’s foreign currency reserves. Last month, global agency Moody’s downgraded the Maldives' credit rating, saying that “default risks have risen materially”. But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. ""We have our own home-grown agenda,"" he said. However, Moody has said that “(foreign) reserves remain significantly below the government’s external debt service of around $600m in 2025 and over $1bn in 2026”. It’s not clear where Muizzu will find the money to overcome the reserves crisis and that’s where his Delhi visit is seen as crucial. India has already offered financial support worth $1.4bn to Male for various infrastructure and development projects. Since Muizzu came to power in November 2023, relations between Male and Delhi have become strained. Soon after taking over, he chose to travel to Turkey and China - his visit to the latter in January was seen especially as a high-profile snub to India as previous Maldivian leaders first visited Delhi after being elected. Around the same time, a controversy erupted in India after three Maldivian officials made derogatory comments about Prime Minister Narendra Modi. Muizzu also gave an ultimatum to India to withdraw about 80 troops based in the country. Delhi said they were stationed there to maintain and operate two rescue and reconnaissance helicopters and a Dornier aircraft it had donated years ago. In the end, both countries reached a compromise by agreeing to replace soldiers with Indian civilian technical staff to operate the aircraft. Muizzu’s administration also announced that it would not renew a hydrographic survey agreement with India that was signed by the previous government to map the seabed in Maldivian territorial waters. But the Maldivian president defended his decision. “The decisions taken are based on our evolving domestic interests and strategic priorities. The will of the people, that elected me 10 months ago,” Muizzu said. “I believe both the Maldives and India have a better understanding of each others’ priorities and concerns,” he added. Some of Muizzu's decisions were seen as a way to reduce Delhi’s influence and forge closer ties with India’s rival China.  In February, Muizzu’s administration allowed the port call of a Chinese research ship, Xiang Yang Hong 3, in the Maldives, much to Delhi’s displeasure. Some saw it as a mission to collect data which could - at a later date - be used by the Chinese military for submarine operations. But Muizzu rejects the pro-China tag. “I have made clear our foreign policy the day I took office - that it is a ‘Maldives First’ policy. Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “We believe that through open communication and collaboration, we can address any concerns, contributing to a peaceful and prosperous Indian Ocean region,” he says. Despite Muizzu's attempts to move Male closer to Beijing, analysts say financial assistance from China hasn’t been forthcoming, As a result, the president's extraordinary turnaround towards India now is based on harsh realities. Muizzu’s Delhi visit ""is a realisation of how dependent the Maldives is on India, a dependency that no other country will find easy to fill"", says Azim Zahir, a Maldivian analyst. ",BBC,06/10/2024,"['Maldivian President Mohammed Muizzu has told the BBC that he is confident that India will come to the aid of the island nation as it faces an economic crisis.', 'Muizzu, who begins a five-day visit to India on Sunday, is expected to seek a bailout worth hundreds of millions of dollars.', 'The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “', 'India is fully cognizant of our fiscal situation, and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,” Muizzu told the BBC in an email interview ahead of his visit.', ""Experts point out that Muizzu's reconciliatory tone towards Delhi is a far cry from the rhetoric he adopted during his election campaign a year ago."", 'That campaign had centred on an “India out” policy, demanding that Delhi must withdraw its troops from the island nation.', 'Speaking to the BBC, Muizzu did not directly address his anti-India campaign but said: “We are confident that any differences can be addressed through open dialogue and mutual understanding.""', 'An Indian relief package will bolster the country’s foreign currency reserves.', ""Last month, global agency Moody’s downgraded the Maldives' credit rating, saying that “default risks have risen materially”."", 'But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. ""', 'We have our own home-grown agenda,"" he said.', 'However, Moody has said that “(foreign) reserves remain significantly below the government’s external debt service of around $600m in 2025 and over $1bn in 2026”.', 'It’s not clear where Muizzu will find the money to overcome the reserves crisis and that’s where his Delhi visit is seen as crucial.', 'India has already offered financial support worth $1.4bn to Male for various infrastructure and development projects.', 'Since Muizzu came to power in November 2023, relations between Male and Delhi have become strained.', 'Soon after taking over, he chose to travel to Turkey and China - his visit to the latter in January was seen especially as a high-profile snub to India as previous Maldivian leaders first visited Delhi after being elected.', 'Around the same time, a controversy erupted in India after three Maldivian officials made derogatory comments about Prime Minister Narendra Modi.', 'Muizzu also gave an ultimatum to India to withdraw about 80 troops based in the country.', 'Delhi said they were stationed there to maintain and operate two rescue and reconnaissance helicopters and a Dornier aircraft it had donated years ago.', 'In the end, both countries reached a compromise by agreeing to replace soldiers with Indian civilian technical staff to operate the aircraft.', 'Muizzu’s administration also announced that it would not renew a hydrographic survey agreement with India that was signed by the previous government to map the seabed in Maldivian territorial waters.', 'But the Maldivian president defended his decision. “', 'The decisions taken are based on our evolving domestic interests and strategic priorities.', 'The will of the people, that elected me 10 months ago,” Muizzu said. “', 'I believe both the Maldives and India have a better understanding of each others’ priorities and concerns,” he added.', ""Some of Muizzu's decisions were seen as a way to reduce Delhi’s influence and forge closer ties with India’s rival China."", 'In February, Muizzu’s administration allowed the port call of a Chinese research ship, Xiang Yang Hong 3, in the Maldives, much to Delhi’s displeasure.', 'Some saw it as a mission to collect data which could - at a later date - be used by the Chinese military for submarine operations.', 'But Muizzu rejects the pro-China tag. “', 'I have made clear our foreign policy the day I took office - that it is a ‘Maldives First’ policy.', 'Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “', 'We believe that through open communication and collaboration, we can address any concerns, contributing to a peaceful and prosperous Indian Ocean region,” he says.', ""Despite Muizzu's attempts to move Male closer to Beijing, analysts say financial assistance from China hasn’t been forthcoming, As a result, the president's extraordinary turnaround towards India now is based on harsh realities."", 'Muizzu’s Delhi visit ""is a realisation of how dependent the Maldives is on India, a dependency that no other country will find easy to fill"", says Azim Zahir, a Maldivian analyst.']",0.0301300197102659,"Our relationships with other nations are guided by the principles of mutual respect and trust, non-interference and the pursuit of peace and prosperity,” he insists. “","But Muizzu told the BBC that Male is not facing a sovereign debt default, adding that the country would not join an International Monetary Fund (IMF) programme to handle the crisis. """,-0.0138828940689563,An Indian relief package will bolster the country’s foreign currency reserves.,"The Maldives is staring at a debt default as its foreign exchange reserves have dropped to $440m (£334m), just enough for one-and-a-half months of imports. “",2024-10-06
Luton mould misery as botched insulation sparks calls for action,https://www.bbc.co.uk/news/articles/ce3zxx1gek1o,2024-10-03T23:02:46.330Z,"Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation. Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"". Mrs Khatun’s case is far from unique. A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector. The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with. Mrs Khatun is 84 and recently had a stroke. Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards.  ""Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall. In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4. It is designed to help low-income households make their homes warmer and cut their energy bills. Insulation boards are fixed to the exterior brickwork of a house and then coated in render. More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.  The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard. Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house. A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot. Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""We just want to wake up from this nightmare and get our lives back."" He gives me a tour of the house. As we move from room to room, he cuts mushrooms off the walls.  He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990.  ""They were passionate about having their own house. And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’ More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.  Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""I think the government and the people they’re working with have to take more responsibility. Without these things resolved at a national level, I think this could create a form of crisis.’’ The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible. A growing number of MPs are sounding the alarm. The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem.  ""The tragedy is it's not a problem that's impacting Luton alone. In my own constituency, we've had very similar situations. I think there is a duty upon government to look at this.’’ The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"". For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.  The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered. In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives. When customers have concerns, we urge them to follow our disputes process. Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme."" Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work. Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party. We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’ A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “Any measures installed must be safe and effective, with issues promptly and properly rectified.” ",BBC,03/10/2024,"['Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation.', 'Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"".', 'Mrs Khatun’s case is far from unique.', 'A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector.', 'The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with.', 'Mrs Khatun is 84 and recently had a stroke.', 'Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards. ""', 'Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall.', 'In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4.', 'It is designed to help low-income households make their homes warmer and cut their energy bills.', 'Insulation boards are fixed to the exterior brickwork of a house and then coated in render.', 'More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.', 'The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard.', 'Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house.', 'A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot.', 'Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""', 'We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""', 'We just want to wake up from this nightmare and get our lives back.""', 'He gives me a tour of the house.', 'As we move from room to room, he cuts mushrooms off the walls.', 'He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990. ""', 'They were passionate about having their own house.', ""And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’"", 'More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.', 'Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""', 'I think the government and the people they’re working with have to take more responsibility.', 'Without these things resolved at a national level, I think this could create a form of crisis.’’', ""The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible."", 'A growing number of MPs are sounding the alarm.', 'The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem. ""', ""The tragedy is it's not a problem that's impacting Luton alone."", ""In my own constituency, we've had very similar situations."", 'I think there is a duty upon government to look at this.’’', 'The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “', 'The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"".', 'For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.', 'The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered.', 'In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives.', 'When customers have concerns, we urge them to follow our disputes process.', 'Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme.""', 'Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work.', 'Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party.', 'We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’', 'A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “', 'Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “', 'Any measures installed must be safe and effective, with issues promptly and properly rectified.”']",0.056749690022046,We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’,"And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’",-0.626567929983139,It is designed to help low-income households make their homes warmer and cut their energy bills.,"The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “",2024-10-06
'Crumblgate' : How a A$17.50 cookie sparked a social media storm,https://www.bbc.co.uk/news/articles/cvglmr40lzlo,2024-10-04T06:31:04.755Z,"Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under. So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions. With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following. But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii. Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline. Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat. It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"". The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box. All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""This is actually very bad... the texture is just weird,"" one vlogger said. ""I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review. Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10. The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm. All of which prompted a confusing story, followed by an apology by the Sydney organisers. In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage. He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"". And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “We kept them to these requirements. Some were warmed to enhance their texture, which is what Crumbl does as well. ""We apologise that they don’t live up to expectations. However, they are just cookies at the end of the day,” the statement added. The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new. One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan. But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer. To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""In an age where information travel so quickly… people don’t want to be behind the curve. They act out of impulse instead of logic,” he explains. It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act. But beyond a few cease-and-desist letters, Hughes thinks it's unlikely the US-brand will take further action. ""They'll deny it. They'll say it's bad. But at the end of the day, it's good publicity because it raises their brand awareness in Australia. ""All of a sudden, people who hadn't heard of them are now talking about them."" ",BBC,04/10/2024,"['Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under.', ""So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions."", 'With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.', 'But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii.', 'Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.', 'Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.', 'It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".', 'The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box.', 'All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""', 'This is actually very bad... the texture is just weird,"" one vlogger said. ""', 'I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review.', 'Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10.', 'The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm.', 'All of which prompted a confusing story, followed by an apology by the Sydney organisers.', 'In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage.', 'He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"".', ""And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “"", 'We kept them to these requirements.', 'Some were warmed to enhance their texture, which is what Crumbl does as well. ""', 'We apologise that they don’t live up to expectations.', 'However, they are just cookies at the end of the day,” the statement added.', 'The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new.', 'One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan.', 'But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer.', 'To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""', 'In an age where information travel so quickly… people don’t want to be behind the curve.', 'They act out of impulse instead of logic,” he explains.', ""It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act."", 'But beyond a few cease-and-desist letters, Hughes thinks it\'s unlikely the US-brand will take further action. ""', ""They'll deny it."", ""They'll say it's bad."", 'But at the end of the day, it\'s good publicity because it raises their brand awareness in Australia. ""', 'All of a sudden, people who hadn\'t heard of them are now talking about them.""']",0.0606615654917613,"Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.","Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.",-0.4098753929138183,"With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.","It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".",2024-10-06
ScotRail timetable returns to normal for Monday commute,https://www.bbc.co.uk/news/articles/c870l83px54o,2024-10-06T21:14:52.401Z,"The train timetable in Scotland has returned to normal after the resolution of a pay row. ScotRail had been running a reduced service since July. The change will mean many more services - especially in the evenings. But there are still fewer services on some routes than before the Covid pandemic. Customers are advised to check the timetable online. ScotRail warned that despite the extra services, some trains may not be at the times customers have got used to in recent weeks, or connections may be different. Trains will run every 15 minutes on the main Glasgow to Edinburgh service at peak times. The pay row was resolved after a 4.5% wage increase was accepted by the drivers' union ASLEF almost two weeks ago. Drivers had been declining overtime and rest day working although there was no industrial action by the union itself. This led to a large number of last-minute cancellations in early July. ScotRail then introduced a temporary timetable with fewer services to try to offer customers more reliability. After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back. It had to check how many drivers might be available for overtime, draw up new rotas and update the timetable. The company says it is committed to reducing its dependence on overtime by drivers but this will take time. About 250 new drivers have been recruited since ScotRail was brought back into public ownership by the Scottish government in April 2022. A further 160 a year are being recruited. However, their training takes time and some of the new drivers will replace others who have left. Some routes still have less frequent services than before the pandemic. Notably, trains still run between Glasgow and Edinburgh every half hour for much of the daytime - not every 15 minutes. When the return to the regular timetable was launched, Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" The restored timetable comes a week after the reintroduction of peak time fares - although the two are unconnected. Peak fares were abolished as an experiment through a project funded by the Scottish government.  The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself. The rise in passenger numbers was insufficient and the government has decided to stop paying for the pilot. ",BBC,06/10/2024,"['The train timetable in Scotland has returned to normal after the resolution of a pay row.', 'ScotRail had been running a reduced service since July.', 'The change will mean many more services - especially in the evenings.', 'But there are still fewer services on some routes than before the Covid pandemic.', 'Customers are advised to check the timetable online.', 'ScotRail warned that despite the extra services, some trains may not be at the times customers have got used to in recent weeks, or connections may be different.', 'Trains will run every 15 minutes on the main Glasgow to Edinburgh service at peak times.', ""The pay row was resolved after a 4.5% wage increase was accepted by the drivers' union ASLEF almost two weeks ago."", 'Drivers had been declining overtime and rest day working although there was no industrial action by the union itself.', 'This led to a large number of last-minute cancellations in early July.', 'ScotRail then introduced a temporary timetable with fewer services to try to offer customers more reliability.', 'After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back.', 'It had to check how many drivers might be available for overtime, draw up new rotas and update the timetable.', 'The company says it is committed to reducing its dependence on overtime by drivers but this will take time.', 'About 250 new drivers have been recruited since ScotRail was brought back into public ownership by the Scottish government in April 2022.', 'A further 160 a year are being recruited.', 'However, their training takes time and some of the new drivers will replace others who have left.', 'Some routes still have less frequent services than before the pandemic.', 'Notably, trains still run between Glasgow and Edinburgh every half hour for much of the daytime - not every 15 minutes.', 'When the return to the regular timetable was launched, Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'The restored timetable comes a week after the reintroduction of peak time fares - although the two are unconnected.', 'Peak fares were abolished as an experiment through a project funded by the Scottish government.', 'The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself.', 'The rise in passenger numbers was insufficient and the government has decided to stop paying for the pilot.']",0.0413380005212249,"When the return to the regular timetable was launched, Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""","After the dispute was settled, ScotRail had more work to do before the normal timetable could be brought back.",-0.4894475009706285,The hope was the scheme would lead to a big enough rise in passenger numbers to allow it to pay for itself.,This led to a large number of last-minute cancellations in early July.,2024-10-06
As communist China turns 75 can Xi fix its economy?,https://www.bbc.co.uk/news/articles/c3dvrxg8mllo,2024-10-03T23:17:53.585Z,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy. The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending. Shares in mainland China and Hong Kong chalked up record gains after the announcements. But economists warn the policies may not be enough to fix China's economic problems. Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market. The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares. PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending. Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo. Officials promised to intensify government spending aimed to support the economy. On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%. The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""Investors loved the announcements"", China analyst, Bill Bishop said. While investors may have been popping champagne corks, Xi has deeper issues to tackle. The People's Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""Avoiding the fate of the Soviet Union has long been a key concern for China's leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. At the forefront of officials' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence."" One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago.  Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry. It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers. But there is scepticism that such moves are enough to shore up the housing market. ""Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. ""China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so."" At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.  However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China's economy faces will not go away. Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy. Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems."" On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People's Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"". According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.  The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries. The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""This is what the leadership has come to realise and is responding to."" ",BBC,03/10/2024,"['As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.', ""The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending."", 'Shares in mainland China and Hong Kong chalked up record gains after the announcements.', ""But economists warn the policies may not be enough to fix China's economic problems."", ""Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market."", 'The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.', 'PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.', ""Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo."", 'Officials promised to intensify government spending aimed to support the economy.', 'On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis.', 'The move capped off a five-day rally that saw the index jump by 20%.', 'The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""', 'Investors loved the announcements"", China analyst, Bill Bishop said.', 'While investors may have been popping champagne corks, Xi has deeper issues to tackle.', 'The People\'s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""', 'Avoiding the fate of the Soviet Union has long been a key concern for China\'s leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'At the forefront of officials\' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""', 'In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""', 'The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""', ""One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago."", 'Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.', 'It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.', 'But there is scepticism that such moves are enough to shore up the housing market. ""', 'Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody\'s Analytics. ""', 'China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.""', 'At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.', 'However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""', 'Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""', 'In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China\'s economy faces will not go away.', 'Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy.', 'Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""', 'Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""', 'In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.""', 'On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People\'s Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"".', 'According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.', ""The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries."", 'The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""', 'This is what the leadership has come to realise and is responding to.""']",0.1343040893565776,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.","Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. """,0.3924955482836122,"The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""","The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""",2024-10-06
Trump's proposals would add $4tn more to US debt than Harris's - study,https://www.bbc.co.uk/news/articles/ce81g9593dro,2024-10-07T17:00:28.215Z,"Donald Trump's campaign proposals would increase the US national debt by double the amount Kamala Harris's would, according to a new analysis by a non-partisan group. Both candidates would add trillions to the national debt if their campaign pledges were enacted, according to the Committee for a Responsible Federal Budget. Trump would add $7.5tn and Harris would add $3.5tn, the group said. The think tank warned on Monday that neither party appeared willing to address the country's growing $35.6tn debt. Both candidates have, at least partially, backed extending major tax cuts that the US passed during Trump's first term. These cuts form the biggest chunk of this hypothetical additional debt. Parts of that Trump tax plan are due to expire in 2025, setting up a tough tax fight for whoever wins the White House in November. Trump has vowed to extend the tax package in its entirety. He has also proposed new cuts which would eliminate taxes on overtime, social security and tips income, and grant domestic manufacturers an ultra low corporate rate of 15%.  He said he plans to raise money by imposing widespread tariffs - a tax on goods imported into the country, which could raise $2.7tn, according to the CRFB. Harris, by contrast, has pledged to roll back tax cuts for the wealthy and raise the 21% rate for corporations, which was meant to be permanent, to 28%. But she would extend the Trump cuts for Americans earning less than $400,000 and has backed his idea of eliminating taxes on tips.  Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.  Many of their proposals would have to be approved by Congress, and it remains unclear how much either candidate would be able to muscle through the divided legislative branch which has ultimate power over taxes and spending.  ""Both candidates are wanting to get elected so, you know, tax cuts sound better than higher taxes so I think that's what you're hearing. Whether or not all of that gets through we'll see,"" said Jimmy Lee, the founder and CEO of the investment firm Wealth Consulting Group. But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.  The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.  But some analysts have warned that the US may be facing higher costs in the future.  The ratio of US debt to its economy or GDP, gross domestic product is already one of the highest among major economies in the world.  It stands at about 120%, according to the IMF. That compares to 144% in Italy, 110% in Spain, 101% in the UK, 106% in Canada, 77% in China, 67% in Germany and 56% in Australia.  ",BBC,07/10/2024,"[""Donald Trump's campaign proposals would increase the US national debt by double the amount Kamala Harris's would, according to a new analysis by a non-partisan group."", 'Both candidates would add trillions to the national debt if their campaign pledges were enacted, according to the Committee for a Responsible Federal Budget.', 'Trump would add $7.5tn and Harris would add $3.5tn, the group said.', ""The think tank warned on Monday that neither party appeared willing to address the country's growing $35.6tn debt."", ""Both candidates have, at least partially, backed extending major tax cuts that the US passed during Trump's first term."", 'These cuts form the biggest chunk of this hypothetical additional debt.', 'Parts of that Trump tax plan are due to expire in 2025, setting up a tough tax fight for whoever wins the White House in November.', 'Trump has vowed to extend the tax package in its entirety.', 'He has also proposed new cuts which would eliminate taxes on overtime, social security and tips income, and grant domestic manufacturers an ultra low corporate rate of 15%.', 'He said he plans to raise money by imposing widespread tariffs - a tax on goods imported into the country, which could raise $2.7tn, according to the CRFB.', 'Harris, by contrast, has pledged to roll back tax cuts for the wealthy and raise the 21% rate for corporations, which was meant to be permanent, to 28%.', 'But she would extend the Trump cuts for Americans earning less than $400,000 and has backed his idea of eliminating taxes on tips.', 'Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.', 'Many of their proposals would have to be approved by Congress, and it remains unclear how much either candidate would be able to muscle through the divided legislative branch which has ultimate power over taxes and spending. ""', ""Both candidates are wanting to get elected so, you know, tax cuts sound better than higher taxes so I think that's what you're hearing."", 'Whether or not all of that gets through we\'ll see,"" said Jimmy Lee, the founder and CEO of the investment firm Wealth Consulting Group.', 'But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.', 'The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.', 'But some analysts have warned that the US may be facing higher costs in the future.', 'The ratio of US debt to its economy or GDP, gross domestic product is already one of the highest among major economies in the world.', 'It stands at about 120%, according to the IMF.', 'That compares to 144% in Italy, 110% in Spain, 101% in the UK, 106% in Canada, 77% in China, 67% in Germany and 56% in Australia.']",-0.0328409378410068,"Harris has also put forward a number of other proposals for tax relief, aimed at families with children and start-ups, while endorsing plans to subsidise child care and health care with hundreds of billions in new spending.","But Mr Lee said he thought investors were not ""paying enough attention"" to the threat from spiralling borrowing.",0.1026516490512424,"The US has long been able to borrow cheaply, thanks to strong demand for its debt among private investors, which has helped to keep interest rates relatively low.",But some analysts have warned that the US may be facing higher costs in the future.,2024-10-06
How worried should I be about rising oil prices?,https://www.bbc.co.uk/news/articles/cgry10924jqo,2024-10-04T17:54:11.932Z,"As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.  That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130. The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine. So how worried should we be? Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years. If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices. These increased costs could then be passed on by supermarkets selling the food to us, the consumer. The cost of living goes up. ""Everything we go and buy in the shop has been transported around and has been made from things that have been transported around. The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC. Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK. Mr Bailey said he was watching developments ""extremely closely"". This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter. Yet so far a rise to about $78 a barrel is not the time for alarm bells. If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics. Iran is the world's seventh largest oil exporter, with half of its exports going to China. If supplies were disrupted, China could turn to Russia. But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"". She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia's ""loyalty will lie"" as the world's second largest oil producer and whether it will increase or restrict further production. Mr Macpherson says if Israel did decide to attack Iran's oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".  He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates. However, he also points out ""there might not ultimately be any disruption to supply"" at all. The direct impact of Iran's oil production is not the only concern.  There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil. It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine. Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant. Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills. As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods. UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January. This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices. But Ms Bain says the risk of strait being blocked as a result of the conflict is small. And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway. There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.  There's a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"". ",BBC,04/10/2024,"['As the conflict across the Middle East widens, rising oil prices are being closely watched.', 'The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.', 'The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.', ""That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130."", ""The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine."", 'So how worried should we be?', ""Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years."", 'If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices.', 'These increased costs could then be passed on by supermarkets selling the food to us, the consumer.', 'The cost of living goes up. ""', 'Everything we go and buy in the shop has been transported around and has been made from things that have been transported around.', 'The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC.', 'Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK.', 'Mr Bailey said he was watching developments ""extremely closely"".', ""This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter."", 'Yet so far a rise to about $78 a barrel is not the time for alarm bells.', 'If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics.', ""Iran is the world's seventh largest oil exporter, with half of its exports going to China."", 'If supplies were disrupted, China could turn to Russia.', 'But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"".', 'She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia\'s ""loyalty will lie"" as the world\'s second largest oil producer and whether it will increase or restrict further production.', 'Mr Macpherson says if Israel did decide to attack Iran\'s oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".', 'He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates.', 'However, he also points out ""there might not ultimately be any disruption to supply"" at all.', ""The direct impact of Iran's oil production is not the only concern."", 'There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil.', 'It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine.', 'Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant.', ""Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills."", 'As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods.', 'UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January.', 'This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices.', 'But Ms Bain says the risk of strait being blocked as a result of the conflict is small.', ""And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway."", 'There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.', 'There\'s a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"".']",-0.1453578692361221,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.","That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130.",-0.3424388539223444,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.",Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills.,2024-10-06
Electric cars: EU hits China with tariffs in battle for sales,https://www.bbc.co.uk/news/articles/cly20n4d0g9o,2024-10-04T08:56:04.312Z,"Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans. The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars. Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers. The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist. China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry. Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices. The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years. The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation. The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely. EU members were divided on tariffs. Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them. Many EU members abstained in the vote. German carmakers have been vocal in opposition. Volkswagen says tariffs are ""the wrong approach"". However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes. The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it. Germany's top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"". The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles. China's Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations. The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China. A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""We do not understand why our sector is being sacrificed in this way."" It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".  Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier. In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body. The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"". The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles. Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030. Car makers are required to meet electric vehicle sales targets. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035. Manufacturers that fail to hit quotas could be fined £15,000 per car. The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets. They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"". The average cost to buy an electric car in the UK is around £48,000. They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric. ",BBC,04/10/2024,"['Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans.', 'The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars.', 'Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers.', 'The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.', ""China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry."", 'Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.', ""The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years."", 'The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation.', 'The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely.', 'EU members were divided on tariffs.', 'Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them.', 'Many EU members abstained in the vote.', 'German carmakers have been vocal in opposition.', 'Volkswagen says tariffs are ""the wrong approach"".', 'However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes.', 'The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it.', 'Germany\'s top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"".', 'The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles.', 'China\'s Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations.', 'The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China.', 'A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""', 'We do not understand why our sector is being sacrificed in this way.""', 'It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".', 'Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.', 'In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body.', 'The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"".', 'The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles.', 'Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030.', 'Car makers are required to meet electric vehicle sales targets.', 'Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035.', 'Manufacturers that fail to hit quotas could be fined £15,000 per car.', 'The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets.', 'They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"".', 'The average cost to buy an electric car in the UK is around £48,000.', 'They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric.']",-0.0882379991331963,China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry.,"The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.",-0.3424473875447323,"Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.","Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.",2024-10-06
"Ex-cabinet secretary Lord O'Donnell says £200,000 job is 'massively underpaid'",https://www.bbc.co.uk/news/articles/c748we5g359o,2024-10-06T07:47:50.802Z,"Former cabinet secretary Lord O'Donnell has said the position of top civil servant is ""massively underpaid"".  He is involved in the recruitment process for the £200,000-a-year role, following Simon Case's decision to step down on health grounds. Lord O'Donnell, who held the post between 2005 and 2011, told the BBC the ""incredibly demanding job"" should have a higher salary. The cabinet secretary is the UK's most senior civil servant.  The job involves advising the prime minister, leading implementation of the government's policies and managing other high-level civil servants. Speaking to BBC Radio 4's The Westminster Hour, Lord O'Donnell described the position as a ""huge job"". He said: ""It's massively underpaid in my view - given I've been paid a lot more since, to do a lot less."" Senior civil servants' pay is set by the government after receiving recommendations from the independent Senior Salaries Review Body. Lord O'Donnell served as cabinet secretary under three prime ministers. He was promoted to the post under Tony Blair in 2005, and he remained in the role for Gordon Brown's premiership between 2007 and 2010.  He stepped down in 2011, under the David Cameron-led coalition government. Recruitment is under way to replace the current cabinet secretary, Simon Case, who has said he will step down by the end of the year. Announcing his resignation, Mr Case said he had been undergoing medical treatment for a ""neurological condition"" for the past 18 months.  He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".  Lord O'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister's chief of staff. When he spoke to the BBC, that was Sue Gray, who Lord O'Donnell said ""knows the civil service backwards"". Ms Gray has since resigned as chief of staff and will take up a new role as the PM's envoy for nations and regions. Previously a senior civil servant herself, Ms Gray was at the centre of a row over her own salary in September, after the BBC revealed she was paid £170,000 a year.  This is more than the prime minister, who earns £166,786. Announcing her resignation, Ms Gray said ""intense commentary"" around her position in recent weeks ""risked becoming a distraction to the government's vital work of change"". She has been replaced by Morgan McSweeney, who was Labour's general election campaign director.  ",BBC,06/10/2024,"['Former cabinet secretary Lord O\'Donnell has said the position of top civil servant is ""massively underpaid"".', ""He is involved in the recruitment process for the £200,000-a-year role, following Simon Case's decision to step down on health grounds."", 'Lord O\'Donnell, who held the post between 2005 and 2011, told the BBC the ""incredibly demanding job"" should have a higher salary.', ""The cabinet secretary is the UK's most senior civil servant."", ""The job involves advising the prime minister, leading implementation of the government's policies and managing other high-level civil servants."", 'Speaking to BBC Radio 4\'s The Westminster Hour, Lord O\'Donnell described the position as a ""huge job"".', 'He said: ""It\'s massively underpaid in my view - given I\'ve been paid a lot more since, to do a lot less.""', ""Senior civil servants' pay is set by the government after receiving recommendations from the independent Senior Salaries Review Body."", ""Lord O'Donnell served as cabinet secretary under three prime ministers."", ""He was promoted to the post under Tony Blair in 2005, and he remained in the role for Gordon Brown's premiership between 2007 and 2010."", 'He stepped down in 2011, under the David Cameron-led coalition government.', 'Recruitment is under way to replace the current cabinet secretary, Simon Case, who has said he will step down by the end of the year.', 'Announcing his resignation, Mr Case said he had been undergoing medical treatment for a ""neurological condition"" for the past 18 months.', 'He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".', 'Lord O\'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister\'s chief of staff.', 'When he spoke to the BBC, that was Sue Gray, who Lord O\'Donnell said ""knows the civil service backwards"".', ""Ms Gray has since resigned as chief of staff and will take up a new role as the PM's envoy for nations and regions."", 'Previously a senior civil servant herself, Ms Gray was at the centre of a row over her own salary in September, after the BBC revealed she was paid £170,000 a year.', 'This is more than the prime minister, who earns £166,786.', 'Announcing her resignation, Ms Gray said ""intense commentary"" around her position in recent weeks ""risked becoming a distraction to the government\'s vital work of change"".', ""She has been replaced by Morgan McSweeney, who was Labour's general election campaign director.""]",-0.0291410068206913,"Lord O'Donnell said whoever replaces Mr Case will need to have a ""good relationship"" with the prime minister's chief of staff.","He stressed that his resignation was ""solely to do with health and nothing to do with anything else"".",-0.3163933257261912,"Speaking to BBC Radio 4's The Westminster Hour, Lord O'Donnell described the position as a ""huge job"".","He said: ""It's massively underpaid in my view - given I've been paid a lot more since, to do a lot less.""",2024-10-06
"TGI Fridays: 1,000 UK jobs to go despite rescue deal",https://www.bbc.co.uk/news/articles/cqxryv2pw40o,2024-10-07T13:49:16.788Z,"More than 1,000 TGI Fridays' UK staff will be made redundant despite a rescue deal from the owners of restaurant group D&D London. They have bought the UK operator of the American-themed chain, after its owner fell into administration last month. The deal will save nearly 2,400 jobs at 51 restaurants, but the administrators, Teneo, said 35 branches have closed. TGI Fridays UK said it was working with landlords on a deal to save the closed restaurants. ""We are doing everything possible to retain our team and support those impacted,"" said chief executive Julie McEwan. She added she was ""devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us"". The buyers, Breal Capital and Calveton UK, already own restaurant chains Byron Burgers and Vinoteca as well as restaurant group D&D London. A spokesperson for the new owners said it wanted to ""both modernise the business and capitalise on the heritage of this iconic brand"". They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"". However, Unite lead organiser for hospitality Bryan Simpson called the treatment of TGI Fridays' UK staff ""a national disgrace"". The union claimed that staff were locked out of their workplaces when some of the sites closed.  It has also said that its members are uncertain whether or not they will receive wages, holiday pay or tips earned. The company declined to comment when asked about these allegations by the BBC. The restaurants being closed are Barnsley, Birmingham Hagley Road, Bracknell, Brighton Marina, Bristol Cabot Circus, Cardiff Newport Road, Chelmsford, Cheltenham, Croydon, Derby, Dundee, Durham, Edinburgh Fort Kinnaird, Enfield, Gateshead, Gloucester Quays, Halifax, Jersey, Leeds, Leeds Trinity, Leicester, Lincoln, Manchester Royal Exchange, Newcastle Eldon Square, Newport, Northampton, Prestwich, Romford, Sale, Solihull, Southampton West Quay South, Speke, Sutton Coldfield, Swansea, and Watford North. Breal and Calveton secured the deal on Monday after TGI Fridays' UK owner Hostmore fell into administration due to debt. Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. ""With some investment and more importantly enthusiasm, the brand can really connect with diners again,"" said analyst Catherine Shuttleworth. She added it was notable the new owners had chosen to keep locations in shopping centres and retail parks ""where younger diners and families choose to spend their money"". TGI Fridays opened its first restaurant in New York in 1965 and its first UK restaurant in Covent Garden two decades later. ",BBC,07/10/2024,"[""More than 1,000 TGI Fridays' UK staff will be made redundant despite a rescue deal from the owners of restaurant group D&D London."", 'They have bought the UK operator of the American-themed chain, after its owner fell into administration last month.', 'The deal will save nearly 2,400 jobs at 51 restaurants, but the administrators, Teneo, said 35 branches have closed.', 'TGI Fridays UK said it was working with landlords on a deal to save the closed restaurants. ""', 'We are doing everything possible to retain our team and support those impacted,"" said chief executive Julie McEwan.', 'She added she was ""devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us"".', 'The buyers, Breal Capital and Calveton UK, already own restaurant chains Byron Burgers and Vinoteca as well as restaurant group D&D London.', 'A spokesperson for the new owners said it wanted to ""both modernise the business and capitalise on the heritage of this iconic brand"".', 'They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".', 'However, Unite lead organiser for hospitality Bryan Simpson called the treatment of TGI Fridays\' UK staff ""a national disgrace"".', 'The union claimed that staff were locked out of their workplaces when some of the sites closed.', 'It has also said that its members are uncertain whether or not they will receive wages, holiday pay or tips earned.', 'The company declined to comment when asked about these allegations by the BBC.', 'The restaurants being closed are Barnsley, Birmingham Hagley Road, Bracknell, Brighton Marina, Bristol Cabot Circus, Cardiff Newport Road, Chelmsford, Cheltenham, Croydon, Derby, Dundee, Durham, Edinburgh Fort Kinnaird, Enfield, Gateshead, Gloucester Quays, Halifax, Jersey, Leeds, Leeds Trinity, Leicester, Lincoln, Manchester Royal Exchange, Newcastle Eldon Square, Newport, Northampton, Prestwich, Romford, Sale, Solihull, Southampton West Quay South, Speke, Sutton Coldfield, Swansea, and Watford North.', ""Breal and Calveton secured the deal on Monday after TGI Fridays' UK owner Hostmore fell into administration due to debt."", 'Retail experts have blamed the collapse of TGI Fridays\' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. ""', 'With some investment and more importantly enthusiasm, the brand can really connect with diners again,"" said analyst Catherine Shuttleworth.', 'She added it was notable the new owners had chosen to keep locations in shopping centres and retail parks ""where younger diners and families choose to spend their money"".', 'TGI Fridays opened its first restaurant in New York in 1965 and its first UK restaurant in Covent Garden two decades later.']",0.0818722346734015,"They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".","Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. """,0.1620138353771633,"They added that the deal ""preserves a significant proportion of jobs and will hopefully provide the business with the stability and support it needs to recover and grow"".","Retail experts have blamed the collapse of TGI Fridays' UK business on a failure to adapt its American-inspired, meat-heavy menu to changing consumer tastes for healthier options. """,2024-10-06
'Rightmove is my porn' - the addiction to online property search,https://www.bbc.co.uk/news/articles/c77xdp1e56yo,2024-10-05T23:36:55.911Z,"Katie Smith has had an addiction for as long as she can remember. Something she feels compelled to do dozens of times a day. The 30-year-old finds herself repeatedly opening the Rightmove app, despite the fact she has no intention of moving house anytime soon. ""Rightmove is my porn,"" laughs Katie, from Stone, Staffordshire. ""It's like being a modern day peeping Tom,"" she says, referring to the number of homes she looks inside, all from the comfort of her smartphone. Last week, after a day trip to Knutsford, Cheshire, she spent the evening looking at all the houses for sale there - regardless of price. And during a recent weekend in London, she loved looking at ""how expensive houses in Richmond are"", which was close to her hotel. Property portals like Rightmove, Zoopla and On the Market are goldmines of user data about both homebuyers and sellers. Zoopla told the BBC that 1,860 properties are viewed every minute on its website and app, while the figure is even higher for Rightmove – nearly 10,000 properties viewed per minute. Rightmove recently rejected a fourth takeover bid by Rupert Murdoch’s REA Group, saying the latest £6.2bn offer undervalued the company and its future prospects, showing just how valuable the data it holds is. The websites themselves acknowledge that not all their users may actually be looking to move home, so what is it that keeps people scrolling? Katie, who previously worked in interior design, says she loves to check how quickly properties might sell and has a list of favourite homes she has looked at. ""I love character properties, things with features like beautiful Georgian homes,"" she says. While she and her partner are planning to move out of her rented accommodation in about six months, there is no immediate or urgent need to search. ""He thinks I am looking at more houses because of this, but it's not - it's just because I love it!” Sam Kennedy Christian, who lives in Herne Bay in Kent with her husband and two children, uses Zoopla to look at her dream purchases. ""I love imagining what I'd get if we won the lottery... specifically in the Isle of Man where I grew up and my family still live,"" she says. They moved closer to the seaside during the pandemic as many people looked for more outdoor space. Sam says she enjoys refreshing the Zoopla app as part of her ""bedtime scrolling"" routine, or while waiting for the baby to drop off to sleep. She also keeps an eye on similar properties in the local market, although they are not intending to sell anytime soon. ""I especially love a floorplan - you can get a real handle on a house, and how you might use the space."" When we browse property websites, we’re engaging in “a form of escapism that taps into the brain’s reward systems,"" says Louisa Dunbar, the founder of OrangeGrove, a research agency that uses behavioural science to improve business websites. ""Visualising ourselves in these desirable homes triggers the dopamine system, giving us a sense of pleasure, even if we’re not planning to buy. It’s a chance to mentally step into a better life.” She says that certain features of property portals can play a big role on what we might click on. High-quality photos may encourage viewers to picture themselves living in a property, while the use of badging listings with terms like ""Highlight"" or ""Just added"" fuels the fear of missing out. These psychological triggers can keep us engaged as we nose around the neighbour's living room, or imagine a better future, she says. Users may love these property sites, but are they worth it to estate agents, given most online viewings will not turn into actual enquiries? Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader. They say they provide all the photos and listings information about the houses for sale and are then having to pay to do it. It means these high costs can limit their ability to advertise in local newspapers or other places. One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove. The prices [for estate agents] are going up faster than I’d like and I worry about the stranglehold they have on the market. “But, even if many users are just idly browsing without any real intention of moving, it is still worth it to have properties on there.” Rightmove responded, saying it has ""a variety of different packages to suit businesses of different sizes and needs and the average [agent] spends £1,497 per month"". Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall. On Thursday, Zoopla said the number of homes for sale on its platform is growing. And for now they seem to be attracting everyone whether you're an idle browser just nosing around, fantasising perhaps about castles you can never afford, a homeowner checking on how the value of your home compares with your neighbours’, or even an actual genuine buyer. Additional reporting by Chris Newlands ",BBC,05/10/2024,"['Katie Smith has had an addiction for as long as she can remember.', 'Something she feels compelled to do dozens of times a day.', 'The 30-year-old finds herself repeatedly opening the Rightmove app, despite the fact she has no intention of moving house anytime soon. ""', 'Rightmove is my porn,"" laughs Katie, from Stone, Staffordshire. ""', 'It\'s like being a modern day peeping Tom,"" she says, referring to the number of homes she looks inside, all from the comfort of her smartphone.', 'Last week, after a day trip to Knutsford, Cheshire, she spent the evening looking at all the houses for sale there - regardless of price.', 'And during a recent weekend in London, she loved looking at ""how expensive houses in Richmond are"", which was close to her hotel.', 'Property portals like Rightmove, Zoopla and On the Market are goldmines of user data about both homebuyers and sellers.', 'Zoopla told the BBC that 1,860 properties are viewed every minute on its website and app, while the figure is even higher for Rightmove – nearly 10,000 properties viewed per minute.', 'Rightmove recently rejected a fourth takeover bid by Rupert Murdoch’s REA Group, saying the latest £6.2bn offer undervalued the company and its future prospects, showing just how valuable the data it holds is.', 'The websites themselves acknowledge that not all their users may actually be looking to move home, so what is it that keeps people scrolling?', 'Katie, who previously worked in interior design, says she loves to check how quickly properties might sell and has a list of favourite homes she has looked at. ""', 'I love character properties, things with features like beautiful Georgian homes,"" she says.', 'While she and her partner are planning to move out of her rented accommodation in about six months, there is no immediate or urgent need to search. ""', ""He thinks I am looking at more houses because of this, but it's not - it's just because I love it!”"", 'Sam Kennedy Christian, who lives in Herne Bay in Kent with her husband and two children, uses Zoopla to look at her dream purchases. ""', 'I love imagining what I\'d get if we won the lottery... specifically in the Isle of Man where I grew up and my family still live,"" she says.', 'They moved closer to the seaside during the pandemic as many people looked for more outdoor space.', 'Sam says she enjoys refreshing the Zoopla app as part of her ""bedtime scrolling"" routine, or while waiting for the baby to drop off to sleep.', 'She also keeps an eye on similar properties in the local market, although they are not intending to sell anytime soon. ""', 'I especially love a floorplan - you can get a real handle on a house, and how you might use the space.""', 'When we browse property websites, we’re engaging in “a form of escapism that taps into the brain’s reward systems,"" says Louisa Dunbar, the founder of OrangeGrove, a research agency that uses behavioural science to improve business websites. ""', 'Visualising ourselves in these desirable homes triggers the dopamine system, giving us a sense of pleasure, even if we’re not planning to buy.', 'It’s a chance to mentally step into a better life.”', 'She says that certain features of property portals can play a big role on what we might click on.', 'High-quality photos may encourage viewers to picture themselves living in a property, while the use of badging listings with terms like ""Highlight"" or ""Just added"" fuels the fear of missing out.', ""These psychological triggers can keep us engaged as we nose around the neighbour's living room, or imagine a better future, she says."", 'Users may love these property sites, but are they worth it to estate agents, given most online viewings will not turn into actual enquiries?', 'Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader.', 'They say they provide all the photos and listings information about the houses for sale and are then having to pay to do it.', 'It means these high costs can limit their ability to advertise in local newspapers or other places.', 'One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove.', 'The prices [for estate agents] are going up faster than I’d like and I worry about the stranglehold they have on the market. “', 'But, even if many users are just idly browsing without any real intention of moving, it is still worth it to have properties on there.”', 'Rightmove responded, saying it has ""a variety of different packages to suit businesses of different sizes and needs and the average [agent] spends £1,497 per month"".', 'Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall.', 'On Thursday, Zoopla said the number of homes for sale on its platform is growing.', ""And for now they seem to be attracting everyone whether you're an idle browser just nosing around, fantasising perhaps about castles you can never afford, a homeowner checking on how the value of your home compares with your neighbours’, or even an actual genuine buyer."", 'Additional reporting by Chris Newlands']",0.3008770236306,"I love character properties, things with features like beautiful Georgian homes,"" she says.","One estate agent, who did not wish to be named, told the BBC: “Right now, it’s a case of not being able to live without the likes of Rightmove.",0.1301024887296888,"Both Rightmove and Zoopla are bullish about the future, saying that confidence in the market is recovering as mortgage rates fall.","Some agents have expressed unease at the high cost to advertise, particularly on Rightmove as the market leader.",2024-10-06
Oil price rises on Biden Iran oil strike comments,https://www.bbc.co.uk/news/articles/cx250ygn9ddo,2024-10-03T15:41:26.276Z,"The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."" Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China. Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year. Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices. The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022. But the escalation of violence in the Middle East and threat of further action is now stalking the markets. Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass. Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers. Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant. Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”. All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war. It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack. ",BBC,03/10/2024,"['The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.', 'Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.""', 'Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.', 'Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.', 'Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.', 'So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.', 'The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.', 'But the escalation of violence in the Middle East and threat of further action is now stalking the markets.', 'Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.', 'Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.', 'Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.', 'Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.', 'All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.', 'It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.']",-0.2695893627206487,"Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.",But the escalation of violence in the Middle East and threat of further action is now stalking the markets.,0.2404266744852066,"Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.","So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.",2024-10-06
"Bankers ‘neither villains nor rock stars’, says Industry creator",https://www.bbc.co.uk/news/articles/c99v37n1931o,2024-10-06T00:36:53.035Z,"Wall Street, American Psycho, The Wolf of Wall Street… for decades, the image of the banker has loomed large in popular culture. And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry. Konrad Kay, who co-writes the series, says bankers faced a ""lazy"" and ""villainous stereotype"" at the time - with a perception that they needed ""bringing down a peg or two"". Industry is a critically-acclaimed drama set inside the fictional London office of Pierpoint & Co, a prestigious, high-pressure, sex-and-drug-fuelled international investment bank. It is now airing its third series. Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"". For Kay and co-creator Mickey Down, who both previously worked in finance, their show is not a simple question of whether bankers are good or bad. ""I guess what the show is saying, and we're never didactic about this stuff, is that Pierpoint and the wider capitalist enterprise turbocharge some of their worst instincts,"" says Kay. Ultimately, bankers are ""neither villains nor rock stars"", he adds. Industry looks at some of the nuances of the financial world, the writers say, and especially the people at the beginning of their careers. According to Down, the show is driven by the characters who have the least amount of power. Industry follows three Gen-Z finance workers: Harper Stern (played by Myha'la), Robert Spearing (Harry Lawtey) and Yasmin Kara-Hanani (Marisa Abela). Down adds that Industry is about realising there are ""different ceilings for everyone"" - and that your background, race and gender can ""have a huge bearing on how successful you can be"". This is partly why the co-writers say they portray the character of Harper, arguably the most ruthless of the three main characters, ""with love"". ""People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she's awful, she's heinous, she's selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. ""We write her as a young black woman who has come from a disadvantaged background, who is ridiculously ambitious and will do everything to achieve her goals - and that is thrilling."" ",BBC,06/10/2024,"['Wall Street, American Psycho, The Wolf of Wall Street… for decades, the image of the banker has loomed large in popular culture.', 'And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry.', 'Konrad Kay, who co-writes the series, says bankers faced a ""lazy"" and ""villainous stereotype"" at the time - with a perception that they needed ""bringing down a peg or two"".', 'Industry is a critically-acclaimed drama set inside the fictional London office of Pierpoint & Co, a prestigious, high-pressure, sex-and-drug-fuelled international investment bank.', 'It is now airing its third series.', 'Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".', 'For Kay and co-creator Mickey Down, who both previously worked in finance, their show is not a simple question of whether bankers are good or bad. ""', 'I guess what the show is saying, and we\'re never didactic about this stuff, is that Pierpoint and the wider capitalist enterprise turbocharge some of their worst instincts,"" says Kay.', 'Ultimately, bankers are ""neither villains nor rock stars"", he adds.', 'Industry looks at some of the nuances of the financial world, the writers say, and especially the people at the beginning of their careers.', 'According to Down, the show is driven by the characters who have the least amount of power.', ""Industry follows three Gen-Z finance workers: Harper Stern (played by Myha'la), Robert Spearing (Harry Lawtey) and Yasmin Kara-Hanani (Marisa Abela)."", 'Down adds that Industry is about realising there are ""different ceilings for everyone"" - and that your background, race and gender can ""have a huge bearing on how successful you can be"".', 'This is partly why the co-writers say they portray the character of Harper, arguably the most ruthless of the three main characters, ""with love"". ""', 'People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she\'s awful, she\'s heinous, she\'s selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. ""', 'We write her as a young black woman who has come from a disadvantaged background, who is ridiculously ambitious and will do everything to achieve her goals - and that is thrilling.""']",0.0061795911751729,"Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".","People obviously throw a lot of words at these characters, insults sometimes, especially at Harper, saying she's awful, she's heinous, she's selfish, all that stuff,"" says Down, adding: ""We write her from a place of understanding. """,-0.1122929453849792,"Critics have called the series - that introduces new character Sir Henry Muck, a hyper-privileged eco-entrepreneur played by Game of Thrones star Kit Harington - an ""excitingly ornate rollercoaster"" and ""more thrilling than ever"".","And after the 2008 financial crisis, the reputation of finance workers took a big hit, according to one of the creators of banking drama Industry.",2024-10-06
Mystery surrounds Elon Musk interview with US regulators,https://www.bbc.co.uk/news/articles/c0e1xgw4dqdo,2024-10-03T08:50:29.903Z,"US regulators and representatives of Elon Musk have remained tight-lipped over whether the billionaire attended an interview on Thursday about his takeover of Twitter - now called X, as required by a federal court. Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles. However, Mr Musk fell unusually quiet on X not posting for several hours on Thursday morning, and on Friday wrote a post indicating he had visited Los Angeles. The SEC is investigating whether Mr Musk waited too long to disclose he was building up a stake in Twitter before his 2022 takeover - a delay he has previously described as a mistake.   The nation's top securities regulator had called for possible sanctions, if Mr Musk failed to attend.  For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul. But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear. Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk's deposition date.  And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch. The SEC says he did not inform them of those plans.  The government lawyers only learned of the post and interview later.  They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared. Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022. The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws. But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment. In October, the SEC asked a court to order him to provide more testimony. Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing. They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.  Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added. Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others.  ""In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote. Mr Musk's lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"". The SEC declined to comment when approached by the BBC. But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.  ",BBC,03/10/2024,"['US regulators and representatives of Elon Musk have remained tight-lipped over whether the billionaire attended an interview on Thursday about his takeover of Twitter - now called X, as required by a federal court.', 'Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles.', 'However, Mr Musk fell unusually quiet on X not posting for several hours on Thursday morning, and on Friday wrote a post indicating he had visited Los Angeles.', 'The SEC is investigating whether Mr Musk waited too long to disclose he was building up a stake in Twitter before his 2022 takeover - a delay he has previously described as a mistake.', ""The nation's top securities regulator had called for possible sanctions, if Mr Musk failed to attend."", 'For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul.', ""But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear."", 'Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk\'s deposition date.', 'And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch.', 'The SEC says he did not inform them of those plans.', 'The government lawyers only learned of the post and interview later.', 'They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared.', 'Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022.', 'The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws.', 'But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment.', 'In October, the SEC asked a court to order him to provide more testimony.', 'Mr Musk\'s reason for missing last month\'s appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.', 'They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.', 'Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added.', 'Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others. ""', 'In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote.', 'Mr Musk\'s lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"".', 'The SEC declined to comment when approached by the BBC.', 'But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""', 'The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.']",-0.1038664010811857,"In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote.","They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.",-0.8115430921316147,,"Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.",2024-10-05
How worried should I be about rising oil prices?,https://www.bbc.co.uk/news/articles/cgry10924jqo,2024-10-04T17:54:11.932Z,"As the conflict across the Middle East widens, rising oil prices are being closely watched. The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car. The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.  That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130. The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine. So how worried should we be? Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years. If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices. These increased costs could then be passed on by supermarkets selling the food to us, the consumer. The cost of living goes up. ""Everything we go and buy in the shop has been transported around and has been made from things that have been transported around. The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC. Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK. Mr Bailey said he was watching developments ""extremely closely"". This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter. Yet so far a rise to about $78 a barrel is not the time for alarm bells. If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics. Iran is the world's seventh largest oil exporter, with half of its exports going to China. If supplies were disrupted, China could turn to Russia. But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"". She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia's ""loyalty will lie"" as the world's second largest oil producer and whether it will increase or restrict further production. Mr Macpherson says if Israel did decide to attack Iran's oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".  He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates. However, he also points out ""there might not ultimately be any disruption to supply"" at all. The direct impact of Iran's oil production is not the only concern.  There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil. It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine. Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant. Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills. As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods. UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January. This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices. But Ms Bain says the risk of strait being blocked as a result of the conflict is small. And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway. There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.  There's a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"". ",BBC,04/10/2024,"['As the conflict across the Middle East widens, rising oil prices are being closely watched.', 'The cost of oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.', 'The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.', ""That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130."", ""The uptick comes as many countries, including the UK, are just beginning to recover from the sharp rise in oil prices after the Covid pandemic and Russia's war in Ukraine."", 'So how worried should we be?', ""Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could drive up prices at the pumps just when they've just hit their lowest level for three years."", 'If a company delivering goods, such as food, is hit by higher fuel costs, it is also likely to raise its prices.', 'These increased costs could then be passed on by supermarkets selling the food to us, the consumer.', 'The cost of living goes up. ""', 'Everything we go and buy in the shop has been transported around and has been made from things that have been transported around.', 'The increase in fuel costs tends to filter into everything,"" Callum Macpherson, head of commodities at Investec, tells the BBC.', 'Andrew Bailey, governor of the Bank of England, which sets interest rates, has warned the conflict in the Middle East has the potential to have a ""very serious"" impact on the UK.', 'Mr Bailey said he was watching developments ""extremely closely"".', ""This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter."", 'Yet so far a rise to about $78 a barrel is not the time for alarm bells.', 'If the ""worst-case scenario"" of further escalation does not materialise, oil prices are likely to ""ease back quite quickly"", says Caroline Bain, chief commodities economist at Capital Economics.', ""Iran is the world's seventh largest oil exporter, with half of its exports going to China."", 'If supplies were disrupted, China could turn to Russia.', 'But Ms Bain warns markets are ""finely balanced"", and if the conflict escalates, ""taking out a medium-sized supplier like Iran would lead to a spike in prices"".', 'She says there is ""more than enough capacity"" globally to cover the gap if Iranian production is lost, but there is the question of where Saudi Arabia\'s ""loyalty will lie"" as the world\'s second largest oil producer and whether it will increase or restrict further production.', 'Mr Macpherson says if Israel did decide to attack Iran\'s oil sector, a rise in the price of Brent crude could increase the cost of filling up at the pumps ""quite quickly"".', 'He explains that this scenario could threaten general inflation in the UK, which could in turn influence any decision from the Bank of England to lower interest rates.', 'However, he also points out ""there might not ultimately be any disruption to supply"" at all.', ""The direct impact of Iran's oil production is not the only concern."", 'There is a risk that any escalation in the region could block the Strait of Hormuz, a relatively narrow channel through which a huge amount of oil tanker traffic passes -about a third of total seaborne-traded oil.', 'It is also the path through which a fifth of liquefied natural gas (LNG) is transported, a commodity that the world has become more dependent on since sanctions were imposed on Russia following its invasion of Ukraine.', 'Asia is most physically dependent on the flow of oil and gas out of the Persian Gulf, and the immediate impact of an escalation would be significant.', ""Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills."", 'As with oil, gas prices filter down supply chains, affecting the cost of virtually all goods.', 'UK energy bills have risen 10% for this winter, but are currently predicted to fall slightly in January.', 'This forecast could change of course, if an escalation to the conflict in the Middle East affects global gas supplies, and leads to higher prices.', 'But Ms Bain says the risk of strait being blocked as a result of the conflict is small.', ""And if it does transpire, Mr Macpherson adds the effect on the UK would be minimal, given that most of Europe's gas is supplied mainly from Norway."", 'There are a lot of possible outcomes, but in terms of what will happen with oil prices in the coming weeks and months, ""nobody knows"", Mr Macpherson admits.', 'There\'s a ""wide spectrum"" of what could come next, he adds, but ""there is really no way of telling where we will be this time next week"".']",-0.1453578692361221,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.","That may seem like a big jump, but the price of crude oil tends to be volatile, and in the aftermath of Russia's invasion of Ukraine, a barrel of benchmark Brent crude hit almost $130.",-0.3424388539223444,"This comes as he signalled interest rates are on the path downwards, and the UK's prospects on inflation - which has come down after being driven up by high oil and gas prices in 2022 - are looking brighter.",Disruption to LNG shipments from one of the world's biggest exporters in Qatar would lead to higher gas prices - which could in turn lead to a rise in household gas and electricity bills.,2024-10-05
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-05
CVS is under pressure and considering a breakup. Here's why that could be risky,https://www.cnbc.com/2024/10/04/cvs-is-considering-a-break-up-heres-why-that-could-be-risky.html,2024-10-04T15:30:17+0000,"In this articleIt's time for a wellness check at CVS Health.Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.CVS has engaged advisors in a strategic review of its business, CNBC reported Monday. One option being weighed is splitting up its retail pharmacy and insurance units. It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.Some analysts contend that a breakup of CVS would be challenging and unlikely. CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark. That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters. ""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported. But Glenview on Tuesday denied rumors that it is pushing to break up the company.If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits. CVS on Monday said that plan involves laying off nearly 3,000 employees.Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year. That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane.CVS' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup. ""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement. Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses. Separating them could come with risks, they added. ""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy.""Many of CVS' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI. Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue. Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. In the event of a breakup, it's not clear where Caremark would fall.Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business. CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March. Walgreens trailed behind with nearly 15% of that share last year. Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues, largely due to falling reimbursement rates for prescription drugs. Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store. Meanwhile, burnout among pharmacy staff is also putting pressure on the industry. CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S. CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut. He said a spinoff of CVS' retail pharmacies would be more likely.""There's a reason they're cutting down stores. Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?"" Tanquilut said. CVS has other assets that would need to be distributed in the event of a breakup. That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022. Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years. Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday. The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services. CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers. But CVS has also started to integrate Oak Street Health with its retail pharmacies. The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year. Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Walgreens could potentially exit that market altogether. The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they're actually hitting their numbers."" Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added. ""Why get rid of them when they're still strategic in nature?"" Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny. He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said. Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year. Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision. Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry. More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF. But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon. Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits. In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year. Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services. Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing. But things may start to look up in 2025. For example, one of the company's large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August. ""We're giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said. During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track."" The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits. That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.",CNBC,04/10/2024,"[""In this articleIt's time for a wellness check at CVS Health."", 'Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.', 'As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.', 'CVS has engaged advisors in a strategic review of its business, CNBC reported Monday.', 'One option being weighed is splitting up its retail pharmacy and insurance units.', 'It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.', 'Some analysts contend that a breakup of CVS would be challenging and unlikely.', 'CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark.', 'That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters.', '""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""', 'If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.', '""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported.', 'But Glenview on Tuesday denied rumors that it is pushing to break up the company.', 'If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.', 'The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits.', 'CVS on Monday said that plan involves laying off nearly 3,000 employees.', 'Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year.', ""That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane."", 'CVS\' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup.', '""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement.', 'Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.', 'Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses.', 'Separating them could come with risks, they added.', '""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""', ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy."", '""Many of CVS\' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI.', 'Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.', ""Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", ""That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses."", ""In the event of a breakup, it's not clear where Caremark would fall."", ""Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal."", 'But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said.', ""That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business."", 'CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March.', 'Walgreens trailed behind with nearly 15% of that share last year.', 'Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues,largely due to falling reimbursement rates for prescription drugs.', 'Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store.', 'Meanwhile, burnout among pharmacy staff is also putting pressure on the industry.', ""CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S.CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August."", 'The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut.', ""He said a spinoff of CVS' retail pharmacies would be more likely."", '""There\'s a reason they\'re cutting down stores.', 'Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?""', 'Tanquilut said.', 'CVS has other assets that would need to be distributed in the event of a breakup.', 'That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022.', ""Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years."", 'Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday.', ""The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services."", ""CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers."", 'But CVS has also started to integrate Oak Street Health with its retail pharmacies.', 'The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year.', 'Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Walgreens could potentially exit that market altogether.', 'The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they\'re actually hitting their numbers.', '""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.', 'Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added.', '""Why get rid of them when they\'re still strategic in nature?""', 'Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.', 'If CVS doesn\'t undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.', ""He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said."", 'Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year.', 'Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', 'Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry.', 'More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF.But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon.', 'Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits.', ""In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year."", 'Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services.', 'Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.', 'Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing.', 'But things may start to look up in 2025.For example, one of the company\'s large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August.', '""We\'re giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said.', 'During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track.', '""The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits.', 'That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them.', 'Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.']",0.2494791947242859,"If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.","Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.",-0.1334115386009216,"""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.","He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said.",2024-10-05
Levi Strauss trims guidance as it weighs sale of Dockers business,https://www.cnbc.com/2024/10/02/levi-levi-earnings-q3-2024.html,2024-10-03T13:39:37+0000,"In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday. Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected. Shares of Levi's fell more than 8% in extended trading Wednesday.Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier. Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier. With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG. It expects earnings per share to be at the midpoint of that range.It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%. That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers. It started that brand in 1986 to offer consumers an alternative to denim: khakis. Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion. The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans.During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million. ""Over the last couple of years, the brand has underperformed. … We felt this was the right decision for the long term. Our view financially is the exit of Dockers will improve the company's overall margins and also minimize volatility in top-line growth,"" Levi's finance chief, Harmit Singh, told CNBC in an interview. ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."" Levi's has tapped Bank of America to lead the sale process. Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers.During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold. Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's. The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII'S JEANS"" earlier this year on her country album.""Our strategic decision was to actually have Beyoncé represent some of our core product. So in the first ad, chapter one, she's in ... 501s and an essential white t-shirt and it doesn't get more Levi's than that,"" CEO Michelle Gass told CNBC. ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.""Sales in Levi's Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower. Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected. In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million. ""China was a drag,"" Singh said of the region, which represents about 2% of Levi's overall business. ""It's got this macro headwinds, and we had some execution issues. We've just changed the leadership in China and over time we still believe in the long-term potential of China.""In the Americas, beyond a slowdown at Docker's, sales were also impacted by one of Levi's largest wholesale customers in Mexico, Singh said. During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales. The region is also working through some ""execution issues,"" said Singh.",CNBC,03/10/2024,"['In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday.', ""Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected."", ""Shares of Levi's fell more than 8% in extended trading Wednesday."", ""Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier."", ""Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share."", 'Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.', ""With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG.It expects earnings per share to be at the midpoint of that range."", 'It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%.', ""That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers."", 'It started that brand in 1986 to offer consumers an alternative to denim: khakis.', ""Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion."", ""The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans."", 'During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million.', '""Over the last couple of years, the brand has underperformed. …', 'We felt this was the right decision for the long term.', 'Our view financially is the exit of Dockers will improve the company\'s overall margins and also minimize volatility in top-line growth,"" Levi\'s finance chief, Harmit Singh, told CNBC in an interview. ""', ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."", '""Levi\'s has tapped Bank of America to lead the sale process.', ""Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers."", ""During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold."", ""Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's."", 'The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.', ""During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce."", 'Overall, direct sales comprised 44% of total revenue and Levi\'s wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII\'S JEANS"" earlier this year on her country album.', '""Our strategic decision was to actually have Beyoncé represent some of our core product.', 'So in the first ad, chapter one, she\'s in ... 501s and an essential white t-shirt and it doesn\'t get more Levi\'s than that,"" CEO Michelle Gass told CNBC. ""', ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that."", '""Sales in Levi\'s Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower.', ""Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected."", ""In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million."", '""China was a drag,"" Singh said of the region, which represents about 2% of Levi\'s overall business. ""', ""It's got this macro headwinds, and we had some execution issues."", ""We've just changed the leadership in China and over time we still believe in the long-term potential of China."", '""In the Americas, beyond a slowdown at Docker\'s, sales were also impacted by one of Levi\'s largest wholesale customers in Mexico, Singh said.', 'During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales.', 'The region is also working through some ""execution issues,"" said Singh.']",0.1341454095251397,"Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.","Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion.",0.0854245259844023,"During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold.","Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.",2024-10-05
Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks,https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html,2024-10-03T15:16:52+0000,"Major League Baseball is out of here.Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan.Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.MLB's regular season ended earlier this week, and the postseason has already begun. Regional sports networks primarily air regular-season games.""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible.""He added the company is still in negotiations with the individual clubs, but its discussions with MLB's Commissioner's Office have ended.MLB's attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again."" A spokesperson for MLB declined to comment. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games. But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates. As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month.A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan. While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists. Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.""Today marks an important step forward for Diamond with the filing of a baseline plan to enable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans. We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.""Diamond's tussles with MLB began before the filing.Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.",CNBC,03/10/2024,"['Major League Baseball is out of here.', 'Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.', 'Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.', ""A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan."", 'Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.', ""MLB's regular season ended earlier this week, and the postseason has already begun."", 'Regional sports networks primarily air regular-season games.', '""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""', ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible."", '""He added the company is still in negotiations with the individual clubs, but its discussions with MLB\'s Commissioner\'s Office have ended.', 'MLB\'s attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again.""', 'A spokesperson for MLB declined to comment.', ""Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal."", 'For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games.', 'But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.', ""This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates."", 'As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.', ""In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month."", 'A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan.', 'While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists.', 'Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.', '""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""', 'We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans.', 'We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.', '""Diamond\'s tussles with MLB began before the filing.', 'Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.', 'Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.']",0.1290548242003872,We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.,"But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",-0.1579184710979461,"""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""","But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",2024-10-05
US jobs creation surges unexpectedly in September,https://www.bbc.co.uk/news/articles/c3e903nx51qo,2024-10-04T12:43:58.610Z,"Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.  Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.  That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast. President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.  Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment. Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels. Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market. But Friday's report showed solid wage gains and eased fears of a sudden change for the worse in the labour market.  ""All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics.  ""If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries."" Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report. Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.  The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought. Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time.  ""Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices."" However, analysts cautioned that September can be a quirky month for data, given the start of the school year. Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene. Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target.  But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""They can move at a more measured pace,"" Ms Vanden Houten said.  ""To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn't sending that signal."" ",BBC,04/10/2024,"['Hiring in the US surged unexpectedly last month, easing fears that the economy might be heading for a sudden, sharp downturn.', 'Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%, the Labor Department said.', 'That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.', 'President Joe Biden welcomed the report, one of the last major pieces of economic data that voters will receive before the presidential election.', 'Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.', 'Over the past year, job growth has also slowed and the unemployment rate has been edging higher, though it remains at historically low levels.', 'Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.', 'But Friday\'s report showed solid wage gains and eased fears of a sudden change for the worse in the labour market. ""', 'All in all, it was a much stronger report than we were anticipating,"" said Nancy Vanden Houten, lead US economist at Oxford Economics. ""', 'If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""', 'Bars and restaurants led the hiring in September, adding 69,000 jobs, according to the report.', 'Retailers and health care firms also reported job gains, while the manufacturing sector shed positions.', 'The Labor Department also updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought.', 'Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""', 'Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,"" President Biden said. ""', 'With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices.""', 'However, analysts cautioned that September can be a quirky month for data, given the start of the school year.', 'Next month, job figures may be hit by the labour strike at Boeing and damage from Hurricane Helene.', ""Analysts said they still thought the Fed would cut rates in the months ahead, noting that price inflation seems headed back to the bank's 2% target."", 'But they said the stronger-than-expected job growth this month suggested the Federal Reserve would make smaller rate cuts in the future. ""', 'They can move at a more measured pace,"" Ms Vanden Houten said. ""', 'To cause them to move more aggressively again, they would need to see something really worrisome... and this report definitely isn\'t sending that signal.""']",-0.0467778797903839,"That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.","If anyone was worried about the labour market being so weak that we were on the verge of a recession, then that should eliminate those worries.""",0.493999096751213,"Average hourly pay was up 4% over the last 12 months, according to the report, outpacing the pace of inflation during that time. ""","Surveys indicate public doubts about the economy have remained persistent, as a 20% rise in prices since 2021 weighs on sentiment.",2024-10-05
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-05
"Ford reveals new 2025 Expedition SUV, including off-road and 'Ultimate' models",https://www.cnbc.com/2024/10/03/2025-ford-expedition-new-off-road-and-ultimate-models-revealed.html,2024-10-04T12:40:19+0000,"In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system.""We spent more than 1,100 hours talking with customers about their everyday lives. And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring. That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon.While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs.Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor. The off-road inspired Tremor is new for the Expedition but is available on other vehicles.The Expedition will continue to be available in a standard version or longer ""Max"" model. It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.",CNBC,04/10/2024,"['In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.', ""The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system."", '""We spent more than 1,100 hours talking with customers about their everyday lives.', 'And with those insights we\'ve rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.', 'Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring.', ""That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles."", ""The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon."", ""While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market."", ""Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs."", 'Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor.', 'The off-road inspired Tremor is new for the Expedition but is available on other vehicles.', 'The Expedition will continue to be available in a standard version or longer ""Max"" model.', 'It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.']",0.134815351609088,"And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.","While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.",0.5859340826670328,"Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.","That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.",2024-10-05
"Rivian shares fall after EV maker slashes production forecast, misses Q3 delivery expectations",https://www.cnbc.com/2024/10/04/rivian-lowers-production-forecast-misses-q3-delivery-expectations.html,2024-10-04T20:46:18+0000,"In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time. Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.",CNBC,04/10/2024,"['In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.', '""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues.', 'As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.', 'Shares of the Rivian, assisted by an expectation-defying jobs report that boosted markets, recovered some earlier losses to close down by 3.2% to $10.44.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.', 'Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We\'ve had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.', '""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.', 'Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.', 'The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time.', 'Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.', 'Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.']",-0.149495442567363,"Shares of Rivian are down by 56% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.","Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.",-0.4296137009348188,"As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.","In this articleShares of Rivian Automotive dropped by as much as 8.9% in intraday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.",2024-10-05
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-05
Costco adds platinum bars to its precious metals lineup,https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html,2024-10-02T18:56:52+0000,"In this articleCostco continues to chip away at the gold mine that is the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins. The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.It's no surprise the company has continued to delve into the precious metals market. Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.""I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company's earnings call in September 2023. ""When we load them on the site, they're typically gone within a few hours, and we limit two per member.""The value of gold has risen more than 40% in the past year and over 70% in the last five years. But the price of platinum has been a little more rocky in recent years. The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.— CNBC's Jeff Cox contributed to this report.",CNBC,02/10/2024,"['In this articleCostco continues to chip away at the gold mine that is the precious metals market.', 'The wholesaler is adding Swiss-made platinum bars to its selection.', 'Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins.', 'The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.', 'Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.', ""It's no surprise the company has continued to delve into the precious metals market."", 'Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.', 'Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.', '""I\'ve gotten a couple of calls that people have seen online that we\'ve been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company\'s earnings call in September 2023. ""', ""When we load them on the site, they're typically gone within a few hours, and we limit two per member."", '""The value of gold has risen more than 40% in the past year and over 70% in the last five years.', 'But the price of platinum has been a little more rocky in recent years.', 'The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.—', ""CNBC's Jeff Cox contributed to this report.""]",0.1985392723854112,In this articleCostco continues to chip away at the gold mine that is the precious metals market.,,0.3339467048645019,"""The value of gold has risen more than 40% in the past year and over 70% in the last five years.",But the price of platinum has been a little more rocky in recent years.,2024-10-05
LVMH and Formula One announce 10-year partnership,https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html,2024-10-02T16:25:28+0000,"In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.""The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei. ""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""We look forward to working with Bernard and Frédéric Arnault in the years to come.""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.More details of the partnership are set to come in 2025 and there were no financial details included in the release. Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.The next Grand Prix is Oct. 20 in Austin, Texas.",CNBC,02/10/2024,"['In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.', 'The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.', '""The official arrangement will not be the first time that LVMH and F1 have worked together.', ""F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei."", '""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""', 'We look forward to working with Bernard and Frédéric Arnault in the years to come.', '""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.', '""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.', 'More details of the partnership are set to come in 2025 and there were no financial details included in the release.', ""Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years."", 'Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers.', 'The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.', 'The next Grand Prix is Oct. 20 in Austin, Texas.']",0.3087355541446604,"F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.",More details of the partnership are set to come in 2025 and there were no financial details included in the release.,0.8942435483137766,Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.,,2024-10-05
International Longshoremen's Association suspends ports strike until January,https://www.bbc.co.uk/news/articles/cn8jxnn76qwo,2024-10-03T23:06:53.586Z,"The union representing tens of thousands of dockworkers across the US has agreed to suspend its strike while negotiations continue. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and Gulf coasts, halting container traffic from Maine to Texas. The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining table to negotiate ""all other outstanding issues"". The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. ""Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,"" said a joint statement by the ILA and the employers' group - United States Maritime Alliance (USMX). Under the tentative agreement, wages would go up by 62% over the next six years, BBC News understands. But negotiations will continue over a number of outstanding issues, including automation. The union had been calling for a 77% wage hike, while USMX had previously increased its pay rise offer to almost 50%. The BBC has contacted the ILA and USMX for comment. “The short ILA strike... will surely be ranked as one of the most lucrative 3 days in labour-management history,"" said Patrick L Anderson, CEO of business consultancy Anderson Economic Group. ""The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy."" German shipping group Hapag-Lloyd told Reuters on Friday that it could take three to four weeks to make up for the strike-related vessel backlog in US ports. The strike started on Tuesday after negotiations failed to produce a new six-year contract. The walkout was the ILA's first major stoppage since 1977. The affected ports included some of the nation's busiest, including in New York, Georgia and Texas. They are estimated by experts to handle more than a third of US imports and exports. US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"".  ""I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic,"" Biden said.  ""And I applaud the port operators and carriers who are members of the US Maritime Alliance for working hard and putting a strong offer on the table."" Biden noted the need for ports to be open to ""ensure the availability of critical supplies"" for those hit by Hurricane Helene, which has left more than 200 people dead in the US south-east. The news that the stoppage had been suspended was also welcomed by business owners. “The decision to end the current strike and allow the East and Gulf coast ports to reopen is good news for the nation’s economy,"" said Matthew Shay, president and CEO of the National Retail Federation in a statement. Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy. Some firms had been building up supplies as warnings of the strike circulated over the summer. Many consumers had also been fearful and were stocking up on some supplies, like baby formula and toilet paper. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties linked to container traffic. Harold Daggett, head of the ILA, demanded companies agree to boost hourly pay by $5 for each year of the contract.  The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ",BBC,03/10/2024,"['The union representing tens of thousands of dockworkers across the US has agreed to suspend its strike while negotiations continue.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and Gulf coasts, halting container traffic from Maine to Texas."", 'The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining table to negotiate ""all other outstanding issues"".', 'The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. ""', 'Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,"" said a joint statement by the ILA and the employers\' group - United States Maritime Alliance (USMX).', 'Under the tentative agreement, wages would go up by 62% over the next six years, BBC News understands.', 'But negotiations will continue over a number of outstanding issues, including automation.', 'The union had been calling for a 77% wage hike, while USMX had previously increased its pay rise offer to almost 50%.', 'The BBC has contacted the ILA and USMX for comment. “', 'The short ILA strike... will surely be ranked as one of the most lucrative 3 days in labour-management history,"" said Patrick L Anderson, CEO of business consultancy Anderson Economic Group. ""', 'The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy.""', 'German shipping group Hapag-Lloyd told Reuters on Friday that it could take three to four weeks to make up for the strike-related vessel backlog in US ports.', 'The strike started on Tuesday after negotiations failed to produce a new six-year contract.', ""The walkout was the ILA's first major stoppage since 1977."", ""The affected ports included some of the nation's busiest, including in New York, Georgia and Texas."", 'They are estimated by experts to handle more than a third of US imports and exports.', 'US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"". ""', 'I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic,"" Biden said. ""', 'And I applaud the port operators and carriers who are members of the US Maritime Alliance for working hard and putting a strong offer on the table.""', 'Biden noted the need for ports to be open to ""ensure the availability of critical supplies"" for those hit by Hurricane Helene, which has left more than 200 people dead in the US south-east.', 'The news that the stoppage had been suspended was also welcomed by business owners. “', 'The decision to end the current strike and allow the East and Gulf coast ports to reopen is good news for the nation’s economy,"" said Matthew Shay, president and CEO of the National Retail Federation in a statement.', 'Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy.', 'Some firms had been building up supplies as warnings of the strike circulated over the summer.', 'Many consumers had also been fearful and were stocking up on some supplies, like baby formula and toilet paper.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties linked to container traffic.', 'Harold Daggett, head of the ILA, demanded companies agree to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.']",0.138293433768684,"US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"". ""","The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. """,0.4157872305196874,"The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy.""","Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy.",2024-10-05
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-05
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-05
Mortgage rates spike after stronger-than-expected jobs report,https://www.cnbc.com/2024/10/04/mortgage-rates-jobs-report.html,2024-10-04T17:53:26+0000,"The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report. The rate is now 6.53%, according to Mortgage News Daily.That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point. Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.For mortgage rates, it is all about what the expectation is next for the Fed. As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.""Indeed, the Fed's decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today's would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily. ""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.""MBA's forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association's chief economist, Michael Fratantoni, wrote after the jobs report was released. ""This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.""Today's homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels. There is also still very low inventory on the market, which has only served to keep prices higher. Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",CNBC,04/10/2024,"[""The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report."", 'The rate is now 6.53%, according to Mortgage News Daily.', 'That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point.', 'Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.', 'For mortgage rates, it is all about what the expectation is next for the Fed.', 'As such, there was a lot of anticipation leading up to this particular monthly report, since the last two pointed to weaker labor market conditions.', '""Indeed, the Fed\'s decision to cut by 0.50 vs 0.25 last month had much to do with the fear/expectation that reports like today\'s would be in shorter supply going forward,"" wrote Matthew Graham, chief operating officer at Mortgage News Daily.', '""The only salvation here would be the notion that this is just one jobs report in a recent run that\'s been mostly weaker and that perhaps the next one won\'t be so damning for bonds.', '""However, the report does shift the outlook slightly for rates going forward, since most had assumed the trajectory would be lower.', '""MBA\'s forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year,"" the Mortgage Bankers Association\'s chief economist, Michael Fratantoni, wrote after the jobs report was released. ""', 'This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months.', '""Today\'s homebuyers are highly sensitive to rate moves, as house prices continue to rise from year-ago levels.', 'There is also still very low inventory on the market, which has only served to keep prices higher.', 'Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.']",-0.1087109778747531,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.","""The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker and that perhaps the next one won't be so damning for bonds.",0.0860202095725319,The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report.,"Rates are a full percentage point lower than they were a year ago, but the housing market has not seen much of a boost yet.",2024-10-05
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-05
GM halts production at two major U.S. plants due to Hurricane Helene,https://www.cnbc.com/2024/10/04/gm-halts-production-at-two-major-us-plants-due-to-hurricane-helene.html,2024-10-04T15:14:47+0000,"DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.A GM spokeswoman declined to speculate on when the plants were expected to restart production as of Friday morning. A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard. At least 215 people have died and hundreds are still missing.GM declined to disclose what suppliers are impacted or where they are located.Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker. The strike ended later Thursday and dockworkers returned to the job Friday.Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. ""Pre-Covid, understanding what the sub-tiers were was more difficult. We've got a great inventory of what those sub-tiers are now. Not only can we control the material we directly buy, we can talk to all of our suppliers.""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.",CNBC,04/10/2024,"['DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.', 'The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.', 'A GM spokeswoman declined to speculateonwhen the plants were expected to restart production as of Friday morning.', 'A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.', '""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.', 'Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard.', 'At least 215 people have died and hundreds are still missing.', 'GM declined to disclose what suppliers are impacted or where they are located.', 'Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker.', 'The strike ended later Thursday and dockworkers returned to the job Friday.', 'Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.', '""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson\'s Rainbow Push Coalition in Detroit. ""', 'Pre-Covid, understanding what the sub-tiers were was more difficult.', ""We've got a great inventory of what those sub-tiers are now."", 'Not only can we control the material we directly buy, we can talk to all of our suppliers.', '""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.']",0.0386024478705646,We've got a great inventory of what those sub-tiers are now.,At least 215 people have died and hundreds are still missing.,-0.1178106307983398,"""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. """,DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.,2024-10-05
Masato Kanda: The man behind Japan's $170bn bid to prop up the yen,https://www.bbc.co.uk/news/articles/c98496yd005o,2024-10-02T23:28:19.277Z,"For several years, Masato Kanda hardly slept. ""Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more."" So why was this 59 year-old bureaucrat's schedule so punishing? Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar. Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies. Historically, authorities intervened to weaken the value of the Japanese currency. A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers. But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise. In his three years in the role, the value of the yen against the US dollar weakened by more than 45%. To control the yen's slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan's first such intervention in almost a quarter of a century. ""The Bank of Japan and the Ministry of Finance are very clear. They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll. Japan now finds itself on the US Treasury's watchlist of potential currency manipulators. But Mr Kanda argues that what he did was not market manipulation. ""Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don't reflect fundamentals which don't change overnight,"" he says. ""When it affects ordinary consumers who have to buy food or fuel, that is when we intervened."" While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy. Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""It is not the right thing to do, but in my opinion it is the only thing they can do.""  The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister.  So was the $170bn bid to prop up the yen a waste of money? No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal. On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""  Markets or historians should be the final judges, he adds.  After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan's prospects. ""We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says. A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos. ",BBC,02/10/2024,"['For several years, Masato Kanda hardly slept. ""', 'Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""', 'I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more.""', ""So why was this 59 year-old bureaucrat's schedule so punishing?"", ""Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar."", ""Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies."", 'Historically, authorities intervened to weaken the value of the Japanese currency.', 'A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers.', ""But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise."", 'In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.', 'To control the yen\'s slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan\'s first such intervention in almost a quarter of a century. ""', 'The Bank of Japan and the Ministry of Finance are very clear.', 'They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll.', ""Japan now finds itself on the US Treasury's watchlist of potential currency manipulators."", 'But Mr Kanda argues that what he did was not market manipulation. ""', 'Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don\'t reflect fundamentals which don\'t change overnight,"" he says. ""', 'When it affects ordinary consumers who have to buy food or fuel, that is when we intervened.""', 'While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy.', 'Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""', 'It is not the right thing to do, but in my opinion it is the only thing they can do.""', ""The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister."", 'So was the $170bn bid to prop up the yen a waste of money?', 'No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal.', 'On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""', 'Markets or historians should be the final judges, he adds.', 'After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan\'s prospects. ""', 'We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.', 'A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.']",0.1115478480186821,"A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.",So why was this 59 year-old bureaucrat's schedule so punishing?,0.1734220633904139,"We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.","In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.",2024-10-05
Stellantis files federal lawsuit against UAW union over strike threats,https://www.cnbc.com/2024/10/04/stellantis-sues-uaw-union-strike.html,2024-10-04T20:40:53+0000,"DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.In an internal message Friday to employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in California that participated in a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center.""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning.The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis. He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.""""Our legal team has complete confidence in our right to strike. The company's legal threats are just that—threats intended to intimidate us, so we won't fight back,"" Fain said.The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year. It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors.The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company's expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.""We're here today for one reason. Stellantis CEO Carlos Tavares is out of control and it's once again up to UAW members to save this company from itself,"" Fain said during the event. ""A strike will cripple this company. And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment.""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",CNBC,04/10/2024,"['DETROIT — Stellantis is suing the United Auto Workers, escalating a monthslong battle between the trans-Atlantic automaker and American union, CNBC has learned.', ""In an internal messageFridayto employees that was confirmed to be authentic, the company said it is suing the UAW as well as a local chapter in Californiathat participatedin a strike authorization request vote at Stellantis' Los Angeles Parts Distribution Center."", '""This lawsuit would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike,"" Tobin Williams, Stellantis senior vice president of North America human resources, said in the message.', ""A supermajority of UAW members at Stellantis' Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if the company and union can't reconcile, the union said Friday morning."", 'The complaint is intended to ""prevent and/or remedy a breach of contract"" by the UAW, according to a copy of the lawsuit that was filed Thursday in U.S. District Court in the Central District of California.', 'The lawsuit argues that if the union does strike, the court ""should award Stellantis monetary damages"" that result from a breach of contract.', 'UAW President Shawn Fain addressed the lawsuit Friday in a letter to union leadership at Stellantis.', 'He called it and other actions by the company ""desperate actions from a desperate executive who has lost control.', '""""Our legal team has complete confidence in our right to strike.', 'The company\'s legal threats are just that—threats intended to intimidate us, so we won\'t fight back,"" Fain said.', 'The dispute between the two sides centers on the union alleging Stellantis has not kept contractual obligations as part of a deal the two sides reached late last year.', 'It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.', 'Fain has routinely said the union will strike if needed, however Stellantis has argued that would be unlawful under the contract.', ""The automaker has contended that there's language in the contract that gives it leniency to change plans based on market conditions, plant performance and other factors."", 'The company reiterated that stance in its lawsuit and cited ""Letter 311,"" which includes the company\'s expected investments: ""The planned future investments in the letter are conditional, require Company approval, and are subject to change based on these business factor contingencies.', '""The lawsuit came the same day Fain and union members held their latest rally against Stellantis in suburban Detroit.', '""We\'re here today for one reason.', 'Stellantis CEO Carlos Tavares is out of control and it\'s once again up to UAW members to save this company from itself,"" Fain said during the event. ""', 'A strike will cripple this company.', ""And if we have to strike, it's Stellantis' decision to do so because they are not honoring their commitment."", '""The union and several local chapters have filed grievances against the automaker regarding contract obligations and other issues.', 'Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract\'s] no strike clause.""']",-0.285459965784248,"""""Our legal team has complete confidence in our right to strike.","Stellantis, in the lawsuit, called the grievances a sham designed to ""justify mid-contract strikes against Stellantis that otherwise would violate the [contract's] no strike clause.""",-0.4637392535805702,"""""Our legal team has complete confidence in our right to strike.","It comes after Stellantis has made several cuts to plant production, conducted worker layoffs and delayed potential investments outlined as part of the 2023 contract.",2024-10-05
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-05
Starbucks invests in two innovation farms to help climate-proof its coffee,https://www.cnbc.com/2024/10/03/starbucks-innovation-farms-climate-proof-coffee.html,2024-10-03T14:53:14+0000,"In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica. Now the coffee giant has added two more to its portfolio.The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change.Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply. For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers. Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions. The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall.""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn't mean that it's going to be working everywhere,"" Vega said.Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change.For example, the company's new Guatemalan farm is small, with depleted soil and low productivity. Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.""The farm is not necessarily in good shape, and that's exactly what we were looking for. We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.",CNBC,03/10/2024,"['In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica.', 'Now the coffee giant has added two more to its portfolio.', ""The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change."", 'Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.', ""For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers."", 'Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.', '""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.', 'The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.', 'At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions.', ""The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall."", '""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn\'t mean that it\'s going to be working everywhere,"" Vega said.', ""Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change."", ""For example, the company's new Guatemalan farm is small, with depleted soil and low productivity."", 'Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.', '""The farm is not necessarily in good shape, and that\'s exactly what we were looking for.', 'We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.', 'At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.', 'Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.']",0.0235090567272819,The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",0.3018690678808424,Now the coffee giant has added two more to its portfolio.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",2024-10-05
Bank transfers could be delayed for four days to investigate fraud,https://www.bbc.co.uk/news/articles/cn7yel28rx6o,2024-10-02T23:02:55.494Z,"Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days. For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly. The long-proposed new regulations will come into force at the end of October - later than originally planned. The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month. Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.  Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money. Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers. The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.   Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC's Today programme. Some groups have said the powers should be used in a careful and targeted way.  The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly. But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud."" Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges. The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation. Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam. The maximum compensation has been reduced from a previous proposal of £415,000.  ",BBC,02/10/2024,"['Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said.', 'Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.', 'For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly.', 'The long-proposed new regulations will come into force at the end of October - later than originally planned.', ""The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month."", 'Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.', 'Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money.', 'Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.', 'The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.', 'Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""', 'This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC\'s Today programme.', 'Some groups have said the powers should be used in a careful and targeted way.', 'The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.', 'But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud.""', 'Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges.', 'The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation.', 'Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.', 'The maximum compensation has been reduced from a previous proposal of £415,000.']",-0.3797295744309324,"Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.","Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.",-0.5093206912279129,"Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.",The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.,2024-10-05
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-05
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-05
Ford's third-quarter sales up 0.7% as GM overtakes it in EVs,https://www.cnbc.com/2024/10/02/fords-third-quarter-sales-up-0point7percent-as-gm-overtakes-it-in-evs.html,2024-10-02T17:05:20+0000,"In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.",CNBC,02/10/2024,"[""In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed."", 'Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.', 'The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units.', 'That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.', 'Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.', 'The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.', 'GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies.', 'Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.', '""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""', ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."", '""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand\'s ranking in sales.', 'The Ford brand maintains its No.', '2 sales position behind Tesla, according to the Detroit automaker.', ""Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry."", 'Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.', 'Traditional vehicles for the automaker were down by 2.8% year over year.', ""Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.""]",0.0544563419545526,"Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.","Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.",0.4970227132240931,"Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.","In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.",2024-10-05
QVC to add USA Pickleball to its home shopping experience,https://www.cnbc.com/2024/10/03/qvc-to-add-usa-pickleball-to-its-home-shopping-experience.html,2024-10-03T13:37:55+0000,"In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.In QVC's case, the choice to bring on pickleball was intentional.Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC's vice president of brand marketing.""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps' late-night talk show, ""Busy This Week.""""As you look at what those relevant, highly successful examples of media have been, it's live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""It was really that perfect next place to go.""",CNBC,03/10/2024,"['In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.', 'In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport.', ""The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups."", 'As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.', ""The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming."", ""In QVC's case, the choice to bring on pickleball was intentional."", 'Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC\'s vice president of brand marketing.', '""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""', 'We thought, what two perfect partners to come together.', 'We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.', '""Pickleball has been booming in the U.S. and has been called the country\'s fastest-growing sport.', 'More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.', 'Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.', 'As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps\' late-night talk show, ""Busy This Week.', '""""As you look at what those relevant, highly successful examples of media have been, it\'s live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""', 'It was really that perfect next place to go.""']",0.2956397488085089,"The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups.",,0.9692991205624172,"""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport.",,2024-10-05
Rachel Reeves signals plan to spend more on big projects,https://www.bbc.co.uk/news/articles/czxdnq24v7ro,2024-10-03T23:07:20.658Z,"The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said. In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years. She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”. But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects. After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment. The green schemes are two new carbon capture and storage projects on Merseyside and Teesside. The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals. The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%. However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects. She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"". But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""I’m not going to make those mistakes,” she said. Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit. That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds. She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days. ",BBC,03/10/2024,"['The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said.', 'In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years.', 'She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”.', 'But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects.', 'After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.', 'The green schemes are two new carbon capture and storage projects on Merseyside and Teesside.', 'The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals.', 'The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', ""She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%."", 'However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects.', 'She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"".', 'But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""', 'I’m not going to make those mistakes,” she said.', 'Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit.', 'That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds.', 'She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.']",0.0631907369324557,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",0.1054802374406294,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",2024-10-05
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""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 with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"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.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-05
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-05
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-05
"Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai",https://www.cnbc.com/2024/10/03/miami-dolphins-talks-sell-minority-stake-ares-management-joe-tsai.html,2024-10-04T00:55:28+0000,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.Nothing has been signed and there is no timeline for a potential deal, the person added.The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League. An earlier version misstated the league they are in.",CNBC,04/10/2024,"['The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.', 'The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.', 'A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.', ""CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium."", 'As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said.', 'Bloomberg earlier reported the talks.', 'Nothing has been signed and there is no timeline for a potential deal, the person added.', ""The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment."", 'Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.', 'A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.', ""Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium."", 'This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.', 'The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium.', 'Ross said he wanted to keep the team within his family.', 'In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.', 'The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.', 'Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.', 'Meanwhile, Tsai has been building a sports empire.', 'The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center.', 'He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.', 'Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League.', 'An earlier version misstated the league they are in.']",0.1962544445746297,"CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",0.1584650993347168,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",2024-10-05
Oil price rises on Biden Iran oil strike comments,https://www.bbc.co.uk/news/articles/cx250ygn9ddo,2024-10-03T15:41:26.276Z,"The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."" Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China. Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year. Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices. The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022. But the escalation of violence in the Middle East and threat of further action is now stalking the markets. Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass. Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers. Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant. Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”. All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war. It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack. ",BBC,03/10/2024,"['The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.', 'Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.""', 'Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.', 'Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.', 'Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.', 'So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.', 'The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.', 'But the escalation of violence in the Middle East and threat of further action is now stalking the markets.', 'Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.', 'Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.', 'Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.', 'Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.', 'All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.', 'It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.']",-0.2695893627206487,"Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.",But the escalation of violence in the Middle East and threat of further action is now stalking the markets.,0.2404266744852066,"Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.","So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.",2024-10-05
Meta must limit data for personalised ads - EU court,https://www.bbc.co.uk/news/articles/c4gr4r5ln03o,2024-10-04T11:54:29.565Z,"Facebook-owner Meta must minimise the amount of people's data it uses for personalised advertising, the EU’s highest court says. The Court of Justice for the European Union (CJEU) ruled in favour of privacy campaigner Max Schrems, who complained that Facebook misused his personal data about his sexual orientation to target ads at him. In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform. The CJEU said on Friday that data protection law does not unequivocally allow the company to use such data for personalised adverting. ""An online social network such as Facebook cannot use all of the personal data obtained for the purposes of targeted advertising, without restriction as to time and without distinction as to type of data,"" it said. Data relating to someone’s sexual orientation, race or ethnicity or health status is classed as sensitive and carries strict requirements for processing under EU data protection law. Meta says it does not use so-called special category data to personalise adverts. ""We await the publication of the Court’s judgment and will have more to share in due course,"" said a Meta spokesperson responding to a summary of the judgement on Friday. They said the company takes privacy ""very seriously"" and it has invested more than five billion Euros ""to embed privacy at the heart of all of our products"". Facebook users can also access a wide range of tools and settings to manage how their information is used, they added. ""We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems' lawyer Katharina Raabe-Stuppnig.  ""Following this ruling only a small part of Meta's data pool will be allowed to be used for advertising - even when users consent to ads,"" they added. Dr Maria Tzanou, a senior lecturer in law at the University of Sheffield, told the BBC that Friday's judgement showed data protection principles are not ""toothless"".  ""They do matter when big tech companies process personal data,"" she added. Will Richmond-Coggan, a partner at law firm Freeths, said the EU court's decision will have ""significant implications"" despite not being binding for UK courts. ""Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.  He added the company could face similar challenges in other jurisdictions based on the same concerns - noting Mr Schrems' challenge was based on principles that exist in UK law. Austria's Supreme Court referred questions over how the GDPR applied to Mr Schrems' complaint, answered on Friday, to the EU's top court in 2021.  It asked whether Mr Schrems referring to his sexuality in a public setting meant he gave firms the green light to process this data for personalised advertising, by making it public. The CJEU said that while it was for the Austrian court to decide if he had made the information ""manifestly public data"", his public reference to his sexual orientation did not mean he authorised processing of any other personal data. Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement. They said they expect the Supreme Court's final judgement in the coming weeks or months. Mr Schrems has taken Meta to court several times over its approach to processing EU user data. Additional reporting by Chris Vallance ",BBC,04/10/2024,"[""Facebook-owner Meta must minimise the amount of people's data it uses for personalised advertising, the EU’s highest court says."", 'The Court of Justice for the European Union (CJEU) ruled in favour of privacy campaigner Max Schrems, who complained that Facebook misused his personal data about his sexual orientation to target ads at him.', 'In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform.', 'The CJEU said on Friday that data protection law does not unequivocally allow the company to use such data for personalised adverting. ""', 'An online social network such as Facebook cannot use all of the personal data obtained for the purposes of targeted advertising, without restriction as to time and without distinction as to type of data,"" it said.', 'Data relating to someone’s sexual orientation, race or ethnicity or health status is classed as sensitive and carries strict requirements for processing under EU data protection law.', 'Meta says it does not use so-called special category data to personalise adverts. ""', 'We await the publication of the Court’s judgment and will have more to share in due course,"" said a Meta spokesperson responding to a summary of the judgement on Friday.', 'They said the company takes privacy ""very seriously"" and it has invested more than five billion Euros ""to embed privacy at the heart of all of our products"".', 'Facebook users can also access a wide range of tools and settings to manage how their information is used, they added. ""', 'We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems\' lawyer Katharina Raabe-Stuppnig. ""', 'Following this ruling only a small part of Meta\'s data pool will be allowed to be used for advertising - even when users consent to ads,"" they added.', 'Dr Maria Tzanou, a senior lecturer in law at the University of Sheffield, told the BBC that Friday\'s judgement showed data protection principles are not ""toothless"". ""', 'They do matter when big tech companies process personal data,"" she added.', 'Will Richmond-Coggan, a partner at law firm Freeths, said the EU court\'s decision will have ""significant implications"" despite not being binding for UK courts. ""', 'Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.', ""He added the company could face similar challenges in other jurisdictions based on the same concerns - noting Mr Schrems' challenge was based on principles that exist in UK law."", ""Austria's Supreme Court referred questions over how the GDPR applied to Mr Schrems' complaint, answered on Friday, to the EU's top court in 2021."", 'It asked whether Mr Schrems referring to his sexuality in a public setting meant he gave firms the green light to process this data for personalised advertising, by making it public.', 'The CJEU said that while it was for the Austrian court to decide if he had made the information ""manifestly public data"", his public reference to his sexual orientation did not mean he authorised processing of any other personal data.', ""Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement."", ""They said they expect the Supreme Court's final judgement in the coming weeks or months."", 'Mr Schrems has taken Meta to court several times over its approach to processing EU user data.', 'Additional reporting by Chris Vallance']",0.1872301299592376,Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement.,"In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform.",-0.2465819716453552,"We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems' lawyer Katharina Raabe-Stuppnig. ""","Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.",2024-10-05
ASOS returns fee: Will charges stop you buying clothes online?,https://www.bbc.co.uk/news/articles/cwy98e42xkno,2024-10-04T21:52:00.238Z,"A panic order ahead of the weekend and a return on Monday for the stuff we do not want  - many of us are used to the convenience online shopping gives us. But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"". Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes. Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores. The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.  Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order. They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free. Pretty Little Thing faced  a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year. Other stores have also adopted similar approaches. Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics. Online sales currently account for 25% of retail sales. Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP). In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging. Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says 'I want it tomorrow or fast delivery', that can also increase the carbon emissions because it's having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”  However, he added the responsibility is with both the retailers and the shoppers. Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry. Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that's liveable"". “If you purchase something knowing it's going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said. Debra Hart, said she shops 50/50 online and in store. She said sizing and accessibility may be factors in people making their decisions. “I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don't care"". She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making? We all have a part to play.” Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop. Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons. They might just go somewhere else that’s cheaper."" She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added. Ms Parry Williams, who founded Making Places Work which revitalises retail destinations,  said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""I think consumers like satisfaction and convenience,"" she said. “Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element."" She said it may even mean online retailers lead into that demand and open physical stores. ",BBC,04/10/2024,"['A panic order ahead of the weekend and a return on Monday for the stuff we do not want - many of us are used to the convenience online shopping gives us.', 'But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".', ""Online shopping generates 4.8 times more packaging waste than offline shopping, according to one study, in addition to the emissions from transferring goods to people's homes."", 'Medi Parry Williams, a retail marketing expert, said some stores have reported return rates of more than 25%, and that fees may get customers back in physical stores.', 'The new return rules for Asos mean customers who return ""regularly"" will now have £3.95 deducted from their refund if they keep less than £40 worth of items.', 'Those with their premium subscription, which offers next day delivery and costs £9.95 a year, will need to keep £15 worth of an order.', 'They have not clarified what a ""regular"" returner means but said for the majority of customers, they will still be able to return for free.', 'Pretty Little Thing faced a backlash in June when it introduced a similar policy, while H&M did a U-turn on charging customers for online returns in store last year.', 'Other stores have also adopted similar approaches.', 'Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.', 'Online sales currently account for 25% of retail sales.', 'Recent statistics show the fashion sector is responsible for somewhere between 2% and 8% of global greenhouse gas emissions, according to the United Nations Environment Programme, (UNEP).', 'In 2022, South Korean research found that online shopping generates 4.8 times more packaging waste than offline shopping, with paper and plastic accounting to approximately 60% of global packaging.', 'Prof Christian Dunn, the sustainability lead at Bangor University, said: ""When you click the button that says \'I want it tomorrow or fast delivery\', that can also increase the carbon emissions because it\'s having to potentially be put onto a smaller, quicker vehicle and it will be being flown to you rather than being shipped. ""', 'So simple things like not having next day delivery can help save some of those carbon emissions when you are purchasing online. “', 'I think anything that stops people purchasing stuff just for the sake of purchasing stuff has to be a good thing.”', 'However, he added the responsibility is with both the retailers and the shoppers.', 'Students studying fashion at Cardiff and Vale College are used to thinking about sustainability but said shopping online is a big part of the industry.', 'Henry Sengpiel, 20, said he would like to know more about what retailers do with the returns and is particularly concerned about ""living in a world that\'s liveable"". “', 'If you purchase something knowing it\'s going to cost to return you may not throw away your money in that sense and you may think about it a little bit more, putting that inconvenience in that way,"" he said.', 'Debra Hart, said she shops 50/50 online and in store.', 'She said sizing and accessibility may be factors in people making their decisions. “', 'I think we might need to dig deeper to know where the problem lies,"" adding some people just ""don\'t care"".', 'She added: “I think when we talk about sustainable fashion, do we really think about ourselves and what effort are we making?', 'We all have a part to play.”', 'Ira, 17, and Nancy, 16, both love shopping second hand in store in charity shops but also online using resell sites such as Vinted and Depop.', 'Nancy said: “Fees might discourage people from buying but I don’t know if it’s for the right reasons.', 'They might just go somewhere else that’s cheaper.""', 'She said online shopping is her ""favourite thing"" but said ""fast fashion is being “pushed down the throats” of young people on social media, making it trendy to upcycle could make a real difference"". “', 'The environment is getting worse and I wouldn’t want my kids growing up with these issues,"" she added.', 'Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. ""', 'I think consumers like satisfaction and convenience,"" she said. “', 'Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “', 'But I think for those in urban locations there will be more of a shift here as they may be more inclined to go out of their way a little bit to return their items in physical stores. ""', 'The labour and the cost involved with the returns process is considerable, and therefore many retailers may charge to look to improve sizing, quality and descriptions to deter returns. “', 'The patterns are showing there is more of a shift to the high street, people want to support their communities and consumers are very conscious of that and the sustainability element.""', 'She said it may even mean online retailers lead into that demand and open physical stores.']",0.10197514549183,"Some people will be quite happy and accept it, like those who live in more rural locations because its far easier for them to pay the fee than go to store. “","But online retailer Asos is the latest of many to introduce a returns fee from Tuesday for frequent returners, blaming the level from some people as ""unsustainable"".",0.0764182408650716,"Online shopping in the UK has grown year on year with a peak in 2020 and 2021 during the Covid pandemic, according to the Office for National Statistics.","Ms Parry Williams, who founded Making Places Work which revitalises retail destinations, said free returns were ""not sustainable"" but added many customers may struggle with companies taking the service away from them. """,2024-10-05
Interest rates: Bank of England could be 'more aggressive' on cuts,https://www.bbc.co.uk/news/articles/cx2lp5l9dpro,2024-10-03T07:21:37.844Z,"The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.  Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation. The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.      Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation. The Bank of England has two more more meetings left this year to decide on interest rates, in November and December. At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall. But he said at the time it was ""vital"" inflation remained low.  The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine. However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made. Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate. However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately. For savers, a cut in rates is likely to reduce the amount they earn on their money. Many analysts expect the Bank to reduce rates at its meeting in November. However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well. The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets. One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “Geopolitical concerns are very serious. It is tragic what’s going on,"" Mr Bailey told the Guardian. ""There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.” The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted. However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia's invasion of Ukraine in 2022. ""My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said. Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “I don’t know what she means by that,” Mr Bailey told the Guardian. He added that he had never met Truss, who was Britain's prime minister for 49 days. Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets. The Bank of England will announce its next interest rate decision on 7 November. Read more here ",BBC,03/10/2024,"['The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.', 'Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation.', 'The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.', 'Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation.', 'The Bank of England has two more more meetings left this year to decide on interest rates, in November and December.', ""At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall."", 'But he said at the time it was ""vital"" inflation remained low.', ""The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine."", ""However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made."", 'Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate.', 'However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately.', 'For savers, a cut in rates is likely to reduce the amount they earn on their money.', 'Many analysts expect the Bank to reduce rates at its meeting in November.', ""However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well."", 'The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.', 'One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “', 'Geopolitical concerns are very serious.', 'It is tragic what’s going on,"" Mr Bailey told the Guardian. ""', 'There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.”', 'The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted.', 'However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia\'s invasion of Ukraine in 2022. ""', 'My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.', 'Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “', 'I don’t know what she means by that,” Mr Bailey told the Guardian.', ""He added that he had never met Truss, who was Britain's prime minister for 49 days."", 'Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets.', 'The Bank of England will announce its next interest rate decision on 7 November.', 'Read more here']",0.0199761448790627,"My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.","It is tragic what’s going on,"" Mr Bailey told the Guardian. """,-0.096221911907196,"However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well.","The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.",2024-10-05
The fraught battle over the holy grail of shipwrecks,https://www.bbc.co.uk/news/articles/ckgn18xl3j7o,2024-10-02T23:04:50.691Z,"It has been hailed as the most valuable shipwreck in the world. A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago. It had a cargo of gold, silver and emeralds worth billions of dollars. But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck. The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America. There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague. The Colombian government says it wants to raise the remains of the vessel and put it in a museum. Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn). But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is. Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters. I don’t think there’s any way that everyone can be satisfied.” The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia. From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it. The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake. The ship blew up and sank within minutes. The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it. It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle. In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed. Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure. The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty. They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups.  “This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it. How many years have gone by? Three hundred years? They owe us that debt.” The Colombians have released tantalising videos of the San José, taken with submersible cameras. They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor. As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo. It estimates its value at $7-18bn. “This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada. He described it as “the biggest treasure in the history of humanity”. Others are less convinced. “I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now? Or do we look at what collectors might pay of these gold coins? ""To me it’s almost meaningless to try to come up with a number now. The estimates of the treasure hunters, to me, they’re laughable.” While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors. There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it. In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks. Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention. That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters. Colombia and the US, for example, have not signed it. “The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK. A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.” For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff. There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “You can just count coins, you can count porcelain, but there is no ‘why was this on board? Who was the owner? Where was it going?’ – the human story behind it.” Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “The treasure is part of the archaeological context, and as such has no commercial value. Its value is strictly scientific.” ",BBC,02/10/2024,"['It has been hailed as the most valuable shipwreck in the world.', 'A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago.', 'It had a cargo of gold, silver and emeralds worth billions of dollars.', 'But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck.', 'The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America.', 'There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague.', 'The Colombian government says it wants to raise the remains of the vessel and put it in a museum.', 'Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn).', 'But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is.', 'Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “', 'It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “', 'The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters.', 'I don’t think there’s any way that everyone can be satisfied.”', 'The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia.', 'From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.', 'The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake.', 'The ship blew up and sank within minutes.', 'The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it.', 'It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle.', 'In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed.', 'Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure.', 'The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty.', 'They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “', 'That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups. “', 'This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it.', 'How many years have gone by?', 'Three hundred years?', 'They owe us that debt.”', 'The Colombians have released tantalising videos of the San José, taken with submersible cameras.', 'They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor.', 'As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo.', 'It estimates its value at $7-18bn. “', 'This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada.', 'He described it as “the biggest treasure in the history of humanity”.', 'Others are less convinced. “', 'I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""', 'If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now?', 'Or do we look at what collectors might pay of these gold coins? ""', 'To me it’s almost meaningless to try to come up with a number now.', 'The estimates of the treasure hunters, to me, they’re laughable.”', 'While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors.', 'There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it.', 'In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks.', 'Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention.', 'That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.', 'Colombia and the US, for example, have not signed it. “', 'The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK.', 'A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.”', 'For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “', 'If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff.', 'There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “', 'You can just count coins, you can count porcelain, but there is no ‘why was this on board?', 'Who was the owner?', 'Where was it going?’ –', 'the human story behind it.”', 'Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “', 'The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “', 'The treasure is part of the archaeological context, and as such has no commercial value.', 'Its value is strictly scientific.”']",-0.0135551505786931,"For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “","From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.",-0.5429760813713074,It has been hailed as the most valuable shipwreck in the world.,"That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.",2024-10-05
Government pledges nearly £22bn for carbon capture projects,https://www.bbc.co.uk/news/articles/cy4301n3771o,2024-10-04T00:17:16.453Z,"The government has pledged nearly £22bn for projects to capture and store carbon emissions from energy, industry and hydrogen production. It said the funding for two ""carbon capture clusters"" on Merseyside and Teesside, promised over the next 25 years, would create thousands of jobs, attract private investment and help the UK meet climate goals. Sir Keir Starmer, who is to visiting the north-west of England with Chancellor Rachel Reeves and Energy Secretary Ed Miliband to confirm the projects, said the move would ""reignite our industrial heartlands"" and ""kickstart growth"".   But some green campaigners have said the investment would ""extend the life of planet-heating oil and gas production"".  Carbon capture and storage facilities aim to prevent carbon dioxide (CO2) produced from industrial processes and power stations from being released into the atmosphere. Most of the CO2 produced is captured, transported, and then stored deep underground. It is seen by the likes of the International Energy Agency (IEA) and the Climate Change Committee as a key element in meeting targets to cut the greenhouse gases driving dangerous climate change. Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.  Speaking at a glassmaking factory in Cheshire, Sir Keir said: ""For our energy intensive industries like glassmaking here, or cement, or steel, or ceramics, you are familiar with these, the security that the future belongs to them. ""That the necessary mission of decarbonisation does not mean de-industrialisation. This if you like, is the politics of national renewal in action."" Speaking to the Today programme, Miliband said the project was ""essential if we are to decarbonise without industrialising"". He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security."" He paid tribute to the end of coal-fired energy production in the UK, saying: ""If Monday was the end of an era, today with this government's decisions a new era begins. ""Carbon capture and storage, a new industry, a new generation of good jobs in our industrial heartlands."" Up to £21.7bn will subsidise three projects on Teesside and Merseyside to support the development of the clusters, including the infrastructure to transport and store carbon. It will also support two transport and storage networks carrying captured carbon to deep geological storage in Liverpool Bay and the North Sea. The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term. It will also help remove 8.5 million tonnes of carbon emissions each year, officials said.  The projects are expected to start storing captured carbon from 2028. Last year the Conservative government announced £20bn plans for carbon capture, but Labour said it had never committed any cash. In her strongest indication yet of a significant increase to levels of state investment, the chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. Reeves added: ""This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country."" Emma Pinchbeck, chief executive of Energy UK, described carbon capture, utilisation and storage as a ""tool in our armoury of technologies which we need to decarbonise parts of energy that we currently can't do with clean electricity"". James Richardson, acting chief executive of the Climate Change Committee, said: ""It's fantastic to see funding coming through for these big projects."" However Greenpeace UK's policy director, Doug Parr called for spending instead on  offshore wind or nationwide home insulation. He said £22bn was ""a lot of money to... extend the life of planet-heating oil and gas production."" Meanwhile Friends of the Earth said the government should be spending the money insulating people’s homes, not on a technology it said would just extend the lifespan of the fossil fuel industry. But Miliband questioned what the alternative was to carbon capturing. He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what's the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn't blow or the sun doesn't shine - but the alternative is unabated gas"". He added the UK needed ""all the technologies at our disposal"" as the ""backbone of our system will be renewables"".  The Merseyside and Teesside projects are part of several announced in 2023 to capture and store 20-30 million tonnes of CO2 a year by 2030. Sign up for our Future Earth newsletter to get exclusive insight on the latest climate and environment news from the BBC's Climate Editor Justin Rowlatt, delivered to your inbox every week. Outside the UK? Sign up to our international newsletter here. Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram. You can also send story ideas to northwest.newsonline@bbc.co.uk and via Whatsapp to 0808 100 2230. ",BBC,04/10/2024,"['The government has pledged nearly £22bn for projects to capture and store carbon emissions from energy, industry and hydrogen production.', 'It said the funding for two ""carbon capture clusters"" on Merseyside and Teesside, promised over the next 25 years, would create thousands of jobs, attract private investment and help the UK meet climate goals.', 'Sir Keir Starmer, who is to visiting the north-west of England with Chancellor Rachel Reeves and Energy Secretary Ed Miliband to confirm the projects, said the move would ""reignite our industrial heartlands"" and ""kickstart growth"".', 'But some green campaigners have said the investment would ""extend the life of planet-heating oil and gas production"".', 'Carbon capture and storage facilities aim to prevent carbon dioxide (CO2) produced from industrial processes and power stations from being released into the atmosphere.', 'Most of the CO2 produced is captured, transported, and then stored deep underground.', 'It is seen by the likes of the International Energy Agency (IEA) and the Climate Change Committee as a key element in meeting targets to cut the greenhouse gases driving dangerous climate change.', 'Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.', 'Speaking at a glassmaking factory in Cheshire, Sir Keir said: ""For our energy intensive industries like glassmaking here, or cement, or steel, or ceramics, you are familiar with these, the security that the future belongs to them. ""', 'That the necessary mission of decarbonisation does not mean de-industrialisation.', 'This if you like, is the politics of national renewal in action.""', 'Speaking to the Today programme, Miliband said the project was ""essential if we are to decarbonise without industrialising"".', 'He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security.""', 'He paid tribute to the end of coal-fired energy production in the UK, saying: ""If Monday was the end of an era, today with this government\'s decisions a new era begins. ""', 'Carbon capture and storage, a new industry, a new generation of good jobs in our industrial heartlands.""', 'Up to £21.7bn will subsidise three projects on Teesside and Merseyside to support the development of the clusters, including the infrastructure to transport and store carbon.', 'It will also support two transport and storage networks carrying captured carbon to deep geological storage in Liverpool Bay and the North Sea.', 'The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term.', 'It will also help remove 8.5 million tonnes of carbon emissions each year, officials said.', 'The projects are expected to start storing captured carbon from 2028.', 'Last year the Conservative government announced £20bn plans for carbon capture, but Labour said it had never committed any cash.', 'In her strongest indication yet of a significant increase to levels of state investment, the chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', 'Reeves added: ""This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country.""', 'Emma Pinchbeck, chief executive of Energy UK, described carbon capture, utilisation and storage as a ""tool in our armoury of technologies which we need to decarbonise parts of energy that we currently can\'t do with clean electricity"".', 'James Richardson, acting chief executive of the Climate Change Committee, said: ""It\'s fantastic to see funding coming through for these big projects.""', ""However Greenpeace UK's policy director, Doug Parr called for spending instead on offshore wind or nationwide home insulation."", 'He said £22bn was ""a lot of money to... extend the life of planet-heating oil and gas production.""', 'Meanwhile Friends of the Earth said the government should be spending the money insulating people’s homes, not on a technology it said would just extend the lifespan of the fossil fuel industry.', 'But Miliband questioned what the alternative was to carbon capturing.', 'He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what\'s the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn\'t blow or the sun doesn\'t shine - but the alternative is unabated gas"".', 'He added the UK needed ""all the technologies at our disposal"" as the ""backbone of our system will be renewables"".', 'The Merseyside and Teesside projects are part of several announced in 2023 to capture and store 20-30 million tonnes of CO2 a year by 2030.', ""Sign up for our Future Earth newsletter to get exclusive insight on the latest climate and environment news from the BBC's Climate Editor Justin Rowlatt, delivered to your inbox every week."", 'Outside the UK?', 'Sign up to our international newsletter here.', 'Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram.', 'You can also send story ideas to northwest.newsonline@bbc.co.uk and via Whatsapp to 0808 100 2230.']",0.2640829486848988,"He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security.""","He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what's the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn't blow or the sun doesn't shine - but the alternative is unabated gas"".",0.8406184812386831,"The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term.","Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.",2024-10-05
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-05
Electric cars: EU hits China with tariffs in battle for sales,https://www.bbc.co.uk/news/articles/cly20n4d0g9o,2024-10-04T08:56:04.312Z,"Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans. The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars. Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers. The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist. China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry. Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices. The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years. The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation. The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely. EU members were divided on tariffs. Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them. Many EU members abstained in the vote. German carmakers have been vocal in opposition. Volkswagen says tariffs are ""the wrong approach"". However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes. The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it. Germany's top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"". The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles. China's Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations. The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China. A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""We do not understand why our sector is being sacrificed in this way."" It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".  Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier. In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body. The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"". The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles. Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030. Car makers are required to meet electric vehicle sales targets. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035. Manufacturers that fail to hit quotas could be fined £15,000 per car. The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets. They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"". The average cost to buy an electric car in the UK is around £48,000. They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric. ",BBC,04/10/2024,"['Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans.', 'The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars.', 'Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers.', 'The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.', ""China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry."", 'Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.', ""The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years."", 'The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation.', 'The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely.', 'EU members were divided on tariffs.', 'Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them.', 'Many EU members abstained in the vote.', 'German carmakers have been vocal in opposition.', 'Volkswagen says tariffs are ""the wrong approach"".', 'However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes.', 'The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it.', 'Germany\'s top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"".', 'The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles.', 'China\'s Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations.', 'The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China.', 'A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""', 'We do not understand why our sector is being sacrificed in this way.""', 'It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".', 'Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.', 'In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body.', 'The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"".', 'The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles.', 'Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030.', 'Car makers are required to meet electric vehicle sales targets.', 'Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035.', 'Manufacturers that fail to hit quotas could be fined £15,000 per car.', 'The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets.', 'They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"".', 'The average cost to buy an electric car in the UK is around £48,000.', 'They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric.']",-0.0882379991331963,China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry.,"The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.",-0.3424473875447323,"Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.","Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.",2024-10-05
When to tip and when not to tip,https://www.bbc.co.uk/news/articles/cz7jr4125wzo,2024-10-04T21:32:11.086Z,"It's the end of a meal out and you've been presented with the bill. Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip. If you tip too little will you face the wrath of the waiting staff? Will you end up tipping too much? And if the service was bad, should you tip at all? The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters. A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales. But there are no hard and fast rules about how much you have to leave. Mae, a 17-year-old waitress for a small business, says she doesn't expect customers to tip on top of the service charge that is added to the bill. ""So it's quite unusual for customers to tip afterwards, which is fine. Lots of customers actually double check that when they're paying that there is service on there and that it gets divided fairly."" But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly. A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”. Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"". If a service charge is discretionary you can ask for it to be removed. If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order. Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up. Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub. He knew them well, and would have their pints poured for them before they reached the bar. One evening he was closing up and they invited him to join them - at a local strip club. ""They paid for all my drinks, and a dance for me,"" he says. ""That was generous."" On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says. However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""But when you need a job, and that's what's available, you don't really argue too loudly,"" he says. The new law means the service charge must now be paid to staff. It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK. Where Mae works, a 12.5% service charge is added to the bill. Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"". Ms Akano agrees that 10% is about right. ""Whether people do that or not is a different thing but it's nice to have a guide."" Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre. Mae says she doesn't tip in the UK because the service is almost always included, but did when she went to the US. ""I did tip every time because the tipping culture is different there. That being said, it was a bit uncomfortable at times."" In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you're eating. If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly. If you're dining at the Ivy, however, you're likely to tip more ""to give the impression you're a big spender"", she says. ""At the end of the day, it's theatre,"" she adds. If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed. Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. ""When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says. If staff do a good job, they should be tipped - but this should be down to the customer, he says. Etiquette expert John-Paul Stuthridge says it's prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of 'surprise' service charges"".  ""You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests."" Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives. This way they might remove the service charge for you. Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm. However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen."" An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"". Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could."" ",BBC,04/10/2024,"[""It's the end of a meal out and you've been presented with the bill."", ""Suddenly the pleasure of the food you've just eaten is replaced by a faint wave of anxiety as you realise you've got to work out how much to tip."", 'If you tip too little will you face the wrath of the waiting staff?', 'Will you end up tipping too much?', 'And if the service was bad, should you tip at all?', 'The debate is not restricted to restaurants - gratuities can be offered to many workers including hairdressers, taxi drivers and hotel porters.', 'A new law means workers must receive all of their tips – which is expected to benefit some three million workers in England, Scotland and Wales.', 'But there are no hard and fast rules about how much you have to leave.', 'Mae, a 17-year-old waitress for a small business, says she doesn\'t expect customers to tip on top of the service charge that is added to the bill. ""', ""So it's quite unusual for customers to tip afterwards, which is fine."", 'Lots of customers actually double check that when they\'re paying that there is service on there and that it gets divided fairly.""', ""But she says one of her friends works somewhere where they don't add a service charge so the customers there do tip - mostly."", 'A tip is ""an uncalled for and spontaneous payment offered by a customer"", according to the government, whereas a service charge is ""an amount added to the customer’s bill before it is presented”.', 'Etiquette expert Laura Akano, from Polished Manners, says it\'s always ""up to the individual"" how much to tip but thinks ""it\'s important to show appreciation if you\'ve had a good service"".', 'If a service charge is discretionary you can ask for it to be removed.', 'If it’s mandatory you can’t – but the establishment must make this clear to you verbally or in writing before you order.', 'Both tips and service charges may be shared between many staff – for example, the person who brought you your dish as well as the one who washed it up.', 'Peter, 40, from Leeds, says the most memorable tip he got was from his two favourite regulars in a pub.', 'He knew them well, and would have their pints poured for them before they reached the bar.', 'One evening he was closing up and they invited him to join them - at a local strip club. ""', 'They paid for all my drinks, and a dance for me,"" he says. ""', 'That was generous.""', 'On his final shift at the bar some other regular customers pressed £10 notes into his hands and wished him well, ""which was very kind of them"", he says.', 'However, he has also worked in restaurants where tips were withheld by the management, and a hotel where the service charge was never paid to staff. ""', 'But when you need a job, and that\'s what\'s available, you don\'t really argue too loudly,"" he says.', 'The new law means the service charge must now be paid to staff.', ""It's entirely up to you how much you leave as a tip, but many tourism websites suggest leaving about 10% to 15% in the UK."", 'Where Mae works, a 12.5% service charge is added to the bill.', 'Jemma Swallow, who used to own a tea shop in London, says 10% ""covers most situations, without leaving the customer resentful of being asked for it and the staff for not receiving one"".', 'Ms Akano agrees that 10% is about right. ""', 'Whether people do that or not is a different thing but it\'s nice to have a guide.""', 'Outside the UK, in countries such as the US, tipping can involve paying more than 20%, which is often compulsory even if the service is mediocre.', 'Mae says she doesn\'t tip in the UK because the service is almost always included, but did when she went to the US. ""', 'I did tip every time because the tipping culture is different there.', 'That being said, it was a bit uncomfortable at times.""', 'In some Asian countries tipping is seen as rude, although the spread of Western-brand hotels is making the practice less of a taboo. ""', 'Penelope"", not her real name, is a kitchen manager and says the level of tip depends on where you\'re eating.', ""If it's a Hungry Horse, you have certain expectations of what the meal will be like, and will tip accordingly."", 'If you\'re dining at the Ivy, however, you\'re likely to tip more ""to give the impression you\'re a big spender"", she says. ""', 'At the end of the day, it\'s theatre,"" she adds.', 'If a discretionary service charge has been added to your bill and you don’t think it should have been then you have the right to ask for it to be removed.', 'Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he\'s always been concerned that tips don\'t reach staff, and doesn\'t like eateries that automatically add a service charge. ""', 'When it\'s printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.', 'If staff do a good job, they should be tipped - but this should be down to the customer, he says.', 'Etiquette expert John-Paul Stuthridge says it\'s prudent to check restaurant websites to see whether a service charge is included ""given the prevalence of \'surprise\' service charges"". ""', 'You could ask a member of staff, but discretion is the name of the game, so try to ask them swiftly and out of earshot from your guests.""', ""Ms Akano suggests letting a member of staff know you're unhappy about the charge before the bill even arrives."", 'This way they might remove the service charge for you.', 'Tipping in many industries has evolved from the days of leaving spare change on a table, with card and contactless payments now the norm.', 'However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""', 'If you want to tip a particular person, a cash tip will allow them to keep it themselves, while leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen.""', 'An alternative to tipping in the 21st Century could be leaving a social media post, which people increasingly do, and is ""honestly very appreciated"", according to Mae, who says her bosses ""are really on it with things like reposting stories where people have photos of the food"".', 'Mr Stuthridge says leaving a positive review on social media can actually be worth more than a good tip, depending on the size and nature of the restaurant. ""', 'The time and energy spent to leave a good review probably helps the business more in the long term than any loose change could.""']",0.1498033085995002,"Etiquette expert Laura Akano, from Polished Manners, says it's always ""up to the individual"" how much to tip but thinks ""it's important to show appreciation if you've had a good service"".","When it's printed on the bill, it does feel like some sort of blackmail and some customers feel forced to pay it, which is wrong,"" he says.",0.2842033938928084,"However, ""the spirit of tipping to thank hardworking staff remains strong"", says Kate Nicholls, chief executive of trade group UK Hospitality. ""","Regular restaurant goer Nige Eaton, 56, from Bedfordshire, says he's always been concerned that tips don't reach staff, and doesn't like eateries that automatically add a service charge. """,2024-10-05
Luton mould misery as botched insulation sparks calls for action,https://www.bbc.co.uk/news/articles/ce3zxx1gek1o,2024-10-03T23:02:46.330Z,"Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation. Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"". Mrs Khatun’s case is far from unique. A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector. The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with. Mrs Khatun is 84 and recently had a stroke. Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards.  ""Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall. In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4. It is designed to help low-income households make their homes warmer and cut their energy bills. Insulation boards are fixed to the exterior brickwork of a house and then coated in render. More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.  The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard. Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house. A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot. Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""We just want to wake up from this nightmare and get our lives back."" He gives me a tour of the house. As we move from room to room, he cuts mushrooms off the walls.  He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990.  ""They were passionate about having their own house. And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’ More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.  Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""I think the government and the people they’re working with have to take more responsibility. Without these things resolved at a national level, I think this could create a form of crisis.’’ The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible. A growing number of MPs are sounding the alarm. The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem.  ""The tragedy is it's not a problem that's impacting Luton alone. In my own constituency, we've had very similar situations. I think there is a duty upon government to look at this.’’ The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"". For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.  The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered. In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives. When customers have concerns, we urge them to follow our disputes process. Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme."" Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work. Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party. We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’ A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “Any measures installed must be safe and effective, with issues promptly and properly rectified.” ",BBC,03/10/2024,"['Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation.', 'Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"".', 'Mrs Khatun’s case is far from unique.', 'A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector.', 'The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with.', 'Mrs Khatun is 84 and recently had a stroke.', 'Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards. ""', 'Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall.', 'In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4.', 'It is designed to help low-income households make their homes warmer and cut their energy bills.', 'Insulation boards are fixed to the exterior brickwork of a house and then coated in render.', 'More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.', 'The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard.', 'Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house.', 'A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot.', 'Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""', 'We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""', 'We just want to wake up from this nightmare and get our lives back.""', 'He gives me a tour of the house.', 'As we move from room to room, he cuts mushrooms off the walls.', 'He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990. ""', 'They were passionate about having their own house.', ""And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’"", 'More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.', 'Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""', 'I think the government and the people they’re working with have to take more responsibility.', 'Without these things resolved at a national level, I think this could create a form of crisis.’’', ""The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible."", 'A growing number of MPs are sounding the alarm.', 'The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem. ""', ""The tragedy is it's not a problem that's impacting Luton alone."", ""In my own constituency, we've had very similar situations."", 'I think there is a duty upon government to look at this.’’', 'The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “', 'The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"".', 'For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.', 'The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered.', 'In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives.', 'When customers have concerns, we urge them to follow our disputes process.', 'Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme.""', 'Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work.', 'Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party.', 'We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’', 'A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “', 'Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “', 'Any measures installed must be safe and effective, with issues promptly and properly rectified.”']",0.056749690022046,We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’,"And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’",-0.626567929983139,It is designed to help low-income households make their homes warmer and cut their energy bills.,"The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “",2024-10-05
Irish budget: Stark difference in UK and Ireland's budgets,https://www.bbc.co.uk/news/articles/cqlvzlxd7l5o,2024-10-05T06:12:15.987Z,"As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight. The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all."" He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs. He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year. The contrast with the looming UK budget could hardly be more stark. The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public. A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners. Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing. It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised. On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects. But there is a fundamental difference between the two economies at the moment. The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes. Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options. Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years. Since the 1950s the country has had a policy of using tax incentives to attract foreign investment. Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world. In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland. Ironically this was partially a response to the pressure on big companies to clean up their act on tax. The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees. Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people. What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses. Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year. The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue. In 2017 Ireland raised just over €8bn in corporation tax. By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year. The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"". It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn. The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.  The consultation document for that wealth fund involved a glance across the Irish Sea. It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation."" It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons."" ",BBC,05/10/2024,"['As Ireland’s finance minister delivered his budget on Tuesday afternoon Dublin was bathed in golden autumn sunlight.', 'The minister, Jack Chambers, said his budget provided the ""ways and means for continuing to deliver many more, bright and hopeful days for us all.""', 'He announced a series of one-off cost-of-living payments, including €250 (£208) for all households to help with energy costs.', 'He also gave the first details of how a €14bn (£11.7bn) tax windfall from Apple will be spent, which forms part of the €25bn (£20.8bn) budget surplus the government will have this year.', 'The contrast with the looming UK budget could hardly be more stark.', 'The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.', 'A taste of that pain came with the ending of the universal £300 winter fuel payment for pensioners.', 'Much of the discussion around the budget has centred on the ""£22bn black hole"" in the public finances and whether that should be filled with tax rises, spending cuts or a tweak to the ""fiscal rules"" which would allow more borrowing.', 'It may be that the UK government is engaging in expectation management and the budget will be less miserable than advertised.', 'On Friday the Chancellor gave a strong hint that she will change her self-imposed borrowing rules to allow significantly more investment in major projects.', 'But there is a fundamental difference between the two economies at the moment.', 'The UK, like many countries, is running a budget deficit, meaning it is spending more than it receives in taxes.', 'Ireland is in the unusual position of running a big budget surplus which gives the government lots of spending options.', 'Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.', 'Since the 1950s the country has had a policy of using tax incentives to attract foreign investment.', 'Even during the country’s bailout and austerity years in the late 2000s the government maintained a 12.5% rate of corporation tax, among the lowest in the developed world.', ""In the middle of the last decade some of the world's biggest companies began to reorganise their affairs in a way which meant they would pay a lot more tax in Ireland."", 'Ironically this was partially a response to the pressure on big companies to clean up their act on tax.', 'The principle was that companies should declare profits in locations where they have substantial real operations or activities rather than just a low-tax location where they happen to have an office with few employees.', 'Ireland fitted the bill - it was a tax-friendly jurisdiction but companies like Apple had long had real operations in the country, employing thousands of people.', 'What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.', ""Apple's shift of IP assets in 2015 is widely believed to have been responsible for a wild swing in the country's GDP that year."", 'The profits generated by these assets has seen a flood of corporation tax receipts into the Irish Revenue.', 'In 2017 Ireland raised just over €8bn in corporation tax.', 'By last year this had ballooned to almost €24bn and is expected to be just under €30bn this year.', 'The Irish Fiscal Advisory Council, an independent budget watchdog, said that while large headline surpluses are forecast for the coming years, these are ""driven entirely by extraordinary corporation tax receipts"".', 'It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.', 'The government has acknowledged that this tax bonanza could one day end and has begun setting up a sovereign wealth fund which will invest some of the windfall corporation tax proceeds.', 'The consultation document for that wealth fund involved a glance across the Irish Sea.', 'It noted that when the UK struck oil in the North Sea no long-term savings vehicle was established, instead income tax and corporation tax rates were lowered over successive years during the 1980s. ""', 'In effect, therefore, at least part the windfall receipts were used to fund reductions in direct taxation.""', 'It also looked at Norway, which used its oil money to establish one of the world’s largest wealth funds, and concluded that ""the contrasting approaches of two mature, advanced economies that recorded major windfall gains offers important lessons.""']",0.1704626924378996,What came next was the legal relocation of intellectual property (IP) assets to Ireland - the most valuable profit-earning parts of these businesses.,"The prime minister set the tone in August warning that the budget will be ""painful"" and the government will have to make ""big asks"" of the public.",0.5188697347274194,Ireland is able to do this because a long standing pillar of its economic strategy has become freakishly successful in recent years.,"It has used Department of Finance estimates of how much of this tax is a ""windfall"" to calculate that underlying budget deficits over the period 2024-2030 will add up to €50bn.",2024-10-05
Mortgage rates: When will UK interest rates fall again?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year. Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate is what it charges other lenders to borrow money. This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time. When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years. However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979. Inflation is now far below the peak of 11.1% in October 2022.  The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August. It means prices are rising at a much slower rate than in 2022 and 2023. Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months. But, he added, ""it's vital that inflation stays low, so we need to be careful not to cut too fast or by too much"". The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like. Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months. It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards. In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.  However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation. Many analysts expect the Bank to cut rates at its next meeting on 7 November.  Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025. So, it is difficult to predict exactly what will happen to interest rates. In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.  The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control. But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"". Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey. More than half a million homeowners have a mortgage that ""tracks"" the Bank of England's rate.  But more than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, future deals are. Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts. Mortgage lenders have been in intense competition for customers and have dropped their rates. But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago. About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers earn on their money.  Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates. In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years. It cut rates again to 3.5% in September.  US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.  The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024. ",BBC,16/07/2021,"['The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year.', 'Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.', 'The first drop in rates for more than four years came in August, but borrowing costs remain high.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate is what it charges other lenders to borrow money."", 'This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.', 'When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', 'The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years.', 'However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979.', 'Inflation is now far below the peak of 11.1% in October 2022.', 'The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.', 'It means prices are rising at a much slower rate than in 2022 and 2023.', 'Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months.', 'But, he added, ""it\'s vital that inflation stays low, so we need to be careful not to cut too fast or by too much"".', 'The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like.', 'Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months.', 'It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.', 'In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.', 'However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation.', 'Many analysts expect the Bank to cut rates at its next meeting on 7 November.', ""Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025."", 'So, it is difficult to predict exactly what will happen to interest rates.', 'In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.', 'The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control.', 'But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"".', ""Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'More than half a million homeowners have a mortgage that ""tracks"" the Bank of England\'s rate.', 'But more than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts.', 'Mortgage lenders have been in intense competition for customers and have dropped their rates.', 'But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers earn on their money.', 'Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates.', 'In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.', 'In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years.', 'It cut rates again to 3.5% in September.', 'US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.', 'The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024.']",0.1393217529356994,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.","It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.",-0.307106423945654,"The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.","US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.",2024-10-05
Ex-Harrods man: I lost my job due to Al Fayed,https://www.bbc.co.uk/news/articles/ced068nl600o,2024-10-04T18:31:39.784Z,"A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed. Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation. Nigel Blow, who worked for 14 years at Al Fayed's companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape. He said he had been deemed ""guilty by association"" by Fenwick. Fenwick declined to comment.  “I worked at Harrods in senior roles from 2002 to 2007. I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC. Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known."" A BBC spokesperson said: “We stand fully behind our journalist and our journalism. This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.” On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month. No reason for the decision was given. Mr Blow's statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business."" Fenwick declined to comment on this claim. The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK. Mr Blow joined Harrods in 1992.  There were  several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults. Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk. Such behaviour prompted me to seek alternative employment from 2006,"" he said. In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes.  Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.  ",BBC,04/10/2024,"['A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed.', 'Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.', 'Nigel Blow, who worked for 14 years at Al Fayed\'s companies, said he ""never heard about or witnessed"" grooming, sexual assaults or rape.', 'He said he had been deemed ""guilty by association"" by Fenwick.', 'Fenwick declined to comment. “', 'I worked at Harrods in senior roles from 2002 to 2007.', 'I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.” “', 'I believe Fenwick’s action is unjustified, unfair and in breach of contract,"" Mr Blow told the BBC.', 'Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed. ""', 'It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""', 'A BBC spokesperson said: “We stand fully behind our journalist and our journalism.', 'This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.”', 'On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month.', 'No reason for the decision was given.', 'Mr Blow\'s statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment ""in order to safeguard the reputation of the Fenwick business.""', 'Fenwick declined to comment on this claim.', 'The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.', 'Mr Blow joined Harrods in 1992.', ""There were several reports of Al Fayed's alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults."", 'Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team. “', 'On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk.', 'Such behaviour prompted me to seek alternative employment from 2006,"" he said.', ""In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed's orders - and the ITV documentary played excerpts from the tapes."", ""Mr Blow is currently chief executive of the department store chain Morley's, based in Wimbledon, though he resigned the position to take up the new job.""]",-0.1379506433704656,"The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.","Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.",-0.915090537071228,,"It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.""",2024-10-05
As communist China turns 75 can Xi fix its economy?,https://www.bbc.co.uk/news/articles/c3dvrxg8mllo,2024-10-03T23:17:53.585Z,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy. The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending. Shares in mainland China and Hong Kong chalked up record gains after the announcements. But economists warn the policies may not be enough to fix China's economic problems. Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market. The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares. PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending. Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo. Officials promised to intensify government spending aimed to support the economy. On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%. The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""Investors loved the announcements"", China analyst, Bill Bishop said. While investors may have been popping champagne corks, Xi has deeper issues to tackle. The People's Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""Avoiding the fate of the Soviet Union has long been a key concern for China's leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. At the forefront of officials' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence."" One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago.  Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry. It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers. But there is scepticism that such moves are enough to shore up the housing market. ""Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. ""China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so."" At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.  However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China's economy faces will not go away. Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy. Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems."" On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People's Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"". According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.  The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries. The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""This is what the leadership has come to realise and is responding to."" ",BBC,03/10/2024,"['As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.', ""The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending."", 'Shares in mainland China and Hong Kong chalked up record gains after the announcements.', ""But economists warn the policies may not be enough to fix China's economic problems."", ""Some of the measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market."", 'The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.', 'PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.', ""Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo."", 'Officials promised to intensify government spending aimed to support the economy.', 'On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis.', 'The move capped off a five-day rally that saw the index jump by 20%.', 'The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""', 'Investors loved the announcements"", China analyst, Bill Bishop said.', 'While investors may have been popping champagne corks, Xi has deeper issues to tackle.', 'The People\'s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state, the Soviet Union, which collapsed 74 years after it was foundEd. ""', 'Avoiding the fate of the Soviet Union has long been a key concern for China\'s leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'At the forefront of officials\' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""', 'In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""', 'The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""', ""One of the main drags on the world's second-largest economy has been the downturn in the country's property market, which began three years ago."", 'Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.', 'It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.', 'But there is scepticism that such moves are enough to shore up the housing market. ""', 'Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody\'s Analytics. ""', 'China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.""', 'At the Politburo session, China’s top leaders vowed to go beyond interest rate cuts and tap government funds to boost economic growth.', 'However, other than setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""', 'Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""', 'In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the challenges China\'s economy faces will not go away.', 'Economists see tackling entrenched issues in the real estate market as key to fixing the broader economy.', 'Property is the biggest investment most families will make and falling house prices have helped to undermine consumer confidence. ""', 'Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""', 'In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.""', 'On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People\'s Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"".', 'According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.', ""The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past, such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries."", 'The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""', 'This is what the leadership has come to realise and is responding to.""']",0.1343040893565776,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.","Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. """,0.3924955482836122,"The following day, with financial markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""","The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""",2024-10-05
Toyota delays US electric car production plans as EV sales slow,https://www.bbc.co.uk/news/articles/clylzgmp3zpo,2024-10-03T04:20:54.375Z,"Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.  The Japanese motor industry giant was aiming to start production in late 2025 or early 2026. Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News. Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market."" Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there. The company has also announced plans to build another electric model at a plant in Indiana. To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year. Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.  On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries. Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date. The company blamed changing market conditions for its decision to give up a target it had announced only three years ago. In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck. Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"". ",BBC,03/10/2024,"['Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.', 'The Japanese motor industry giant was aiming to start production in late 2025 or early 2026.', 'Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News.', 'Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""', 'We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market.""', 'Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there.', 'The company has also announced plans to build another electric model at a plant in Indiana.', 'To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.', ""Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets."", ""On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries."", 'Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date.', 'The company blamed changing market conditions for its decision to give up a target it had announced only three years ago.', 'In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck.', 'Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"".']",-0.1222315369881398,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.",Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.,-0.7159020975232124,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.","On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries.",2024-10-05
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-05