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
GB News owner Sir Paul Marshall buys Spectator magazine for £100m,https://www.bbc.co.uk/news/articles/cn8l35xl1l2o,2024-09-10T13:31:33.012Z,"The Spectator has been sold for £100m to Sir Paul Marshall, a hedge fund tycoon and major investor in GB News. He beat around 20 other bidders to buy the right-leaning magazine, once edited by former Prime Minister Boris Johnson. It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed. This came after the government intervened in January. Legislation banning foreign states from owning UK newspapers soon followed. That deal would have transferred the ownership to the Gulf-backed Redbird IMI consortium. The Telegraph newspapers remain for sale, and Sir Paul is also in the running to buy those as he continues his bid to build an empire of right-wing media outlets.  Others thought to be among the bidders include Rupert Murdoch’s News UK and former chancellor Nadhim Zahawi. After the deal was announced, Spectator chairman Andrew Neil said he would resign with immediate effect, having previously stated that hedge funds should not be allowed to own news publications because of the risk of conflict of interest. ""I made it clear many months ago that I would step down when a new owner took over. That time has now come,"" he posted on X, formerly Twitter. The Spectator was established in 1828, making it one of the oldest politics and current affairs magazines in the world. Sir Paul, who is buying the magazine through his Old Queen Street (OQS) media group, said: “As a long-term Spectator reader, I am delighted it is joining the OQS stable.  ""The plan is for OQS to make good previous underinvestment in one of the world’s great titles."" Sir Paul started work in the City and set up his own hedge fund with business partner Ian Wace in 1997. According to Wace, a ""considerable proportion"" of the first $50m they had under management came from the famous investor and philanthropist George Soros. Worth an estimated £875m, Sir Paul is not that well known outside the financial and political worlds. He is probably less famous than his son Winston, a former member of the folk-rock band Mumford & Sons. A devout Christian, Sir Paul is also known for his philanthropy, co-founding the children's educational charity ARK, and donating millions to set up the Marshall Institute for Philanthropy and Social Entrepreneurship. In 2016 he was knighted for services to education and philanthropy. Politically, he was a member of the Liberal Democrats for many years, and in 1987 he stood to be an MP for the SDP, a forerunner of the party. By 2016 his allegiance had switched to the Conservative Party and he was a supporter of Brexit, donating £100,000 to the Leave campaign. In 2017 he founded the news website UnHerd, and he has invested tens of millions of pounds in GB News since its launch in 2021. Earlier this year he was accused of liking or reposting tweets that appeared to be anti-Muslim in sentiment. He apologised and said the tweets were not representative of his views, but he was widely criticised. Former Guardian editor Alan Rusbridger said the ""hateful ‘likes’ make him unfit to be a media mogul"". Current Spectator editor Fraser Nelson told the BBC's World at One programme he felt ""pretty confident"" about the new owner. ""What you want in a proprietor is somebody who is willing to invest, who is willing to have the confidence in what the journalists are doing, and also is willing to protect editorial independence. And there’s not the slightest suggestion that Paul Marshall isn’t willing to do that,"" he said. ""The idea that he’s going to turn it into anything other than the journalistic enterprise which it is is just for the birds."" The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn. They were sold to RedBird IMI in a deal which valued the publications at around £600m, before the government intervened and passed legislation, prompting RedBird to halt the takeover and put them back up for sale. As a weekly news publication, the Spectator is not defined as a ""newspaper"" under the Enterprise Act and therefore does not fall within scope of the culture secretary’s powers to examine media mergers in the public interest. ""It is essential that the availability of a wide range of accurate and high-quality news and perspectives can be protected, and that the regime we have in place is equipped to keep up with changes and development in our media landscape,"" a spokesperson for the Department for Digital, Culture, Media and Sport said. ""The culture secretary is now considering recommendations previously put forward by the independent regulator Ofcom on the function of the current regime."" ",BBC,10/09/2024,"['The Spectator has been sold for £100m to Sir Paul Marshall, a hedge fund tycoon and major investor in GB News.', 'He beat around 20 other bidders to buy the right-leaning magazine, once edited by former Prime Minister Boris Johnson.', 'It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed.', 'This came after the government intervened in January.', 'Legislation banning foreign states from owning UK newspapers soon followed.', 'That deal would have transferred the ownership to the Gulf-backed Redbird IMI consortium.', 'The Telegraph newspapers remain for sale, and Sir Paul is also in the running to buy those as he continues his bid to build an empire of right-wing media outlets.', 'Others thought to be among the bidders include Rupert Murdoch’s News UK and former chancellor Nadhim Zahawi.', 'After the deal was announced, Spectator chairman Andrew Neil said he would resign with immediate effect, having previously stated that hedge funds should not be allowed to own news publications because of the risk of conflict of interest. ""', 'I made it clear many months ago that I would step down when a new owner took over.', 'That time has now come,"" he posted on X, formerly Twitter.', 'The Spectator was established in 1828, making it one of the oldest politics and current affairs magazines in the world.', 'Sir Paul, who is buying the magazine through his Old Queen Street (OQS) media group, said: “As a long-term Spectator reader, I am delighted it is joining the OQS stable. ""', 'The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""', 'Sir Paul started work in the City and set up his own hedge fund with business partner Ian Wace in 1997.', 'According to Wace, a ""considerable proportion"" of the first $50m they had under management came from the famous investor and philanthropist George Soros.', 'Worth an estimated £875m, Sir Paul is not that well known outside the financial and political worlds.', 'He is probably less famous than his son Winston, a former member of the folk-rock band Mumford & Sons.', ""A devout Christian, Sir Paul is also known for his philanthropy, co-founding the children's educational charity ARK, and donating millions to set up the Marshall Institute for Philanthropy and Social Entrepreneurship."", 'In 2016 he was knighted for services to education and philanthropy.', 'Politically, he was a member of the Liberal Democrats for many years, and in 1987 he stood to be an MP for the SDP, a forerunner of the party.', 'By 2016 his allegiance had switched to the Conservative Party and he was a supporter of Brexit, donating £100,000 to the Leave campaign.', 'In 2017 he founded the news website UnHerd, and he has invested tens of millions of pounds in GB News since its launch in 2021.', 'Earlier this year he was accused of liking or reposting tweets that appeared to be anti-Muslim in sentiment.', 'He apologised and said the tweets were not representative of his views, but he was widely criticised.', 'Former Guardian editor Alan Rusbridger said the ""hateful ‘likes’ make him unfit to be a media mogul"".', 'Current Spectator editor Fraser Nelson told the BBC\'s World at One programme he felt ""pretty confident"" about the new owner. ""', 'What you want in a proprietor is somebody who is willing to invest, who is willing to have the confidence in what the journalists are doing, and also is willing to protect editorial independence.', 'And there’s not the slightest suggestion that Paul Marshall isn’t willing to do that,"" he said. ""', 'The idea that he’s going to turn it into anything other than the journalistic enterprise which it is is just for the birds.""', 'The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn.', 'They were sold to RedBird IMI in a deal which valued the publications at around £600m, before the government intervened and passed legislation, prompting RedBird to halt the takeover and put them back up for sale.', 'As a weekly news publication, the Spectator is not defined as a ""newspaper"" under the Enterprise Act and therefore does not fall within scope of the culture secretary’s powers to examine media mergers in the public interest. ""', 'It is essential that the availability of a wide range of accurate and high-quality news and perspectives can be protected, and that the regime we have in place is equipped to keep up with changes and development in our media landscape,"" a spokesperson for the Department for Digital, Culture, Media and Sport said. ""', 'The culture secretary is now considering recommendations previously put forward by the independent regulator Ofcom on the function of the current regime.""']",0.1144690035492057,"The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""","The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn.",0.2057813763618469,"The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""",It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed.,2024-09-09
Fusion energy: Could powerful lasers power a working reactor?,https://www.bbc.co.uk/news/articles/cml2pyvmw9ro,2024-09-09T23:07:27.885Z,"Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research. Among the experiments was an effort to see if nuclear fusion, the reaction which powers the sun, could be sparked on earth in a controlled setting. The experiments were classified, but it was widely known among physicists that the results had been promising. That knowledge caught the attention of two young graduate students working at the Los Alamos National Laboratory in the late 2000s, Conner Galloway and Alexander Valys. The Los Alamos lab was originally set up in 1943 as a top-secret site to develop the first nuclear weapons. Located near Santa Fe, New Mexico it is now a US government research and development facility. ""When Alex and I learned about those tests at Los Alamos, our reaction was like 'wow, inertial fusion has already worked!'. Laboratory-scale pellets were ignited, the details were classified, but enough was made public that we knew that ignition was achieved,"" says Mr Galloway. Nuclear fusion is the process of fusing hydrogen nuclei together, which produces immense amounts of energy. The reaction creates helium and not the long-lived radioactive waste of the fission process which is used in existing nuclear power stations. If fusion can be harnessed, then it promises abundant electricity, generated without producing CO2. Those tests in the 1980s led to the US government building the National Ignition Facility (NIF) in California, a project to see if nuclear fuel pellets could be ignited using a powerful laser. After more than a decade of work, in late 2022 researchers at NIF made a breakthrough. Scientists conducted the first controlled fusion experiment to produce more energy from the reaction than that supplied by the lasers which sparked it. While physicists around the world marvelled at that breakthrough, it had taken the scientists at NIF much longer than expected. ""They were energy starved,"" says Mr Galloway. He doesn't mean they needed more snacks, instead the NIF laser was only just powerful enough to ignite the fuel pellet.  Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid. To do that they founded Xcimer, based in Denver. NIF had to make do with a laser that could pump out two megajoules of energy. Mr Galloway and Mr Valys are planning to experiment with lasers that can supply up to 20 megajoules of energy. ""We think 10 to 12 [megajoules] is the sweet spot for a commercial power plant,"" says Mr Galloway. Such a laser beam would hit the fuel capsule with a powerful punch. It would be like taking the energy of a 40-tonne articulated lorry travelling at 60mph and focussing it on the centimetre-sized capsule for a few billionths of a second. More powerful lasers will allow Xcimer to use larger and simpler fuel capsules than NIF, which found it difficult to perfect them. Xcimer joins dozens of other organisations around the world trying to build a working fusion reactor.  There are two main approaches. Smashing a fuel pellet with lasers falls under the category of inertial confinement fusion. The other way, known as magnetic confinement fusion, uses powerful magnets to trap a burning cloud of atoms called plasma. Both approaches have daunting engineering challenges to overcome. In particular, how do you extract the heat generated during fusion so you can do something useful with it, like drive a turbine to make electricity? ""I suppose my scepticism is, I haven't yet even seen a persuasive conceptual diagram of how you manage the process of taking energy out while keeping the fusion reaction going,"" says Prof Ian Lowe at Griffith University in Australia. He has spent his long career working in energy research and policy.  While Prof Lowe supports the development of fusion technology, he just argues that a working fusion reactor won't come fast enough to help bring down CO2 emissions and tackle climate change. ""My concern is that even the most optimistic view is that we'd be lucky to have commercial fusion reactors by 2050. And long before then we need to have decarbonized the energy supply if we're not going to melt the planet,"" he says. Another challenge is that the fusion reaction produces high energy particles that will degrade steel, or any other material that lines the reactor core.  Those in the fusion industry don't deny the engineering challenges, but feel they can be overcome. Xcimer plans to use a ""waterfall"" of molten salt flowing around the fusion reaction to absorb the heat.  The founders are confident that they can fire the lasers and replace the fuel capsules (one every two seconds) while keeping that flow going. The flow of molten salt will also be thick enough to absorb high energy particles that could potentially damage the reactor. ""We just have two relatively small laser beams coming in from either side [of the fuel pellet]. So you only need a gap in the flow big enough for those beams, and so you don't have to turn off and turn on the entire flow,"" says Mr Valys. But how quickly can them make such a system work? Xcimer plans to experiment with the lasers for two years, before building a target chamber, where they can target the fuel pellets. The final stage would be the working reactor, which they hope would be plugged into the electricity grid in the mid-2030s. To fund the first phase of their work, Xcimer has raised $100m (£77m) . The money will be used to build a facility in Denver and the prototype laser system. Hundreds of millions dollars more will be needed to build a working reactor.  But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. ""You know, it'll change the trajectory of what's possible for humanity's progress,"" says Mr Valys. ",BBC,09/09/2024,"['Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research.', 'Among the experiments was an effort to see if nuclear fusion, the reaction which powers the sun, could be sparked on earth in a controlled setting.', 'The experiments were classified, but it was widely known among physicists that the results had been promising.', 'That knowledge caught the attention of two young graduate students working at the Los Alamos National Laboratory in the late 2000s, Conner Galloway and Alexander Valys.', 'The Los Alamos lab was originally set up in 1943 as a top-secret site to develop the first nuclear weapons.', 'Located near Santa Fe, New Mexico it is now a US government research and development facility. ""', ""When Alex and I learned about those tests at Los Alamos, our reaction was like 'wow, inertial fusion has already worked!'."", 'Laboratory-scale pellets were ignited, the details were classified, but enough was made public that we knew that ignition was achieved,"" says Mr Galloway.', 'Nuclear fusion is the process of fusing hydrogen nuclei together, which produces immense amounts of energy.', 'The reaction creates helium and not the long-lived radioactive waste of the fission process which is used in existing nuclear power stations.', 'If fusion can be harnessed, then it promises abundant electricity, generated without producing CO2.', 'Those tests in the 1980s led to the US government building the National Ignition Facility (NIF) in California, a project to see if nuclear fuel pellets could be ignited using a powerful laser.', 'After more than a decade of work, in late 2022 researchers at NIF made a breakthrough.', 'Scientists conducted the first controlled fusion experiment to produce more energy from the reaction than that supplied by the lasers which sparked it.', 'While physicists around the world marvelled at that breakthrough, it had taken the scientists at NIF much longer than expected. ""', 'They were energy starved,"" says Mr Galloway.', ""He doesn't mean they needed more snacks, instead the NIF laser was only just powerful enough to ignite the fuel pellet."", 'Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid.', 'To do that they founded Xcimer, based in Denver.', 'NIF had to make do with a laser that could pump out two megajoules of energy.', 'Mr Galloway and Mr Valys are planning to experiment with lasers that can supply up to 20 megajoules of energy. ""', 'We think 10 to 12 [megajoules] is the sweet spot for a commercial power plant,"" says Mr Galloway.', 'Such a laser beam would hit the fuel capsule with a powerful punch.', 'It would be like taking the energy of a 40-tonne articulated lorry travelling at 60mph and focussing it on the centimetre-sized capsule for a few billionths of a second.', 'More powerful lasers will allow Xcimer to use larger and simpler fuel capsules than NIF, which found it difficult to perfect them.', 'Xcimer joins dozens of other organisations around the world trying to build a working fusion reactor.', 'There are two main approaches.', 'Smashing a fuel pellet with lasers falls under the category of inertial confinement fusion.', 'The other way, known as magnetic confinement fusion, uses powerful magnets to trap a burning cloud of atoms called plasma.', 'Both approaches have daunting engineering challenges to overcome.', 'In particular, how do you extract the heat generated during fusion so you can do something useful with it, like drive a turbine to make electricity? ""', 'I suppose my scepticism is, I haven\'t yet even seen a persuasive conceptual diagram of how you manage the process of taking energy out while keeping the fusion reaction going,"" says Prof Ian Lowe at Griffith University in Australia.', 'He has spent his long career working in energy research and policy.', 'While Prof Lowe supports the development of fusion technology, he just argues that a working fusion reactor won\'t come fast enough to help bring down CO2 emissions and tackle climate change. ""', ""My concern is that even the most optimistic view is that we'd be lucky to have commercial fusion reactors by 2050."", 'And long before then we need to have decarbonized the energy supply if we\'re not going to melt the planet,"" he says.', 'Another challenge is that the fusion reaction produces high energy particles that will degrade steel, or any other material that lines the reactor core.', ""Those in the fusion industry don't deny the engineering challenges, but feel they can be overcome."", 'Xcimer plans to use a ""waterfall"" of molten salt flowing around the fusion reaction to absorb the heat.', 'The founders are confident that they can fire the lasers and replace the fuel capsules (one every two seconds) while keeping that flow going.', 'The flow of molten salt will also be thick enough to absorb high energy particles that could potentially damage the reactor. ""', 'We just have two relatively small laser beams coming in from either side [of the fuel pellet].', 'So you only need a gap in the flow big enough for those beams, and so you don\'t have to turn off and turn on the entire flow,"" says Mr Valys.', 'But how quickly can them make such a system work?', 'Xcimer plans to experiment with the lasers for two years, before building a target chamber, where they can target the fuel pellets.', 'The final stage would be the working reactor, which they hope would be plugged into the electricity grid in the mid-2030s.', 'To fund the first phase of their work, Xcimer has raised $100m (£77m) .', 'The money will be used to build a facility in Denver and the prototype laser system.', 'Hundreds of millions dollars more will be needed to build a working reactor.', 'But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. ""', 'You know, it\'ll change the trajectory of what\'s possible for humanity\'s progress,"" says Mr Valys.']",0.1808531020739279,"But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. """,Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research.,0.6817710782800402,Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid.,"They were energy starved,"" says Mr Galloway.",2024-09-09
EU court rules Google must pay €2.4bn fine,https://www.bbc.co.uk/news/articles/cjw3e1pn741o,2024-09-10T08:00:54.548Z,"Europe's top court has ruled Google must pay a €2.4bn (£2bn) fine handed down for abusing the market dominance of its shopping comparison service. The tech giant had appealed against the fine, which was originally levied by the European Commission in 2017. It was at the time the largest penalty the Commission had ever imposed - though it has since been supplanted by a €4.3bn fine, also against Google. Google said it was ""disappointed"" with the ruling. It brings an end to a long-running case that was first brought by British firm Foundem in 2009, when the UK was still part of the EU. Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today's judgement, said in its ruling the Commission was right to find Google's conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"". It ordered Google and owner Alphabet to bear their own costs and pay the costs incurred by the European Commission. In a statement, Google pointed out it had made changes in 2017 to comply with the European Commission's decision. ""Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said. Anne Witt, professor of law at EDHEC Business School's Augmented Law Institute, said it was ""an important judgement"". ""This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm.  ""Several follow-on actions by injured parties claiming compensation for losses suffered as a consequence of Google's anticompetitive conduct are already pending in national courts."" On Monday, Google was taken to court by the US government over its ad tech business - it has been accused of illegally operating a monopoly. That trial is ongoing. Last week, UK regulators provisionally concluded Google used anti-competitive practices to dominate the market for online advertising technology. The EU's case against Google started with Foundem, which filed its complaint against the tech giant in 2009. At its heart was the contention that Google made its own shopping recommendations appear more prominent than rivals in search results. Google had tried to argue that the case had no legal or economic merit. But seven years ago, the Commission agreed that the tech giant effectively monopolised online price comparison by preventing others from getting a foothold in the market. That decision has now been upheld. Industry insiders have been keeping a close eye on the EU case, with suggestions that its outcome may illuminate the direction of travel of the many other antitrust cases Google is currently facing from the European Commission. The search giant has amassed fines of €8.2bn from the Commission, which has repeatedly alleged it abused its dominant market position. These are: The EU is also currently investigating the firm over whether it preferences its own goods and services over others in search results, as part of its Digital Markets Act.  If it finds Google guilty, the firm could face a fine of up to 10% of its annual turnover. It is far from the only clash between the EU and big tech. In a separate judgement today, the ECJ has told Apple it must pay back €13bn (£11bn; $14bn) in unpaid taxes to Ireland. ",BBC,10/09/2024,"[""Europe's top court has ruled Google must pay a €2.4bn (£2bn) fine handed down for abusing the market dominance of its shopping comparison service."", 'The tech giant had appealed against the fine, which was originally levied by the European Commission in 2017.', 'It was at the time the largest penalty the Commission had ever imposed - though it has since been supplanted by a €4.3bn fine, also against Google.', 'Google said it was ""disappointed"" with the ruling.', 'It brings an end to a long-running case that was first brought by British firm Foundem in 2009, when the UK was still part of the EU.', 'Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today\'s judgement, said in its ruling the Commission was right to find Google\'s conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"".', 'It ordered Google and owner Alphabet to bear their own costs and pay the costs incurred by the European Commission.', 'In a statement, Google pointed out it had made changes in 2017 to comply with the European Commission\'s decision. ""', 'Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said.', 'Anne Witt, professor of law at EDHEC Business School\'s Augmented Law Institute, said it was ""an important judgement"". ""', 'This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. ""', 'Several follow-on actions by injured parties claiming compensation for losses suffered as a consequence of Google\'s anticompetitive conduct are already pending in national courts.""', 'On Monday, Google was taken to court by the US government over its ad tech business - it has been accused of illegally operating a monopoly.', 'That trial is ongoing.', 'Last week, UK regulators provisionally concluded Google used anti-competitive practices to dominate the market for online advertising technology.', ""The EU's case against Google started with Foundem, which filed its complaint against the tech giant in 2009."", 'At its heart was the contention that Google made its own shopping recommendations appear more prominent than rivals in search results.', 'Google had tried to argue that the case had no legal or economic merit.', 'But seven years ago, the Commission agreed that the tech giant effectively monopolised online price comparison by preventing others from getting a foothold in the market.', 'That decision has now been upheld.', 'Industry insiders have been keeping a close eye on the EU case, with suggestions that its outcome may illuminate the direction of travel of the many other antitrust cases Google is currently facing from the European Commission.', 'The search giant has amassed fines of €8.2bn from the Commission, which has repeatedly alleged it abused its dominant market position.', 'These are: The EU is also currently investigating the firm over whether it preferences its own goods and services over others in search results, as part of its Digital Markets Act.', 'If it finds Google guilty, the firm could face a fine of up to 10% of its annual turnover.', 'It is far from the only clash between the EU and big tech.', 'In a separate judgement today, the ECJ has told Apple it must pay back €13bn (£11bn; $14bn) in unpaid taxes to Ireland.']",-0.0545939957324623,"Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today's judgement, said in its ruling the Commission was right to find Google's conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"".","This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. """,-0.2568179748275063,"Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said.","This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. """,2024-09-09
Iconic firm Campbell Soup drops soup from name,https://www.bbc.co.uk/news/articles/c624pqej1p4o,2024-09-11T04:35:05.169Z,"Top executives at the 155-year old Campbell Soup Company plan to change the iconic firm's name to The Campbell's Company. Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages. Investors are set to vote on the name change at the company's annual meeting in November.  While canned soup remains a key part of the Campbell's business, the company has sought to adapt to a changing market by acquiring other businesses such as Rao’s sauces maker, Sovos Brands. “We will always love soup, and we’ll never take our eye off of this critical business,” Mr Clouse said during the company's investor day. “But today, we’re so much more than soup.”  In addition to its most famous line of products, Campbell's portfolio includes other offerings such as Goldfish crackers, Cape Cod crisps, V8 beverages, Prego sauces. Mr Clouse said Campbell will only need its soup sales to remain stable for the company to meet its financial targets. Other executives noted, however, that soup sales are set to benefit from an aging population in the US, as older people are more likely to eat soup. Campbell was the first company to sell canned soup more than a century ago. The product served as inspiration for one of American artist Andy Warhol's most iconic pop art works. The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year. Campbell's leaders expect its Goldfish crackers to be a key driver of growth and to ultimately become its largest brand by 2027. ",BBC,11/09/2024,"[""Top executives at the 155-year old Campbell Soup Company plan to change the iconic firm's name to The Campbell's Company."", ""Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages."", ""Investors are set to vote on the name change at the company's annual meeting in November."", ""While canned soup remains a key part of the Campbell's business, the company has sought to adapt to a changing market by acquiring other businesses such as Rao’s sauces maker, Sovos Brands. “"", ""We will always love soup, and we’ll never take our eye off of this critical business,” Mr Clouse said during the company's investor day. “"", 'But today, we’re so much more than soup.”', ""In addition to its most famous line of products, Campbell's portfolio includes other offerings such as Goldfish crackers, Cape Cod crisps, V8 beverages, Prego sauces."", 'Mr Clouse said Campbell will only need its soup sales to remain stable for the company to meet its financial targets.', 'Other executives noted, however, that soup sales are set to benefit from an aging population in the US, as older people are more likely to eat soup.', 'Campbell was the first company to sell canned soup more than a century ago.', ""The product served as inspiration for one of American artist Andy Warhol's most iconic pop art works."", 'The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year.', ""Campbell's leaders expect its Goldfish crackers to be a key driver of growth and to ultimately become its largest brand by 2027.""]",0.2202648472980279,"Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages.",,0.9368987917900086,The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year.,,2024-09-09
Aldi shoppers treat themselves as cost pressures ease,https://www.bbc.co.uk/news/articles/ckg29wyrnmwo,2024-09-09T06:15:26.989Z,"The boss of Aldi UK says shoppers are treating themselves to more expensive products as cost of living pressures start to ease. Customers are said to be ""trading up"" to premium own-label products including Wagyu steak, premium cheese, ready meals, and brioche buns. It is a shift in behaviour from 2021, when soaring food prices saw a boom in cheaper supermarket own-label products as shoppers cut back and bought fewer brands to save money. On Monday, Aldi revealed a 16% increase in sales in 2023 and bumper profits, though the discounter has recently lost ground as its competitors fight back. The supermarket announced it would open 23 new stores in the next 16 weeks as part of an £800m investment plan. Aldi's premium own-label ranges is growing ahead of other products, which is a similar picture for the wider grocery market as well. Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar. That compares with a drop of 10% for ""value"" own-label items. Some of that increase may be down to consumers, many of who are still feeling pressure on budgets, choosing to eat in at home instead of dining out, as well as opting less often for bigger brands. ""It's still tough out there for millions of families but inflationary pressures are easing for some,"" said Aldi UK chief executive Giles Hurley. ""For others, it'll be a decision not to use hospitality but to celebrate at home instead."" With celebrating at home in mind, Aldi's specially selected range will make up more than 50% of its overall Christmas offering for the first time. Discounters Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living. Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales. Price rises and new store openings drove much of the rise in earnings, but the business also pulled in new customers. However, the supermarket chain is now growing at a slower rate than most of its big rivals, including Lidl. This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back. That has led some to wonder if Aldi has lost its mojo, having disrupted the grocery aisles for so long. Sainsbury's and Tesco have adopted ""Aldi price match"" campaigns and all supermarkets apart from Aldi now offer some form of loyalty card schemes. ""There's always an ebb and flow,"" Mr Hurley said, when asked if Aldi had lost customers. Aldi's main rival Lidl started its rewards app four years ago, linking it with offers for its in-store bakeries, but Mr Hurley said he was not planning on deploying a similar tactic at Aldi anytime soon. ""I would view loyalty as keeping your commitments around your promises and we offer simple, straightforward pricing and our customers know that,"" he said. He said the supermarket's story was ""about growth, whether that's over the last 30 years, the last four years, or the last two years"". ""That growth is set to continue and I'm very confident about that because we have massive expansion plans here in the UK,"" Mr Hurley added. But Mr Hurley warned the planning process needs to speed up, with one of his top team holding talks with the new Labour government about reforms to the planning system. The budget chain has a long-term target of 1,500 UK shops and another 100 stores are being refurbished. But for Ged Futter, who runs a grocery retail consultancy, the question for Aldi is how it will look to grow further once it stops opening new stores. ""If they’re just talking about price, I don’t think that’s a message that cuts through enough now,"" he said.  ""The price gap isn’t as strong as it used to be. They’ve got to differentiate themselves a bit more."" ",BBC,09/09/2024,"['The boss of Aldi UK says shoppers are treating themselves to more expensive products as cost of living pressures start to ease.', 'Customers are said to be ""trading up"" to premium own-label products including Wagyu steak, premium cheese, ready meals, and brioche buns.', 'It is a shift in behaviour from 2021, when soaring food prices saw a boom in cheaper supermarket own-label products as shoppers cut back and bought fewer brands to save money.', 'On Monday, Aldi revealed a 16% increase in sales in 2023 and bumper profits, though the discounter has recently lost ground as its competitors fight back.', 'The supermarket announced it would open 23 new stores in the next 16 weeks as part of an £800m investment plan.', ""Aldi's premium own-label ranges is growing ahead of other products, which is a similar picture for the wider grocery market as well."", 'Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar.', 'That compares with a drop of 10% for ""value"" own-label items.', 'Some of that increase may be down to consumers, many of who are still feeling pressure on budgets, choosing to eat in at home instead of dining out, as well as opting less often for bigger brands. ""', 'It\'s still tough out there for millions of families but inflationary pressures are easing for some,"" said Aldi UK chief executive Giles Hurley. ""', 'For others, it\'ll be a decision not to use hospitality but to celebrate at home instead.""', ""With celebrating at home in mind, Aldi's specially selected range will make up more than 50% of its overall Christmas offering for the first time."", 'Discounters Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living.', ""Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales."", 'Price rises and new store openings drove much of the rise in earnings, but the business also pulled in new customers.', 'However, the supermarket chain is now growing at a slower rate than most of its big rivals, including Lidl.', 'This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.', 'That has led some to wonder if Aldi has lost its mojo, having disrupted the grocery aisles for so long.', 'Sainsbury\'s and Tesco have adopted ""Aldi price match"" campaigns and all supermarkets apart from Aldi now offer some form of loyalty card schemes. ""', 'There\'s always an ebb and flow,"" Mr Hurley said, when asked if Aldi had lost customers.', 'Aldi\'s main rival Lidl started its rewards app four years ago, linking it with offers for its in-store bakeries, but Mr Hurley said he was not planning on deploying a similar tactic at Aldi anytime soon. ""', 'I would view loyalty as keeping your commitments around your promises and we offer simple, straightforward pricing and our customers know that,"" he said.', 'He said the supermarket\'s story was ""about growth, whether that\'s over the last 30 years, the last four years, or the last two years"". ""', 'That growth is set to continue and I\'m very confident about that because we have massive expansion plans here in the UK,"" Mr Hurley added.', 'But Mr Hurley warned the planning process needs to speed up, with one of his top team holding talks with the new Labour government about reforms to the planning system.', 'The budget chain has a long-term target of 1,500 UK shops and another 100 stores are being refurbished.', 'But for Ged Futter, who runs a grocery retail consultancy, the question for Aldi is how it will look to grow further once it stops opening new stores. ""', 'If they’re just talking about price, I don’t think that’s a message that cuts through enough now,"" he said. ""', 'The price gap isn’t as strong as it used to be.', 'They’ve got to differentiate themselves a bit more.""']",0.1769451882841611,"Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",0.4454052680068546,"Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar.","That compares with a drop of 10% for ""value"" own-label items.",2024-09-09
Apple told to pay Ireland €13bn in tax by EU,https://www.bbc.co.uk/news/articles/ckgwkwxr4eqo,2024-09-10T08:05:13.755Z,"Apple has been ordered to pay Ireland €13bn (£11bn; $14bn) in unpaid taxes by Europe's top court, putting an end to an eight-year row. The European Commission accused Ireland of giving Apple illegal tax advantages in 2016, but Ireland has consistently argued against the need for the tax to be paid. The Irish government said it would respect the ruling. Apple said it was disappointed with the decision and accused the European Commission of ""trying to retroactively change the rules"". A separate European Court of Justice (ECJ) ruling on Tuesday also brought a long-running case with Google to a close, with the company ordered to pay a €2.4bn (£2bn) fine for market dominance abuse. The EU antitrust chief Margrethe Vestager praised both judgements. ""Today is a huge win for European citizens and tax justice,"" she said. In the Apple case, the ECJ said: ""The Court of Justice gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover."" The ruling puts an end to a lengthy back and forth legal process. The original decision covered the period from 1991 to 2014, and related to the way in which profits generated by two Apple subsidiaries based in Ireland were treated for tax purposes. Those tax arrangements were deemed to be illegal because other companies were not able to obtain the same advantages. That ruling came at a time when the Commission was attempting to clamp down on multinational giants it believed were using creative financial arrangements to reduce their tax bills. It was overturned by the lower court of the ECJ in 2020 following an appeal by Ireland.  However, that verdict has now been set aside by the higher court, which said it contained legal errors. Apple said in a statement: ""This case has never been about how much tax we pay, but which government we are required to pay it to. We always pay all the taxes we owe wherever we operate and there has never been a special deal.  ""The European Commission is trying to retroactively change the rules and ignore that, as required by international tax law, our income was already subject to taxes in the US.  ""We are disappointed with today’s decision as previously the General Court reviewed the facts and categorically annulled this case,"" Apple added. The bad news for Apple comes a day after the tech giant released its new iPhone 16 range. The ECJ ruling means Ireland will have to recover the lost taxes from Apple – something Dublin has spent years of legal wrangling trying to avoid. The Irish government has argued that Apple should not have to repay the back taxes, deeming that its loss was worth it to make the country an attractive home for large companies. Ireland, which has one of the lowest corporate tax rates in the EU, is Apple's base for Europe, the Middle East and Africa. Although corporation tax rates for businesses are set nationally, and are not subject to the EU's jurisdiction, the trade bloc does have extensive powers to regulate state aid and in this case, it argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy. The latest decision is a colossal victory for the European Commission in its attempts to stop big companies bending the rules. The Irish government said the issue in the Apple case was ""now of historical relevance only"" and said the process of transferring assets to Ireland would now begin. Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ's decision but stressed ""our tax problem is more than just one rotten apple"". She said the case addressed tax matters dating back over 20 years and was ""a perfect illustration of the chaotic corporate tax system we have"". “What we urgently need is a fundamental reform that can give us a tax system that is fair, effective, transparent and predictable,"" she said. Europe's top court has also ruled that Google must pay a €2.4bn fine for abusing the market dominance of its shopping comparison service. The tech giant had been appealing against the fine, which was originally levied by the European Commission in 2017. Google said it was disappointed with the ruling, and pointed out it had made changes in 2017 to comply with the Commission's decision. At the time it was the largest penalty the Commission had ever levied - though a year later it issued Google with an even bigger fine of €4.3bn over claims it used Android software to unfairly promote its own apps. ",BBC,10/09/2024,"[""Apple has been ordered to pay Ireland €13bn (£11bn; $14bn) in unpaid taxes by Europe's top court, putting an end to an eight-year row."", 'The European Commission accused Ireland of giving Apple illegal tax advantages in 2016, but Ireland has consistently argued against the need for the tax to be paid.', 'The Irish government said it would respect the ruling.', 'Apple said it was disappointed with the decision and accused the European Commission of ""trying to retroactively change the rules"".', 'A separate European Court of Justice (ECJ) ruling on Tuesday also brought a long-running case with Google to a close, with the company ordered to pay a €2.4bn (£2bn) fine for market dominance abuse.', 'The EU antitrust chief Margrethe Vestager praised both judgements. ""', 'Today is a huge win for European citizens and tax justice,"" she said.', 'In the Apple case, the ECJ said: ""The Court of Justice gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover.""', 'The ruling puts an end to a lengthy back and forth legal process.', 'The original decision covered the period from 1991 to 2014, and related to the way in which profits generated by two Apple subsidiaries based in Ireland were treated for tax purposes.', 'Those tax arrangements were deemed to be illegal because other companies were not able to obtain the same advantages.', 'That ruling came at a time when the Commission was attempting to clamp down on multinational giants it believed were using creative financial arrangements to reduce their tax bills.', 'It was overturned by the lower court of the ECJ in 2020 following an appeal by Ireland.', 'However, that verdict has now been set aside by the higher court, which said it contained legal errors.', 'Apple said in a statement: ""This case has never been about how much tax we pay, but which government we are required to pay it to.', 'We always pay all the taxes we owe wherever we operate and there has never been a special deal. ""', 'The European Commission is trying to retroactively change the rules and ignore that, as required by international tax law, our income was already subject to taxes in the US. ""', 'We are disappointed with today’s decision as previously the General Court reviewed the facts and categorically annulled this case,"" Apple added.', 'The bad news for Apple comes a day after the tech giant released its new iPhone 16 range.', 'The ECJ ruling means Ireland will have to recover the lost taxes from Apple – something Dublin has spent years of legal wrangling trying to avoid.', 'The Irish government has argued that Apple should not have to repay the back taxes, deeming that its loss was worth it to make the country an attractive home for large companies.', ""Ireland, which has one of the lowest corporate tax rates in the EU, is Apple's base for Europe, the Middle East and Africa."", ""Although corporation tax rates for businesses are set nationally, and are not subject to the EU's jurisdiction, the trade bloc does have extensive powers to regulate state aid and in this case, it argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy."", 'The latest decision is a colossal victory for the European Commission in its attempts to stop big companies bending the rules.', 'The Irish government said the issue in the Apple case was ""now of historical relevance only"" and said the process of transferring assets to Ireland would now begin.', 'Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ\'s decision but stressed ""our tax problem is more than just one rotten apple"".', 'She said the case addressed tax matters dating back over 20 years and was ""a perfect illustration of the chaotic corporate tax system we have"". “', 'What we urgently need is a fundamental reform that can give us a tax system that is fair, effective, transparent and predictable,"" she said.', ""Europe's top court has also ruled that Google must pay a €2.4bn fine for abusing the market dominance of its shopping comparison service."", 'The tech giant had been appealing against the fine, which was originally levied by the European Commission in 2017.', ""Google said it was disappointed with the ruling, and pointed out it had made changes in 2017 to comply with the Commission's decision."", 'At the time it was the largest penalty the Commission had ever levied - though a year later it issued Google with an even bigger fine of €4.3bn over claims it used Android software to unfairly promote its own apps.']",-0.0575836746521941,"Today is a huge win for European citizens and tax justice,"" she said.","Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ's decision but stressed ""our tax problem is more than just one rotten apple"".",-0.1505675554275512,"Today is a huge win for European citizens and tax justice,"" she said.",The bad news for Apple comes a day after the tech giant released its new iPhone 16 range.,2024-09-09
Polaris Dawn: Billionaire takes off for first private spacewalk,https://www.bbc.co.uk/news/articles/c4gd9g9zzelo,2024-09-10T11:55:01.594Z,"Billionaire Jared Isaacman has taken off in a SpaceX Falcon 9 rocket for what he hopes will be the first ever privately funded spacewalk. The mission, called Polaris Dawn, is the first of three funded by the founder of payments processing business Shift4.  He is onboard as commander alongside his close friend Scott 'Kidd' Poteet, who is a retired air force pilot, and two SpaceX engineers Anna Menon and Sarah Gillis. The spacecraft, called Resilience, will go into an orbit that will eventually take them up to 870 miles (1,400km) above the planet. No human has been that far since Nasa's Apollo programme ended in the 1970s. The astronauts will pass through a region of space known as the Van Allen belt, which has high levels of radiation, but the crew will be protected by the spacecraft and their newly upgraded spacesuits.  A few passes of the belt will expose them to the equivalent of three months of the radiation astronauts experience on the International Space Station, which is within acceptable limits. They aim to study the effects that a relatively short but safe exposure has on the human body. The crew will spend their second day in space at their maximum altitude, conducting up to 40 experiments, including intersatellite laser communication between the Dragon Spacecraft and Space X’s Starlink satellite constellation. If all goes to plan, on day three into the mission, Mr Isaacman and Sarah Gillis are expected to attempt the first ever privately funded spacewalk, which is scheduled to last two hours. This will be while they are 700km in orbit. The astronauts will be testing new extravehicular activity (EVA) astronaut suits which, as their name suggests, have been upgraded from Space X’s intravehicular activity (IVA) suits for working outside of spacecraft.  The EVA suit incorporates a heads-up display in its helmet, which provides information about the suit while it is being used. The EVA suits are said to be comfortable and flexible enough to be worn during launch and landing, eliminating the need to have separate IVA suits. In an interview given while she was training for the spacewalk Ms Gillis said that it was a necessary part of Space X’s plans to send people to other worlds. “So far only countries have been able to perform a spacewalk. Space X has huge ambitions to get to Mars and make life multiplanetary. In order to get there, we need to start somewhere. And the first step is testing out the first iteration of the EVA spacesuit so that we can make spacewalks and future suit designs even better.” It was a sentiment echoed by Mr Isaacman. “Space X know they need EVA capability if they are going to realise their long-term dream of populating another planet someday."" The aim is to make spacesuits less of a tailor-made garment, more able to accommodate a wider range of commercial astronaut shapes and sizes in order to reduce costs as human spaceflight becomes more commonplace. A unique aspect of the spacewalk is that the Dragon spacecraft, called Resilience, does not have an airlock, which is a sealed room between the doorway into the vacuum outside and the rest of the spacecraft.  Normally the airlock is depressurised before the astronauts step in and out, but in the case of Resilience, the entire craft will have to be depressurised and the non-spacewalking astronauts will have to be fully suited up. The spacecraft has been adapted to withstand the vacuum. Extra nitrogen and oxygen tanks have been installed and all four astronauts will wear EVA suits, although only two will exit the spacecraft. The mission will therefore break the record for the most people in the vacuum of space at once. The flight team has taken the challenge as an opportunity to do tests on the impact of decompression sickness, also known as the “bends” and the blurry vision astronauts can sometimes experience in space called spaceflight associated neuro-ocular syndrome. Tests on the impact of radiation from the Van Allen belts as well as the spacewalk are intended to lay the ground for further high-altitude missions by the private sector possibly to the Moon or Mars. There are an awful lot of firsts for the rookie crew to achieve. Isaacman has been in space only once before and the other three have never flown in space. “There’s a feeling that there are a great many risks here,” according to Dr Adam Baker, a rocket propulsion specialist at Cranfield University. “They have set themselves a lot of ambitious objectives and they have relatively limited spaceflight experience.” “But in counter to that, they have spent several thousand hours simulating the mission. So, they are doing their best to mitigate the risks.” If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have. But Dr Baker takes a more cautious approach. “The record so far has been a huge amount of money spent by the private sector, lots of dribs and drabs of publicity, but much less than 100 additional people on top of the 500 or so government-funded astronauts travelling to space and back, and many of those only for very brief periods. “Spaceflight is difficult, expensive and dangerous, so expecting to see large numbers of even just well-off members of the population, as opposed to the ultra-rich, flying into space soon, or expecting you might be among them, is unlikely.” Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander. But this shouldn't be brushed off as a vanity project, according to Dr Simeon Barber, a space scientist at the Open University, who develops scientific instruments on spacecrafts, almost entirely for government-funded projects. “Isaacman is actually the most experienced astronaut of the crew – he alone has been to space before, on another self-funded mission with SpaceX, where he also took the position of Commander. In the context of the mission, he is the natural choice,” he told BBC News. “More widely, the proceeds from selling this stellar class ticket to ride will remain on Earth – the money will buy materials and services, it will pay salaries and in turn will generate taxes. Not to mention the charitable funds the mission will raise.” He says that many in the space sector believe the involvement of wealthy individuals to be a good thing. “If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way. And the more diverse the reasons there are to explore space, the more resilient the programme becomes.” ",BBC,10/09/2024,"['Billionaire Jared Isaacman has taken off in a SpaceX Falcon 9 rocket for what he hopes will be the first ever privately funded spacewalk.', 'The mission, called Polaris Dawn, is the first of three funded by the founder of payments processing business Shift4.', ""He is onboard as commander alongside his close friend Scott 'Kidd' Poteet, who is a retired air force pilot, and two SpaceX engineers Anna Menon and Sarah Gillis."", 'The spacecraft, called Resilience, will go into an orbit that will eventually take them up to 870 miles (1,400km) above the planet.', ""No human has been that far since Nasa's Apollo programme ended in the 1970s."", 'The astronauts will pass through a region of space known as the Van Allen belt, which has high levels of radiation, but the crew will be protected by the spacecraft and their newly upgraded spacesuits.', 'A few passes of the belt will expose them to the equivalent of three months of the radiation astronauts experience on the International Space Station, which is within acceptable limits.', 'They aim to study the effects that a relatively short but safe exposure has on the human body.', 'The crew will spend their second day in space at their maximum altitude, conducting up to 40 experiments, including intersatellite laser communication between the Dragon Spacecraft and Space X’s Starlink satellite constellation.', 'If all goes to plan, on day three into the mission, Mr Isaacman and Sarah Gillis are expected to attempt the first ever privately funded spacewalk, which is scheduled to last two hours.', 'This will be while they are 700km in orbit.', 'The astronauts will be testing new extravehicular activity (EVA) astronaut suits which, as their name suggests, have been upgraded from Space X’s intravehicular activity (IVA) suits for working outside of spacecraft.', 'The EVA suit incorporates a heads-up display in its helmet, which provides information about the suit while it is being used.', 'The EVA suits are said to be comfortable and flexible enough to be worn during launch and landing, eliminating the need to have separate IVA suits.', 'In an interview given while she was training for the spacewalk Ms Gillis said that it was a necessary part of Space X’s plans to send people to other worlds. “', 'So far only countries have been able to perform a spacewalk.', 'Space X has huge ambitions to get to Mars and make life multiplanetary.', 'In order to get there, we need to start somewhere.', 'And the first step is testing out the first iteration of the EVA spacesuit so that we can make spacewalks and future suit designs even better.”', 'It was a sentiment echoed by Mr Isaacman. “', 'Space X know they need EVA capability if they are going to realise their long-term dream of populating another planet someday.""', 'The aim is to make spacesuits less of a tailor-made garment, more able to accommodate a wider range of commercial astronaut shapes and sizes in order to reduce costs as human spaceflight becomes more commonplace.', 'A unique aspect of the spacewalk is that the Dragon spacecraft, called Resilience, does not have an airlock, which is a sealed room between the doorway into the vacuum outside and the rest of the spacecraft.', 'Normally the airlock is depressurised before the astronauts step in and out, but in the case of Resilience, the entire craft will have to be depressurised and the non-spacewalking astronauts will have to be fully suited up.', 'The spacecraft has been adapted to withstand the vacuum.', 'Extra nitrogen and oxygen tanks have been installed and all four astronauts will wear EVA suits, although only two will exit the spacecraft.', 'The mission will therefore break the record for the most people in the vacuum of space at once.', 'The flight team has taken the challenge as an opportunity to do tests on the impact of decompression sickness, also known as the “bends” and the blurry vision astronauts can sometimes experience in space called spaceflight associated neuro-ocular syndrome.', 'Tests on the impact of radiation from the Van Allen belts as well as the spacewalk are intended to lay the ground for further high-altitude missions by the private sector possibly to the Moon or Mars.', 'There are an awful lot of firsts for the rookie crew to achieve.', 'Isaacman has been in space only once before and the other three have never flown in space. “', 'There’s a feeling that there are a great many risks here,” according to Dr Adam Baker, a rocket propulsion specialist at Cranfield University. “', 'They have set themselves a lot of ambitious objectives and they have relatively limited spaceflight experience.” “', 'But in counter to that, they have spent several thousand hours simulating the mission.', 'So, they are doing their best to mitigate the risks.”', 'If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have.', 'But Dr Baker takes a more cautious approach. “', 'The record so far has been a huge amount of money spent by the private sector, lots of dribs and drabs of publicity, but much less than 100 additional people on top of the 500 or so government-funded astronauts travelling to space and back, and many of those only for very brief periods. “', 'Spaceflight is difficult, expensive and dangerous, so expecting to see large numbers of even just well-off members of the population, as opposed to the ultra-rich, flying into space soon, or expecting you might be among them, is unlikely.”', 'Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander.', ""But this shouldn't be brushed off as a vanity project, according to Dr Simeon Barber, a space scientist at the Open University, who develops scientific instruments on spacecrafts, almost entirely for government-funded projects. “"", 'Isaacman is actually the most experienced astronaut of the crew – he alone has been to space before, on another self-funded mission with SpaceX, where he also took the position of Commander.', 'In the context of the mission, he is the natural choice,” he told BBC News. “', 'More widely, the proceeds from selling this stellar class ticket to ride will remain on Earth – the money will buy materials and services, it will pay salaries and in turn will generate taxes.', 'Not to mention the charitable funds the mission will raise.”', 'He says that many in the space sector believe the involvement of wealthy individuals to be a good thing. “', 'If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way.', 'And the more diverse the reasons there are to explore space, the more resilient the programme becomes.”']",0.1578261950845237,"If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way.",There are an awful lot of firsts for the rookie crew to achieve.,0.562919819355011,"If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have.","Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander.",2024-09-09
"'Grim' September ahead with 6,000 steel and oil jobs set to go",https://www.bbc.co.uk/news/articles/c3rd512v77qo,2024-09-09T22:59:57.468Z,"The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands. A total of 2,800 jobs are set to go at Port Talbot in Wales, while up to 3,000 jobs are expected to be axed at British Steel in Scunthorpe. A further 400 will be cut at Scotland's Grangemouth oil refinery. Unions' hopes that investment from a new Labour government could help limit job losses have largely been dashed, according to sources. The government said it was facing ""tough decisions"" but added: ""The solution isn’t writing a blank cheque to bail out the past, or to put taxpayers on the hook for the industrial challenges we’ve inherited."" Labour's manifesto promised a kitty of £2.5bn to revitalise the UK steel industry. But the new government has taken a similar line to its predecessor by insisting that public money is only available to invest in new greener steel production facilities, rather than to subsidise large ongoing losses at carbon-intensive plants. Both Tata, the Indian firm which owns Port Talbot and Jingye of China, which owns Scunthorpe, insist the plants are losing £1m a day. The government is in talks to finalise a grant to Tata of £500m towards the £1.25bn cost of building an electric arc furnace which will eventually replace the last remaining blast furnace at Port Talbot. Blast furnaces use coke in the process of creating ""virgin"" steel but the process generates carbon dioxide while electric arc furnaces are mostly used to melt down and repurpose scrap steel.  This process cannot replicate all grades of steel that are produced in blast furnaces, including some types used in construction and rail.  At Port Talbot, the GMB and Community unions have presented members with a redundancy deal struck with Tata which would see workers receive 2.8 weeks of earnings for every year of service up to a maximum of 25 years. Workers can also sign up to a one-year skills and re-training scheme during which they will be paid £27,000. Union officials hope the number of immediate compulsory redundancies at the UK’s biggest steel works will end up being far lower than 2,800 as many workers who left recently have not been replaced. There have been more than 2,000 expressions of interest in the redundancy and re-training package being offered. In Scunthorpe, prospects for workers have deteriorated more suddenly. Unions had hoped that a government support package of up to £600m to Jingye would see one of its remaining blast furnaces remain open during the three years it took to build a new electric arc furnace. That prospect has faded, according to union and government sources, meaning that up to 3,000 jobs could go. Asked how the government felt about the next few weeks, a senior source said: ""It's going to feel grim."" Unions have told the BBC that the closure of blast furnaces at both Port Talbot and Scunthorpe would leave the UK without the ability to make virgin steel. But other industry voices have downplayed such vulnerabilities, pointing out that the coking coal and iron ore used in blast furnaces are imported from abroad, so importing some virgin steel would make little difference. Meanwhile, an announcement is expected this month to confirm that Scotland’s only remaining oil refinery at Grangemouth will shut down early next year to become a less labour-intensive oil and gas import terminal. Government promises to explore a sustainable future for the site based on the planned expansion of renewable energy in Scotland are not expected to come soon enough to save up to 400 jobs. A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth."" A spokesperson for British Steel in Scunthorpe said bosses were in ""ongoing discussions"" with the government over its future operations. ""While progress continues, no final decisions have been made,"" they added. ",BBC,09/09/2024,"['The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands.', 'A total of 2,800 jobs are set to go at Port Talbot in Wales, while up to 3,000 jobs are expected to be axed at British Steel in Scunthorpe.', ""A further 400 will be cut at Scotland's Grangemouth oil refinery."", ""Unions' hopes that investment from a new Labour government could help limit job losses have largely been dashed, according to sources."", 'The government said it was facing ""tough decisions"" but added: ""The solution isn’t writing a blank cheque to bail out the past, or to put taxpayers on the hook for the industrial challenges we’ve inherited.""', ""Labour's manifesto promised a kitty of £2.5bn to revitalise the UK steel industry."", 'But the new government has taken a similar line to its predecessor by insisting that public money is only available to invest in new greener steel production facilities, rather than to subsidise large ongoing losses at carbon-intensive plants.', 'Both Tata, the Indian firm which owns Port Talbot and Jingye of China, which owns Scunthorpe, insist the plants are losing £1m a day.', 'The government is in talks to finalise a grant to Tata of £500m towards the £1.25bn cost of building an electric arc furnace which will eventually replace the last remaining blast furnace at Port Talbot.', 'Blast furnaces use coke in the process of creating ""virgin"" steel but the process generates carbon dioxide while electric arc furnaces are mostly used to melt down and repurpose scrap steel.', 'This process cannot replicate all grades of steel that are produced in blast furnaces, including some types used in construction and rail.', 'At Port Talbot, the GMB and Community unions have presented members with a redundancy deal struck with Tata which would see workers receive 2.8 weeks of earnings for every year of service up to a maximum of 25 years.', 'Workers can also sign up to a one-year skills and re-training scheme during which they will be paid £27,000.', 'Union officials hope the number of immediate compulsory redundancies at the UK’s biggest steel works will end up being far lower than 2,800 as many workers who left recently have not been replaced.', 'There have been more than 2,000 expressions of interest in the redundancy and re-training package being offered.', 'In Scunthorpe, prospects for workers have deteriorated more suddenly.', 'Unions had hoped that a government support package of up to £600m to Jingye would see one of its remaining blast furnaces remain open during the three years it took to build a new electric arc furnace.', 'That prospect has faded, according to union and government sources, meaning that up to 3,000 jobs could go.', 'Asked how the government felt about the next few weeks, a senior source said: ""It\'s going to feel grim.""', 'Unions have told the BBC that the closure of blast furnaces at both Port Talbot and Scunthorpe would leave the UK without the ability to make virgin steel.', 'But other industry voices have downplayed such vulnerabilities, pointing out that the coking coal and iron ore used in blast furnaces are imported from abroad, so importing some virgin steel would make little difference.', 'Meanwhile, an announcement is expected this month to confirm that Scotland’s only remaining oil refinery at Grangemouth will shut down early next year to become a less labour-intensive oil and gas import terminal.', 'Government promises to explore a sustainable future for the site based on the planned expansion of renewable energy in Scotland are not expected to come soon enough to save up to 400 jobs.', 'A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""', 'A spokesperson for British Steel in Scunthorpe said bosses were in ""ongoing discussions"" with the government over its future operations. ""', 'While progress continues, no final decisions have been made,"" they added.']",0.0716898785075119,"A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""","The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands.",-0.3091172575950622,"A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""","In Scunthorpe, prospects for workers have deteriorated more suddenly.",2024-09-09
US inflation falls to its lowest level in over three years,https://www.bbc.co.uk/news/articles/cy9e72vn1xyo,2024-09-11T13:05:43.157Z,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week. Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell. That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs. The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue. Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of bigger cut. ""Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics. The data shows price pressure is fading for key household items.  Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.  The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023. However, prices for other items continued to climb.  Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive.  ""This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Rating's chief economist. ""Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so."" Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation. Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending. Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation. US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy. Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls. But the 26-year-old told the BBC that prices have recently started to become more affordable. She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts.  ""I've noticed, over the last few months, they've got red tags on everything,"" she said, adding that her family recently took its first holiday in three years. But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child. The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center. Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year.  ""It's really hard to be believe that they're actually going to be able to do anything about it,"" she said.  ",BBC,11/09/2024,"['Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.', 'Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell.', 'That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs.', 'The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue.', 'Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of bigger cut. ""', 'Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics.', 'The data shows price pressure is fading for key household items.', 'Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.', 'The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.', 'However, prices for other items continued to climb.', 'Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive. ""', 'This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Rating\'s chief economist. ""', 'Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so.""', 'Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation.', 'Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending.', ""Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation."", 'US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.', 'Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls.', 'But the 26-year-old told the BBC that prices have recently started to become more affordable.', 'She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts. ""', 'I\'ve noticed, over the last few months, they\'ve got red tags on everything,"" she said, adding that her family recently took its first holiday in three years.', 'But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child.', ""The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center."", 'Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year. ""', 'It\'s really hard to be believe that they\'re actually going to be able to do anything about it,"" she said.']",0.0581881893590117,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.",The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center.,0.2353941003481547,"The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.","US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.",2024-09-09
State pension set to rise by £460 next year,https://www.bbc.co.uk/news/articles/c9wjz7jzqd0o,2024-09-10T06:13:05.780Z,"The new full state pension is expected to rise by £460 a year from April, latest wages data suggests. Under the arrangement called the ""triple lock"", the state pension goes up each year by either 2.5%, inflation, or average earnings growth - whichever is the highest figure. Earnings figures for the three months to July are used for the yearly increase, and these showed total pay rose at an annual rate of 4%, much higher than inflation. The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners. More than nine million pensioners will no longer be eligible for up to £300 this winter after the Chancellor, Rachel Reeves, announced the introduction of means-testing for the payments. More than 12 million people currently receive the state pension. The latest ONS figures imply Last year, the new full state pension increased by £900. However, not all pensioners get the full amount. Some retired people will also receive additional income from workplace or private pensions. The final state pension figure for next year will be decided by the Work and Pensions Secretary, Liz Kendall, around the time of the Budget and may be different if official earnings figures are revised in a month. Steve Webb, a former pensions minister and partner at pension consultants LCP, said the new state pension would need to rise by just over £250 just to keep up with inflation. As a result, only about £210 represents a real increase, ""and this is before allowing for the income tax which most pensioners will pay on their state pension rise"". ""Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”. For those pensioners on low incomes with no huge savings tucked away, there may be the opportunity to claim a top-up called pension credit. This can be worth thousands of pounds a year and is a gateway to other financial support such as lower council tax or help with NHS costs, but more than 800,000 eligible pensioners fail to claim it. The increase in total pay - which includes bonuses - measured by the ONS showed a marked slowdown from the previous month. The ONS said this was due to one-off bonuses paid to NHS and civil service workers  in June and July 2023 not being replicated this year. Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.  Analysts said the continued slowdown in earnings should encourage the Bank of England to cut interest rates again later this year. Last month, the Bank cut rates to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020. It meets again to discuss interest rates next week, although analysts are not expecting further rate cuts until later in the year. ""With wage growth easing off again, it’ll cement expectations that the Bank of England will deliver two interest rate cuts by the end of the year,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. The unemployment rate in the May to July period slipped to 4.1%, the lowest since the three months to January 2024. The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.   ",BBC,10/09/2024,"['The new full state pension is expected to rise by £460 a year from April, latest wages data suggests.', 'Under the arrangement called the ""triple lock"", the state pension goes up each year by either 2.5%, inflation, or average earnings growth - whichever is the highest figure.', 'Earnings figures for the three months to July are used for the yearly increase, and these showed total pay rose at an annual rate of 4%, much higher than inflation.', 'The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners.', 'More than nine million pensioners will no longer be eligible for up to £300 this winter after the Chancellor, Rachel Reeves, announced the introduction of means-testing for the payments.', 'More than 12 million people currently receive the state pension.', 'The latest ONS figures imply Last year, the new full state pension increased by £900.', 'However, not all pensioners get the full amount.', 'Some retired people will also receive additional income from workplace or private pensions.', 'The final state pension figure for next year will be decided by the Work and Pensions Secretary, Liz Kendall, around the time of the Budget and may be different if official earnings figures are revised in a month.', 'Steve Webb, a former pensions minister and partner at pension consultants LCP, said the new state pension would need to rise by just over £250 just to keep up with inflation.', 'As a result, only about £210 represents a real increase, ""and this is before allowing for the income tax which most pensioners will pay on their state pension rise"". ""', 'Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”.', 'For those pensioners on low incomes with no huge savings tucked away, there may be the opportunity to claim a top-up called pension credit.', 'This can be worth thousands of pounds a year and is a gateway to other financial support such as lower council tax or help with NHS costs, but more than 800,000 eligible pensioners fail to claim it.', 'The increase in total pay - which includes bonuses - measured by the ONS showed a marked slowdown from the previous month.', 'The ONS said this was due to one-off bonuses paid to NHS and civil service workers in June and July 2023 not being replicated this year.', 'Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.', 'Analysts said the continued slowdown in earnings should encourage the Bank of England to cut interest rates again later this year.', 'Last month, the Bank cut rates to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020.', 'It meets again to discuss interest rates next week, although analysts are not expecting further rate cuts until later in the year. ""', 'With wage growth easing off again, it’ll cement expectations that the Bank of England will deliver two interest rate cuts by the end of the year,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown.', 'The unemployment rate in the May to July period slipped to 4.1%, the lowest since the three months to January 2024.', 'The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.']",0.0732233938451987,"Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.",Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”.,0.2698943274361746,"The latest ONS figures imply Last year, the new full state pension increased by £900.","The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.",2024-09-09
"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities.  The winter fuel payment until now, has been paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits. It means more than 10 million pensioners will no longer receive the money. While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out. While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment. The benefit is separate from other support such as cold weather payments and the warm home discount. This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit. It is usually paid automatically in November or December. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.  That's about £20bn more than total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'The winter fuel payment until now, has been paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits.', 'It means more than 10 million pensioners will no longer receive the money.', 'While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', ""While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'The benefit is separate from other support such as cold weather payments and the warm home discount.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit.', 'It is usually paid automatically in November or December.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3087668456755686,The benefit is separate from other support such as cold weather payments and the warm home discount.,"While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",-0.2970174882147047,That's about £20bn more than total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-09
"New oil and gas ban threatens jobs, unions warn",https://www.bbc.co.uk/news/articles/c4gd1q9ejqdo,2024-09-09T16:48:18.400Z,"More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned. Delegates at the TUC Congress in Brighton narrowly voted in support of a motion calling for no ban to be implemented before a fully funded plan guaranteeing comparable jobs for all North Sea workers is agreed.  Proposing the motion, Unite and the GMB - the country's second and third biggest unions - said while climate change did pose a risk, fossil fuels should not be abandoned until workers knew how their jobs would be protected.  However, other unions opposed the move, arguing there are ""no jobs on a dead planet"". A Department for Energy Security and Net Zero spokesperson said: ""The government has a non-negotiable commitment to securing a proud future for the North Sea. ""This includes setting up Great British Energy, a publicly owned energy company headquartered in Scotland, which will invest in technologies that will make us a world-leader in industries that use the expertise of North Sea workers such as floating offshore wind and carbon capture and storage."" Cliff Bowen, who sits on Unite's executive council, told the conference the issue would be ""the biggest test of Keir Starmer's mettle"".  ""Environmental action is required but exporting jobs, skills and destroying working class kids’ futures, while moving production abroad, is just burying our heads in the sand,"" he said.  Mr Bowen warned of ""false promises of green jobs which never seem to materialise"". He compared the ""cliff edge"" facing North Sea workers to the fate of miners in the 1980s, when many of the country's pits were closed and communities saw unemployment rise. However, the UK's largest union Unison, which represents workers providing public services, was among those to oppose the motion.  Unison's Jo Tapper told the conference the union supported the need for ""a fair transition"" to renewable energy, including a comprehensive jobs plan for workers in the fossil fuel industry.  ""Workers in the energy sector rightly expect to be heard and protected. But climate change doesn’t only impact on energy workers,"" she said. ""There are no jobs on a dead planet."" She added: ""Jobs and communities can and should be protected by the opportunities created by the rapid expansion of renewables."" In Labour's general election manifesto, the party said it would not revoke existing licences for oil and gas and ensure a ""phased and responsible transition in the North Sea"".  It said North Sea oil and gas production would be ""with us for decades to come"" and ""managed in a way that does not jeopardise jobs"".  However, the party pledged not to issue any new licences because ""they will not take a penny off bills"" and ""will only accelerate the worsening climate crisis"".  Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.  Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory.  However, she told the conference that to ""fix"" the ""broken"" country left by the Conservatives, the government ""need to do more than just move round the deckchairs"".  ",BBC,09/09/2024,"[""More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned."", 'Delegates at the TUC Congress in Brighton narrowly voted in support of a motion calling for no ban to be implemented before a fully funded plan guaranteeing comparable jobs for all North Sea workers is agreed.', ""Proposing the motion, Unite and the GMB - the country's second and third biggest unions - said while climate change did pose a risk, fossil fuels should not be abandoned until workers knew how their jobs would be protected."", 'However, other unions opposed the move, arguing there are ""no jobs on a dead planet"".', 'A Department for Energy Security and Net Zero spokesperson said: ""The government has a non-negotiable commitment to securing a proud future for the North Sea. ""', 'This includes setting up Great British Energy, a publicly owned energy company headquartered in Scotland, which will invest in technologies that will make us a world-leader in industries that use the expertise of North Sea workers such as floating offshore wind and carbon capture and storage.""', 'Cliff Bowen, who sits on Unite\'s executive council, told the conference the issue would be ""the biggest test of Keir Starmer\'s mettle"". ""', 'Environmental action is required but exporting jobs, skills and destroying working class kids’ futures, while moving production abroad, is just burying our heads in the sand,"" he said.', 'Mr Bowen warned of ""false promises of green jobs which never seem to materialise"".', 'He compared the ""cliff edge"" facing North Sea workers to the fate of miners in the 1980s, when many of the country\'s pits were closed and communities saw unemployment rise.', ""However, the UK's largest union Unison, which represents workers providing public services, was among those to oppose the motion."", 'Unison\'s Jo Tapper told the conference the union supported the need for ""a fair transition"" to renewable energy, including a comprehensive jobs plan for workers in the fossil fuel industry. ""', 'Workers in the energy sector rightly expect to be heard and protected.', 'But climate change doesn’t only impact on energy workers,"" she said. ""', 'There are no jobs on a dead planet.""', 'She added: ""Jobs and communities can and should be protected by the opportunities created by the rapid expansion of renewables.""', 'In Labour\'s general election manifesto, the party said it would not revoke existing licences for oil and gas and ensure a ""phased and responsible transition in the North Sea"".', 'It said North Sea oil and gas production would be ""with us for decades to come"" and ""managed in a way that does not jeopardise jobs"".', 'However, the party pledged not to issue any new licences because ""they will not take a penny off bills"" and ""will only accelerate the worsening climate crisis"".', 'Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.', ""Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory."", 'However, she told the conference that to ""fix"" the ""broken"" country left by the Conservatives, the government ""need to do more than just move round the deckchairs"".']",0.0977674772789043,"Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.","However, other unions opposed the move, arguing there are ""no jobs on a dead planet"".",-0.0923886949365789,"Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory.","More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned.",2024-09-09
Hilsa: The end of fish diplomacy between India and Bangladesh?,https://www.bbc.co.uk/news/articles/c2l15j4dq9po,2024-09-11T05:28:32.073Z,"Indians in West Bengal may face a shortage of hilsa, their favourite fish, as millions gear up to celebrate the state's biggest festival, Durga Puja, in October. That is because Bangladesh, the world’s largest producer of the fish, has intensified its crackdown on the transportation of hilsa to neighbouring India, reinforcing a long-standing ban on exports. The renewed effort, which came a month after a new government took office in Dhaka, is to ensure that the prized fish remains more accessible to consumers in Bangladesh, according to Farida Akhter, adviser to the Bangladesh ministry of fisheries and livestock. “A lot of fish is [still] going from Bangladesh to India [despite the ban]. This time we will not allow the hilsa to cross the border,” she told the BBC. Hilsa is Bangladesh's national fish but it is a luxury, affordable only for the rich and middle class; the poor can't buy it. “The previous government would lift the ban during the Durga Puja festival. They used to call it a gift. This time I don’t think we need to give a gift because [if we do it] our people will not be able to eat the fish while it is allowed to be exported to India in large numbers,” Ms Akhter said. This stand marks a clear departure from deposed former prime minister Sheikh Hasina's renowned ""hilsa diplomacy"" with India, where she often allowed consignments of the fish to be transported to India during the festival season. Hasina has sent hilsa to West Bengal chief minister Mamata Banerjee on a number of occasions. Hoping to resolve a long-standing water dispute, she also gifted 30kg of hilsa to the then Indian president Pranab Mukherjee in 2017. Hasina was removed dramatically on 5 August after weeks of student-led protests that escalated into deadly nationwide unrest. Initially expected to stay in India briefly, her attempts to secure asylum in the UK, US and UAE have so far failed. Her continued presence in India has also complicated Delhi's efforts to build a strong relationship with the new interim government in Dhaka. For India, Bangladesh is a key strategic partner and ally, vital for border security, especially in its north-eastern states. Asked whether the new interim government could have made a goodwill gesture to India by allowing supply of hilsa, Ms Akhter said: “We will have goodwill gestures in all other ways. They are our friends. But we should not do anything by depriving our people. “The question of goodwill is separate from this.” Bangladesh is the leading producer of hilsa (Tenualosa ilisha), a kind of species of fish related to the herring, abundant in the Bay of Bengal and also thriving in rivers. The fish accounts for about 12% of the country’s total fish production and contributes around 1% to its GDP. Fishermen catch up to 600,000 tonnes of the fish annually, the majority of the haul coming from the sea. In 2017, hilsa was recognised as a geographical Indicator for the country. In past years, the government permitted the export of 3,000-5,000 tonnes of hilsa annually during Durga Puja, senior fisheries official Nripendra Nath Biswas told The Daily Star newspaper. ""But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said. But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban. A 1.5kg hilsa was selling for around 1,800 taka ($15; £11.50), 1.2kg for 1,600 taka, and one kg for 1,500 taka. These prices are 150-200 taka higher than last year, say traders. Fishermen attribute the price increase to poor catches. ""In the past three months, we tried to go to sea five times but had to turn back due to rough weather,"" said Hossain Miah, a fisherman.  Hilsa holds an almost sacred status among Bengalis on both sides of the border, and its scarcity will frustrate many. The fish is celebrated for its versatility, often cooked in a variety of ways such as steamed with mustard paste, which enhances its delicate flavour, or fried with a light coating of spices for a crispy texture.  Bengali-American food historian and author Chitrita Banerji is among the many writers who have raved about the fish.  “I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer.  ""And its tender flesh (bony though it may be), combined with an emollient texture and exquisite flavour, lends itself to an infinite variety of culinary preparations."" ",BBC,11/09/2024,"[""Indians in West Bengal may face a shortage of hilsa, their favourite fish, as millions gear up to celebrate the state's biggest festival, Durga Puja, in October."", 'That is because Bangladesh, the world’s largest producer of the fish, has intensified its crackdown on the transportation of hilsa to neighbouring India, reinforcing a long-standing ban on exports.', 'The renewed effort, which came a month after a new government took office in Dhaka, is to ensure that the prized fish remains more accessible to consumers in Bangladesh, according to Farida Akhter, adviser to the Bangladesh ministry of fisheries and livestock. “', 'A lot of fish is [still] going from Bangladesh to India [despite the ban].', 'This time we will not allow the hilsa to cross the border,” she told the BBC.', ""Hilsa is Bangladesh's national fish but it is a luxury, affordable only for the rich and middle class; the poor can't buy it. “"", 'The previous government would lift the ban during the Durga Puja festival.', 'They used to call it a gift.', 'This time I don’t think we need to give a gift because [if we do it] our people will not be able to eat the fish while it is allowed to be exported to India in large numbers,” Ms Akhter said.', 'This stand marks a clear departure from deposed former prime minister Sheikh Hasina\'s renowned ""hilsa diplomacy"" with India, where she often allowed consignments of the fish to be transported to India during the festival season.', 'Hasina has sent hilsa to West Bengal chief minister Mamata Banerjee on a number of occasions.', 'Hoping to resolve a long-standing water dispute, she also gifted 30kg of hilsa to the then Indian president Pranab Mukherjee in 2017.', 'Hasina was removed dramatically on 5 August after weeks of student-led protests that escalated into deadly nationwide unrest.', 'Initially expected to stay in India briefly, her attempts to secure asylum in the UK, US and UAE have so far failed.', ""Her continued presence in India has also complicated Delhi's efforts to build a strong relationship with the new interim government in Dhaka."", 'For India, Bangladesh is a key strategic partner and ally, vital for border security, especially in its north-eastern states.', 'Asked whether the new interim government could have made a goodwill gesture to India by allowing supply of hilsa, Ms Akhter said: “We will have goodwill gestures in all other ways.', 'They are our friends.', 'But we should not do anything by depriving our people. “', 'The question of goodwill is separate from this.”', 'Bangladesh is the leading producer of hilsa (Tenualosa ilisha), a kind of species of fish related to the herring, abundant in the Bay of Bengal and also thriving in rivers.', 'The fish accounts for about 12% of the country’s total fish production and contributes around 1% to its GDP.', 'Fishermen catch up to 600,000 tonnes of the fish annually, the majority of the haul coming from the sea.', 'In 2017, hilsa was recognised as a geographical Indicator for the country.', 'In past years, the government permitted the export of 3,000-5,000 tonnes of hilsa annually during Durga Puja, senior fisheries official Nripendra Nath Biswas told The Daily Star newspaper. ""', 'But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said.', 'But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban.', 'A 1.5kg hilsa was selling for around 1,800 taka ($15; £11.50), 1.2kg for 1,600 taka, and one kg for 1,500 taka.', 'These prices are 150-200 taka higher than last year, say traders.', 'Fishermen attribute the price increase to poor catches. ""', 'In the past three months, we tried to go to sea five times but had to turn back due to rough weather,"" said Hossain Miah, a fisherman.', 'Hilsa holds an almost sacred status among Bengalis on both sides of the border, and its scarcity will frustrate many.', 'The fish is celebrated for its versatility, often cooked in a variety of ways such as steamed with mustard paste, which enhances its delicate flavour, or fried with a light coating of spices for a crispy texture.', 'Bengali-American food historian and author Chitrita Banerji is among the many writers who have raved about the fish. “', 'I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer. ""', 'And its tender flesh (bony though it may be), combined with an emollient texture and exquisite flavour, lends itself to an infinite variety of culinary preparations.""']",0.1324020451565476,"I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer. ""","But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said.",-0.0658563421322749,But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban.,"Fishermen attribute the price increase to poor catches. """,2024-09-09
GTA 6 v Heaven 17: The tricky business of music and games,https://www.bbc.co.uk/news/articles/cjrdwzgq30go,2024-09-10T13:15:38.402Z,"Grand Theft Auto makers Rockstar have battled hackers, tabloids and even US politicians, but they might not have expected fightback from an 80s pop star. That's what they got from Martyn Ware - the influential musician from synth pop band Heaven 17. He told followers on X he had rejected a ""pitiful"" offer from the video game giant to use the group's top ten 1983 track Temptation in the upcoming GTA 6. In a series of posts, the musician said he and two fellow songwriters had been offered $22,500 (£17,200) between them - $7,500 each before subtracting fees.   He said the one-off sum was ""pathetic"", considering the huge sums of money made by the game's prequel, and Rockstar had refused to negotiate a higher amount.  While many came out in support of the musician, some posts suggested the band had missed out on finding a new generation of fans.  Artists use agreements known as synchronisation licences - or sync deals - to allow their music to appear in games, films, TV shows or adverts. Licensing expert Alex Tarrand tells BBC Newsbeat it's a system that's been in use for decades, and can be ""challenging"" to navigate because there's very little transparency.   ""The scale is so wide,"" says Alex, who's worked for gaming brands including Xbox, Disney and EA.  ""I've heard of sync licences from really, really indie artists being a couple of thousand dollars. ""I've heard of sync licences from major artists going into the millions and going from six digits into seven digits, astronomically higher."" This lack of clarity can create difficulties, Alex says, because neither side knows what the other expects to pay or be paid.   It leads to a difficult question - ""how much is this song worth?"" The company making a game will likely be thinking about how they want to use the song.  Is it going to be played on the game's title screen, in a crucial cinematic sequence, or be heard on rotation during regular gameplay?  Martyn Ware did not specify how Rockstar proposed to use his track, and declined to comment further when BBC Newsbeat contacted him. Rockstar did not respond to requests for comment but it's been assumed the song would have been included among the hundreds of original and licensed tracks on GTA 6's in-game radio stations. In his tweet, Martyn pointed out that GTA 5 is reported to have taken in $8.6bn since its 2013 release. Naomi Pohl is general secretary of the Musician's Union, which represents about 35,000 people in the UK industry. She says she isn't surprised by Martyn's reaction to Rockstar's offer. ""I think what's so frustrating and upsetting for artists is when they can see that the money they're being offered or the royalties that they're making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat. GTA 6 is expected to be a similar blockbuster success, and Naomi thinks it's reasonable to factor that into expectations.  ""Clearly a video game that's making billions of pounds, it's insulting to be offered a very low fee when you know you're the music creator,"" she says. ""They've selected it for a reason and you're not being paid appropriately for it."" The artist, or whoever holds the rights to a song, gets the final say on the amount paid to use it. Naomi points out that Martyn is a ""long-established artist with a high profile already"" and would likely have made sync deals in the past. She points out that an artist might also have to factor in other parties, such as a song with multiple writing credits or a cut for a record label. Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them. In one post, the artist said he would have accepted $75,000 or a suitable royalty deal. ""If he's saying the value of my song is higher, then he's right,"" says Alex. ""There's simply no disputing it.  ""He has his own benchmarks for what his music has gotten in sync formats, and it sounds like they're much higher than what that offer was."" Responses to Martyn's original post suggested he had been foolish to turn Rockstar down because of GTA's massive popularity. The last game has sold 200m copies since its 2013 release and still ranks among the world's most-played games thanks to its popular online mode. In theory, a lot of them could hear your music and decide to search it out on a streaming service. Alex says it's hard to quantify this effect, although there are reverse examples where big artists have attracted huge numbers of players with in-game concerts. And when the trailer for GTA 6 was released, featuring a track from US rocker Tom Petty, the song saw a massive spike in streams. But, Naomi says, exposure doesn't pay the bills and ""streaming doesn't sustain careers"". In response to one critic, Martyn said that he could expect to make about $1,000 (£760) for every million listens. Naomi says this figure sounded accurate, but it can vary from artist to artist. ""Even if you own your own recording, so there's not a record label involved, still the streaming rates can be pretty low,"" says Naomi. ""Most people have to go and perform live and that's the way they make money.  ""It's not as easy to make money from recorded music as it used to be."" Alex is the co-founder of Styngr, a company that aims to make licensing music for games easier. He says their biggest customer is Roblox, where it powers in-game boomboxes that player avatars can carry with them. These stream music into the game, and can either be ad-supported or ad-free if users buy listening time via in-game microtransactions. Alex describes this as an example of a ""micro, micro-subscription"" and says Styngr has plans to offer the ability to buy short snippets of music to accompany emotes - short dance move animations that are already a popular feature of Fortnite.  Styngr and Alex says the system allows artists, labels and developers to have much more transparency over how much music is streamed. When asked, he says he believes everyone involved sees a better return than they would get from a streaming service. Styngr is backed by Universal, Warner Music and Sony - some of the biggest record labels - and works closely with them. For individual artists, union chief Naomi says new technologies can provide opportunities, but also challenges. She says AI-generated music is a current focus, and the union has to ""constantly update our agreements and our rates so that we are providing for the latest uses"". Alex says sync deals won't be disappearing any time soon, and there are situations where an artist will want to retain creative control over how their work is used. ""But I think there's an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,10/09/2024,"['Grand Theft Auto makers Rockstar have battled hackers, tabloids and even US politicians, but they might not have expected fightback from an 80s pop star.', ""That's what they got from Martyn Ware - the influential musician from synth pop band Heaven 17."", 'He told followers on X he had rejected a ""pitiful"" offer from the video game giant to use the group\'s top ten 1983 track Temptation in the upcoming GTA 6.', 'In a series of posts, the musician said he and two fellow songwriters had been offered $22,500 (£17,200) between them - $7,500 each before subtracting fees.', 'He said the one-off sum was ""pathetic"", considering the huge sums of money made by the game\'s prequel, and Rockstar had refused to negotiate a higher amount.', 'While many came out in support of the musician, some posts suggested the band had missed out on finding a new generation of fans.', 'Artists use agreements known as synchronisation licences - or sync deals - to allow their music to appear in games, films, TV shows or adverts.', 'Licensing expert Alex Tarrand tells BBC Newsbeat it\'s a system that\'s been in use for decades, and can be ""challenging"" to navigate because there\'s very little transparency. ""', 'The scale is so wide,"" says Alex, who\'s worked for gaming brands including Xbox, Disney and EA. ""', 'I\'ve heard of sync licences from really, really indie artists being a couple of thousand dollars. ""', 'I\'ve heard of sync licences from major artists going into the millions and going from six digits into seven digits, astronomically higher.""', 'This lack of clarity can create difficulties, Alex says, because neither side knows what the other expects to pay or be paid.', 'It leads to a difficult question - ""how much is this song worth?""', 'The company making a game will likely be thinking about how they want to use the song.', ""Is it going to be played on the game's title screen, in a crucial cinematic sequence, or be heard on rotation during regular gameplay?"", 'Martyn Ware did not specify how Rockstar proposed to use his track, and declined to comment further when BBC Newsbeat contacted him.', ""Rockstar did not respond to requests for comment but it's been assumed the song would have been included among the hundreds of original and licensed tracks on GTA 6's in-game radio stations."", 'In his tweet, Martyn pointed out that GTA 5 is reported to have taken in $8.6bn since its 2013 release.', ""Naomi Pohl is general secretary of the Musician's Union, which represents about 35,000 people in the UK industry."", 'She says she isn\'t surprised by Martyn\'s reaction to Rockstar\'s offer. ""', 'I think what\'s so frustrating and upsetting for artists is when they can see that the money they\'re being offered or the royalties that they\'re making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat.', 'GTA 6 is expected to be a similar blockbuster success, and Naomi thinks it\'s reasonable to factor that into expectations. ""', 'Clearly a video game that\'s making billions of pounds, it\'s insulting to be offered a very low fee when you know you\'re the music creator,"" she says. ""', 'They\'ve selected it for a reason and you\'re not being paid appropriately for it.""', 'The artist, or whoever holds the rights to a song, gets the final say on the amount paid to use it.', 'Naomi points out that Martyn is a ""long-established artist with a high profile already"" and would likely have made sync deals in the past.', 'She points out that an artist might also have to factor in other parties, such as a song with multiple writing credits or a cut for a record label.', 'Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them.', 'In one post, the artist said he would have accepted $75,000 or a suitable royalty deal. ""', 'If he\'s saying the value of my song is higher, then he\'s right,"" says Alex. ""', 'There\'s simply no disputing it. ""', 'He has his own benchmarks for what his music has gotten in sync formats, and it sounds like they\'re much higher than what that offer was.""', ""Responses to Martyn's original post suggested he had been foolish to turn Rockstar down because of GTA's massive popularity."", ""The last game has sold 200m copies since its 2013 release and still ranks among the world's most-played games thanks to its popular online mode."", 'In theory, a lot of them could hear your music and decide to search it out on a streaming service.', ""Alex says it's hard to quantify this effect, although there are reverse examples where big artists have attracted huge numbers of players with in-game concerts."", 'And when the trailer for GTA 6 was released, featuring a track from US rocker Tom Petty, the song saw a massive spike in streams.', 'But, Naomi says, exposure doesn\'t pay the bills and ""streaming doesn\'t sustain careers"".', 'In response to one critic, Martyn said that he could expect to make about $1,000 (£760) for every million listens.', 'Naomi says this figure sounded accurate, but it can vary from artist to artist. ""', 'Even if you own your own recording, so there\'s not a record label involved, still the streaming rates can be pretty low,"" says Naomi. ""', 'Most people have to go and perform live and that\'s the way they make money. ""', 'It\'s not as easy to make money from recorded music as it used to be.""', 'Alex is the co-founder of Styngr, a company that aims to make licensing music for games easier.', 'He says their biggest customer is Roblox, where it powers in-game boomboxes that player avatars can carry with them.', 'These stream music into the game, and can either be ad-supported or ad-free if users buy listening time via in-game microtransactions.', 'Alex describes this as an example of a ""micro, micro-subscription"" and says Styngr has plans to offer the ability to buy short snippets of music to accompany emotes - short dance move animations that are already a popular feature of Fortnite.', 'Styngr and Alex says the system allows artists, labels and developers to have much more transparency over how much music is streamed.', 'When asked, he says he believes everyone involved sees a better return than they would get from a streaming service.', 'Styngr is backed by Universal, Warner Music and Sony - some of the biggest record labels - and works closely with them.', 'For individual artists, union chief Naomi says new technologies can provide opportunities, but also challenges.', 'She says AI-generated music is a current focus, and the union has to ""constantly update our agreements and our rates so that we are providing for the latest uses"".', 'Alex says sync deals won\'t be disappearing any time soon, and there are situations where an artist will want to retain creative control over how their work is used. ""', 'But I think there\'s an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1213368083904722,"But I think there's an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says.","I think what's so frustrating and upsetting for artists is when they can see that the money they're being offered or the royalties that they're making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat.",-0.0708206856951994,"When asked, he says he believes everyone involved sees a better return than they would get from a streaming service.","Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them.",2024-09-09
Rightmove rejects £5.6bn from Rupert Murdoch-owned REA Group,https://www.bbc.co.uk/news/articles/ckg2rllpde1o,2024-09-11T10:43:50.829Z,"Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch. The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch's News Corporation, was described by Rightmove's board as ""wholly opportunistic"". In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"". The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year. REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London."" The offer valued Rightmove at over quarter of its share price on 30 August. It would have meant Rightmove shareholders owning around 18.6% of the new merged business. REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia."" It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem."" Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected. The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch  40% of News Corp's voting stock even though he only owns an equity stake of about 14%. Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023. Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT. Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares. The media tycoon's net worth is estimated at just over $20bn (£15bn). ",BBC,11/09/2024,"['Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch.', 'The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch\'s News Corporation, was described by Rightmove\'s board as ""wholly opportunistic"".', 'In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".', 'The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.', 'REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London.""', 'The offer valued Rightmove at over quarter of its share price on 30 August.', 'It would have meant Rightmove shareholders owning around 18.6% of the new merged business.', 'REA said its plan is to create a property business with ""strong margins and significant cash generation\' that holds the number one position in both the UK and Australia.""', 'It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem.""', ""Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected."", ""The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch 40% of News Corp's voting stock even though he only owns an equity stake of about 14%."", 'Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023.', 'Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.', 'Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares.', ""The media tycoon's net worth is estimated at just over $20bn (£15bn).""]",0.1787902046237862,"Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.",The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.,-0.0991988948413303,"REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia.""","In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".",2024-09-09
Boeing offers staff 25% pay hike in bid to avoid strike,https://www.bbc.co.uk/news/articles/cdd78ee0y76o,2024-09-09T03:53:05.061Z,"Boeing is offering its staff a 25% pay rise over four years in a bid to avoid a strike that could potentially shut down its assembly lines as early as Friday. Union leaders representing more than 30,000 employees have urged the workers to support the proposal, describing it as the best contract they had ever negotiated. If approved, the agreement would be an important achievement for Boeing's new chief executive, Kelly Ortberg, who faces pressure to fix the company's quality and reputational issues.  Boeing workers in the Seattle and Portland region are set to vote on the deal on Thursday. If the deal is rejected, however, a second ballot will need to be approved by two-thirds of union members for a strike to go ahead. In a video message to Boeing workers, the aerospace giant's chief operating officer, Stephanie Pope, described the proposal as a ""historic offer"".  If ratified by members of the International Association of Machinists and Aerospace Workers (IAM) union, it would be the first full labour agreement between the firm and the unions in 16 years.  The current contract between Boeing and the unions was first reached in 2008 following an eight-week strike. The two sides agreed to extend it in 2014 and it is now due to expire later this week.  Although the preliminary deal did not match the union's initial target of a 40% pay rise, negotiators still praised it and advised members to accept it. ""We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.  Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave. It also includes a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract. It is not clear when the company will announce its next jet. The deal also gives the union members more say on safety and quality issues. ""Financially, the company finds itself in a tough position due to many self-inflicted missteps. It is IAM members who will bring this company back on track,"" the union negotiators said, referring to the crises faced by Boeing in recent years.  Mr Ortberg, an aerospace industry veteran and engineer, took over as Boeing's new chief executive last month. His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago. ",BBC,09/09/2024,"['Boeing is offering its staff a 25% pay rise over four years in a bid to avoid a strike that could potentially shut down its assembly lines as early as Friday.', 'Union leaders representing more than 30,000 employees have urged the workers to support the proposal, describing it as the best contract they had ever negotiated.', ""If approved, the agreement would be an important achievement for Boeing's new chief executive, Kelly Ortberg, who faces pressure to fix the company's quality and reputational issues."", 'Boeing workers in the Seattle and Portland region are set to vote on the deal on Thursday.', 'If the deal is rejected, however, a second ballot will need to be approved by two-thirds of union members for a strike to go ahead.', 'In a video message to Boeing workers, the aerospace giant\'s chief operating officer, Stephanie Pope, described the proposal as a ""historic offer"".', 'If ratified by members of the International Association of Machinists and Aerospace Workers (IAM) union, it would be the first full labour agreement between the firm and the unions in 16 years.', 'The current contract between Boeing and the unions was first reached in 2008 following an eight-week strike.', 'The two sides agreed to extend it in 2014 and it is now due to expire later this week.', 'Although the preliminary deal did not match the union\'s initial target of a 40% pay rise, negotiators still praised it and advised members to accept it. ""', 'We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.', 'Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave.', 'It also includes a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract.', 'It is not clear when the company will announce its next jet.', 'The deal also gives the union members more say on safety and quality issues. ""', 'Financially, the company finds itself in a tough position due to many self-inflicted missteps.', 'It is IAM members who will bring this company back on track,"" the union negotiators said, referring to the crises faced by Boeing in recent years.', ""Mr Ortberg, an aerospace industry veteran and engineer, took over as Boeing's new chief executive last month."", 'His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.']",0.1773465150512748,"We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.",His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.,0.5987027406692504,"Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave.",His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.,2024-09-09
Rachel Reeves warns of difficult decisions ahead in Budget,https://www.bbc.co.uk/news/articles/c2045wpddy2o,2024-09-11T06:05:34.019Z,"Next month's Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC. The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners. But she said it was the ""right decision"" and there were further tough decisions to come. Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June. The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities. Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.” The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals. Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.  These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame. Changing these rules would give Reeves more flexibility over tax and spending plans. She has so far refused to rule out altering them. The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK. She said this would ""help rebuild Britain and make every part of the country better off"". The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance. Analysts had forecast growth of 0.2% for the month of July. A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.  Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".  Services growth was led by computer programmers and the health sector, which recovered from strike action in June. But there was a drop in output for advertising, architects and engineers, Ms McKeown added. It was a ""particularly poor"" month for car and machinery firms, she added. The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.  Monthly figures are an early estimate and are often revised slightly after more data comes in. At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row. But the first half of 2024 saw a return to growth. ""The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""And we can take some comfort from the fact that services output rose by 0.1% month on month."" The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships. Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “It's not that people don't want to spend money or they don't want to go out. It's just the economic landscape has changed,"" she said. ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”  However, some restaurants told the ONS the football tournament had had a negative impact on footfall. Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said. What is GDP and how does it affect me? What is a recession and how could it affect me? When will interest rates come down? ",BBC,11/09/2024,"['Next month\'s Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC.', 'The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.', 'But she said it was the ""right decision"" and there were further tough decisions to come.', 'Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June.', 'The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities.', 'Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “', 'I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""', 'But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”', 'The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals.', 'Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.', 'These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame.', 'Changing these rules would give Reeves more flexibility over tax and spending plans.', 'She has so far refused to rule out altering them.', ""The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK."", 'She said this would ""help rebuild Britain and make every part of the country better off"".', 'The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance.', 'Analysts had forecast growth of 0.2% for the month of July.', 'A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.', 'Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".', 'Services growth was led by computer programmers and the health sector, which recovered from strike action in June.', 'But there was a drop in output for advertising, architects and engineers, Ms McKeown added.', 'It was a ""particularly poor"" month for car and machinery firms, she added.', 'The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.', 'Monthly figures are an early estimate and are often revised slightly after more data comes in.', 'At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row.', 'But the first half of 2024 saw a return to growth. ""', 'The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""', 'And we can take some comfort from the fact that services output rose by 0.1% month on month.""', ""The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships."", 'Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “', ""It's not that people don't want to spend money or they don't want to go out."", 'It\'s just the economic landscape has changed,"" she said. ""', ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”"", 'However, some restaurants told the ONS the football tournament had had a negative impact on footfall.', 'Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said.', 'What is GDP and how does it affect me?', 'What is a recession and how could it affect me?', 'When will interest rates come down?']",0.0742542202685691,"But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”",The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.,-0.042789788349815,The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships.,"But there was a drop in output for advertising, architects and engineers, Ms McKeown added.",2024-09-09
The Kansas City Chiefs are the NFL’s current dynasty — here's why they are worth less than teams that regularly miss the playoffs,https://www.cnbc.com/2024/09/06/kansas-city-chiefs-valuation-playoffs-super-bowl.html,2024-09-06T16:47:17+0000,"The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations.That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019. But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect.The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games. For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis. The Chiefs tallied $590 million in revenue last season.Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses. The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets. Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams. Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.The Chiefs can't follow that playbook, at least for now. The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority. That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do. On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer.Chiefs ownership had planned to revamp Arrowhead Stadium. But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation. Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031. Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run. A number of factors drive ticket sales, but having a better record is one way to boost prices. The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista. Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year. The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.",CNBC,06/09/2024,"['The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.', ""The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations."", ""That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019.But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect."", ""The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games."", ""For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis."", 'The Chiefs tallied $590 million in revenue last season.', 'Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses.', 'The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets.', 'Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.', 'Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams.', 'Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.', ""The Chiefs can't follow that playbook, at least for now."", 'The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority.', ""That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do."", ""On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer."", 'Chiefs ownership had planned to revamp Arrowhead Stadium.', 'But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.', ""Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run."", 'A number of factors drive ticket sales, but having a better record is one way to boost prices.', ""The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista."", 'Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year.', 'The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.']",0.2209811471168885,"Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run.","But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.",0.2318344339728355,"A number of factors drive ticket sales, but having a better record is one way to boost prices.",That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do.,2024-09-09
Why the LA Rams are worth $2 billion more than the LA Chargers,https://www.cnbc.com/2024/09/05/los-angeles-rams-vs-chargers-value.html,2024-09-05T19:40:12+0000,"There is a $2 billion gulf growing in Los Angeles.The National Football League's Los Angeles Rams, No. 2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion.While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance. It comes down to stadium economics.Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion. Kroenke owns and operates the stadium. The Chargers, owned by the Spanos family, are just tenants.The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter. That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.The mega tour was a boon for several NFL teams last year. A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023. The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals. But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink. The Rams would keep 100% of that revenue.The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season.It is a unique revenue share structure in the NFL. The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list. That is a significantly smaller margin than the LA teams.Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No. 1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances.The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team.Of course, building your own stadium does not come without risk. SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis. He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise. Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.The Spanos family hasn't done too badly, though. The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million. Similar to the Rams, the Chargers had to pay a $550 million relocation fee. Including the fee, the value of the team has increased 81-fold since August 1984. Over the same span, the S&P 500 is up 53-fold.In stock market parlance, think of the Rams as a growth stock and the Chargers as a dividend play.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['There is a $2 billion gulf growing in Los Angeles.', ""The National Football League's Los Angeles Rams, No."", ""2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion."", ""While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance."", 'It comes down to stadium economics.', 'Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion.', 'Kroenke owns and operates the stadium.', 'The Chargers, owned by the Spanos family, are just tenants.', ""The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter."", 'That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.', 'That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.', 'The mega tour was a boon for several NFL teams last year.', 'A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.', ""Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023."", 'The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals.', 'But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.', 'On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink.', 'The Rams would keep 100% of that revenue.', ""The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season."", 'It is a unique revenue share structure in the NFL.', ""The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list."", 'That is a significantly smaller margin than the LA teams.', 'Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No.', ""1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances."", ""The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team."", 'Of course, building your own stadium does not come without risk.', 'SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.', 'When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis.', 'He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.', ""Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise."", 'Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.', ""The Spanos family hasn't done too badly, though."", 'The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million.', 'Similar to the Rams, the Chargers had to pay a $550 million relocation fee.', 'Including the fee, the value of the team has increased 81-fold since August 1984.', 'Over the same span, the S&P 500 is up 53-fold.', 'In stock market parlance, think of the Rams as agrowth stock and the Chargers as a dividend play.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.1076777153846915,"While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance.","SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.",0.4015174095447247,"Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise.","But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.",2024-09-09
More bus services could come under control of councils under planned law,https://www.bbc.co.uk/news/articles/cpvyev943v4o,2024-09-08T23:46:05.749Z,"More local authorities in England are to be given powers to take control of bus services under legislation being laid before Parliament on Monday. Transport Secretary Louise Haigh says the changes will deliver a ""bus revolution"" that will save vital routes. It will allow all authorities to introduce a franchising system, under which they can decide routes, timetables and fares, with operators bidding to run services for a fixed fee. The Conservatives said the government's plans were ""unfunded"" and called on the £2 fare cap it introduced when in power to be extended. Ms Haigh said the cap was being looked at ""carefully"" and decisions would be made in the Budget in October. Some industry figures have said minimum service level guarantees should also be set out as routes and timetables have faced cuts in recent years. Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""Whilst franchising may not be suitable for all areas, everyone should have access to a quality bus service without risk of it being cut, which is why we are also calling for a minimum service level guarantee and long-term, ringfenced funding for all local authorities,"" she said. Sandra, from Macclesfield, has seen the frequency of local services reduced which makes it tricky to plan trips. ""I’ve looked at doing evening classes at the leisure centre but the timings of the buses mean that to do a 45-minute class it would be a half-day outing,"" she told the BBC's Today programme. ""Somehow people have to be persuaded to use the buses and that’s not going to happen until there’s a better service available."" Until the 1980s, most bus services were delivered through publicly owned companies, often run by councils, but in 1986 services outside London were deregulated and privatised, leading to the mass sale of council bus companies. In London a franchising system was introduced, with Transport for London deciding routes, timetables and fares and operators bidding to run services for a fixed fee. There are only a few areas in England where the local bus company is still owned by the council, and currently only areas with metro mayors can introduce ""franchising"" to private companies. Last year, Greater Manchester became the first place outside of London to bring bus services into public control since deregulation. The ""Bee Network"", where all-night services have been trialled, has been described as a success, despite facing some teething problems with delays. In the run-up to the general election, Labour pledged it would hand all local transport authorities the power to run their own bus services and lift restrictions on new, publicly-owned bus operators. Adam Hug, a Labour councillor and transport spokesperson for the Local Government Association which represents councils, welcomed the changes but warned they were not going to be an ""overnight fix"" for the bus network. ""It’s going to take time and it’s not going to be delivered in the same way in every part of the country,"" he said. Buses are the most commonly used form of public transport in Britain, but  services have been in long-term decline and the pandemic hit passenger numbers hard. The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport. However, this is much lower than pre-pandemic levels, when journeys totalled 4.1 billion in the 12 months to March 2020. ""For the last 40 years since deregulation we've allowed private operators to pick and choose whatever routes they want,"" said Ms Haigh. ""If they don't want to run routes either local authorities have to step in and fund them themselves or they simply don't run and communities are left with no say. ""What we are doing today is extending power to every area of England so if they want to move to franchising and to build their own public transport network they will now have the power to do so."" Monday’s announcement raises many questions but all roads lead to funding. There is currently no detail on how much this will cost and who will fund it. Shadow transport secretary Helen Whately said the government needed to explain whether local authorities would be expected to raise tax or cut services to fund the proposal. ""Moreover, it won’t make a blind bit of difference for passengers. ""It won’t increase the number of services and they would much prefer to have the £2 fare cap extended at the Budget,"" she added, referring to a policy introduced by the Conservative government to cap single bus fares on participating bus routes at £2, which has been extended until December. Ms Haigh said the government was looking ""very carefully"" at funding for the £2 fare cap, adding: ""Those decisions will be made through the Budget."" Later, in a debate in the House of Lords, Rail Minister Lord Hendy was pushed on whether free bus passes for older and disabled people in England could be means-tested. However, the BBC understands there are no plans to withdraw the scheme. The government has also launched a consultation on simplified guidance aimed at speeding up processes and reducing costs for local councils looking at bringing services into public control. A ""Better Buses Bill"" will be put forward later on in this parliamentary session, which will look at measures for areas where leaders would not consider franchising. It is not known how many councils will take up the new powers. The head of transport at Cheshire East Council, Mark Goldsmith, said it was unlikely to operate buses directly, but franchise agreements do have ""some benefits"". ""It gives us more powers to control the market a little bit more without actually having to run it all."" However, there are financial risks for councils running services under franchise. ""In most franchising arrangements it’s the local authority who takes the revenue risk, so if passenger numbers aren’t where they expect to be, they and their council tax payers take the hit,"" said Graham Vidley, head of the Confederation of Passenger Transport, which represents the bus industry. Mr Vidler added that the government faced ""tough decisions"" in next month’s Budget. ""Will they continue to support local authorities and invest in bus services in the way that the last government did? Will they commit to an extension of the national £2 fare cap beyond New Year’s Eve when it’s currently scheduled to end?"" ",BBC,08/09/2024,"['More local authorities in England are to be given powers to take control of bus services under legislation being laid before Parliament on Monday.', 'Transport Secretary Louise Haigh says the changes will deliver a ""bus revolution"" that will save vital routes.', 'It will allow all authorities to introduce a franchising system, under which they can decide routes, timetables and fares, with operators bidding to run services for a fixed fee.', 'The Conservatives said the government\'s plans were ""unfunded"" and called on the £2 fare cap it introduced when in power to be extended.', 'Ms Haigh said the cap was being looked at ""carefully"" and decisions would be made in the Budget in October.', 'Some industry figures have said minimum service level guarantees should also be set out as routes and timetables have faced cuts in recent years.', 'Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""', 'Whilst franchising may not be suitable for all areas, everyone should have access to a quality bus service without risk of it being cut, which is why we are also calling for a minimum service level guarantee and long-term, ringfenced funding for all local authorities,"" she said.', 'Sandra, from Macclesfield, has seen the frequency of local services reduced which makes it tricky to plan trips. ""', 'I’ve looked at doing evening classes at the leisure centre but the timings of the buses mean that to do a 45-minute class it would be a half-day outing,"" she told the BBC\'s Today programme. ""', 'Somehow people have to be persuaded to use the buses and that’s not going to happen until there’s a better service available.""', 'Until the 1980s, most bus services were delivered through publicly owned companies, often run by councils, but in 1986 services outside London were deregulated and privatised, leading to the mass sale of council bus companies.', 'In London a franchising system was introduced, with Transport for London deciding routes, timetables and fares and operators bidding to run services for a fixed fee.', 'There are only a few areas in England where the local bus company is still owned by the council, and currently only areas with metro mayors can introduce ""franchising"" to private companies.', 'Last year, Greater Manchester became the first place outside of London to bring bus services into public control since deregulation.', 'The ""Bee Network"", where all-night services have been trialled, has been described as a success, despite facing some teething problems with delays.', 'In the run-up to the general election, Labour pledged it would hand all local transport authorities the power to run their own bus services and lift restrictions on new, publicly-owned bus operators.', 'Adam Hug, a Labour councillor and transport spokesperson for the Local Government Association which represents councils, welcomed the changes but warned they were not going to be an ""overnight fix"" for the bus network. ""', 'It’s going to take time and it’s not going to be delivered in the same way in every part of the country,"" he said.', 'Buses are the most commonly used form of public transport in Britain, but services have been in long-term decline and the pandemic hit passenger numbers hard.', 'The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport.', 'However, this is much lower than pre-pandemic levels, when journeys totalled 4.1 billion in the 12 months to March 2020. ""', 'For the last 40 years since deregulation we\'ve allowed private operators to pick and choose whatever routes they want,"" said Ms Haigh. ""', 'If they don\'t want to run routes either local authorities have to step in and fund them themselves or they simply don\'t run and communities are left with no say. ""', 'What we are doing today is extending power to every area of England so if they want to move to franchising and to build their own public transport network they will now have the power to do so.""', 'Monday’s announcement raises many questions but all roads lead to funding.', 'There is currently no detail on how much this will cost and who will fund it.', 'Shadow transport secretary Helen Whately said the government needed to explain whether local authorities would be expected to raise tax or cut services to fund the proposal. ""', 'Moreover, it won’t make a blind bit of difference for passengers. ""', 'It won’t increase the number of services and they would much prefer to have the £2 fare cap extended at the Budget,"" she added, referring to a policy introduced by the Conservative government to cap single bus fares on participating bus routes at £2, which has been extended until December.', 'Ms Haigh said the government was looking ""very carefully"" at funding for the £2 fare cap, adding: ""Those decisions will be made through the Budget.""', 'Later, in a debate in the House of Lords, Rail Minister Lord Hendy was pushed on whether free bus passes for older and disabled people in England could be means-tested.', 'However, the BBC understands there are no plans to withdraw the scheme.', 'The government has also launched a consultation on simplified guidance aimed at speeding up processes and reducing costs for local councils looking at bringing services into public control.', 'A ""Better Buses Bill"" will be put forward later on in this parliamentary session, which will look at measures for areas where leaders would not consider franchising.', 'It is not known how many councils will take up the new powers.', 'The head of transport at Cheshire East Council, Mark Goldsmith, said it was unlikely to operate buses directly, but franchise agreements do have ""some benefits"". ""', 'It gives us more powers to control the market a little bit more without actually having to run it all.""', 'However, there are financial risks for councils running services under franchise. ""', 'In most franchising arrangements it’s the local authority who takes the revenue risk, so if passenger numbers aren’t where they expect to be, they and their council tax payers take the hit,"" said Graham Vidley, head of the Confederation of Passenger Transport, which represents the bus industry.', 'Mr Vidler added that the government faced ""tough decisions"" in next month’s Budget. ""', 'Will they continue to support local authorities and invest in bus services in the way that the last government did?', 'Will they commit to an extension of the national £2 fare cap beyond New Year’s Eve when it’s currently scheduled to end?""']",0.0911994420731283,"Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""","Moreover, it won’t make a blind bit of difference for passengers. """,0.122901264578104,"The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport.","Buses are the most commonly used form of public transport in Britain, but services have been in long-term decline and the pandemic hit passenger numbers hard.",2024-09-09
The Cowboys are worth $11 billion. Here's how Dallas went from losing $1 million a month to topping the NFL in value,https://www.cnbc.com/2024/09/05/dallas-cowboys-most-valuable-nfl-team.html,2024-09-05T19:40:19+0000,"When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.Back then, there were plenty of empty seats and suites at Texas Stadium. The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.And he did.Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday.The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings. The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list.On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson. In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.By 1992, the Cowboys won the Super Bowl. The team won again in 1993 and then in 1995 with Barry Switzer as the coach.The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday.Jones also innovated quickly off the field. He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money. Jones became the first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL. He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league. In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.Sponsorship agreements have been a huge boon to the Cowboys. This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances.The value of the Cowboys' sponsorship deals has ballooned over the years. The Cowboys moved into their new stadium in 2009. In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year. By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events. The busier it is, the more money he makes. Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city.And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.Even outside football, the stadium is rarely vacant. This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders. Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners.Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995. But there is no doubt he created the economic blueprint for an NFL team. The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.', 'Back then, there were plenty of empty seats and suites at Texas Stadium.', 'The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.', 'And he did.', ""Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday."", ""The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings."", ""The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list."", 'On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.', 'When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.', 'In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.', 'By 1992, the Cowboys won the Super Bowl.', 'The team won again in 1993 and then in 1995 with Barry Switzer as the coach.', ""The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday."", 'Jones also innovated quickly off the field.', 'He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money.', ""Jones becamethe first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL."", 'He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league.', 'In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.', 'Sponsorship agreements have been a huge boon to the Cowboys.', ""This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances."", ""The value of the Cowboys' sponsorship deals has ballooned over the years."", 'The Cowboys moved into their new stadium in 2009.', 'In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year.', 'By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.', 'The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events.', 'The busier it is, the more money he makes.', ""Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city."", 'And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.', 'Even outside football, the stadium is rarely vacant.', 'This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders.', ""Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners."", 'Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995.', 'But there is no doubt he created the economic blueprint for an NFL team.', 'The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.209903516485154,"By 1992, the Cowboys won the Super Bowl.","When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.",0.6667503501687732,"The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.","When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.",2024-09-09
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-09
The Green Bay Packers are the one NFL team owned by its fans. Here's how it works,https://www.cnbc.com/2024/09/06/green-bay-packers-stock-ownership-team-valuation.html,2024-09-09T14:27:43+0000,"Only one National Football League team has an ownership structure that resembles a publicly traded company.The Green Bay Packers, who are the 12th most-valuable NFL franchise at $6.3 billion, according to CNBC's Official 2024 NFL Team Valuations, are the only publicly owned team in the league. The franchise is completely owned by stockholders, many of them Packers fans, in a structure established more than 100 years ago.The Packers have had six stock offerings — which kicked off in 1923, 1935, 1950, 1997, 2011, 2021 — resulting in more than 5.2 million outstanding shares owned by more than 538,000 people, according to the team's 2024 media guide.The shares pay no dividend, are nontransferable outside of passing to a child or relative and do not have any intrinsic market value. Shareholders get to attend the team's annual meeting and vote for a board of directors, but the team says owners do not make any financial gains from ownership. The only way a shareholder receives any money is by selling their stake back to the team, and even that is for a percentage of the original share price.For 2023, the team took in $638 million in revenue, and its earnings before interest, taxes, depreciation and amortization were $128 million. The Packers are a nonprofit, and the only member of the team's seven-person executive committee who gets compensation is the president.The Packers' annual revenue goes toward paying players, maintaining Lambeau Field and marketing, among other expenses. The share offerings throughout the years have been used to pull the team out of rocky financial situations and do larger renovations of Lambeau Field.The unique structure puts the Packers among the teams that newly approved private equity investors will be least interested in. Even deep-pocketed investors cannot use their funds to generate a return.There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares. Current rules allow approved private equity firms to own up to 10% of a franchise, but even if the Packers wanted a firm to own that much of the team, it is unlikely to entice private equity investors.Since the stock offerings are so infrequent, the biggest barrier to Packers fans owning a piece of the team is not money — it's timing. In the first offering in 1923, one share cost $5. Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.The unique ownership structure is one of several ways the Packers stand as an outlier in the NFL. Green Bay is the smallest television market of any of the 32 teams, and it does not have the high level of tourism that other cities with NFL teams such as Las Vegas, Miami, New York and Los Angeles receive.It also often draws the ire of other fans and organizations because of its long-term stability at quarterback as the team transitioned from Brett Favre to Aaron Rodgers to Jordan Love.The Packers kick off their season Friday against the Philadelphia Eagles led by Love, who recently signed a four-year, $220 million extension with the organization. Correction: This story was updated to reflect that the Packers are the only publicly owned team in the NFL.",CNBC,09/09/2024,"['Only one National Football League team has an ownership structure that resembles a publicly traded company.', ""The Green Bay Packers, who are the 12th most-valuable NFL franchise at $6.3 billion, according to CNBC's Official 2024 NFL Team Valuations, are the only publicly owned team in the league."", 'The franchise is completely owned by stockholders, many of them Packers fans, in a structure established more than 100 years ago.', ""The Packers have had six stock offerings — which kicked off in 1923, 1935, 1950, 1997, 2011, 2021 — resulting in more than 5.2 million outstanding shares owned by more than 538,000 people, according to the team's 2024 media guide."", 'The shares pay no dividend, are nontransferable outside of passing to a child or relative and do not have any intrinsic market value.', ""Shareholders get to attend the team's annual meeting and vote for a board of directors, but the team says owners do not make any financial gains from ownership."", 'The only way a shareholder receives any money is by selling their stake back to the team, and even that is for a percentage of the original share price.', 'For 2023, the team took in $638 million in revenue, and its earnings before interest, taxes, depreciation and amortization were $128 million.', ""The Packers are a nonprofit, and the only member of the team's seven-person executive committee who gets compensation is the president."", ""The Packers' annual revenue goes toward paying players, maintaining Lambeau Field and marketing, among other expenses."", 'The share offerings throughout the years have been used to pull the team out of rocky financial situations and do larger renovations of Lambeau Field.', 'The unique structure puts the Packers among the teams that newly approved private equity investors will be least interested in.', 'Even deep-pocketed investors cannot use their funds to generate a return.', ""There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares."", 'Current rules allow approved private equity firms to own up to 10% of a franchise, but even if the Packers wanted a firm to own that much of the team, it is unlikely to entice private equity investors.', ""Since the stock offerings are so infrequent, the biggest barrier to Packers fans owning a piece of the team is not money — it's timing."", 'In the first offering in 1923, one share cost $5.', 'Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.', 'The unique ownership structure is one of several ways the Packers stand as an outlier in the NFL.', 'Green Bay is the smallest television market of any of the 32 teams, and it does not have the high level of tourism that other cities with NFL teams such as Las Vegas, Miami, New York and Los Angeles receive.', 'It also often draws the ire of other fans and organizations because of its long-term stability at quarterback as the team transitioned from Brett Favre to Aaron Rodgers to Jordan Love.', 'The Packers kick off their season Friday against the Philadelphia Eagles led by Love, who recently signed a four-year, $220 million extension with the organization.', 'Correction: This story was updated to reflect that the Packers are the only publicly owned team in the NFL.']",0.3003485931879254,"There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares.",,0.9990346431732178,"Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.",,2024-09-09
PS5 Pro: Sony reveals much more expensive and powerful console,https://www.bbc.co.uk/news/articles/cx29r65ygdqo,2024-09-10T15:40:34.438Z,"After years of rumour, speculation and hype, Sony has confirmed it is launching a more powerful - and much more expensive - version of its hugely popular PlayStation 5 console. The PS5 Pro will be able to show more advanced graphics and display the most demanding games at higher, more consistent frame rates. But that added power will come at a cost: the PS5 Pro will be the most expensive console from Sony to date. It will cost £699.99 when it launches on 7 November this year - hundreds of pounds more than the PS5. ""The price point of the PS5 Pro will inevitably cause a lot of commentary,"" analyst Piers Harding-Rolls from research firm Ampere said. He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software. Mark Cerny, lead architect of the PS5, said it was ""the most powerful console we’ve ever built"". He said it sought to resolve a problem gamers had faced for years - whether to play a console game in so-called ""fidelity mode"", which favours visuals, or ""performance mode"", which makes a game smoother, though at the cost to how it looks. He said the PS5 Pro was about ""removing that decision, or at least narrowing that divide"". GamesIndustry.biz head Christopher Dring told the BBC it was ""a very targeted console"" for PlayStation's ""most enthusiastic audience"". ""The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. ""PS5 Pro isn't going to change that situation."" But he said Sony might have one eye on the most anticipated game in the world - Grand Theft Auto VI - which is due to release next year. ""When GTA 6 does launch, PlayStation will be able to say to players that the game will look best on PS5 Pro,"" he said. Companies have released updated versions of their own consoles with minor revisions for decades, but this release indicates the comparatively new trend of ""pro"" hardware is here to stay. Generally, this means hardware changes to current-generation consoles that lets games look better - but critically these tweaked consoles don't have exclusive games. In other words, games will still be released for PS5, and gamers can choose whether to play them on a regular console or a pro model with differences in graphics and performance. Paul Tamburro, from news website PlayStation LifeStyle, said fans had been hoping the console could ""bridge the gap"" between performance and fidelity modes, and the upgrade would help. ""However, it also feels that the console doesn't do enough to justify that steep price point,"" he said. ""It launching without a disc drive and still only targeting 60 FPS is disappointing. ""This isn't an easy sell to current PS5 owners."" It's Sony's second major foray into this space after 2016's PS4 Pro, which brought 4k graphics to the original PlayStation 4. And it comes three years after Nintendo released its own take on a pro model - a Nintendo Switch with a larger, better screen. Today's announcement from Sony is not as significant as the PS4's jump to 4k graphics, but it still represents a step forward in home consoles. It comes at a time when PCs have been getting increasingly powerful, with the release of Nvidia's Geforce 40 series of graphics cards in 2022, which have put PCs firmly ahead of home consoles in the race for the best visuals. But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price. Like with the last console generation, this release means Sony will now have multiple versions of its PS5 available to consumers, with different price points and specs. Rumours spread widely ahead of the announcement, with fans speculating on the features an upgraded console might have. Chief among them were unsourced claims that the PS5 Pro would be backwards compatible with games from previous Sony consoles - with some reports suggesting this would go as far back as the original PlayStation. There was nothing in the announcement to confirm the rumours. ",BBC,10/09/2024,"['After years of rumour, speculation and hype, Sony has confirmed it is launching a more powerful - and much more expensive - version of its hugely popular PlayStation 5 console.', 'The PS5 Pro will be able to show more advanced graphics and display the most demanding games at higher, more consistent frame rates.', 'But that added power will come at a cost: the PS5 Pro will be the most expensive console from Sony to date.', 'It will cost £699.99 when it launches on 7 November this year - hundreds of pounds more than the PS5. ""', 'The price point of the PS5 Pro will inevitably cause a lot of commentary,"" analyst Piers Harding-Rolls from research firm Ampere said.', ""He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software."", 'Mark Cerny, lead architect of the PS5, said it was ""the most powerful console we’ve ever built"".', 'He said it sought to resolve a problem gamers had faced for years - whether to play a console game in so-called ""fidelity mode"", which favours visuals, or ""performance mode"", which makes a game smoother, though at the cost to how it looks.', 'He said the PS5 Pro was about ""removing that decision, or at least narrowing that divide"".', 'GamesIndustry.biz head Christopher Dring told the BBC it was ""a very targeted console"" for PlayStation\'s ""most enthusiastic audience"". ""', 'The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. ""', 'PS5 Pro isn\'t going to change that situation.""', 'But he said Sony might have one eye on the most anticipated game in the world - Grand Theft Auto VI - which is due to release next year. ""', 'When GTA 6 does launch, PlayStation will be able to say to players that the game will look best on PS5 Pro,"" he said.', 'Companies have released updated versions of their own consoles with minor revisions for decades, but this release indicates the comparatively new trend of ""pro"" hardware is here to stay.', ""Generally, this means hardware changes to current-generation consoles that lets games look better - but critically these tweaked consoles don't have exclusive games."", 'In other words, games will still be released for PS5, and gamers can choose whether to play them on a regular console or a pro model with differences in graphics and performance.', 'Paul Tamburro, from news website PlayStation LifeStyle, said fans had been hoping the console could ""bridge the gap"" between performance and fidelity modes, and the upgrade would help. ""', 'However, it also feels that the console doesn\'t do enough to justify that steep price point,"" he said. ""', 'It launching without a disc drive and still only targeting 60 FPS is disappointing. ""', 'This isn\'t an easy sell to current PS5 owners.""', ""It's Sony's second major foray into this space after 2016's PS4 Pro, which brought 4k graphics to the original PlayStation 4."", 'And it comes three years after Nintendo released its own take on a pro model - a Nintendo Switch with a larger, better screen.', ""Today's announcement from Sony is not as significant as the PS4's jump to 4k graphics, but it still represents a step forward in home consoles."", ""It comes at a time when PCs have been getting increasingly powerful, with the release of Nvidia's Geforce 40 series of graphics cards in 2022, which have put PCs firmly ahead of home consoles in the race for the best visuals."", ""But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price."", 'Like with the last console generation, this release means Sony will now have multiple versions of its PS5 available to consumers, with different price points and specs.', 'Rumours spread widely ahead of the announcement, with fans speculating on the features an upgraded console might have.', 'Chief among them were unsourced claims that the PS5 Pro would be backwards compatible with games from previous Sony consoles - with some reports suggesting this would go as far back as the original PlayStation.', 'There was nothing in the announcement to confirm the rumours.']",0.2858089356780889,"But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price.","It launching without a disc drive and still only targeting 60 FPS is disappointing. """,0.2361259735547579,He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software.,"The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. """,2024-09-09
JKIA strike: Passengers stranded in Kenya amid protest over Adani airport takeover,https://www.bbc.co.uk/news/articles/c3rdg13z1j7o,2024-09-11T08:10:30.784Z,"Hundreds of passengers have been stranded at Kenya's main airport after workers went on strike in protest at a planned takeover by an Indian business group. Large queues formed outside Nairobi's Jomo Kenyatta International Airport (JKIA) on Wednesday morning as flights were delayed and cancelled. Union leaders on Wednesday evening said they would return to work and that normal operations would resume shortly. Workers launched their protest over proposals to lease JKIA to the Adani group for 30 years. The aviation workers union argues the deal is ""opaque"" and could lead to job losses. The unions agreed to return to work after being given assurances that the deal with Adani would not be finalised without their approval. The government says the airport in the capital, Nairobi, is operating beyond capacity and needs private investment to upgrade it. On Wednesday morning, dozens of airport workers blew plastic trumpets and chanted ""Adani must go"", according to footage shown on local broadcaster Citizen TV. The video also appear to show a police officer hitting a protester with a baton. Wilma van Altena, who was on holiday in Kenya but cut her trip short to return to the Netherlands for a funeral, was among those stuck at the airport. “It’s been chaotic... there were hundreds of people outside the airport when we arrived and we stood around and eventually made it inside,"" she told the BBC. “We have no information. There’s nothing on the boards, we’ve heard nothing from the airline. I need to get home but I have no idea when that will happen.” The Zimbabwe men’s football team was also stranded. The squad had flown into Nairobi after an Africa Cup of Nations qualifier game in Uganda, but had been given no information about their onward flight to Harare, an official who did not want to named told the BBC. The BBC’s Stewart Maclean, who is among those waiting to catch a flight, said that at around 05:45 BST (07:45 local time), the hundreds queueing outside the airport were calm and patient but frustrated.  He said that cabin crew and pilots were among those waiting. ""Minimal operations"" had resumed by 05:00 BST (07:00 local time), the Kenya Airports Authority, adding that it was engaging with relevant parties to settle the disruption. Kenya Airways head Allan Kilavuka told the BBC that only a third of its scheduled flights had departed on Wednesday morning. Workers at other airports across the country have also joined the strike. The Kenya Aviation Workers' Union has previously warned of an indefinite strike after the government failed to disclose details of the deal with the Adani Group, one of India's largest conglomerates. The Law Society of Kenya and the Kenya Human Rights Commission also criticised the plans, arguing that it is unreasonable to lease a strategic national asset to a private company. The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review. The date for a final court decision has yet to be set. In the proposal, the Adani Group would lease JKIA in exchange for a $1.85bn (£1.41bn) investment. The upgrades would involve a new runway and an improved passenger terminal. The Adani group was founded by billionaire Gautam Adani and operates across a range of sectors, including commodities trading, airports, utilities, ports and renewable energy. In July, Kenyan protesters against the takeover threatened to shut down JKIA, citing allegations that the Adani Group had engaged in corrupt practices. Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced accusations that he has benefited from this relationship, an allegation which he denies. Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud. The Adani Group rejected this allegation, but India’s market regulator has launched an investigation.  Additional reporting by Sharanya Hrishikesh. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,11/09/2024,"[""Hundreds of passengers have been stranded at Kenya's main airport after workers went on strike in protest at a planned takeover by an Indian business group."", ""Large queues formed outside Nairobi's Jomo Kenyatta International Airport (JKIA) on Wednesday morning as flights were delayed and cancelled."", 'Union leaders on Wednesday evening said they would return to work and that normal operations would resume shortly.', 'Workers launched their protest over proposals to lease JKIA to the Adani group for 30 years.', 'The aviation workers union argues the deal is ""opaque"" and could lead to job losses.', 'The unions agreed to return to work after being given assurances that the deal with Adani would not be finalised without their approval.', 'The government says the airport in the capital, Nairobi, is operating beyond capacity and needs private investment to upgrade it.', 'On Wednesday morning, dozens of airport workers blew plastic trumpets and chanted ""Adani must go"", according to footage shown on local broadcaster Citizen TV.', 'The video also appear to show a police officer hitting a protester with a baton.', 'Wilma van Altena, who was on holiday in Kenya but cut her trip short to return to the Netherlands for a funeral, was among those stuck at the airport. “', 'It’s been chaotic... there were hundreds of people outside the airport when we arrived and we stood around and eventually made it inside,"" she told the BBC. “', 'We have no information.', 'There’s nothing on the boards, we’ve heard nothing from the airline.', 'I need to get home but I have no idea when that will happen.”', 'The Zimbabwe men’s football team was also stranded.', 'The squad had flown into Nairobi after an Africa Cup of Nations qualifier game in Uganda, but had been given no information about their onward flight to Harare, an official who did not want to named told the BBC.', 'The BBC’s Stewart Maclean, who is among those waiting to catch a flight, said that at around 05:45 BST (07:45 local time), the hundreds queueing outside the airport were calm and patient but frustrated.', 'He said that cabin crew and pilots were among those waiting. ""', 'Minimal operations"" had resumed by 05:00 BST (07:00 local time), the Kenya Airports Authority, adding that it was engaging with relevant parties to settle the disruption.', 'Kenya Airways head Allan Kilavuka told the BBC that only a third of its scheduled flights had departed on Wednesday morning.', 'Workers at other airports across the country have also joined the strike.', ""The Kenya Aviation Workers' Union has previously warned of an indefinite strike after the government failed to disclose details of the deal with the Adani Group, one of India's largest conglomerates."", 'The Law Society of Kenya and the Kenya Human Rights Commission also criticised the plans, arguing that it is unreasonable to lease a strategic national asset to a private company.', 'The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review.', 'The date for a final court decision has yet to be set.', 'In the proposal, the Adani Group would lease JKIA in exchange for a $1.85bn (£1.41bn) investment.', 'The upgrades would involve a new runway and an improved passenger terminal.', 'The Adani group was founded by billionaire Gautam Adani and operates across a range of sectors, including commodities trading, airports, utilities, ports and renewable energy.', 'In July, Kenyan protesters against the takeover threatened to shut down JKIA, citing allegations that the Adani Group had engaged in corrupt practices.', 'Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced accusations that he has benefited from this relationship, an allegation which he denies.', 'Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud.', 'The Adani Group rejected this allegation, but India’s market regulator has launched an investigation.', 'Additional reporting by Sharanya Hrishikesh.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.1653195013311062,"The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review.","Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud.",-0.916970682144165,,"The aviation workers union argues the deal is ""opaque"" and could lead to job losses.",2024-09-09
Asos shoppers hit out at new £3.95 returns charge,https://www.bbc.co.uk/news/articles/ce9zlrmp2y7o,2024-09-09T11:18:19.122Z,"Asos customers have reacted with anger over a new rule charging them for returns if they do not keep a certain amount of their order. Some customers received an email over the weekend saying they had been identified as having a ""frequently high return rate"". Such customers will now have £3.95 deducted from their refund if they keep less than £40 worth of items. Asos has not said what constitutes a high return rate, but claimed ""nothing's changed"" for the majority of its customers. ""We’re making this change so that we can continue offering free returns to all our customers,"" the company told the BBC. ""For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order."" The retailer said customers signed up to Asos Premier will get free returns if they keep at least £15 of their order. The threshold for free returns was launched for Asos customers in France, Germany and the US earlier this year. Sowda, from London, is a regular customer of Asos but said the change would ""definitely"" make her less inclined to buy there. ""The point of online shopping is that it is a risk but you can claim all your money back if you’re not satisfied,"" the 22-year-old said. ""Although £3.95 is not a hefty sum, that could add up over the year and it’s a waste of money."" She added that Asos was ""notorious"" for its inconsistent sizing. ""Just recently I got the same jeans three times to finally get the right fit,"" she added. ""I would never have been that committed to the jeans if there was a £3.95 fee every time I sent them back."" One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. ""I’ll take my custom somewhere else."" Kayley Cornelius, a media analyst, said the popularity of Asos among influencers and online content creators could be a factor in the company's decision to charge some customers for returns. ""It’s common to see influencers doing huge 'hauls' where they spend hundreds of pounds and then decide on camera what they’re keeping or returning,"" she said. ""Regular shoppers probably followed suit, leading to an influx of returns after the initial purchase, which might have forced Asos to tighten their return policy to make people think more carefully before buying."" Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living. Earlier this year, PrettyLittleThing (PLT) was criticised by customers who had their accounts deactivated because of the number of times they returned items. It came shortly after PLT introduced a £1.99 fee for returns, including for those members of its ""royalty"" service. Last year, fashion giant H&M backtracked on a similar policy after criticism.  Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages. Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m. ",BBC,09/09/2024,"['Asos customers have reacted with anger over a new rule charging them for returns if they do not keep a certain amount of their order.', 'Some customers received an email over the weekend saying they had been identified as having a ""frequently high return rate"".', 'Such customers will now have £3.95 deducted from their refund if they keep less than £40 worth of items.', 'Asos has not said what constitutes a high return rate, but claimed ""nothing\'s changed"" for the majority of its customers. ""', 'We’re making this change so that we can continue offering free returns to all our customers,"" the company told the BBC. ""', 'For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order.""', 'The retailer said customers signed up to Asos Premier will get free returns if they keep at least £15 of their order.', 'The threshold for free returns was launched for Asos customers in France, Germany and the US earlier this year.', 'Sowda, from London, is a regular customer of Asos but said the change would ""definitely"" make her less inclined to buy there. ""', 'The point of online shopping is that it is a risk but you can claim all your money back if you’re not satisfied,"" the 22-year-old said. ""', 'Although £3.95 is not a hefty sum, that could add up over the year and it’s a waste of money.""', 'She added that Asos was ""notorious"" for its inconsistent sizing. ""', 'Just recently I got the same jeans three times to finally get the right fit,"" she added. ""', 'I would never have been that committed to the jeans if there was a £3.95 fee every time I sent them back.""', 'One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. ""', 'I’ll take my custom somewhere else.""', 'Kayley Cornelius, a media analyst, said the popularity of Asos among influencers and online content creators could be a factor in the company\'s decision to charge some customers for returns. ""', 'It’s common to see influencers doing huge \'hauls\' where they spend hundreds of pounds and then decide on camera what they’re keeping or returning,"" she said. ""', 'Regular shoppers probably followed suit, leading to an influx of returns after the initial purchase, which might have forced Asos to tighten their return policy to make people think more carefully before buying.""', 'Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living.', 'Earlier this year, PrettyLittleThing (PLT) was criticised by customers who had their accounts deactivated because of the number of times they returned items.', 'It came shortly after PLT introduced a £1.99 fee for returns, including for those members of its ""royalty"" service.', 'Last year, fashion giant H&M backtracked on a similar policy after criticism.', 'Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages.', 'Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m.']",0.0615714417089437,"For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order.""","One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. """,-0.2790174098575816,Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages.,"Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living.",2024-09-09
Southwest Chair Kelly to step down next year as activist Elliott pushes for changes at airline,https://www.cnbc.com/2024/09/10/southwest-chair-kelly-to-step-down-next-year-as-activist-elliott-pushes-for-changes-at-airline.html,2024-09-10T15:37:11+0000,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.""Now is the time for change. It's time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""The wisdom comes in knowing what to change and what not to change.""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier's co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company's annual shareholder meeting next spring. The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022. The firm said Southwest has had ""stunning underperformance"" under their leadership.On Tuesday, Kelly's statement said Southwest's board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest's board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott's candidates,"" Kelly said.Elliott in a statement said the mass departure was ""unprecedented.""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott's John Pike and Bobby Xu said. But the activist said further change at the airline ""remains urgent.""The activist investor crossed the 10% threshold needed to call a special meeting last week. Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying. It also plans to offer overnight, or ""redeye,"" flights next year.Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.",CNBC,10/09/2024,"['In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.', '""Now is the time for change.', 'It\'s time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""', 'The wisdom comes in knowing what to change and what not to change.', '""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier\'s co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company\'s annual shareholder meeting next spring.', 'The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.', 'Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022.', 'The firm said Southwest has had ""stunning underperformance"" under their leadership.', 'On Tuesday, Kelly\'s statement said Southwest\'s board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest\'s board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott\'s candidates,"" Kelly said.', 'Elliott in a statement said the mass departure was ""unprecedented.', '""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott\'s John Pike and Bobby Xu said.', 'But the activist said further change at the airline ""remains urgent.', '""The activist investor crossed the 10% threshold needed to call a special meeting last week.', 'Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.', 'Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.', 'The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.', 'Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.', 'But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying.', 'It also plans to offer overnight, or ""redeye,"" flights next year.', 'Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.']",0.1308589160546362,The wisdom comes in knowing what to change and what not to change.,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.",0.0009162873029708,"Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.","The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.",2024-09-09
Rising NFL valuations mean massive returns for owners. Here's how good the investment is,https://www.cnbc.com/2024/09/05/rising-nfl-valuations-massive-returns-for-owners.html,2024-09-05T23:08:18+0000,"A National Football League team today is a $6.5 billion business.That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations. Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.Take, for example, the Houston Texans, No. 11 on CNBC's 2024 value rankings. Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time. The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year.That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl.And the Texans aren't alone.Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale. The Washington Commanders and the Denver Broncos — No. 13 and No. 14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years. The Miami Dolphins, No. 8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.The escalation in football team values is largely the result of the league's massive and growing media deals.The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals.Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal.The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements. The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available.A rising tide lifts all boats in the NFL. The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts. In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally.When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles. The small-market Kansas City Chiefs, No. 18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.But there is still a wide chasm in team values, largely due to stadiums. Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.Last year, that made a bigger difference than usual.Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field. One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter.The revenue sharing and salary-cap agreements also make the league very profitable.During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million. The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue. But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team. The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue. Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.When teams do change hands, they have proven to be a smart investment.The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989. The S&P 500 is up just 18-fold since Jones bought the Cowboys.The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue. Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.The Los Angeles Rams, No. 2 on CNBC's 2024 valuations list, were also No. 2 in revenue, with $825 million. The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink.The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion. Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams. European soccer leagues such as the English Premier League have also.The NFL followed suit just last week. The league owners voted to allow a select group of private equity firms — Ares Management, Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises. The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.Even the lowest-valued team on CNBC's list, the Cincinnati Bengals, is worth $5.25 billion.Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion. Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar. An earlier version misidentified the interested party.",CNBC,05/09/2024,"['A National Football League team today is a $6.5 billion business.', ""That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations."", 'Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.', 'Take, for example, the Houston Texans, No.', ""11 on CNBC's 2024 value rankings."", 'Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time.', ""The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year."", ""That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl."", ""And the Texans aren't alone."", 'Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale.', 'The Washington Commanders and the Denver Broncos — No.', '13 and No.', ""14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years."", 'The Miami Dolphins, No.', ""8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis."", ""The escalation in football team values is largely the result of the league's massive and growing media deals."", ""The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals."", 'Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.', 'On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.', ""Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal."", 'The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements.', 'The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.', ""All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available."", 'A rising tide lifts all boats in the NFL.', 'The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts.', ""In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally."", 'When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles.', 'The small-market Kansas City Chiefs, No.', ""18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five."", 'But there is still a wide chasm in team values, largely due to stadiums.', 'Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.', 'Last year, that made a bigger difference than usual.', ""Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field."", 'One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.', ""The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter."", 'The revenue sharing and salary-cap agreements also make the league very profitable.', ""During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million."", 'The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.', ""Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue."", 'But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.', ""The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue."", 'Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.', 'When teams do change hands, they have proven to be a smart investment.', ""The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989."", 'The S&P 500 is up just 18-fold since Jones bought the Cowboys.', 'The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue.', 'Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.', 'The Los Angeles Rams, No.', ""2 on CNBC's 2024 valuations list, were also No."", '2 in revenue, with $825 million.', ""The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink."", 'The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion.', 'Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.', 'The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.', 'For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams.', 'European soccer leagues such as the English Premier League have also.', 'The NFL followed suit just last week.', 'The league owners voted to allow a select group of private equity firms — Ares Management,Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity,Blackstone,Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises.', 'The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.', ""Even the lowest-valued team onCNBC's list, the Cincinnati Bengals, is worth $5.25 billion."", ""Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion."", 'Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.', ""Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.', 'Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar.', 'An earlier version misidentified the interested party.']",0.1869807015248435,"18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.","8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.",0.7355286203897916,The S&P 500 is up just 18-fold since Jones bought the Cowboys.,"But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.",2024-09-09
Automakers are getting back into advertising’s biggest arena: NFL,https://www.cnbc.com/2024/09/07/automakers-up-nfl-advertising-after-pullback.html,2024-09-11T15:41:08+0000,"Automakers are rushing back into advertising during the National Football League season after a slowdown in recent years.Toyota Motor Corporation, Hyundai Motor Company and the Detroit automakers are among those expected to capitalize on the NFL and its games as main advertising platforms in the coming months. Toyota in particular is entering football season as the ""Official Automotive Partner of the NFL,"" a first for the world's largest automaker.""There [are] so many variables that can impact budgets, but automakers are starting to pick back up,"" said Ryan Briganti, head of ad sales at Paramount's CBS Sports, which airs NFL games each week on CBS and Paramount+. ""We have autos advertising across the whole portfolio.""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell. The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels. But vehicle inventory levels have been growing amid high interest rates and economic fears, and automakers are turning to live sports, especially the NFL, to help promote new products.General Motors, for one, expects to increase advertising spend by more than $400 million during the second half of the year compared to the first six months to promote new or redesigned vehicles. GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels.The NFL is a crucial piece of advertising strategy for automakers. During last year's NFL season, from September to February, about 44% of the automotive ad spend budgets in national TV were for the NFL, according to media planning and data company Guideline. That compares to 31% of budgets across all sectors, the company reports. ""The impact of the NFL on the automotive advertising industry is really very, very substantial,"" said Alberto Leyes, head of product strategy at Guideline. NFL games dominate viewership on traditional TV. Last year's NFL regular season games averaged 17.9 million viewers, according to Nielsen. The Super Bowl, meanwhile, drew 123.7 million average viewers. The NFL's consistent viewership — despite customers fleeing the pay TV bundle — has led to a surge in the value of its media rights deals, which have in turn been a significant driver of NFL team valuations. Today, an NFL team is worth an average of $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations.The advertising market overall has shown signs of a rebound this year, particularly for streaming and digital players. Across the board, live sports still fetch the most significant ad spends, downturn or not.""We've seen a much stronger growth in 2024 than we've seen in any of the post-Covid years,"" Leyes said regarding overall media spend. ""We know we are going to have a strong second half of the year as well, with the return of NFL.""Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Disney, which airs ""Monday Night Football"" on its TV networks and streaming, namely ESPN, has seen ""positive, continuous double-digit growth over the last five years"" when it comes to automakers' ad spending, said Andrew Messina, senior vice president of sales at Disney Advertising. Messina noted growth especially from Hyundai, Mercedes-Benz, Nissan Motor and Chrysler parent Stellantis.Brands have also begun expanding commitments to include sponsorship opportunities alongside ad spots, Messina said. Automakers own ""key marketing real estate"" on ""Sunday Night Football,"" which airs on Comcast's broadcast network NBC and streaming service Peacock, said Mark Marshall, NBCUniversal's chairman of global advertising and partnerships. While traditional TV still drives the dominant share of auto ads, there has been an increased presence on Peacock, which has streamed exclusive NFL games in the past year. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes.""For auto brands in particular, we've seen 139% year-over-year growth as they look to be more precise with their media spend in a complex U.S. market,"" said Jenny Wall, chief marketing officer at TV measurement company VideoAmp.Toyota, as the ""Official Automotive Partner of the NFL,"" launched a new ad campaign for the NFL season this week called ""Roll Deep.""It debuted an ""anthem spot"" for the campaign. Toyota also had a prominent role in the NFL's first game of the season Thursday night.For Toyota, it kicks off what will be a ""season-long schedule of content across linear broadcast, digital, paid social and in-game formats,"" the automaker said. Toyota decided on the new partnership with the NFL after an overall review of its marketing and advertising spend, according to Dedra DeLilli, vice president of Toyota North America marketing communications.The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.""The most appealing aspect of this partnership is we have access to 218 million highly diverse, highly engaged fans of the NFL. That's almost 72% of the population. You are not going to find scalability and diversity like that in any other U.S. sport,"" DeLilli said.""It's a match made in heaven,"" she said.DeLilli declined to disclose Toyota's ad spend for the NFL. It follows a successful partnership with the Olympics and Paralympics this year in Paris.Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.  Hyundai will continue to have a prominent role during NFL broadcasts, including as presenting sponsor of NBC's Sunday Night Football kickoff show for the seventh consecutive year.The company declined to provide details of its spending plans, but Hyundai Motor America CEO Randy Parker said the company's spend is expected to be level from last year.""We want to catch consumers when they're watching television live,"" he told CNBC. ""We do think from a strategic perspective that's really, really important. … Especially sporting events, you can see the number of eyeballs increase year over year over year.""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Automakers are rushing back into advertising during the National Football League season after a slowdown in recent years.', 'Toyota Motor Corporation, Hyundai Motor Company and the Detroit automakers are among those expected to capitalize on the NFL and its games as main advertising platforms in the coming months.', 'Toyota in particular is entering football season as the ""Official Automotive Partner of the NFL,"" a first for the world\'s largest automaker.', '""There [are] so many variables that can impact budgets, but automakers are starting to pick back up,"" said Ryan Briganti, head of ad sales at Paramount\'s CBS Sports, which airs NFL games each week on CBS and Paramount+. ""', 'We have autos advertising across the whole portfolio.', '""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell.', 'The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels.', 'But vehicle inventory levels have been growing amid high interest rates and economic fears, and automakers are turning to live sports, especially the NFL, to help promote new products.', 'General Motors, for one, expects to increase advertising spend by more than $400 million during the second half of the year compared to the first six months to promote new or redesigned vehicles.', 'GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels.', 'The NFL is a crucial piece of advertising strategy for automakers.', ""During last year's NFL season, from September to February, about 44% of the automotive ad spend budgets in national TV were for the NFL, according to media planning and data company Guideline."", 'That compares to 31% of budgets across all sectors, the company reports.', '""The impact of the NFL on the automotive advertising industry is really very, very substantial,"" said Alberto Leyes, head of product strategy at Guideline.', 'NFL games dominate viewership on traditional TV.', ""Last year's NFL regular season games averaged 17.9 million viewers, according to Nielsen."", 'The Super Bowl, meanwhile, drew 123.7 million average viewers.', ""The NFL's consistent viewership — despite customers fleeing the pay TV bundle — has led to a surge in the value of its media rights deals, which have in turn been a significant driver of NFL team valuations."", ""Today, an NFL team is worth an average of $6.49 billion, according toCNBC's Official 2024 NFL Team Valuations."", 'The advertising market overall has shown signs of a rebound this year, particularly for streaming and digital players.', 'Across the board, live sports still fetch the most significant ad spends, downturn or not.', '""We\'ve seen a much stronger growth in 2024 than we\'ve seen in any of the post-Covid years,"" Leyes said regarding overall media spend. ""', 'We know we are going to have a strong second half of the year as well, with the return of NFL.""Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot.', 'Disney, which airs ""Monday Night Football"" on its TV networks and streaming, namely ESPN, has seen ""positive, continuous double-digit growth over the last five years"" when it comes to automakers\' ad spending, said Andrew Messina, senior vice president of sales at Disney Advertising.', 'Messina noted growth especially from Hyundai, Mercedes-Benz, Nissan Motor and Chrysler parent Stellantis.', 'Brands have also begun expanding commitments to include sponsorship opportunities alongside ad spots, Messina said.', 'Automakers own ""key marketing real estate"" on ""Sunday Night Football,"" which airs on Comcast\'s broadcast network NBC and streaming service Peacock, said Mark Marshall, NBCUniversal\'s chairman of global advertising and partnerships.', 'While traditional TV still drives the dominant share of auto ads, there has been an increased presence on Peacock, which has streamed exclusive NFL games in the past year.', 'Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%.', 'Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes.', '""For auto brands in particular, we\'ve seen 139% year-over-year growth as they look to be more precise with their media spend in a complex U.S. market,"" said Jenny Wall, chief marketing officer at TV measurement company VideoAmp.', 'Toyota, as the ""Official Automotive Partner of the NFL,"" launched a new ad campaign for the NFL season this week called ""Roll Deep.', '""It debuted an ""anthem spot"" for the campaign.', ""Toyota also had a prominent role in the NFL's first game of the season Thursday night."", 'For Toyota, it kicks off what will be a ""season-long schedule of content across linear broadcast, digital, paid social and in-game formats,"" the automaker said.', 'Toyota decided on the new partnership with the NFL after an overall review of its marketing and advertising spend, according to Dedra DeLilli, vice president of Toyota North America marketing communications.', 'The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.', '""The most appealing aspect of this partnership is we have access to 218 million highly diverse, highly engaged fans of the NFL.', ""That's almost 72% of the population."", 'You are not going to find scalability and diversity like that in any other U.S. sport,"" DeLilli said.', '""It\'sa match made in heaven,"" she said.', ""DeLilli declined to disclose Toyota's ad spend for the NFL."", 'It follows a successful partnership with the Olympics and Paralympics this year in Paris.', 'Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.', ""Hyundai will continue to have a prominent role during NFL broadcasts, including as presenting sponsor of NBC's Sunday Night Football kickoff show for the seventh consecutive year."", ""The company declined to provide details of its spending plans, but Hyundai Motor America CEO Randy Parker said the company's spend is expected to be level from last year."", '""We want to catch consumers when they\'re watching television live,"" he told CNBC. ""', ""We do think from a strategic perspective that's really, really important. …"", 'Especially sporting events, you can see the number of eyeballs increase year over year over year.', '""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.', 'NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW:The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2135135509589681,"The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.",The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels.,0.6637014174461364,"Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%.","""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell.",2024-09-09
CNBC's Official NFL Team Valuations 2024: Here's how the 32 franchises stack up,https://www.cnbc.com/2024/09/05/official-nfl-team-valuations-2024.html,2024-09-06T22:04:55+0000,"Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations.Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian. The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season.Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners. Among the factors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers.With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,06/09/2024,"[""Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations."", 'Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian.', ""The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season."", 'Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners.', ""Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour."", ""Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers."", ""With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.3617868445240871,"This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.",,0.9807581305503844,"Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.",,2024-09-09
"Boeing Starliner returns to Earth empty, months later than planned",https://www.cnbc.com/2024/09/06/boeing-starliner-leaves-iss-crew-flight-test.html,2024-09-07T04:08:59+0000,"In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June.Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft.It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth. Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday. The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.""We have your backs, and you've got this,"" Williams told mission controllers at NASA's Johnson Space Center in Houston on Friday before the undocking. ""Bring her back to Earth. Good luck.""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned. The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system.Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters. Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA. The agency was hoping to have two competing companies — Boeing and Elon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in losses absorbed already, could threaten the company's future involvement with it.",CNBC,07/09/2024,"[""In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June."", ""Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft."", 'It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth.', 'Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday.', 'The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.', '""We have your backs, and you\'ve got this,"" Williams told mission controllers at NASA\'s Johnson Space Center in Houston on Friday before the undocking. ""', 'Bring her back to Earth.', 'Good luck.', '""The return of Boeing\'s Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.', ""The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system."", ""Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters."", 'Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.', 'But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft\'s issues.', 'The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA.', ""The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.""]",0.0990551097520369,Good luck.,"But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.",-0.2267458041508992,"The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.","""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.",2024-09-09
JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses,https://www.cnbc.com/2024/09/10/jpmorgan-chase-shares-drop-nearly-7percent-after-bank-tempers-guidance-on-net-interest-income.html,2024-09-10T18:53:06+0000,"In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.""I think that that number will be lower,"" Pinto said. He declined to give a specific figure.Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds. But they also make new assets lower yielding, which complicates the picture.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""But as you know, we are quite asset sensitive.""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.""There are a bunch of components that tell us that probably the number on expenses will be a bit higher than what is expected at the moment,"" Pinto said.When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",CNBC,10/09/2024,"[""In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic."", 'While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.', '""I think that that number will be lower,"" Pinto said.', 'He declined to give a specific figure.', 'Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.', 'JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.', 'But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.', ""NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities."", 'When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.', 'Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds.', 'But they also make new assets lower yielding, which complicates the picture.', '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""', 'But as you know, we are quite asset sensitive.', '""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.', '""There are a bunch of components that tell us that probably the number on expenseswill be a bit higher than what is expected at the moment,"" Pinto said.', 'When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.', 'The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.']",0.1810416202853788,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",-0.5570460855960846,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.",2024-09-09
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-09
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-09
Red Lobster cleared to exit Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/05/red-lobster-bankruptcy-court-approves-plan-to-exit-chapter-11.html,2024-09-05T20:55:27+0000,"A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month. Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group. Red Lobster will operate as an independent company.After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.At least nine other restaurant chains have filed for bankruptcy protection this year. High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.",CNBC,05/09/2024,"[""A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy."", 'The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May.', ""Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending."", 'As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month.', ""Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster."", 'Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.', '""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""', 'With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.', '""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group.', 'Red Lobster will operate as an independent company.', 'After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.', 'At least nine other restaurant chains have filed for bankruptcy protection this year.', 'High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.']",0.1324025730152566,"With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",0.0023897687594095,"""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",2024-09-09
"U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree",https://www.cnbc.com/2024/09/06/us-airlines-cool-hiring-after-adding-employees-post-pandemic.html,2024-09-06T17:38:58+0000,"In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation. Now the industry is cooling its hiring.Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges.A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits. Demand growth has moderated. Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions. Engines are in short supply. Some carriers are deferring airplane deliveries altogether. And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.Since 2019, costs at U.S. carriers have climbed by double-digit percentages. Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.It is more pronounced at low-cost airlines. Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length.Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's.But there have been pullbacks. In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market. Last year, even before the merger fell apart, it offered staff buyouts.Other airlines are easing hiring or finding other ways to cut costs.Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks. A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants. CFO Tammy Romo said on an earnings call in July that the company's headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier's ""controlled hiring levels.""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023. It plans to hire 1,600 pilots, down from more than 2,300 last year.It's a departure from the previous years when airlines couldn't hire employees fast enough. U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.Airlines shed tens of thousands of employees in 2020 to try to stem record losses. Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents. It also led to the worst pilot shortage in recent memory.In response, companies — especially regional carriers — offered big bonuses to attract pilots.But times have changed. Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.""We will be hiring for the foreseeable future at levels like that,"" he said at the time.Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.""Demand for travel is still there,"" he said. ""I don't see a long-term slowdown.""",CNBC,06/09/2024,"['In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation.', 'Now the industry is cooling its hiring.', ""Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges."", ""A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits."", 'Demand growth has moderated.', 'Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions.', 'Engines are in short supply.', 'Some carriers are deferring airplane deliveries altogether.', 'And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.', 'Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.', 'Since 2019, costs at U.S. carriers have climbed by double-digit percentages.', ""Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth."", 'It is more pronounced at low-cost airlines.', ""Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length."", ""Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's."", 'But there have been pullbacks.', ""In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market."", 'Last year, even before the merger fell apart, it offered staff buyouts.', 'Other airlines are easing hiring or finding other ways to cut costs.', 'Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks.', 'A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.', '""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants.', 'CFO Tammy Romo said on an earnings call in July that the company\'s headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier\'s ""controlled hiring levels.', '""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023.', 'It plans to hire 1,600 pilots, down from more than 2,300 last year.', ""It's a departure from the previous years when airlines couldn't hire employees fast enough."", 'U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.', 'Airlines shed tens of thousands of employees in 2020 to try to stem record losses.', 'Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.', 'Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents.', 'It also led to the worst pilot shortage in recent memory.', 'In response, companies — especially regional carriers — offered big bonuses to attract pilots.', 'But times have changed.', 'Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.', 'American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.', '""We will be hiring for the foreseeable future at levels like that,"" he said at the time.', 'Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.', '""Demand for travel is still there,"" he said. ""', 'I don\'t see a long-term slowdown.""']",0.0107841422019011,"In response, companies — especially regional carriers — offered big bonuses to attract pilots.","In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market.",-0.0160007004080147,"Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.",A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits.,2024-09-09
"Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering 'extreme bargains'",https://www.cnbc.com/2024/09/09/big-lots-bankruptcy-plans-sale-and-store-closures.html,2024-09-09T14:44:41+0000,"In this articleDiscount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor. As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt and liabilities, court records show. The company, which runs more than 1,300 stores across 48 states, is one of the country's largest closeout retailers and specializes in offering bargain-basement pricing on all things home. It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.In a press release and court filings, Big Lots said it will operate its business normally but has started the process of closing nearly 300 stores so it can fix its balance sheet and reduce costs.""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience."" Evan Glucoft, managing director at Nexus, said the firm is ""confident"" that Big Lots' ""greatest days are ahead."" ""We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer,"" said Glucoft. Big Lots has been teetering near the edge for months after high interest rates and a sluggish housing market slowed consumer demand for new furniture, decor and other home supplies. While discount retailers tend to do well in rough economic cycles, Big Lots primarily caters to lower- and middle-income consumers, who have curbed discretionary spending at a higher rate than their more affluent counterparts. ""The company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,"" Big Lots said in a news release. ""The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company's revenue."" Beyond macroeconomic conditions, Big Lots also operates in a highly competitive space and has struggled to differentiate itself from other discounters that offer home goods or specialize in the category, such as Wayfair, Walmart and TJX Cos.' Home Goods.""Big Lots is not always good value for money. Many of the items it sells are not high end and are not drastically expensive, but equivalents can often be found much cheaper at other stores, including Walmart,"" Neil Saunders, managing director of GlobalData, said in a note.""The other issue [is] the assortment is very jumbled and muddled, which is partly a function of the way the business operates,"" Saunders added. ""However, there is far too much choice and not nearly enough treasure for consumers to be enticed by. This creates an unsatisfactory shopping experience, especially compared to other players operating in the discount space, such as off-price retailers.""As part of the bankruptcy process, Big Lots will hold a court-supervised auction for its business. It could go to a different buyer if they make a bid that's higher than Nexus' offer. It's working with law firm Davis Polk & Wardwell, investment bank Guggenheim Securities and advisory firm AlixPartners. A&G Real Estate Partners has been tapped as Big Lots' real estate advisor, while Nexus will be represented by law firm Kirkland & Ellis.",CNBC,09/09/2024,"['In this articleDiscount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor.', 'As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt and liabilities, court records show.', ""The company, which runs more than 1,300 stores across 48 states, is one of the country's largest closeout retailers and specializes in offering bargain-basement pricing on all things home."", 'It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.', 'In a press release and court filings, Big Lots said it will operate its business normally but has started the process of closing nearly 300 stores so it can fix its balance sheet and reduce costs.', '""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""', 'As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience.', '""Evan Glucoft, managing director at Nexus, said the firm is ""confident"" that Big Lots\' ""greatest days are ahead.', '""""We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America\'s leading extreme value retailer,"" said Glucoft.', 'Big Lots has been teetering near the edge for months after high interest rates and a sluggish housing market slowed consumer demand for new furniture, decor and other home supplies.', 'While discount retailers tend to do well in rough economic cycles, Big Lots primarily caters to lower- and middle-income consumers, who have curbed discretionary spending at a higher rate than their more affluent counterparts.', '""The company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,"" Big Lots said in a news release. ""', ""The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company's revenue."", '""Beyond macroeconomic conditions, Big Lots also operates in a highly competitive space and has struggled to differentiate itself from other discounters that offer home goods or specialize in the category, such as Wayfair, Walmart and TJX Cos.\'', 'Home Goods.', '""Big Lots is not always good value for money.', 'Many of the items it sells are not high end and are not drastically expensive, but equivalents can often be found much cheaper at other stores, including Walmart,"" Neil Saunders, managing director of GlobalData, said in a note.', '""The other issue [is] the assortment is very jumbled and muddled, which is partly a function of the way the business operates,"" Saunders added. ""', 'However, there is far too much choice and not nearly enough treasure for consumers to be enticed by.', 'This creates an unsatisfactory shopping experience, especially compared to other players operating in the discount space, such as off-price retailers.', '""As part of the bankruptcy process, Big Lots will hold a court-supervised auction for its business.', ""It could go to a different buyer if they make a bid that's higher than Nexus' offer."", ""It's working with law firm Davis Polk & Wardwell, investment bank Guggenheim Securities and advisory firm AlixPartners."", ""A&G Real Estate Partners has been tapped as Big Lots' real estate advisor, while Nexus will be represented by law firm Kirkland & Ellis.""]",0.1189303260990671,"""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""","It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.",-0.1764213720957438,"""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""","It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.",2024-09-09
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-09
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-09
"NFL's games in Brazil, Europe are key to more revenue growth, Goodell says",https://www.cnbc.com/2024/09/06/nfl-brazil-game-packers-eagles-key-to-growth-goodell-says.html,2024-09-06T18:23:33+0000,"The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.As the NFL enters the Southern Hemisphere, professional football has never been stronger financially. Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations.But as the league tries to sustain its growth, international markets are a priority.Ahead of the league's inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC's ""Squawk Box"" that the league aims to become an international sports property. This season, the NFL will play five games abroad in Europe and South America. By next season, the league will play eight games overseas.""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""It creates a spark and everything seems to really take off after that point in time,"" he added.Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.""When [the players] get back to their home cities tomorrow, they'll be on a similar time zone, and eight days before their next game,"" Goodell said. Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""This is all part of learning how many games we can play,"" Goodell said.As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners.The league had two sponsorship deals in Germany before it played games there starting in 2022. Today, the NFL has 15 agreements.The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.This program, currently in its third year, gives teams marketing rights in other countries. This season, 25 franchises are participating in the program across 19 international markets.Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans.The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024. Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform.""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.Yet, Goodell said 85% of NFL games are still available on broadcast television.""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,06/09/2024,"['The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.', 'As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.', ""Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations."", 'But as the league tries to sustain its growth, international markets are a priority.', 'Ahead of the league\'s inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC\'s ""Squawk Box"" that the league aims to become an international sports property.', 'This season, the NFL will play five games abroad in Europe and South America.', 'By next season, the league will play eight games overseas.', '""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""', 'It creates a spark and everything seems to really take off after that point in time,"" he added.', 'Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.', '""When [the players] get back to their home cities tomorrow, they\'ll be on a similar time zone, and eight days before their next game,"" Goodell said.', 'Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""', 'This is all part of learning how many games we can play,"" Goodell said.', ""As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners."", 'The league had two sponsorship deals in Germany before it played games there starting in 2022.', 'Today, the NFL has 15 agreements.', 'The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.', 'This program, currently in its third year, gives teams marketing rights in other countries.', 'This season, 25 franchises are participating in the program across 19 international markets.', 'Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.', ""Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans."", ""The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024."", ""Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform."", '""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.', 'Yet, Goodell said 85% of NFL games are still available on broadcast television.', '""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans\' enjoyment of it,"" he added.', 'Disclosure: NBCUniversal is the parent company of CNBC.']",0.1936332263215934,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.","As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.",0.9907737572987876,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.",,2024-09-09
Federal Reserve unveils toned-down banking regulations in victory for Wall Street,https://www.cnbc.com/2024/09/10/federal-reserve-unveils-new-banking-regulation-in-wall-street-victory.html,2024-09-10T20:16:24+0000,"A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""There are benefits and costs to increasing capital requirements. The changes we intend to make will bring these two important objectives into better balance.""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading. But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations.The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands. Now, it looks like those efforts have paid off.But big banks aren't the only ones to benefit. Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.That part will likely boost capital requirements by 3% to 4% over time, Barr said. It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates.Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid.It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation.""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital.""Reaction to Barr's proposal was swift and predictable; Sen. Elizabeth Warren, D-Mass., called it a gift to Wall Street.""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.""The American Bankers Association, a trade group, said it welcomed Barr's announcement but stopped short of giving its approval to the latest version of the regulation. ""We will carefully review this new proposal with our members, recognizing that America's banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.",CNBC,10/09/2024,"['A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.', ""Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr."", 'The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.', '""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""', 'There are benefits and costs to increasing capital requirements.', 'The changes we intend to make will bring these two important objectives into better balance.', '""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading.', ""But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations."", ""The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands."", 'Now, it looks like those efforts have paid off.', ""But big banks aren't the only ones to benefit."", 'Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.', 'That part will likely boost capital requirements by 3% to 4% over time, Barr said.', ""It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates."", 'Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.', 'It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.', 'Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.', ""That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid."", ""It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation."", '""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""', ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital."", '""Reaction to Barr\'s proposal was swift and predictable; Sen.Elizabeth Warren, D-Mass., called it a gift to Wall Street.', '""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""', 'After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.', '""The American Bankers Association, a trade group, said it welcomed Barr\'s announcement but stopped short of giving its approval to the latest version of the regulation. ""', 'We will carefully review this new proposal with our members, recognizing that America\'s banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.']",0.1216997929046676,"Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.","It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.",0.3015129069487254,"That part will likely boost capital requirements by 3% to 4% over time, Barr said.","""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. """,2024-09-09
DirecTV customers miss 'Monday Night Football' NFL game as carriage fight with Disney continues,https://www.cnbc.com/2024/09/09/directv-customers-might-miss-monday-night-football-amid-disney-fight.html,2024-09-10T21:24:10+0000,"In this articleMillions of DirecTV customers missed the NFL's opening ""Monday Night Football"" game on ESPN as the company has yet to reach a deal with network parent Disney.Disney's TV networks went dark on Sept. 1 for DirecTV's customers amid a carriage battle over fees and bundling. Those networks include pay-TV channels ESPN and FX, as well as broadcast network ABC in some markets.Disney and DirecTV did not reach a deal in time for ""Monday Night Football,"" a 32-19 San Francisco 49ers victory over the New York Jets. However, negotiations are still ongoing and a deal could come as early as this week, people familiar with the matter said.On Tuesday, Disney said it wanted to open a three-hour window of ABC News coverage to allow DirecTV customers in markets that are unable to access ABC to watch Tuesday night's presidential debate. But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.""Disney added that it is still at the negotiating table with DirecTV.The satellite and streaming company called Disney anti-consumer as DirecTV is pushing for an option in which it could create genre-specific bundles, such as kids, entertainment and news, which Disney opposes.As a result of the fight, DirecTV customers were unable to see the U.S. Open and the first full weekend of the college football season.Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV. ESPN is said to reap some of the highest fees paid by pay-TV companies to carry the network and its sister channels, CNBC previously reported.Meanwhile, sports have long been considered the glue holding the traditional pay-TV bundle together as customers flee for streaming services. There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.DirecTV's carriage fight comes as its latest ad campaign has highlighted its streaming options to woo consumers.""The Walt Disney Co. is once again refusing any accountability to consumers, distribution partners, and now the American judicial system,"" said Rob Thun, DirecTV's chief content officer, in a release last week.Last month, a U.S. judge temporarily blocked sports streaming service Venu — a joint venture between Disney, Fox Corp. and Warner Bros. Discovery — from launching in time for the NFL season. The lawsuit was started by internet TV bundle provider Fubo TV and supported by DirecTV and EchoStar's Dish.The lawsuit argued there were antitrust concerns related to Venu. The companies also argued Venu would be detrimental to their businesses as it would offer a sports-only bundle. Pay-TV distributors have argued they are losing customers at a fast clip due to high programming costs that have caused the price the bundle to soar when streaming was initially a more inexpensive option.DirecTV alerted customers on Friday to competitor alternatives for watching ESPN and also said it would provide a $30 credit to customers.On Saturday, DirecTV said it filed a complaint with the Federal Communications Commission, stating that Disney failed to negotiate in good faith.DirecTV has said that Disney has ""insisted that DirecTV agree to a 'clean slate' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney's anticompetitive demands, which would include filing good faith complaints at the Commission.""Disney has said that it is ""open to offering DirecTV flexibility and terms which we've extended to other distributors,"" and added that it ""will not enter into an agreement that undervalues our portfolio of television channels and programs.""""We never want to black out. It's not good for either side. It's not good for the customer, of course. We did everything we could,"" ESPN chairman Jimmy Pitaro said on CNBC last week.Disney later added that more than 90% of DirecTV households watched its channels every month last year, and has the highest performing content on the platform, citing Nielsen. The company also said it has proposed a variety of packages to DirecTV and is also asking for rates that are in line with other distribution partners.The NFL in particular is often the reason carriage disputes have been resolved. The most recent example happened only last year.Last September, cable giant Charter Communications and Disney went through a similar battle that ultimately lasted 10 days. However, Charter and Disney reached a deal hours ahead of ""Monday Night Football"" that allowed customers to tune in that night.Last year Charter had argued the pay-TV business model was broken, noting that programmers like Disney had siphoned much of their content for their streaming services. In response, Charter pushed for its customers to receive access to Disney's ad-supported streaming apps, Disney+ and ESPN+, at no additional cost.ESPN's Pitaro referenced those negotiations that took place with Charter a year ago in his remarks last week.""While we know that deal was very hard to get done … I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against,"" Pitaro said on CNBC.The dispute between DirecTV and Disney has led to mudslinging between the two companies reminiscent of most carriage fights.In this case, ESPN reporter Adam Schefter called out on social media platform X the Monday matchup on ESPN between the Jets and 49ers, noting what other platforms DirecTV subscribers could sign up for to catch the game.DirecTV also expressed its displeasure.""Disney is in the business of creating alternate realities, but this is the real world where we believe you earn your way and must answer for your own actions,"" DirecTV's Thun said in a release. ""They want to continue to chase maximum profits and dominant control at the expense of consumers – making it harder for them to select the shows and sports they want at a reasonable price.""",CNBC,10/09/2024,"['In this articleMillions of DirecTV customers missed the NFL\'s opening ""Monday Night Football"" game on ESPN as the company has yet to reach a deal with network parent Disney.', ""Disney's TV networks went dark on Sept. 1 for DirecTV's customers amid a carriage battle over fees and bundling."", 'Those networks include pay-TV channels ESPN and FX, as well as broadcast network ABC in some markets.', 'Disney and DirecTV did not reach a deal in time for ""Monday Night Football,"" a 32-19 San Francisco 49ers victory over the New York Jets.', 'However, negotiations are still ongoing and a deal could come as early as this week, people familiar with the matter said.', ""On Tuesday, Disney said it wanted to open a three-hour window of ABC News coverage to allow DirecTV customers in markets that are unable to access ABC to watch Tuesday night's presidential debate."", 'But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.', '""Disney added that it is still at the negotiating table with DirecTV.The satellite and streaming company called Disney anti-consumer as DirecTV is pushing for an option in which it could create genre-specific bundles, such as kids, entertainment and news, which Disney opposes.', 'As a result of the fight, DirecTV customers were unable to see the U.S. Open and the first full weekend of the college football season.', 'Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV.', 'ESPN is said to reap some of the highest fees paid by pay-TV companies to carry the network and its sister channels, CNBC previously reported.', 'Meanwhile, sports have long been considered the glue holding the traditional pay-TV bundle together as customers flee for streaming services.', 'There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.', ""DirecTV's carriage fight comes as its latest ad campaign has highlighted its streaming options to woo consumers."", '""The Walt Disney Co. is once again refusing any accountability to consumers, distribution partners, and now the American judicial system,"" said Rob Thun, DirecTV\'s chief content officer, in a release last week.', 'Last month, a U.S. judge temporarily blocked sports streaming service Venu — a joint venture between Disney, Fox Corp. and Warner Bros. Discovery — from launching in time for the NFL season.', ""The lawsuit was started by internet TV bundle provider Fubo TV and supported by DirecTV and EchoStar's Dish."", 'The lawsuit argued there were antitrust concerns related to Venu.', 'The companies also argued Venu would be detrimental to their businesses as it would offer a sports-only bundle.', 'Pay-TV distributors have argued they are losing customers at a fast clip due to high programming costs that have caused the price the bundle to soar when streaming was initially a more inexpensive option.', 'DirecTV alerted customers on Friday to competitor alternatives for watching ESPN and also said it would provide a $30 credit to customers.', 'On Saturday, DirecTV said it filed a complaint with the Federal Communications Commission, stating that Disney failed to negotiate in good faith.', 'DirecTV has said that Disney has ""insisted that DirecTV agree to a \'clean slate\' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney\'s anticompetitivedemands, which would include filing good faith complaints at the Commission.', '""Disney has said that it is ""open to offering DirecTV flexibility and terms which we\'veextended to other distributors,"" and added that it ""will not enter into an agreement that undervalues our portfolio of television channels and programs.', '""""We never want to black out.', ""It's not good for either side."", ""It's not good for the customer, of course."", 'We did everything we could,"" ESPN chairman Jimmy Pitaro said on CNBC last week.', 'Disney later added that more than 90% of DirecTV households watched its channels every month last year, and has the highest performing content on the platform, citing Nielsen.', 'The company also said it has proposed a variety of packages to DirecTV and is also asking for rates that are in line with other distribution partners.', 'The NFL in particular is often the reason carriage disputes have been resolved.', 'The most recent example happened only last year.', 'Last September, cable giant Charter Communications and Disney went through a similar battle that ultimately lasted 10 days.', 'However, Charter and Disney reached a deal hours ahead of ""Monday Night Football"" that allowed customers to tune in that night.', 'Last year Charter had argued the pay-TV business model was broken, noting that programmers like Disney had siphoned much of their content for their streaming services.', ""In response, Charter pushed for its customers to receive access to Disney's ad-supported streaming apps, Disney+ and ESPN+, at no additional cost."", ""ESPN's Pitaro referenced those negotiations that took place with Charter a year ago in his remarks last week."", '""While we know that deal was very hard to get done … I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against,"" Pitaro said on CNBC.The dispute between DirecTV and Disney has led to mudslinging between the two companies reminiscent of most carriage fights.', 'In this case, ESPN reporter Adam Scheftercalled out on social media platform X the Monday matchup on ESPN between the Jets and 49ers, noting what other platforms DirecTV subscribers could sign up for to catch the game.', 'DirecTV also expressed its displeasure.', '""Disney is in the business of creating alternate realities, but this is the real world where we believe you earn your way and must answer for your own actions,"" DirecTV\'s Thun said in a release. ""', 'They want to continue to chase maximum profits and dominant control at the expense of consumers – making it harder for them to select the shows and sports they want at a reasonable price.""']",-0.0667450526593535,"DirecTV has said that Disney has ""insisted that DirecTV agree to a 'clean slate' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney's anticompetitivedemands, which would include filing good faith complaints at the Commission.","But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.",-0.3863855451345444,"Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV.","There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.",2024-09-09
Goldman Sachs to post $400 million hit to third-quarter results as it unwinds consumer business,https://www.cnbc.com/2024/09/09/goldman-sachs-to-post-400-million-hit-in-third-quarter-over-consumer-business.html,2024-09-09T22:28:43+0000,"In this articleGoldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month.It is the latest turbulence related to Solomon's push into consumer retail. In late 2022, Goldman began to pivot away from its nascent consumer operations, beginning a series of write-downs related to selling chunks of the business. Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators.Goldman is instead focusing on asset and wealth management to help drive growth. The bank was in talks to sell the GM Card platform to Barclays, The Wall Street Journal reported in April.Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.",CNBC,09/09/2024,"['In this articleGoldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.', ""CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month."", ""It is the latest turbulence related to Solomon's push into consumer retail."", 'In late 2022, Goldman began to pivot away from its nascent consumer operations, beginning a series of write-downs related to selling chunks of the business.', ""Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators."", 'Goldman is instead focusing on asset and wealth management to help drive growth.', 'The bank was in talks to sell the GM Card platform to Barclays, The Wall Street Journal reported in April.', 'Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.']",0.0037113556770549,Goldman is instead focusing on asset and wealth management to help drive growth.,Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.,-0.4991736114025116,"Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators.",Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.,2024-09-09
"MLB is aiming for a more national strategy, commissioner says",https://www.cnbc.com/2024/09/10/mlb-major-league-baseball-new-course-national-strategy.html,2024-09-11T16:22:44+0000,"Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game.As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.""We need a more national strategy,"" Manfred told CNBC's Scott Wapner. ""We're blessed with a huge amount of content: 2,430 games. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country. Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.As for MLB's star power, all three panelists said they're excited about the talent the game has to offer. But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.""I don't know if it's more stars because I think we have stars,"" Sabathia said. ""I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto. It's star pitchers, it's starting pitchers.""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced. The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently. The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons. The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.All three panelists also said it's important to diversify the MLB's audience. They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.', ""Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game."", 'As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred.', 'The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.', '""We need a more national strategy,"" Manfred told CNBC\'s Scott Wapner. ""', ""We're blessed with a huge amount of content: 2,430 games."", 'Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.', '""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country.', 'Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.', ""As for MLB's star power, all three panelists said they're excited about the talent the game has to offer."", 'But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.', '""I don\'t know if it\'s more stars because I think we have stars,"" Sabathia said. ""', 'I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto.', ""It's star pitchers, it's starting pitchers."", '""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.', 'The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently.', 'The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.', 'The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.', ""All three panelists also said it's important to diversify the MLB's audience."", 'They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2628424095610402,But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.",0.6657184064388275,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.","""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.",2024-09-09
Clean energy sector looks to create even more jobs after the election — regardless of who wins,https://www.cnbc.com/2024/09/10/clean-energy-job-creation-growth-expected-after-2024-election.html,2024-09-10T23:13:37+0000,"As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.  Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.Since the implementation of the IRA and the CHIPS and Science Act, there's been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.""Energy systems have been in transition for decades — it's always in transition, it's always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election's impact.Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome. It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more. Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.""Everyone needs energy no matter what, regardless of who is in the White House. So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco. The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities. Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push. Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui. Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.""I wanted to make an impact and build something really big,"" she said. ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way. Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large.""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector. But their experiences in the White House can help to inform possible paths.Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden. She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left. Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House.Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected. He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome.""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence. All of that adds up to a lot of electricity demand,"" said Bresette. ""It is almost difficult to imagine how much more energy we're going to need in the future.""",CNBC,10/09/2024,"['As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.', 'One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.', 'Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.', 'Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.', 'The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.', 'Since the implementation of the IRA and the CHIPS and Science Act, there\'s been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said.', 'The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.', '""Energy systems have been in transition for decades — it\'s always in transition, it\'s always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election\'s impact.', ""Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome."", 'It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more.', 'Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.', '""Everyone needs energy no matter what, regardless of who is in the White House.', 'So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.', 'The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities.', 'Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.', 'Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push.', 'Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.', 'She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui.', 'Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.', '""I wanted to make an impact and build something really big,"" she said. ""', ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way."", ""Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large."", '""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.', 'But their experiences in the White House can help to inform possible paths.', 'Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden.', 'She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left.', ""Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House."", ""Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected."", 'He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.', ""One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome."", '""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence.', 'All of that adds up to a lot of electricity demand,"" said Bresette. ""', 'It is almost difficult to imagine how much more energy we\'re going to need in the future.""']",0.4004869124933135,"So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.","He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.",0.7826720575491587,"Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.","""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.",2024-09-09
"The $100,000 electric truck market is here. A guide to pickups from Tesla, GM, Rivian and Ford",https://www.cnbc.com/2024/09/07/tesla-gm-rivian-and-ford-the-100000-electric-truck-market-is-here.html,2024-09-09T03:00:27+0000,"DETROIT – Tesla, General Motors, Rivian Automotive and Ford Motor have created a new market in the U.S. automotive industry of pricey, powerful and precarious electric pickup trucks that sell for $100,000 or more.Just five years ago, the idea of a customer paying six figures for a pickup truck — historically a work vehicle meant for hauling and towing — was cause for national headlines. But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.""Customers are willing to spend, so automakers are going to give it to them,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""In general, pickup trucks getting more equipment, better features and better materials really just reflects general consumer attitude of wanting more.""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.""If you think about who's actually buying these new EVs, it's definitely, for the [automakers], a different demographic,"" said Stephanie Valdez Streaty, Cox Automotive director of industry insights. ""These are very expensive, very niche vehicles.""There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms.All those vehicle can get close to or easily top $100,000, including Tesla's ""Cyberbeast"" model for about $120,000 and a limited-edition GMC Hummer for more than $150,000. Kelley Blue Book reports both vehicles transacted for over $100,000 last month — and the Tesla Cybertruck became the best-selling vehicle in the U.S. priced at six figures or more.That compares to the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence. That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.The market is expected to keep growing, but for now I've driven each of those $100,000 vehicles for varying amounts of time. They all drive and handle well, but in varying ways. Here are some thoughts on each:The Tesla Cybertruck is in a league of its own when it comes to pretty much everything — design, function, polarization and features.It is far more ""cyber"" than ""truck."" It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.The Cybertruck, like its GM competitors, also features ""four-wheel steer"" in which all the vehicle's wheels assist in its turning. Compared with a traditional vehicle where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.What the Tesla Cybertruck lacks in traditional ""truck-ness,"" it makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.The vehicle is arguably an experiment for the company in many ways regarding its technologies.The GMC Hummer EV — the first electric truck to hit the market — is the most comparable to the Cybertuck in terms of performance, price and overall gaudiness.Driving the vehicle, whether it's on- or off-road, is an experience. GM has called it the world's first ""supertruck."" It is fast, large and the least efficient consumer EV on sale today, according to the U.S. Environmental Protection Agency. The SUV version is smaller and more manageable to drive than the pickup truck version.Both Hummer variants carry the weight of GM's rapid development of vehicles. They're heavy — estimated at nearly 9,200 pounds for the pickup — compared with every other consumer vehicle on today's market, including their all-electric truck counterparts.While the Hummer EVs can achieve 0-60 miles per hour in 3.5 seconds or less and are extremely capable with their performance parts, the weight of the vehicles can easily be felt when driving them.GM's designers did a nice job of modernizing the Hummer's exterior design for the new EVs, including the ability to remove roof panels. But the interior can feel, much like the vehicles themselves, very bulky.GM's newest all-electric pickup trucks are the Chevrolet Silverado and GMC Sierra Denali, both offering high-end models that cost nearly $100,000.While the GM design team did an exceptional job of separating the looks of the vehicles to appeal to their respective brands, the parts and functionalities of the vehicles are largely the same.Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger (as long as you can find a compatible charger).The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, GMC's ""crab mode"" with four-wheel steering — shared with the Hummer — and other features.A unique standout feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and segment-leading cargo area.Both the Silverado and Sierra EVs drive well and feel like a ""truck"" but also remain far heavier than their non-GM competitors.Rivian's flagship R1T pickup and R1S SUV remain standouts in the electric truck segment when it comes to outdoor adventure and lifestyle vehicles — emulating the likes of Jeep.The second generation of the vehicles, which were released earlier this year, improved on the ride and quality of the trucks. The R1S driving experience was noticeably smoother than the first generation of the vehicles.While the exterior designs of the vehicles were largely unchanged for the second generation, Rivian says they deliver 10 times more computing power than before. The company also has changed more than half the hardware components.Where the R1T and R1S truly stand out are their interior designs. They're minimalistic, much like Tesla products, but still have enough other controls to appease mainstream, traditional buyers. The functionality and HMI also are impressive.The F-150 Lightning is the most approachable all-electric truck on the market. That includes its starting price of about $63,000, driving dynamics and functionality. It largely operates like a traditional F-150 — but it's electric. That's because it shares many parts with its internal combustion engine siblings.When the F-150 Lightning hit the market, it was the first ""mainstream"" electric truck. It followed the Hummer ""supertruck"" and Rivian R1T, but it was the first true test of such an all-electric vehicle for traditional truck owners.At launch, the vehicle was a standout, but the competition has largely caught up to it or exceeded it when it comes to range, driving dynamics and overall performance, especially when comparing it to the $100,000 trucks above.The F-150 Lightning, which can top $90,000, remains a solid vehicle but for buyers seeking to spend around $100,000 or more, the competition is far more intense than it was when the truck launched in 2022.",CNBC,09/09/2024,"['DETROIT – Tesla, General Motors, Rivian Automotive and Ford Motor have created a new market in the U.S. automotive industry of pricey, powerful and precarious electric pickup trucks that sell for $100,000 or more.', 'Just five years ago, the idea of a customer paying six figures for a pickup truck — historically a work vehicle meant for hauling and towing — was cause for national headlines.', 'But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.', '""Customers are willing to spend, so automakers are going to give it to them,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'In general, pickup trucks getting more equipment, better features and better materials really just reflects general consumer attitude of wanting more.', '""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.', '""If you think about who\'s actually buying these new EVs, it\'s definitely, for the [automakers], a different demographic,"" said Stephanie Valdez Streaty, Cox Automotive director of industry insights. ""', 'These are very expensive, very niche vehicles.', '""There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors\' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado.', 'The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms.', 'All those vehicle can get close to or easily top $100,000, including Tesla\'s ""Cyberbeast"" model for about $120,000 and a limited-edition GMC Hummer for more than $150,000.', 'Kelley Blue Book reports both vehicles transacted for over$100,000 last month — and the Tesla Cybertruckbecame the best-selling vehicle in the U.S. priced at six figures or more.', 'That compares to the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.', 'Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence.', ""That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data."", ""The market is expected to keep growing, but for now I've driven each of those $100,000 vehicles for varying amounts of time."", 'They all drive and handle well, but in varying ways.', 'Here are some thoughts on each:The Tesla Cybertruck is in a league of its own when it comes to pretty much everything — design, function, polarization and features.', 'It is far more ""cyber"" than ""truck.""', 'It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.', 'The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.', 'The Cybertruck, like its GM competitors, also features ""four-wheel steer"" in which all the vehicle\'s wheels assist in its turning.', 'Compared with a traditional vehicle where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.', 'What the Tesla Cybertruck lacks in traditional ""truck-ness,"" it makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.', 'The vehicle is arguably an experiment for the company in many ways regarding its technologies.', 'The GMC Hummer EV — the first electric truck to hit the market — is the most comparable to the Cybertuck in terms of performance, price and overall gaudiness.', ""Driving the vehicle, whether it's on- or off-road, is an experience."", 'GM has called it the world\'s first ""supertruck.""', 'It is fast, large and the least efficient consumer EV on sale today, according to the U.S. Environmental Protection Agency.', 'The SUV version is smaller and more manageable to drive than the pickup truck version.', ""Both Hummer variants carry the weight of GM's rapid development of vehicles."", ""They're heavy — estimated at nearly 9,200 pounds for the pickup — compared with every other consumer vehicle on today's market, including their all-electric truck counterparts."", 'While the Hummer EVs can achieve 0-60 miles per hour in 3.5 seconds or less and are extremely capable with their performance parts, the weight of the vehicles can easily be felt when driving them.', ""GM's designers did a nice job of modernizing the Hummer's exterior design for the new EVs, including the ability to remove roof panels."", 'But the interior can feel, much like the vehicles themselves, very bulky.', ""GM's newest all-electric pickup trucks are the Chevrolet Silverado and GMC Sierra Denali, both offering high-end models that cost nearly $100,000.While the GM design team did an exceptional job of separating the looks of the vehicles to appeal to their respective brands, the parts and functionalities of the vehicles are largely the same."", 'Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger (as long as you can find a compatible charger).The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, GMC\'s ""crab mode"" with four-wheel steering — shared with the Hummer — and other features.', 'A unique standout feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and segment-leading cargo area.', 'Both the Silverado and Sierra EVs drive well and feel like a ""truck"" but also remain far heavier than their non-GM competitors.', ""Rivian's flagship R1T pickup and R1S SUV remain standouts in the electric truck segment when it comes to outdoor adventure and lifestyle vehicles — emulating the likes of Jeep."", 'The second generation of the vehicles, which were released earlier this year, improved on the ride and quality of the trucks.', 'The R1S driving experience was noticeably smoother than the first generation of the vehicles.', 'While the exterior designs of the vehicles were largely unchanged for the second generation, Rivian says they deliver 10 times more computing power than before.', 'The company also has changed more than half the hardware components.', 'Where the R1T and R1S truly stand out are their interior designs.', ""They're minimalistic, much like Tesla products, but still have enough other controls to appease mainstream, traditional buyers."", 'The functionality and HMI also are impressive.', 'The F-150 Lightning is the most approachable all-electric truck on the market.', 'That includes its starting price of about $63,000, driving dynamics and functionality.', ""It largely operates like a traditional F-150 — but it's electric."", ""That's because it shares many parts with its internal combustion engine siblings."", 'When the F-150 Lightning hit the market, it was the first ""mainstream"" electric truck.', 'It followed the Hummer ""supertruck"" and Rivian R1T, but it was the first true test of such an all-electric vehicle for traditional truck owners.', 'At launch, the vehicle was a standout, but the competition has largely caught up to it or exceeded it when it comes to range, driving dynamics and overall performance, especially when comparing it to the $100,000 trucks above.', 'The F-150 Lightning, which can top $90,000, remains a solid vehicle but for buyers seeking to spend around $100,000 or more, the competition is far more intense than it was when the truck launched in 2022.']",0.2756021300472807,"But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.",The vehicle is arguably an experiment for the company in many ways regarding its technologies.,0.7550746103127798,"That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.","""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.",2024-09-09
Starboard moves to collapse News Corp's dual class stock in challenge to Rupert Murdoch,https://www.cnbc.com/2024/09/06/starboard-moves-to-collapse-news-corps-dual-class-stock-in-challenge-to-rupert-murdoch.html,2024-09-09T22:04:42+0000,"In this articleActivist investor Starboard Value moved Friday to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter.The push was made via a non-binding shareholder resolution, said the people. News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock.News Corp in a Monday statement said that the conglomerate had ""thrived under the current structure,"" and indicated that it would oppose Starboard's proposal.Starboard owns roughly 2% of the company's Class A shares, according to FactSet data. Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it's something to consider as well. But there are easier paths to create a lot of value.""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company. His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push. Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.Representatives for News Corp and Starboard did not immediately return requests for comment.",CNBC,09/09/2024,"[""In this articleActivist investor Starboard Value moved Friday to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter."", 'The push was made via a non-binding shareholder resolution, said the people.', ""News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock."", 'News Corp in a Monday statement said that the conglomerate had ""thrived under the current structure,"" and indicated that it would oppose Starboard\'s proposal.', ""Starboard owns roughly 2% of the company's Class A shares, according to FactSet data."", 'Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.', 'Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it\'s something to consider as well.', 'But there are easier paths to create a lot of value.', '""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.', 'Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company.', ""His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push."", 'Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.', 'News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.', 'Representatives for News Corp and Starboard did not immediately return requests for comment.']",0.2513626478317659,But there are easier paths to create a lot of value.,,-0.0223099589347839,But there are easier paths to create a lot of value.,"His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push.",2024-09-09
"Nelson Peltz steps down as chair of Wendy's board, starting a new era for burger chain",https://www.cnbc.com/2024/09/09/nelson-peltz-steps-down-as-chair-of-wendys-board.html,2024-09-09T19:28:17+0000,"In this articleNelson Peltz is stepping down as chair of Wendy's, ending a 17-year reign at the fast-food chain.Wendy's said Friday that the change is effective immediately.Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump. Shares of the burger chain have fallen more than 12% this year, dragging its market value down to $3.45 billion. Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.""In our view, [Peltz's departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner,"" T.D. Cowen analyst Andrew Charles wrote in a note to clients Monday. Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.Peltz will assume the title of chairman emeritus. He is stepping down to devote more time to his other board commitments and Trian Partners' future activities, according to Wendy's.Peltz and Trian Fund Management have a combined 15% stake in Wendy's. Trian first invested in Wendy's in 2005, when the fund was created. With Peltz's departure, the firm holds two board seats at the fast-food company.Trian said it was exploring a takeover of Wendy's in 2022, but later decided against it.Winkleblack, who previously served as CFO at H.J. Heinz, is now non-executive chair of Wendy's board. Winkleblack has been a director since 2016.Clarification: This story has been updated to include the combined ownership stake of Trian and Peltz.",CNBC,09/09/2024,"[""In this articleNelson Peltz is stepping down as chair of Wendy's, ending a 17-year reign at the fast-food chain."", ""Wendy's said Friday that the change is effective immediately."", ""Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump."", 'Shares of the burger chain have fallen more than 12% this year, dragging its market value down to $3.45 billion.', 'Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.', '""In our view, [Peltz\'s departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner,"" T.D. Cowen analyst Andrew Charles wrote in a note to clients Monday.', 'Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.', 'Peltz will assume the title of chairman emeritus.', ""He is stepping down to devote more time to his other board commitments and Trian Partners' future activities, according to Wendy's."", ""Peltz and Trian Fund Management have a combined 15% stake in Wendy's."", ""Trian first invested in Wendy's in 2005, when the fund was created."", ""With Peltz's departure, the firm holds two board seats at the fast-food company."", ""Trian said it was exploring a takeover of Wendy's in 2022, but later decided against it."", ""Winkleblack, who previously served as CFO at H.J. Heinz, is now non-executive chair of Wendy's board."", 'Winkleblack has been a director since 2016.Clarification: This story has been updated to include the combined ownership stake of Trian and Peltz.']",0.0833869336555255,Wendy's said Friday that the change is effective immediately.,"Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.",-0.570005014538765,"Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.","Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump.",2024-09-09
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-09
Top 10 people most likely to reach trillionaire status,https://www.cnbc.com/2024/09/06/top-10-people-most-likely-to-reach-trillionaire-status.html,2024-09-06T19:14:32+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire.""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil's soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate. At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday. Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.And what about individuals? According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report. His wealth would have to continue growing at an average annual rate of 112%. Nvidia's stock is already up about 115% this year, after more than tripling last year.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific. The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion. The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10. Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No. 12, and wouldn't become a trillionaire until 2036. Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.Granted, wealth-watchers have been predicting the first trillionaire for years. And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.",CNBC,06/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', ""On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire."", '""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil\'s soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.', '""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate.', ""At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday."", 'Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.', 'And what about individuals?', 'According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.', ""Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index."", ""Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate."", 'If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report.', 'His wealth would have to continue growing at an average annual rate of 112%.', ""Nvidia's stock is already up about 115% this year, after more than tripling last year."", 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific."", ""The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion."", 'The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.', ""Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10."", ""Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No."", ""12, and wouldn't become a trillionaire until 2036."", 'Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.', 'Granted, wealth-watchers have been predicting the first trillionaire for years.', 'And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.', 'Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.']",0.3647585353608322,Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10.,,0.9471810460090636,"Nvidia's stock is already up about 115% this year, after more than tripling last year.",,2024-09-09
SEC charges Keurig Dr Pepper over claims about K-Cups' recyclability,https://www.cnbc.com/2024/09/10/sec-charges-keurig-dr-pepper-over-k-cup-recyclability-.html,2024-09-10T15:50:24+0000,"In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings.As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade. The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate. A 2018 lawsuit over recycling claims led to a $10 million class-action settlement. By the end of 2020, K-Cups became fully recyclable, according to the company.But before the company reached that milestone, it was already telling investors that the pods could be recycled.Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled. However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn't intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers. Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing.In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities. We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""",CNBC,10/09/2024,"['In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.', ""Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings."", ""As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade."", 'The pods\' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.', 'A 2018 lawsuit over recycling claims led to a $10 million class-action settlement.', 'By the end of 2020, K-Cups became fully recyclable, according to the company.', 'But before the company reached that milestone, it was already telling investors that the pods could be recycled.', 'Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled.', 'However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn\'t intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.', ""The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers."", ""Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing."", 'In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.', '""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""', 'We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities.', 'We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""']",0.1870494846688524,"In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",0.2126299500465393,"The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",2024-09-09
US inflation falls to its lowest level in over three years,https://www.bbc.co.uk/news/articles/cy9e72vn1xyo,2024-09-11T13:05:43.157Z,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week. Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell. That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs. The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue. Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of bigger cut. ""Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics. The data shows price pressure is fading for key household items.  Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.  The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023. However, prices for other items continued to climb.  Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive.  ""This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Rating's chief economist. ""Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so."" Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation. Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending. Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation. US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy. Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls. But the 26-year-old told the BBC that prices have recently started to become more affordable. She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts.  ""I've noticed, over the last few months, they've got red tags on everything,"" she said, adding that her family recently took its first holiday in three years. But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child. The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center. Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year.  ""It's really hard to be believe that they're actually going to be able to do anything about it,"" she said.  ",BBC,11/09/2024,"['Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.', 'Consumer prices rose 2.5% over the 12 months to August, as prices for petrol, used cars and trucks, and some other items fell.', 'That marked the slowest pace since February 2021 and was down from 2.9% in July, despite an unexpected rise in housing costs.', 'The Labor Department figures come during a presidential campaign in which rising living costs have been a key issue.', 'Analysts said the data increased the likelihood that the Federal Reserve would cut interest rates by 0.25 percentage points at its meeting next week, but reduced the odds of bigger cut. ""', 'Overall, inflation appears to have been successfully tamed but, with housing inflation still refusing to moderate as quickly as hoped, it hasn’t been completely vanquished,"" said Paul Ashworth, chief North America economist for Capital Economics.', 'The data shows price pressure is fading for key household items.', 'Grocery prices, which were surging just a few years ago, were unchanged from July to August and are up less than 1% from a year ago, according to the report.', 'The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.', 'However, prices for other items continued to climb.', 'Not including food and energy - which tend to fluctuate and can obscure underlying trends - prices were up 3.2% over the year, as airline tickets, car insurance, rent, and other housing costs grew more expensive. ""', 'This serves as a bit of a reminder not to get too carried away with a few months of better inflation data,"" said Brian Coulton, Fitch Rating\'s chief economist. ""', 'Certainly not enough to stop the Fed cutting rates later this month, but the stickiness of services inflation... will be one reason why the Fed will not be cutting rates at an aggressive pace over the next year or so.""', 'Central banks, including the Fed, started upping borrowing costs two years ago in an attempt to slow inflation.', 'Prices began to rise globally in 2021 because of pandemic-related supply issues and a jump in government spending.', ""Russia's invasion of Ukraine in 2022 then caused oil prices to surge, further fuelling global inflation."", 'US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.', 'Jasmine Loeber, a stay-at-home mother from Pennsylvania, was so shocked by price increases in recent years that she began posting on social media about her expensive supermarket hauls.', 'But the 26-year-old told the BBC that prices have recently started to become more affordable.', 'She is still shopping strategically - avoiding certain brands and sticking with stores known for being budget friendly - but is now seeing more discounts. ""', 'I\'ve noticed, over the last few months, they\'ve got red tags on everything,"" she said, adding that her family recently took its first holiday in three years.', 'But she said wider financial pressures, like housing costs, still weighed so heavily that she did not plan to have more than one child.', ""The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center."", 'Jasmine, who lives in a state both campaigns see as must-win in November, said she did not vote in 2020 and was unsure whether she would this year. ""', 'It\'s really hard to be believe that they\'re actually going to be able to do anything about it,"" she said.']",0.0581881893590117,"Inflation in the US continued to cool last month, official figures showed, raising confidence that the US central bank will cut interest rates next week.",The latest figures went largely unremarked in the aftermath of the first debate and as political leaders marked the anniversary of the 11 September attacks on New York's world trade center.,0.2353941003481547,"The cost of petrol, another staple, has also dropped, falling over the month and more than 10% from August 2023.","US inflation hit a high of 9.1% in June 2022, but has since fallen closer to the 2% rate considered healthy.",2024-09-08
PS5 Pro: Sony reveals much more expensive and powerful console,https://www.bbc.co.uk/news/articles/cx29r65ygdqo,2024-09-10T15:40:34.438Z,"After years of rumour, speculation and hype, Sony has confirmed it is launching a more powerful - and much more expensive - version of its hugely popular PlayStation 5 console. The PS5 Pro will be able to show more advanced graphics and display the most demanding games at higher, more consistent frame rates. But that added power will come at a cost: the PS5 Pro will be the most expensive console from Sony to date. It will cost £699.99 when it launches on 7 November this year - hundreds of pounds more than the PS5. ""The price point of the PS5 Pro will inevitably cause a lot of commentary,"" analyst Piers Harding-Rolls from research firm Ampere said. He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software. Mark Cerny, lead architect of the PS5, said it was ""the most powerful console we’ve ever built"". He said it sought to resolve a problem gamers had faced for years - whether to play a console game in so-called ""fidelity mode"", which favours visuals, or ""performance mode"", which makes a game smoother, though at the cost to how it looks. He said the PS5 Pro was about ""removing that decision, or at least narrowing that divide"". GamesIndustry.biz head Christopher Dring told the BBC it was ""a very targeted console"" for PlayStation's ""most enthusiastic audience"". ""The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. ""PS5 Pro isn't going to change that situation."" But he said Sony might have one eye on the most anticipated game in the world - Grand Theft Auto VI - which is due to release next year. ""When GTA 6 does launch, PlayStation will be able to say to players that the game will look best on PS5 Pro,"" he said. Companies have released updated versions of their own consoles with minor revisions for decades, but this release indicates the comparatively new trend of ""pro"" hardware is here to stay. Generally, this means hardware changes to current-generation consoles that lets games look better - but critically these tweaked consoles don't have exclusive games. In other words, games will still be released for PS5, and gamers can choose whether to play them on a regular console or a pro model with differences in graphics and performance. Paul Tamburro, from news website PlayStation LifeStyle, said fans had been hoping the console could ""bridge the gap"" between performance and fidelity modes, and the upgrade would help. ""However, it also feels that the console doesn't do enough to justify that steep price point,"" he said. ""It launching without a disc drive and still only targeting 60 FPS is disappointing. ""This isn't an easy sell to current PS5 owners."" It's Sony's second major foray into this space after 2016's PS4 Pro, which brought 4k graphics to the original PlayStation 4. And it comes three years after Nintendo released its own take on a pro model - a Nintendo Switch with a larger, better screen. Today's announcement from Sony is not as significant as the PS4's jump to 4k graphics, but it still represents a step forward in home consoles. It comes at a time when PCs have been getting increasingly powerful, with the release of Nvidia's Geforce 40 series of graphics cards in 2022, which have put PCs firmly ahead of home consoles in the race for the best visuals. But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price. Like with the last console generation, this release means Sony will now have multiple versions of its PS5 available to consumers, with different price points and specs. Rumours spread widely ahead of the announcement, with fans speculating on the features an upgraded console might have. Chief among them were unsourced claims that the PS5 Pro would be backwards compatible with games from previous Sony consoles - with some reports suggesting this would go as far back as the original PlayStation. There was nothing in the announcement to confirm the rumours. ",BBC,10/09/2024,"['After years of rumour, speculation and hype, Sony has confirmed it is launching a more powerful - and much more expensive - version of its hugely popular PlayStation 5 console.', 'The PS5 Pro will be able to show more advanced graphics and display the most demanding games at higher, more consistent frame rates.', 'But that added power will come at a cost: the PS5 Pro will be the most expensive console from Sony to date.', 'It will cost £699.99 when it launches on 7 November this year - hundreds of pounds more than the PS5. ""', 'The price point of the PS5 Pro will inevitably cause a lot of commentary,"" analyst Piers Harding-Rolls from research firm Ampere said.', ""He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software."", 'Mark Cerny, lead architect of the PS5, said it was ""the most powerful console we’ve ever built"".', 'He said it sought to resolve a problem gamers had faced for years - whether to play a console game in so-called ""fidelity mode"", which favours visuals, or ""performance mode"", which makes a game smoother, though at the cost to how it looks.', 'He said the PS5 Pro was about ""removing that decision, or at least narrowing that divide"".', 'GamesIndustry.biz head Christopher Dring told the BBC it was ""a very targeted console"" for PlayStation\'s ""most enthusiastic audience"". ""', 'The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. ""', 'PS5 Pro isn\'t going to change that situation.""', 'But he said Sony might have one eye on the most anticipated game in the world - Grand Theft Auto VI - which is due to release next year. ""', 'When GTA 6 does launch, PlayStation will be able to say to players that the game will look best on PS5 Pro,"" he said.', 'Companies have released updated versions of their own consoles with minor revisions for decades, but this release indicates the comparatively new trend of ""pro"" hardware is here to stay.', ""Generally, this means hardware changes to current-generation consoles that lets games look better - but critically these tweaked consoles don't have exclusive games."", 'In other words, games will still be released for PS5, and gamers can choose whether to play them on a regular console or a pro model with differences in graphics and performance.', 'Paul Tamburro, from news website PlayStation LifeStyle, said fans had been hoping the console could ""bridge the gap"" between performance and fidelity modes, and the upgrade would help. ""', 'However, it also feels that the console doesn\'t do enough to justify that steep price point,"" he said. ""', 'It launching without a disc drive and still only targeting 60 FPS is disappointing. ""', 'This isn\'t an easy sell to current PS5 owners.""', ""It's Sony's second major foray into this space after 2016's PS4 Pro, which brought 4k graphics to the original PlayStation 4."", 'And it comes three years after Nintendo released its own take on a pro model - a Nintendo Switch with a larger, better screen.', ""Today's announcement from Sony is not as significant as the PS4's jump to 4k graphics, but it still represents a step forward in home consoles."", ""It comes at a time when PCs have been getting increasingly powerful, with the release of Nvidia's Geforce 40 series of graphics cards in 2022, which have put PCs firmly ahead of home consoles in the race for the best visuals."", ""But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price."", 'Like with the last console generation, this release means Sony will now have multiple versions of its PS5 available to consumers, with different price points and specs.', 'Rumours spread widely ahead of the announcement, with fans speculating on the features an upgraded console might have.', 'Chief among them were unsourced claims that the PS5 Pro would be backwards compatible with games from previous Sony consoles - with some reports suggesting this would go as far back as the original PlayStation.', 'There was nothing in the announcement to confirm the rumours.']",0.2858089356780889,"But it's worth remembering just one of these graphics cards can cost as much as a whole PS5, so consoles tend to strike a balance between the best visuals and the best price.","It launching without a disc drive and still only targeting 60 FPS is disappointing. """,0.2361259735547579,He said the firm appeared to be betting that the console's improved performance would encourage users to upgrade their existing hardware and spend more on software.,"The console industry has had a tough time this year, with falling sales of PS5, Xbox Series S and X, and the ageing Nintendo Switch,"" he said. """,2024-09-08
Rightmove rejects £5.6bn from Rupert Murdoch-owned REA Group,https://www.bbc.co.uk/news/articles/ckg2rllpde1o,2024-09-11T10:43:50.829Z,"Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch. The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch's News Corporation, was described by Rightmove's board as ""wholly opportunistic"". In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"". The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year. REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London."" The offer valued Rightmove at over quarter of its share price on 30 August. It would have meant Rightmove shareholders owning around 18.6% of the new merged business. REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia."" It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem."" Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected. The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch  40% of News Corp's voting stock even though he only owns an equity stake of about 14%. Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023. Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT. Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares. The media tycoon's net worth is estimated at just over $20bn (£15bn). ",BBC,11/09/2024,"['Property listing website Rightmove has rejected a takeover approach from a rival Australian site backed by Rupert Murdoch.', 'The £5.6bn offer from REA Group, which is majority-owned by Mr Murdoch\'s News Corporation, was described by Rightmove\'s board as ""wholly opportunistic"".', 'In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".', 'The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.', 'REA said in response it plans to ""apply for a secondary listing of all of its ordinary shares in London.""', 'The offer valued Rightmove at over quarter of its share price on 30 August.', 'It would have meant Rightmove shareholders owning around 18.6% of the new merged business.', 'REA said its plan is to create a property business with ""strong margins and significant cash generation\' that holds the number one position in both the UK and Australia.""', 'It added that buying Rightmove would ""enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem.""', ""Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected."", ""The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp. The hedge fund wants to abolish the structure which currently gives Mr Murdoch 40% of News Corp's voting stock even though he only owns an equity stake of about 14%."", 'Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023.', 'Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.', 'Mr Murdoch first bought a stake in REA in 2001and now News Corp owns 61% of its shares.', ""The media tycoon's net worth is estimated at just over $20bn (£15bn).""]",0.1787902046237862,"Earlier this year, the company signed a multi-year deal with artificial intelligence firm OpenAI, which means content from the likes of the Wall Street Journal, the New York Post, and the Times will feed content to AI bots like ChatGPT.",The rejection is another blow for the Murdoch business empire after the failure of Talk TV earlier this year.,-0.0991988948413303,"REA said its plan is to create a property business with ""strong margins and significant cash generation' that holds the number one position in both the UK and Australia.""","In a statement on Wednesday, they said REA Group had ""fundamentally undervalued Rightmove and its future prospects"".",2024-09-08
"New oil and gas ban threatens jobs, unions warn",https://www.bbc.co.uk/news/articles/c4gd1q9ejqdo,2024-09-09T16:48:18.400Z,"More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned. Delegates at the TUC Congress in Brighton narrowly voted in support of a motion calling for no ban to be implemented before a fully funded plan guaranteeing comparable jobs for all North Sea workers is agreed.  Proposing the motion, Unite and the GMB - the country's second and third biggest unions - said while climate change did pose a risk, fossil fuels should not be abandoned until workers knew how their jobs would be protected.  However, other unions opposed the move, arguing there are ""no jobs on a dead planet"". A Department for Energy Security and Net Zero spokesperson said: ""The government has a non-negotiable commitment to securing a proud future for the North Sea. ""This includes setting up Great British Energy, a publicly owned energy company headquartered in Scotland, which will invest in technologies that will make us a world-leader in industries that use the expertise of North Sea workers such as floating offshore wind and carbon capture and storage."" Cliff Bowen, who sits on Unite's executive council, told the conference the issue would be ""the biggest test of Keir Starmer's mettle"".  ""Environmental action is required but exporting jobs, skills and destroying working class kids’ futures, while moving production abroad, is just burying our heads in the sand,"" he said.  Mr Bowen warned of ""false promises of green jobs which never seem to materialise"". He compared the ""cliff edge"" facing North Sea workers to the fate of miners in the 1980s, when many of the country's pits were closed and communities saw unemployment rise. However, the UK's largest union Unison, which represents workers providing public services, was among those to oppose the motion.  Unison's Jo Tapper told the conference the union supported the need for ""a fair transition"" to renewable energy, including a comprehensive jobs plan for workers in the fossil fuel industry.  ""Workers in the energy sector rightly expect to be heard and protected. But climate change doesn’t only impact on energy workers,"" she said. ""There are no jobs on a dead planet."" She added: ""Jobs and communities can and should be protected by the opportunities created by the rapid expansion of renewables."" In Labour's general election manifesto, the party said it would not revoke existing licences for oil and gas and ensure a ""phased and responsible transition in the North Sea"".  It said North Sea oil and gas production would be ""with us for decades to come"" and ""managed in a way that does not jeopardise jobs"".  However, the party pledged not to issue any new licences because ""they will not take a penny off bills"" and ""will only accelerate the worsening climate crisis"".  Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.  Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory.  However, she told the conference that to ""fix"" the ""broken"" country left by the Conservatives, the government ""need to do more than just move round the deckchairs"".  ",BBC,09/09/2024,"[""More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned."", 'Delegates at the TUC Congress in Brighton narrowly voted in support of a motion calling for no ban to be implemented before a fully funded plan guaranteeing comparable jobs for all North Sea workers is agreed.', ""Proposing the motion, Unite and the GMB - the country's second and third biggest unions - said while climate change did pose a risk, fossil fuels should not be abandoned until workers knew how their jobs would be protected."", 'However, other unions opposed the move, arguing there are ""no jobs on a dead planet"".', 'A Department for Energy Security and Net Zero spokesperson said: ""The government has a non-negotiable commitment to securing a proud future for the North Sea. ""', 'This includes setting up Great British Energy, a publicly owned energy company headquartered in Scotland, which will invest in technologies that will make us a world-leader in industries that use the expertise of North Sea workers such as floating offshore wind and carbon capture and storage.""', 'Cliff Bowen, who sits on Unite\'s executive council, told the conference the issue would be ""the biggest test of Keir Starmer\'s mettle"". ""', 'Environmental action is required but exporting jobs, skills and destroying working class kids’ futures, while moving production abroad, is just burying our heads in the sand,"" he said.', 'Mr Bowen warned of ""false promises of green jobs which never seem to materialise"".', 'He compared the ""cliff edge"" facing North Sea workers to the fate of miners in the 1980s, when many of the country\'s pits were closed and communities saw unemployment rise.', ""However, the UK's largest union Unison, which represents workers providing public services, was among those to oppose the motion."", 'Unison\'s Jo Tapper told the conference the union supported the need for ""a fair transition"" to renewable energy, including a comprehensive jobs plan for workers in the fossil fuel industry. ""', 'Workers in the energy sector rightly expect to be heard and protected.', 'But climate change doesn’t only impact on energy workers,"" she said. ""', 'There are no jobs on a dead planet.""', 'She added: ""Jobs and communities can and should be protected by the opportunities created by the rapid expansion of renewables.""', 'In Labour\'s general election manifesto, the party said it would not revoke existing licences for oil and gas and ensure a ""phased and responsible transition in the North Sea"".', 'It said North Sea oil and gas production would be ""with us for decades to come"" and ""managed in a way that does not jeopardise jobs"".', 'However, the party pledged not to issue any new licences because ""they will not take a penny off bills"" and ""will only accelerate the worsening climate crisis"".', 'Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.', ""Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory."", 'However, she told the conference that to ""fix"" the ""broken"" country left by the Conservatives, the government ""need to do more than just move round the deckchairs"".']",0.0977674772789043,"Meanwhile, delegates also voted overwhelmingly in favour of a wealth tax on the richest 1% of the population to help fund public services and the NHS.","However, other unions opposed the move, arguing there are ""no jobs on a dead planet"".",-0.0923886949365789,"Along with other union leaders, Unite general secretary Sharon Graham warmly welcomed Labour's general election victory.","More than 30,000 jobs are under threat from the government's plans to ban new licences for oil and gas production in the UK, unions have warned.",2024-09-08
"'Grim' September ahead with 6,000 steel and oil jobs set to go",https://www.bbc.co.uk/news/articles/c3rd512v77qo,2024-09-09T22:59:57.468Z,"The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands. A total of 2,800 jobs are set to go at Port Talbot in Wales, while up to 3,000 jobs are expected to be axed at British Steel in Scunthorpe. A further 400 will be cut at Scotland's Grangemouth oil refinery. Unions' hopes that investment from a new Labour government could help limit job losses have largely been dashed, according to sources. The government said it was facing ""tough decisions"" but added: ""The solution isn’t writing a blank cheque to bail out the past, or to put taxpayers on the hook for the industrial challenges we’ve inherited."" Labour's manifesto promised a kitty of £2.5bn to revitalise the UK steel industry. But the new government has taken a similar line to its predecessor by insisting that public money is only available to invest in new greener steel production facilities, rather than to subsidise large ongoing losses at carbon-intensive plants. Both Tata, the Indian firm which owns Port Talbot and Jingye of China, which owns Scunthorpe, insist the plants are losing £1m a day. The government is in talks to finalise a grant to Tata of £500m towards the £1.25bn cost of building an electric arc furnace which will eventually replace the last remaining blast furnace at Port Talbot. Blast furnaces use coke in the process of creating ""virgin"" steel but the process generates carbon dioxide while electric arc furnaces are mostly used to melt down and repurpose scrap steel.  This process cannot replicate all grades of steel that are produced in blast furnaces, including some types used in construction and rail.  At Port Talbot, the GMB and Community unions have presented members with a redundancy deal struck with Tata which would see workers receive 2.8 weeks of earnings for every year of service up to a maximum of 25 years. Workers can also sign up to a one-year skills and re-training scheme during which they will be paid £27,000. Union officials hope the number of immediate compulsory redundancies at the UK’s biggest steel works will end up being far lower than 2,800 as many workers who left recently have not been replaced. There have been more than 2,000 expressions of interest in the redundancy and re-training package being offered. In Scunthorpe, prospects for workers have deteriorated more suddenly. Unions had hoped that a government support package of up to £600m to Jingye would see one of its remaining blast furnaces remain open during the three years it took to build a new electric arc furnace. That prospect has faded, according to union and government sources, meaning that up to 3,000 jobs could go. Asked how the government felt about the next few weeks, a senior source said: ""It's going to feel grim."" Unions have told the BBC that the closure of blast furnaces at both Port Talbot and Scunthorpe would leave the UK without the ability to make virgin steel. But other industry voices have downplayed such vulnerabilities, pointing out that the coking coal and iron ore used in blast furnaces are imported from abroad, so importing some virgin steel would make little difference. Meanwhile, an announcement is expected this month to confirm that Scotland’s only remaining oil refinery at Grangemouth will shut down early next year to become a less labour-intensive oil and gas import terminal. Government promises to explore a sustainable future for the site based on the planned expansion of renewable energy in Scotland are not expected to come soon enough to save up to 400 jobs. A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth."" A spokesperson for British Steel in Scunthorpe said bosses were in ""ongoing discussions"" with the government over its future operations. ""While progress continues, no final decisions have been made,"" they added. ",BBC,09/09/2024,"['The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands.', 'A total of 2,800 jobs are set to go at Port Talbot in Wales, while up to 3,000 jobs are expected to be axed at British Steel in Scunthorpe.', ""A further 400 will be cut at Scotland's Grangemouth oil refinery."", ""Unions' hopes that investment from a new Labour government could help limit job losses have largely been dashed, according to sources."", 'The government said it was facing ""tough decisions"" but added: ""The solution isn’t writing a blank cheque to bail out the past, or to put taxpayers on the hook for the industrial challenges we’ve inherited.""', ""Labour's manifesto promised a kitty of £2.5bn to revitalise the UK steel industry."", 'But the new government has taken a similar line to its predecessor by insisting that public money is only available to invest in new greener steel production facilities, rather than to subsidise large ongoing losses at carbon-intensive plants.', 'Both Tata, the Indian firm which owns Port Talbot and Jingye of China, which owns Scunthorpe, insist the plants are losing £1m a day.', 'The government is in talks to finalise a grant to Tata of £500m towards the £1.25bn cost of building an electric arc furnace which will eventually replace the last remaining blast furnace at Port Talbot.', 'Blast furnaces use coke in the process of creating ""virgin"" steel but the process generates carbon dioxide while electric arc furnaces are mostly used to melt down and repurpose scrap steel.', 'This process cannot replicate all grades of steel that are produced in blast furnaces, including some types used in construction and rail.', 'At Port Talbot, the GMB and Community unions have presented members with a redundancy deal struck with Tata which would see workers receive 2.8 weeks of earnings for every year of service up to a maximum of 25 years.', 'Workers can also sign up to a one-year skills and re-training scheme during which they will be paid £27,000.', 'Union officials hope the number of immediate compulsory redundancies at the UK’s biggest steel works will end up being far lower than 2,800 as many workers who left recently have not been replaced.', 'There have been more than 2,000 expressions of interest in the redundancy and re-training package being offered.', 'In Scunthorpe, prospects for workers have deteriorated more suddenly.', 'Unions had hoped that a government support package of up to £600m to Jingye would see one of its remaining blast furnaces remain open during the three years it took to build a new electric arc furnace.', 'That prospect has faded, according to union and government sources, meaning that up to 3,000 jobs could go.', 'Asked how the government felt about the next few weeks, a senior source said: ""It\'s going to feel grim.""', 'Unions have told the BBC that the closure of blast furnaces at both Port Talbot and Scunthorpe would leave the UK without the ability to make virgin steel.', 'But other industry voices have downplayed such vulnerabilities, pointing out that the coking coal and iron ore used in blast furnaces are imported from abroad, so importing some virgin steel would make little difference.', 'Meanwhile, an announcement is expected this month to confirm that Scotland’s only remaining oil refinery at Grangemouth will shut down early next year to become a less labour-intensive oil and gas import terminal.', 'Government promises to explore a sustainable future for the site based on the planned expansion of renewable energy in Scotland are not expected to come soon enough to save up to 400 jobs.', 'A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""', 'A spokesperson for British Steel in Scunthorpe said bosses were in ""ongoing discussions"" with the government over its future operations. ""', 'While progress continues, no final decisions have been made,"" they added.']",0.0716898785075119,"A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""","The government is warning of a ""grim"" September with up to 6,000 jobs set to be cut across the steel and oil refining industries, the BBC understands.",-0.3091172575950622,"A government spokesman said: ""Decarbonisation does not mean deindustrialisation and government will continue working in partnership with trade unions and business to support good, stable jobs and deliver economic growth.""","In Scunthorpe, prospects for workers have deteriorated more suddenly.",2024-09-08
Asos shoppers hit out at new £3.95 returns charge,https://www.bbc.co.uk/news/articles/ce9zlrmp2y7o,2024-09-09T11:18:19.122Z,"Asos customers have reacted with anger over a new rule charging them for returns if they do not keep a certain amount of their order. Some customers received an email over the weekend saying they had been identified as having a ""frequently high return rate"". Such customers will now have £3.95 deducted from their refund if they keep less than £40 worth of items. Asos has not said what constitutes a high return rate, but claimed ""nothing's changed"" for the majority of its customers. ""We’re making this change so that we can continue offering free returns to all our customers,"" the company told the BBC. ""For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order."" The retailer said customers signed up to Asos Premier will get free returns if they keep at least £15 of their order. The threshold for free returns was launched for Asos customers in France, Germany and the US earlier this year. Sowda, from London, is a regular customer of Asos but said the change would ""definitely"" make her less inclined to buy there. ""The point of online shopping is that it is a risk but you can claim all your money back if you’re not satisfied,"" the 22-year-old said. ""Although £3.95 is not a hefty sum, that could add up over the year and it’s a waste of money."" She added that Asos was ""notorious"" for its inconsistent sizing. ""Just recently I got the same jeans three times to finally get the right fit,"" she added. ""I would never have been that committed to the jeans if there was a £3.95 fee every time I sent them back."" One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. ""I’ll take my custom somewhere else."" Kayley Cornelius, a media analyst, said the popularity of Asos among influencers and online content creators could be a factor in the company's decision to charge some customers for returns. ""It’s common to see influencers doing huge 'hauls' where they spend hundreds of pounds and then decide on camera what they’re keeping or returning,"" she said. ""Regular shoppers probably followed suit, leading to an influx of returns after the initial purchase, which might have forced Asos to tighten their return policy to make people think more carefully before buying."" Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living. Earlier this year, PrettyLittleThing (PLT) was criticised by customers who had their accounts deactivated because of the number of times they returned items. It came shortly after PLT introduced a £1.99 fee for returns, including for those members of its ""royalty"" service. Last year, fashion giant H&M backtracked on a similar policy after criticism.  Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages. Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m. ",BBC,09/09/2024,"['Asos customers have reacted with anger over a new rule charging them for returns if they do not keep a certain amount of their order.', 'Some customers received an email over the weekend saying they had been identified as having a ""frequently high return rate"".', 'Such customers will now have £3.95 deducted from their refund if they keep less than £40 worth of items.', 'Asos has not said what constitutes a high return rate, but claimed ""nothing\'s changed"" for the majority of its customers. ""', 'We’re making this change so that we can continue offering free returns to all our customers,"" the company told the BBC. ""', 'For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order.""', 'The retailer said customers signed up to Asos Premier will get free returns if they keep at least £15 of their order.', 'The threshold for free returns was launched for Asos customers in France, Germany and the US earlier this year.', 'Sowda, from London, is a regular customer of Asos but said the change would ""definitely"" make her less inclined to buy there. ""', 'The point of online shopping is that it is a risk but you can claim all your money back if you’re not satisfied,"" the 22-year-old said. ""', 'Although £3.95 is not a hefty sum, that could add up over the year and it’s a waste of money.""', 'She added that Asos was ""notorious"" for its inconsistent sizing. ""', 'Just recently I got the same jeans three times to finally get the right fit,"" she added. ""', 'I would never have been that committed to the jeans if there was a £3.95 fee every time I sent them back.""', 'One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. ""', 'I’ll take my custom somewhere else.""', 'Kayley Cornelius, a media analyst, said the popularity of Asos among influencers and online content creators could be a factor in the company\'s decision to charge some customers for returns. ""', 'It’s common to see influencers doing huge \'hauls\' where they spend hundreds of pounds and then decide on camera what they’re keeping or returning,"" she said. ""', 'Regular shoppers probably followed suit, leading to an influx of returns after the initial purchase, which might have forced Asos to tighten their return policy to make people think more carefully before buying.""', 'Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living.', 'Earlier this year, PrettyLittleThing (PLT) was criticised by customers who had their accounts deactivated because of the number of times they returned items.', 'It came shortly after PLT introduced a £1.99 fee for returns, including for those members of its ""royalty"" service.', 'Last year, fashion giant H&M backtracked on a similar policy after criticism.', 'Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages.', 'Last week, Asos announced it was selling the majority of its stake in the Topshop and Topman brands for £135m.']",0.0615714417089437,"For a small group of UK customers with a frequently high return rate whose shopping habits make offering them unconditional free returns unsustainable, they can still get free returns when they keep £40 or more of their order.""","One customer named Charlotte wrote on X, formerly Twitter: ""The problem for large returns is the fact half of your stock is ill fitting and poor quality. """,-0.2790174098575816,Asos said in a trading update last week that it had made improvements to sizing and how clothing and accessories are displayed on product pages.,"Online-only clothes shops like Asos have faced challenges with the rate of returns normalising, rising competition from ultra-fast fashion brands like Shein, and customer budgets being squeezed due to the higher cost of living.",2024-09-08
Aldi shoppers treat themselves as cost pressures ease,https://www.bbc.co.uk/news/articles/ckg29wyrnmwo,2024-09-09T06:15:26.989Z,"The boss of Aldi UK says shoppers are treating themselves to more expensive products as cost of living pressures start to ease. Customers are said to be ""trading up"" to premium own-label products including Wagyu steak, premium cheese, ready meals, and brioche buns. It is a shift in behaviour from 2021, when soaring food prices saw a boom in cheaper supermarket own-label products as shoppers cut back and bought fewer brands to save money. On Monday, Aldi revealed a 16% increase in sales in 2023 and bumper profits, though the discounter has recently lost ground as its competitors fight back. The supermarket announced it would open 23 new stores in the next 16 weeks as part of an £800m investment plan. Aldi's premium own-label ranges is growing ahead of other products, which is a similar picture for the wider grocery market as well. Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar. That compares with a drop of 10% for ""value"" own-label items. Some of that increase may be down to consumers, many of who are still feeling pressure on budgets, choosing to eat in at home instead of dining out, as well as opting less often for bigger brands. ""It's still tough out there for millions of families but inflationary pressures are easing for some,"" said Aldi UK chief executive Giles Hurley. ""For others, it'll be a decision not to use hospitality but to celebrate at home instead."" With celebrating at home in mind, Aldi's specially selected range will make up more than 50% of its overall Christmas offering for the first time. Discounters Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living. Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales. Price rises and new store openings drove much of the rise in earnings, but the business also pulled in new customers. However, the supermarket chain is now growing at a slower rate than most of its big rivals, including Lidl. This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back. That has led some to wonder if Aldi has lost its mojo, having disrupted the grocery aisles for so long. Sainsbury's and Tesco have adopted ""Aldi price match"" campaigns and all supermarkets apart from Aldi now offer some form of loyalty card schemes. ""There's always an ebb and flow,"" Mr Hurley said, when asked if Aldi had lost customers. Aldi's main rival Lidl started its rewards app four years ago, linking it with offers for its in-store bakeries, but Mr Hurley said he was not planning on deploying a similar tactic at Aldi anytime soon. ""I would view loyalty as keeping your commitments around your promises and we offer simple, straightforward pricing and our customers know that,"" he said. He said the supermarket's story was ""about growth, whether that's over the last 30 years, the last four years, or the last two years"". ""That growth is set to continue and I'm very confident about that because we have massive expansion plans here in the UK,"" Mr Hurley added. But Mr Hurley warned the planning process needs to speed up, with one of his top team holding talks with the new Labour government about reforms to the planning system. The budget chain has a long-term target of 1,500 UK shops and another 100 stores are being refurbished. But for Ged Futter, who runs a grocery retail consultancy, the question for Aldi is how it will look to grow further once it stops opening new stores. ""If they’re just talking about price, I don’t think that’s a message that cuts through enough now,"" he said.  ""The price gap isn’t as strong as it used to be. They’ve got to differentiate themselves a bit more."" ",BBC,09/09/2024,"['The boss of Aldi UK says shoppers are treating themselves to more expensive products as cost of living pressures start to ease.', 'Customers are said to be ""trading up"" to premium own-label products including Wagyu steak, premium cheese, ready meals, and brioche buns.', 'It is a shift in behaviour from 2021, when soaring food prices saw a boom in cheaper supermarket own-label products as shoppers cut back and bought fewer brands to save money.', 'On Monday, Aldi revealed a 16% increase in sales in 2023 and bumper profits, though the discounter has recently lost ground as its competitors fight back.', 'The supermarket announced it would open 23 new stores in the next 16 weeks as part of an £800m investment plan.', ""Aldi's premium own-label ranges is growing ahead of other products, which is a similar picture for the wider grocery market as well."", 'Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar.', 'That compares with a drop of 10% for ""value"" own-label items.', 'Some of that increase may be down to consumers, many of who are still feeling pressure on budgets, choosing to eat in at home instead of dining out, as well as opting less often for bigger brands. ""', 'It\'s still tough out there for millions of families but inflationary pressures are easing for some,"" said Aldi UK chief executive Giles Hurley. ""', 'For others, it\'ll be a decision not to use hospitality but to celebrate at home instead.""', ""With celebrating at home in mind, Aldi's specially selected range will make up more than 50% of its overall Christmas offering for the first time."", 'Discounters Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living.', ""Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales."", 'Price rises and new store openings drove much of the rise in earnings, but the business also pulled in new customers.', 'However, the supermarket chain is now growing at a slower rate than most of its big rivals, including Lidl.', 'This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.', 'That has led some to wonder if Aldi has lost its mojo, having disrupted the grocery aisles for so long.', 'Sainsbury\'s and Tesco have adopted ""Aldi price match"" campaigns and all supermarkets apart from Aldi now offer some form of loyalty card schemes. ""', 'There\'s always an ebb and flow,"" Mr Hurley said, when asked if Aldi had lost customers.', 'Aldi\'s main rival Lidl started its rewards app four years ago, linking it with offers for its in-store bakeries, but Mr Hurley said he was not planning on deploying a similar tactic at Aldi anytime soon. ""', 'I would view loyalty as keeping your commitments around your promises and we offer simple, straightforward pricing and our customers know that,"" he said.', 'He said the supermarket\'s story was ""about growth, whether that\'s over the last 30 years, the last four years, or the last two years"". ""', 'That growth is set to continue and I\'m very confident about that because we have massive expansion plans here in the UK,"" Mr Hurley added.', 'But Mr Hurley warned the planning process needs to speed up, with one of his top team holding talks with the new Labour government about reforms to the planning system.', 'The budget chain has a long-term target of 1,500 UK shops and another 100 stores are being refurbished.', 'But for Ged Futter, who runs a grocery retail consultancy, the question for Aldi is how it will look to grow further once it stops opening new stores. ""', 'If they’re just talking about price, I don’t think that’s a message that cuts through enough now,"" he said. ""', 'The price gap isn’t as strong as it used to be.', 'They’ve got to differentiate themselves a bit more.""']",0.1769451882841611,"Aldi's success is clear from its latest figures, which showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",0.4454052680068546,"Premium own-label volumes were up by nearly 16% year-on-year, according to the latest monthly data from the retail research firm Kantar.","That compares with a drop of 10% for ""value"" own-label items.",2024-09-08
GTA 6 v Heaven 17: The tricky business of music and games,https://www.bbc.co.uk/news/articles/cjrdwzgq30go,2024-09-10T13:15:38.402Z,"Grand Theft Auto makers Rockstar have battled hackers, tabloids and even US politicians, but they might not have expected fightback from an 80s pop star. That's what they got from Martyn Ware - the influential musician from synth pop band Heaven 17. He told followers on X he had rejected a ""pitiful"" offer from the video game giant to use the group's top ten 1983 track Temptation in the upcoming GTA 6. In a series of posts, the musician said he and two fellow songwriters had been offered $22,500 (£17,200) between them - $7,500 each before subtracting fees.   He said the one-off sum was ""pathetic"", considering the huge sums of money made by the game's prequel, and Rockstar had refused to negotiate a higher amount.  While many came out in support of the musician, some posts suggested the band had missed out on finding a new generation of fans.  Artists use agreements known as synchronisation licences - or sync deals - to allow their music to appear in games, films, TV shows or adverts. Licensing expert Alex Tarrand tells BBC Newsbeat it's a system that's been in use for decades, and can be ""challenging"" to navigate because there's very little transparency.   ""The scale is so wide,"" says Alex, who's worked for gaming brands including Xbox, Disney and EA.  ""I've heard of sync licences from really, really indie artists being a couple of thousand dollars. ""I've heard of sync licences from major artists going into the millions and going from six digits into seven digits, astronomically higher."" This lack of clarity can create difficulties, Alex says, because neither side knows what the other expects to pay or be paid.   It leads to a difficult question - ""how much is this song worth?"" The company making a game will likely be thinking about how they want to use the song.  Is it going to be played on the game's title screen, in a crucial cinematic sequence, or be heard on rotation during regular gameplay?  Martyn Ware did not specify how Rockstar proposed to use his track, and declined to comment further when BBC Newsbeat contacted him. Rockstar did not respond to requests for comment but it's been assumed the song would have been included among the hundreds of original and licensed tracks on GTA 6's in-game radio stations. In his tweet, Martyn pointed out that GTA 5 is reported to have taken in $8.6bn since its 2013 release. Naomi Pohl is general secretary of the Musician's Union, which represents about 35,000 people in the UK industry. She says she isn't surprised by Martyn's reaction to Rockstar's offer. ""I think what's so frustrating and upsetting for artists is when they can see that the money they're being offered or the royalties that they're making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat. GTA 6 is expected to be a similar blockbuster success, and Naomi thinks it's reasonable to factor that into expectations.  ""Clearly a video game that's making billions of pounds, it's insulting to be offered a very low fee when you know you're the music creator,"" she says. ""They've selected it for a reason and you're not being paid appropriately for it."" The artist, or whoever holds the rights to a song, gets the final say on the amount paid to use it. Naomi points out that Martyn is a ""long-established artist with a high profile already"" and would likely have made sync deals in the past. She points out that an artist might also have to factor in other parties, such as a song with multiple writing credits or a cut for a record label. Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them. In one post, the artist said he would have accepted $75,000 or a suitable royalty deal. ""If he's saying the value of my song is higher, then he's right,"" says Alex. ""There's simply no disputing it.  ""He has his own benchmarks for what his music has gotten in sync formats, and it sounds like they're much higher than what that offer was."" Responses to Martyn's original post suggested he had been foolish to turn Rockstar down because of GTA's massive popularity. The last game has sold 200m copies since its 2013 release and still ranks among the world's most-played games thanks to its popular online mode. In theory, a lot of them could hear your music and decide to search it out on a streaming service. Alex says it's hard to quantify this effect, although there are reverse examples where big artists have attracted huge numbers of players with in-game concerts. And when the trailer for GTA 6 was released, featuring a track from US rocker Tom Petty, the song saw a massive spike in streams. But, Naomi says, exposure doesn't pay the bills and ""streaming doesn't sustain careers"". In response to one critic, Martyn said that he could expect to make about $1,000 (£760) for every million listens. Naomi says this figure sounded accurate, but it can vary from artist to artist. ""Even if you own your own recording, so there's not a record label involved, still the streaming rates can be pretty low,"" says Naomi. ""Most people have to go and perform live and that's the way they make money.  ""It's not as easy to make money from recorded music as it used to be."" Alex is the co-founder of Styngr, a company that aims to make licensing music for games easier. He says their biggest customer is Roblox, where it powers in-game boomboxes that player avatars can carry with them. These stream music into the game, and can either be ad-supported or ad-free if users buy listening time via in-game microtransactions. Alex describes this as an example of a ""micro, micro-subscription"" and says Styngr has plans to offer the ability to buy short snippets of music to accompany emotes - short dance move animations that are already a popular feature of Fortnite.  Styngr and Alex says the system allows artists, labels and developers to have much more transparency over how much music is streamed. When asked, he says he believes everyone involved sees a better return than they would get from a streaming service. Styngr is backed by Universal, Warner Music and Sony - some of the biggest record labels - and works closely with them. For individual artists, union chief Naomi says new technologies can provide opportunities, but also challenges. She says AI-generated music is a current focus, and the union has to ""constantly update our agreements and our rates so that we are providing for the latest uses"". Alex says sync deals won't be disappearing any time soon, and there are situations where an artist will want to retain creative control over how their work is used. ""But I think there's an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,10/09/2024,"['Grand Theft Auto makers Rockstar have battled hackers, tabloids and even US politicians, but they might not have expected fightback from an 80s pop star.', ""That's what they got from Martyn Ware - the influential musician from synth pop band Heaven 17."", 'He told followers on X he had rejected a ""pitiful"" offer from the video game giant to use the group\'s top ten 1983 track Temptation in the upcoming GTA 6.', 'In a series of posts, the musician said he and two fellow songwriters had been offered $22,500 (£17,200) between them - $7,500 each before subtracting fees.', 'He said the one-off sum was ""pathetic"", considering the huge sums of money made by the game\'s prequel, and Rockstar had refused to negotiate a higher amount.', 'While many came out in support of the musician, some posts suggested the band had missed out on finding a new generation of fans.', 'Artists use agreements known as synchronisation licences - or sync deals - to allow their music to appear in games, films, TV shows or adverts.', 'Licensing expert Alex Tarrand tells BBC Newsbeat it\'s a system that\'s been in use for decades, and can be ""challenging"" to navigate because there\'s very little transparency. ""', 'The scale is so wide,"" says Alex, who\'s worked for gaming brands including Xbox, Disney and EA. ""', 'I\'ve heard of sync licences from really, really indie artists being a couple of thousand dollars. ""', 'I\'ve heard of sync licences from major artists going into the millions and going from six digits into seven digits, astronomically higher.""', 'This lack of clarity can create difficulties, Alex says, because neither side knows what the other expects to pay or be paid.', 'It leads to a difficult question - ""how much is this song worth?""', 'The company making a game will likely be thinking about how they want to use the song.', ""Is it going to be played on the game's title screen, in a crucial cinematic sequence, or be heard on rotation during regular gameplay?"", 'Martyn Ware did not specify how Rockstar proposed to use his track, and declined to comment further when BBC Newsbeat contacted him.', ""Rockstar did not respond to requests for comment but it's been assumed the song would have been included among the hundreds of original and licensed tracks on GTA 6's in-game radio stations."", 'In his tweet, Martyn pointed out that GTA 5 is reported to have taken in $8.6bn since its 2013 release.', ""Naomi Pohl is general secretary of the Musician's Union, which represents about 35,000 people in the UK industry."", 'She says she isn\'t surprised by Martyn\'s reaction to Rockstar\'s offer. ""', 'I think what\'s so frustrating and upsetting for artists is when they can see that the money they\'re being offered or the royalties that they\'re making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat.', 'GTA 6 is expected to be a similar blockbuster success, and Naomi thinks it\'s reasonable to factor that into expectations. ""', 'Clearly a video game that\'s making billions of pounds, it\'s insulting to be offered a very low fee when you know you\'re the music creator,"" she says. ""', 'They\'ve selected it for a reason and you\'re not being paid appropriately for it.""', 'The artist, or whoever holds the rights to a song, gets the final say on the amount paid to use it.', 'Naomi points out that Martyn is a ""long-established artist with a high profile already"" and would likely have made sync deals in the past.', 'She points out that an artist might also have to factor in other parties, such as a song with multiple writing credits or a cut for a record label.', 'Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them.', 'In one post, the artist said he would have accepted $75,000 or a suitable royalty deal. ""', 'If he\'s saying the value of my song is higher, then he\'s right,"" says Alex. ""', 'There\'s simply no disputing it. ""', 'He has his own benchmarks for what his music has gotten in sync formats, and it sounds like they\'re much higher than what that offer was.""', ""Responses to Martyn's original post suggested he had been foolish to turn Rockstar down because of GTA's massive popularity."", ""The last game has sold 200m copies since its 2013 release and still ranks among the world's most-played games thanks to its popular online mode."", 'In theory, a lot of them could hear your music and decide to search it out on a streaming service.', ""Alex says it's hard to quantify this effect, although there are reverse examples where big artists have attracted huge numbers of players with in-game concerts."", 'And when the trailer for GTA 6 was released, featuring a track from US rocker Tom Petty, the song saw a massive spike in streams.', 'But, Naomi says, exposure doesn\'t pay the bills and ""streaming doesn\'t sustain careers"".', 'In response to one critic, Martyn said that he could expect to make about $1,000 (£760) for every million listens.', 'Naomi says this figure sounded accurate, but it can vary from artist to artist. ""', 'Even if you own your own recording, so there\'s not a record label involved, still the streaming rates can be pretty low,"" says Naomi. ""', 'Most people have to go and perform live and that\'s the way they make money. ""', 'It\'s not as easy to make money from recorded music as it used to be.""', 'Alex is the co-founder of Styngr, a company that aims to make licensing music for games easier.', 'He says their biggest customer is Roblox, where it powers in-game boomboxes that player avatars can carry with them.', 'These stream music into the game, and can either be ad-supported or ad-free if users buy listening time via in-game microtransactions.', 'Alex describes this as an example of a ""micro, micro-subscription"" and says Styngr has plans to offer the ability to buy short snippets of music to accompany emotes - short dance move animations that are already a popular feature of Fortnite.', 'Styngr and Alex says the system allows artists, labels and developers to have much more transparency over how much music is streamed.', 'When asked, he says he believes everyone involved sees a better return than they would get from a streaming service.', 'Styngr is backed by Universal, Warner Music and Sony - some of the biggest record labels - and works closely with them.', 'For individual artists, union chief Naomi says new technologies can provide opportunities, but also challenges.', 'She says AI-generated music is a current focus, and the union has to ""constantly update our agreements and our rates so that we are providing for the latest uses"".', 'Alex says sync deals won\'t be disappearing any time soon, and there are situations where an artist will want to retain creative control over how their work is used. ""', 'But I think there\'s an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1213368083904722,"But I think there's an opportunity to expand out of that mentality and avoid situations like we saw here, where both sides are probably pretty upset,"" he says.","I think what's so frustrating and upsetting for artists is when they can see that the money they're being offered or the royalties that they're making from their music are so disproportionately low in comparison to how much a product is making,"" Naomi tells BBC Newsbeat.",-0.0708206856951994,"When asked, he says he believes everyone involved sees a better return than they would get from a streaming service.","Both Naomi and Alex told Newsbeat that the $7,500 offer revealed by Martyn appeared low to them.",2024-09-08
Apple told to pay Ireland €13bn in tax by EU,https://www.bbc.co.uk/news/articles/ckgwkwxr4eqo,2024-09-10T08:05:13.755Z,"Apple has been ordered to pay Ireland €13bn (£11bn; $14bn) in unpaid taxes by Europe's top court, putting an end to an eight-year row. The European Commission accused Ireland of giving Apple illegal tax advantages in 2016, but Ireland has consistently argued against the need for the tax to be paid. The Irish government said it would respect the ruling. Apple said it was disappointed with the decision and accused the European Commission of ""trying to retroactively change the rules"". A separate European Court of Justice (ECJ) ruling on Tuesday also brought a long-running case with Google to a close, with the company ordered to pay a €2.4bn (£2bn) fine for market dominance abuse. The EU antitrust chief Margrethe Vestager praised both judgements. ""Today is a huge win for European citizens and tax justice,"" she said. In the Apple case, the ECJ said: ""The Court of Justice gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover."" The ruling puts an end to a lengthy back and forth legal process. The original decision covered the period from 1991 to 2014, and related to the way in which profits generated by two Apple subsidiaries based in Ireland were treated for tax purposes. Those tax arrangements were deemed to be illegal because other companies were not able to obtain the same advantages. That ruling came at a time when the Commission was attempting to clamp down on multinational giants it believed were using creative financial arrangements to reduce their tax bills. It was overturned by the lower court of the ECJ in 2020 following an appeal by Ireland.  However, that verdict has now been set aside by the higher court, which said it contained legal errors. Apple said in a statement: ""This case has never been about how much tax we pay, but which government we are required to pay it to. We always pay all the taxes we owe wherever we operate and there has never been a special deal.  ""The European Commission is trying to retroactively change the rules and ignore that, as required by international tax law, our income was already subject to taxes in the US.  ""We are disappointed with today’s decision as previously the General Court reviewed the facts and categorically annulled this case,"" Apple added. The bad news for Apple comes a day after the tech giant released its new iPhone 16 range. The ECJ ruling means Ireland will have to recover the lost taxes from Apple – something Dublin has spent years of legal wrangling trying to avoid. The Irish government has argued that Apple should not have to repay the back taxes, deeming that its loss was worth it to make the country an attractive home for large companies. Ireland, which has one of the lowest corporate tax rates in the EU, is Apple's base for Europe, the Middle East and Africa. Although corporation tax rates for businesses are set nationally, and are not subject to the EU's jurisdiction, the trade bloc does have extensive powers to regulate state aid and in this case, it argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy. The latest decision is a colossal victory for the European Commission in its attempts to stop big companies bending the rules. The Irish government said the issue in the Apple case was ""now of historical relevance only"" and said the process of transferring assets to Ireland would now begin. Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ's decision but stressed ""our tax problem is more than just one rotten apple"". She said the case addressed tax matters dating back over 20 years and was ""a perfect illustration of the chaotic corporate tax system we have"". “What we urgently need is a fundamental reform that can give us a tax system that is fair, effective, transparent and predictable,"" she said. Europe's top court has also ruled that Google must pay a €2.4bn fine for abusing the market dominance of its shopping comparison service. The tech giant had been appealing against the fine, which was originally levied by the European Commission in 2017. Google said it was disappointed with the ruling, and pointed out it had made changes in 2017 to comply with the Commission's decision. At the time it was the largest penalty the Commission had ever levied - though a year later it issued Google with an even bigger fine of €4.3bn over claims it used Android software to unfairly promote its own apps. ",BBC,10/09/2024,"[""Apple has been ordered to pay Ireland €13bn (£11bn; $14bn) in unpaid taxes by Europe's top court, putting an end to an eight-year row."", 'The European Commission accused Ireland of giving Apple illegal tax advantages in 2016, but Ireland has consistently argued against the need for the tax to be paid.', 'The Irish government said it would respect the ruling.', 'Apple said it was disappointed with the decision and accused the European Commission of ""trying to retroactively change the rules"".', 'A separate European Court of Justice (ECJ) ruling on Tuesday also brought a long-running case with Google to a close, with the company ordered to pay a €2.4bn (£2bn) fine for market dominance abuse.', 'The EU antitrust chief Margrethe Vestager praised both judgements. ""', 'Today is a huge win for European citizens and tax justice,"" she said.', 'In the Apple case, the ECJ said: ""The Court of Justice gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover.""', 'The ruling puts an end to a lengthy back and forth legal process.', 'The original decision covered the period from 1991 to 2014, and related to the way in which profits generated by two Apple subsidiaries based in Ireland were treated for tax purposes.', 'Those tax arrangements were deemed to be illegal because other companies were not able to obtain the same advantages.', 'That ruling came at a time when the Commission was attempting to clamp down on multinational giants it believed were using creative financial arrangements to reduce their tax bills.', 'It was overturned by the lower court of the ECJ in 2020 following an appeal by Ireland.', 'However, that verdict has now been set aside by the higher court, which said it contained legal errors.', 'Apple said in a statement: ""This case has never been about how much tax we pay, but which government we are required to pay it to.', 'We always pay all the taxes we owe wherever we operate and there has never been a special deal. ""', 'The European Commission is trying to retroactively change the rules and ignore that, as required by international tax law, our income was already subject to taxes in the US. ""', 'We are disappointed with today’s decision as previously the General Court reviewed the facts and categorically annulled this case,"" Apple added.', 'The bad news for Apple comes a day after the tech giant released its new iPhone 16 range.', 'The ECJ ruling means Ireland will have to recover the lost taxes from Apple – something Dublin has spent years of legal wrangling trying to avoid.', 'The Irish government has argued that Apple should not have to repay the back taxes, deeming that its loss was worth it to make the country an attractive home for large companies.', ""Ireland, which has one of the lowest corporate tax rates in the EU, is Apple's base for Europe, the Middle East and Africa."", ""Although corporation tax rates for businesses are set nationally, and are not subject to the EU's jurisdiction, the trade bloc does have extensive powers to regulate state aid and in this case, it argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy."", 'The latest decision is a colossal victory for the European Commission in its attempts to stop big companies bending the rules.', 'The Irish government said the issue in the Apple case was ""now of historical relevance only"" and said the process of transferring assets to Ireland would now begin.', 'Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ\'s decision but stressed ""our tax problem is more than just one rotten apple"".', 'She said the case addressed tax matters dating back over 20 years and was ""a perfect illustration of the chaotic corporate tax system we have"". “', 'What we urgently need is a fundamental reform that can give us a tax system that is fair, effective, transparent and predictable,"" she said.', ""Europe's top court has also ruled that Google must pay a €2.4bn fine for abusing the market dominance of its shopping comparison service."", 'The tech giant had been appealing against the fine, which was originally levied by the European Commission in 2017.', ""Google said it was disappointed with the ruling, and pointed out it had made changes in 2017 to comply with the Commission's decision."", 'At the time it was the largest penalty the Commission had ever levied - though a year later it issued Google with an even bigger fine of €4.3bn over claims it used Android software to unfairly promote its own apps.']",-0.0575836746521941,"Today is a huge win for European citizens and tax justice,"" she said.","Tove Maria Ryding from the European Network on Debt and Development, an association of trade unions and non-governmental organisations, welcomed the ECJ's decision but stressed ""our tax problem is more than just one rotten apple"".",-0.1505675554275512,"Today is a huge win for European citizens and tax justice,"" she said.",The bad news for Apple comes a day after the tech giant released its new iPhone 16 range.,2024-09-08
"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities.  The winter fuel payment until now, has been paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits. It means more than 10 million pensioners will no longer receive the money. While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out. While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment. The benefit is separate from other support such as cold weather payments and the warm home discount. This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit. It is usually paid automatically in November or December. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.  That's about £20bn more than total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'The winter fuel payment until now, has been paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the chancellor said the payment would now be made only to those on low incomes who received certain benefits.', 'It means more than 10 million pensioners will no longer receive the money.', 'While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', ""While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'The benefit is separate from other support such as cold weather payments and the warm home discount.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit.', 'It is usually paid automatically in November or December.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3087668456755686,The benefit is separate from other support such as cold weather payments and the warm home discount.,"While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",-0.2970174882147047,That's about £20bn more than total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-08
EU court rules Google must pay €2.4bn fine,https://www.bbc.co.uk/news/articles/cjw3e1pn741o,2024-09-10T08:00:54.548Z,"Europe's top court has ruled Google must pay a €2.4bn (£2bn) fine handed down for abusing the market dominance of its shopping comparison service. The tech giant had appealed against the fine, which was originally levied by the European Commission in 2017. It was at the time the largest penalty the Commission had ever imposed - though it has since been supplanted by a €4.3bn fine, also against Google. Google said it was ""disappointed"" with the ruling. It brings an end to a long-running case that was first brought by British firm Foundem in 2009, when the UK was still part of the EU. Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today's judgement, said in its ruling the Commission was right to find Google's conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"". It ordered Google and owner Alphabet to bear their own costs and pay the costs incurred by the European Commission. In a statement, Google pointed out it had made changes in 2017 to comply with the European Commission's decision. ""Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said. Anne Witt, professor of law at EDHEC Business School's Augmented Law Institute, said it was ""an important judgement"". ""This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm.  ""Several follow-on actions by injured parties claiming compensation for losses suffered as a consequence of Google's anticompetitive conduct are already pending in national courts."" On Monday, Google was taken to court by the US government over its ad tech business - it has been accused of illegally operating a monopoly. That trial is ongoing. Last week, UK regulators provisionally concluded Google used anti-competitive practices to dominate the market for online advertising technology. The EU's case against Google started with Foundem, which filed its complaint against the tech giant in 2009. At its heart was the contention that Google made its own shopping recommendations appear more prominent than rivals in search results. Google had tried to argue that the case had no legal or economic merit. But seven years ago, the Commission agreed that the tech giant effectively monopolised online price comparison by preventing others from getting a foothold in the market. That decision has now been upheld. Industry insiders have been keeping a close eye on the EU case, with suggestions that its outcome may illuminate the direction of travel of the many other antitrust cases Google is currently facing from the European Commission. The search giant has amassed fines of €8.2bn from the Commission, which has repeatedly alleged it abused its dominant market position. These are: The EU is also currently investigating the firm over whether it preferences its own goods and services over others in search results, as part of its Digital Markets Act.  If it finds Google guilty, the firm could face a fine of up to 10% of its annual turnover. It is far from the only clash between the EU and big tech. In a separate judgement today, the ECJ has told Apple it must pay back €13bn (£11bn; $14bn) in unpaid taxes to Ireland. ",BBC,10/09/2024,"[""Europe's top court has ruled Google must pay a €2.4bn (£2bn) fine handed down for abusing the market dominance of its shopping comparison service."", 'The tech giant had appealed against the fine, which was originally levied by the European Commission in 2017.', 'It was at the time the largest penalty the Commission had ever imposed - though it has since been supplanted by a €4.3bn fine, also against Google.', 'Google said it was ""disappointed"" with the ruling.', 'It brings an end to a long-running case that was first brought by British firm Foundem in 2009, when the UK was still part of the EU.', 'Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today\'s judgement, said in its ruling the Commission was right to find Google\'s conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"".', 'It ordered Google and owner Alphabet to bear their own costs and pay the costs incurred by the European Commission.', 'In a statement, Google pointed out it had made changes in 2017 to comply with the European Commission\'s decision. ""', 'Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said.', 'Anne Witt, professor of law at EDHEC Business School\'s Augmented Law Institute, said it was ""an important judgement"". ""', 'This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. ""', 'Several follow-on actions by injured parties claiming compensation for losses suffered as a consequence of Google\'s anticompetitive conduct are already pending in national courts.""', 'On Monday, Google was taken to court by the US government over its ad tech business - it has been accused of illegally operating a monopoly.', 'That trial is ongoing.', 'Last week, UK regulators provisionally concluded Google used anti-competitive practices to dominate the market for online advertising technology.', ""The EU's case against Google started with Foundem, which filed its complaint against the tech giant in 2009."", 'At its heart was the contention that Google made its own shopping recommendations appear more prominent than rivals in search results.', 'Google had tried to argue that the case had no legal or economic merit.', 'But seven years ago, the Commission agreed that the tech giant effectively monopolised online price comparison by preventing others from getting a foothold in the market.', 'That decision has now been upheld.', 'Industry insiders have been keeping a close eye on the EU case, with suggestions that its outcome may illuminate the direction of travel of the many other antitrust cases Google is currently facing from the European Commission.', 'The search giant has amassed fines of €8.2bn from the Commission, which has repeatedly alleged it abused its dominant market position.', 'These are: The EU is also currently investigating the firm over whether it preferences its own goods and services over others in search results, as part of its Digital Markets Act.', 'If it finds Google guilty, the firm could face a fine of up to 10% of its annual turnover.', 'It is far from the only clash between the EU and big tech.', 'In a separate judgement today, the ECJ has told Apple it must pay back €13bn (£11bn; $14bn) in unpaid taxes to Ireland.']",-0.0545939957324623,"Another of the complainants, shopping comparison site Kelkoo, called the ruling ""a win for fair competition and consumer choice"" in a post on X. The European Court of Justice (ECJ), which made today's judgement, said in its ruling the Commission was right to find Google's conduct ""discriminatory"" and its appeal ""must be dismissed in its entirety"".","This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. """,-0.2568179748275063,"Our approach has worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services,"" it said.","This is bad news for Google, which has exhausted its legal remedies in this case,"" she said - while pointing out there could be further problems ahead for the firm. """,2024-09-08
JKIA strike: Passengers stranded in Kenya amid protest over Adani airport takeover,https://www.bbc.co.uk/news/articles/c3rdg13z1j7o,2024-09-11T08:10:30.784Z,"Hundreds of passengers have been stranded at Kenya's main airport after workers went on strike in protest at a planned takeover by an Indian business group. Large queues formed outside Nairobi's Jomo Kenyatta International Airport (JKIA) on Wednesday morning as flights were delayed and cancelled. Union leaders on Wednesday evening said they would return to work and that normal operations would resume shortly. Workers launched their protest over proposals to lease JKIA to the Adani group for 30 years. The aviation workers union argues the deal is ""opaque"" and could lead to job losses. The unions agreed to return to work after being given assurances that the deal with Adani would not be finalised without their approval. The government says the airport in the capital, Nairobi, is operating beyond capacity and needs private investment to upgrade it. On Wednesday morning, dozens of airport workers blew plastic trumpets and chanted ""Adani must go"", according to footage shown on local broadcaster Citizen TV. The video also appear to show a police officer hitting a protester with a baton. Wilma van Altena, who was on holiday in Kenya but cut her trip short to return to the Netherlands for a funeral, was among those stuck at the airport. “It’s been chaotic... there were hundreds of people outside the airport when we arrived and we stood around and eventually made it inside,"" she told the BBC. “We have no information. There’s nothing on the boards, we’ve heard nothing from the airline. I need to get home but I have no idea when that will happen.” The Zimbabwe men’s football team was also stranded. The squad had flown into Nairobi after an Africa Cup of Nations qualifier game in Uganda, but had been given no information about their onward flight to Harare, an official who did not want to named told the BBC. The BBC’s Stewart Maclean, who is among those waiting to catch a flight, said that at around 05:45 BST (07:45 local time), the hundreds queueing outside the airport were calm and patient but frustrated.  He said that cabin crew and pilots were among those waiting. ""Minimal operations"" had resumed by 05:00 BST (07:00 local time), the Kenya Airports Authority, adding that it was engaging with relevant parties to settle the disruption. Kenya Airways head Allan Kilavuka told the BBC that only a third of its scheduled flights had departed on Wednesday morning. Workers at other airports across the country have also joined the strike. The Kenya Aviation Workers' Union has previously warned of an indefinite strike after the government failed to disclose details of the deal with the Adani Group, one of India's largest conglomerates. The Law Society of Kenya and the Kenya Human Rights Commission also criticised the plans, arguing that it is unreasonable to lease a strategic national asset to a private company. The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review. The date for a final court decision has yet to be set. In the proposal, the Adani Group would lease JKIA in exchange for a $1.85bn (£1.41bn) investment. The upgrades would involve a new runway and an improved passenger terminal. The Adani group was founded by billionaire Gautam Adani and operates across a range of sectors, including commodities trading, airports, utilities, ports and renewable energy. In July, Kenyan protesters against the takeover threatened to shut down JKIA, citing allegations that the Adani Group had engaged in corrupt practices. Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced accusations that he has benefited from this relationship, an allegation which he denies. Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud. The Adani Group rejected this allegation, but India’s market regulator has launched an investigation.  Additional reporting by Sharanya Hrishikesh. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,11/09/2024,"[""Hundreds of passengers have been stranded at Kenya's main airport after workers went on strike in protest at a planned takeover by an Indian business group."", ""Large queues formed outside Nairobi's Jomo Kenyatta International Airport (JKIA) on Wednesday morning as flights were delayed and cancelled."", 'Union leaders on Wednesday evening said they would return to work and that normal operations would resume shortly.', 'Workers launched their protest over proposals to lease JKIA to the Adani group for 30 years.', 'The aviation workers union argues the deal is ""opaque"" and could lead to job losses.', 'The unions agreed to return to work after being given assurances that the deal with Adani would not be finalised without their approval.', 'The government says the airport in the capital, Nairobi, is operating beyond capacity and needs private investment to upgrade it.', 'On Wednesday morning, dozens of airport workers blew plastic trumpets and chanted ""Adani must go"", according to footage shown on local broadcaster Citizen TV.', 'The video also appear to show a police officer hitting a protester with a baton.', 'Wilma van Altena, who was on holiday in Kenya but cut her trip short to return to the Netherlands for a funeral, was among those stuck at the airport. “', 'It’s been chaotic... there were hundreds of people outside the airport when we arrived and we stood around and eventually made it inside,"" she told the BBC. “', 'We have no information.', 'There’s nothing on the boards, we’ve heard nothing from the airline.', 'I need to get home but I have no idea when that will happen.”', 'The Zimbabwe men’s football team was also stranded.', 'The squad had flown into Nairobi after an Africa Cup of Nations qualifier game in Uganda, but had been given no information about their onward flight to Harare, an official who did not want to named told the BBC.', 'The BBC’s Stewart Maclean, who is among those waiting to catch a flight, said that at around 05:45 BST (07:45 local time), the hundreds queueing outside the airport were calm and patient but frustrated.', 'He said that cabin crew and pilots were among those waiting. ""', 'Minimal operations"" had resumed by 05:00 BST (07:00 local time), the Kenya Airports Authority, adding that it was engaging with relevant parties to settle the disruption.', 'Kenya Airways head Allan Kilavuka told the BBC that only a third of its scheduled flights had departed on Wednesday morning.', 'Workers at other airports across the country have also joined the strike.', ""The Kenya Aviation Workers' Union has previously warned of an indefinite strike after the government failed to disclose details of the deal with the Adani Group, one of India's largest conglomerates."", 'The Law Society of Kenya and the Kenya Human Rights Commission also criticised the plans, arguing that it is unreasonable to lease a strategic national asset to a private company.', 'The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review.', 'The date for a final court decision has yet to be set.', 'In the proposal, the Adani Group would lease JKIA in exchange for a $1.85bn (£1.41bn) investment.', 'The upgrades would involve a new runway and an improved passenger terminal.', 'The Adani group was founded by billionaire Gautam Adani and operates across a range of sectors, including commodities trading, airports, utilities, ports and renewable energy.', 'In July, Kenyan protesters against the takeover threatened to shut down JKIA, citing allegations that the Adani Group had engaged in corrupt practices.', 'Mr Adani is perceived as being close to Indian Prime Minister Narendra Modi and has long faced accusations that he has benefited from this relationship, an allegation which he denies.', 'Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud.', 'The Adani Group rejected this allegation, but India’s market regulator has launched an investigation.', 'Additional reporting by Sharanya Hrishikesh.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.1653195013311062,"The two parties filed a challenge to the High Court, which subsequently halted the deal to allow time for a judicial review.","Last year, a US-based investment firm accused the Adani Group of decades of ""brazen"" stock manipulation and accounting fraud.",-0.916970682144165,,"The aviation workers union argues the deal is ""opaque"" and could lead to job losses.",2024-09-08
Boeing offers staff 25% pay hike in bid to avoid strike,https://www.bbc.co.uk/news/articles/cdd78ee0y76o,2024-09-09T03:53:05.061Z,"Boeing is offering its staff a 25% pay rise over four years in a bid to avoid a strike that could potentially shut down its assembly lines as early as Friday. Union leaders representing more than 30,000 employees have urged the workers to support the proposal, describing it as the best contract they had ever negotiated. If approved, the agreement would be an important achievement for Boeing's new chief executive, Kelly Ortberg, who faces pressure to fix the company's quality and reputational issues.  Boeing workers in the Seattle and Portland region are set to vote on the deal on Thursday. If the deal is rejected, however, a second ballot will need to be approved by two-thirds of union members for a strike to go ahead. In a video message to Boeing workers, the aerospace giant's chief operating officer, Stephanie Pope, described the proposal as a ""historic offer"".  If ratified by members of the International Association of Machinists and Aerospace Workers (IAM) union, it would be the first full labour agreement between the firm and the unions in 16 years.  The current contract between Boeing and the unions was first reached in 2008 following an eight-week strike. The two sides agreed to extend it in 2014 and it is now due to expire later this week.  Although the preliminary deal did not match the union's initial target of a 40% pay rise, negotiators still praised it and advised members to accept it. ""We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.  Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave. It also includes a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract. It is not clear when the company will announce its next jet. The deal also gives the union members more say on safety and quality issues. ""Financially, the company finds itself in a tough position due to many self-inflicted missteps. It is IAM members who will bring this company back on track,"" the union negotiators said, referring to the crises faced by Boeing in recent years.  Mr Ortberg, an aerospace industry veteran and engineer, took over as Boeing's new chief executive last month. His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago. ",BBC,09/09/2024,"['Boeing is offering its staff a 25% pay rise over four years in a bid to avoid a strike that could potentially shut down its assembly lines as early as Friday.', 'Union leaders representing more than 30,000 employees have urged the workers to support the proposal, describing it as the best contract they had ever negotiated.', ""If approved, the agreement would be an important achievement for Boeing's new chief executive, Kelly Ortberg, who faces pressure to fix the company's quality and reputational issues."", 'Boeing workers in the Seattle and Portland region are set to vote on the deal on Thursday.', 'If the deal is rejected, however, a second ballot will need to be approved by two-thirds of union members for a strike to go ahead.', 'In a video message to Boeing workers, the aerospace giant\'s chief operating officer, Stephanie Pope, described the proposal as a ""historic offer"".', 'If ratified by members of the International Association of Machinists and Aerospace Workers (IAM) union, it would be the first full labour agreement between the firm and the unions in 16 years.', 'The current contract between Boeing and the unions was first reached in 2008 following an eight-week strike.', 'The two sides agreed to extend it in 2014 and it is now due to expire later this week.', 'Although the preliminary deal did not match the union\'s initial target of a 40% pay rise, negotiators still praised it and advised members to accept it. ""', 'We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.', 'Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave.', 'It also includes a commitment from Boeing to build its next commercial plane in the Seattle area if the project is started during the lifetime of the contract.', 'It is not clear when the company will announce its next jet.', 'The deal also gives the union members more say on safety and quality issues. ""', 'Financially, the company finds itself in a tough position due to many self-inflicted missteps.', 'It is IAM members who will bring this company back on track,"" the union negotiators said, referring to the crises faced by Boeing in recent years.', ""Mr Ortberg, an aerospace industry veteran and engineer, took over as Boeing's new chief executive last month."", 'His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.']",0.1773465150512748,"We can honestly say that this proposal is the best contract we’ve negotiated in our history,"" the IAM said in a statement.",His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.,0.5987027406692504,"Aside from the pay rise, the deal offers workers improved healthcare and retirement benefits, and 12 weeks of paid parental leave.",His appointment came as the firm reported deepening financial losses and continued to struggle to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.,2024-09-08
Hilsa: The end of fish diplomacy between India and Bangladesh?,https://www.bbc.co.uk/news/articles/c2l15j4dq9po,2024-09-11T05:28:32.073Z,"Indians in West Bengal may face a shortage of hilsa, their favourite fish, as millions gear up to celebrate the state's biggest festival, Durga Puja, in October. That is because Bangladesh, the world’s largest producer of the fish, has intensified its crackdown on the transportation of hilsa to neighbouring India, reinforcing a long-standing ban on exports. The renewed effort, which came a month after a new government took office in Dhaka, is to ensure that the prized fish remains more accessible to consumers in Bangladesh, according to Farida Akhter, adviser to the Bangladesh ministry of fisheries and livestock. “A lot of fish is [still] going from Bangladesh to India [despite the ban]. This time we will not allow the hilsa to cross the border,” she told the BBC. Hilsa is Bangladesh's national fish but it is a luxury, affordable only for the rich and middle class; the poor can't buy it. “The previous government would lift the ban during the Durga Puja festival. They used to call it a gift. This time I don’t think we need to give a gift because [if we do it] our people will not be able to eat the fish while it is allowed to be exported to India in large numbers,” Ms Akhter said. This stand marks a clear departure from deposed former prime minister Sheikh Hasina's renowned ""hilsa diplomacy"" with India, where she often allowed consignments of the fish to be transported to India during the festival season. Hasina has sent hilsa to West Bengal chief minister Mamata Banerjee on a number of occasions. Hoping to resolve a long-standing water dispute, she also gifted 30kg of hilsa to the then Indian president Pranab Mukherjee in 2017. Hasina was removed dramatically on 5 August after weeks of student-led protests that escalated into deadly nationwide unrest. Initially expected to stay in India briefly, her attempts to secure asylum in the UK, US and UAE have so far failed. Her continued presence in India has also complicated Delhi's efforts to build a strong relationship with the new interim government in Dhaka. For India, Bangladesh is a key strategic partner and ally, vital for border security, especially in its north-eastern states. Asked whether the new interim government could have made a goodwill gesture to India by allowing supply of hilsa, Ms Akhter said: “We will have goodwill gestures in all other ways. They are our friends. But we should not do anything by depriving our people. “The question of goodwill is separate from this.” Bangladesh is the leading producer of hilsa (Tenualosa ilisha), a kind of species of fish related to the herring, abundant in the Bay of Bengal and also thriving in rivers. The fish accounts for about 12% of the country’s total fish production and contributes around 1% to its GDP. Fishermen catch up to 600,000 tonnes of the fish annually, the majority of the haul coming from the sea. In 2017, hilsa was recognised as a geographical Indicator for the country. In past years, the government permitted the export of 3,000-5,000 tonnes of hilsa annually during Durga Puja, senior fisheries official Nripendra Nath Biswas told The Daily Star newspaper. ""But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said. But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban. A 1.5kg hilsa was selling for around 1,800 taka ($15; £11.50), 1.2kg for 1,600 taka, and one kg for 1,500 taka. These prices are 150-200 taka higher than last year, say traders. Fishermen attribute the price increase to poor catches. ""In the past three months, we tried to go to sea five times but had to turn back due to rough weather,"" said Hossain Miah, a fisherman.  Hilsa holds an almost sacred status among Bengalis on both sides of the border, and its scarcity will frustrate many. The fish is celebrated for its versatility, often cooked in a variety of ways such as steamed with mustard paste, which enhances its delicate flavour, or fried with a light coating of spices for a crispy texture.  Bengali-American food historian and author Chitrita Banerji is among the many writers who have raved about the fish.  “I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer.  ""And its tender flesh (bony though it may be), combined with an emollient texture and exquisite flavour, lends itself to an infinite variety of culinary preparations."" ",BBC,11/09/2024,"[""Indians in West Bengal may face a shortage of hilsa, their favourite fish, as millions gear up to celebrate the state's biggest festival, Durga Puja, in October."", 'That is because Bangladesh, the world’s largest producer of the fish, has intensified its crackdown on the transportation of hilsa to neighbouring India, reinforcing a long-standing ban on exports.', 'The renewed effort, which came a month after a new government took office in Dhaka, is to ensure that the prized fish remains more accessible to consumers in Bangladesh, according to Farida Akhter, adviser to the Bangladesh ministry of fisheries and livestock. “', 'A lot of fish is [still] going from Bangladesh to India [despite the ban].', 'This time we will not allow the hilsa to cross the border,” she told the BBC.', ""Hilsa is Bangladesh's national fish but it is a luxury, affordable only for the rich and middle class; the poor can't buy it. “"", 'The previous government would lift the ban during the Durga Puja festival.', 'They used to call it a gift.', 'This time I don’t think we need to give a gift because [if we do it] our people will not be able to eat the fish while it is allowed to be exported to India in large numbers,” Ms Akhter said.', 'This stand marks a clear departure from deposed former prime minister Sheikh Hasina\'s renowned ""hilsa diplomacy"" with India, where she often allowed consignments of the fish to be transported to India during the festival season.', 'Hasina has sent hilsa to West Bengal chief minister Mamata Banerjee on a number of occasions.', 'Hoping to resolve a long-standing water dispute, she also gifted 30kg of hilsa to the then Indian president Pranab Mukherjee in 2017.', 'Hasina was removed dramatically on 5 August after weeks of student-led protests that escalated into deadly nationwide unrest.', 'Initially expected to stay in India briefly, her attempts to secure asylum in the UK, US and UAE have so far failed.', ""Her continued presence in India has also complicated Delhi's efforts to build a strong relationship with the new interim government in Dhaka."", 'For India, Bangladesh is a key strategic partner and ally, vital for border security, especially in its north-eastern states.', 'Asked whether the new interim government could have made a goodwill gesture to India by allowing supply of hilsa, Ms Akhter said: “We will have goodwill gestures in all other ways.', 'They are our friends.', 'But we should not do anything by depriving our people. “', 'The question of goodwill is separate from this.”', 'Bangladesh is the leading producer of hilsa (Tenualosa ilisha), a kind of species of fish related to the herring, abundant in the Bay of Bengal and also thriving in rivers.', 'The fish accounts for about 12% of the country’s total fish production and contributes around 1% to its GDP.', 'Fishermen catch up to 600,000 tonnes of the fish annually, the majority of the haul coming from the sea.', 'In 2017, hilsa was recognised as a geographical Indicator for the country.', 'In past years, the government permitted the export of 3,000-5,000 tonnes of hilsa annually during Durga Puja, senior fisheries official Nripendra Nath Biswas told The Daily Star newspaper. ""', 'But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said.', 'But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban.', 'A 1.5kg hilsa was selling for around 1,800 taka ($15; £11.50), 1.2kg for 1,600 taka, and one kg for 1,500 taka.', 'These prices are 150-200 taka higher than last year, say traders.', 'Fishermen attribute the price increase to poor catches. ""', 'In the past three months, we tried to go to sea five times but had to turn back due to rough weather,"" said Hossain Miah, a fisherman.', 'Hilsa holds an almost sacred status among Bengalis on both sides of the border, and its scarcity will frustrate many.', 'The fish is celebrated for its versatility, often cooked in a variety of ways such as steamed with mustard paste, which enhances its delicate flavour, or fried with a light coating of spices for a crispy texture.', 'Bengali-American food historian and author Chitrita Banerji is among the many writers who have raved about the fish. “', 'I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer. ""', 'And its tender flesh (bony though it may be), combined with an emollient texture and exquisite flavour, lends itself to an infinite variety of culinary preparations.""']",0.1324020451565476,"I think its enduring role as an icon of Bengali food is a combination of many elements, not the least being its physical beauty, which has led Bengali writers to describe it as the darling of the waters or a prince among fish,” she told an interviewer. ""","But considering the scarcity of fish in the country, the government has decided to impose a ban on hilsa exports this year,"" he said.",-0.0658563421322749,But Bangladeshi media reports indicate that hilsa prices have surged in the local market despite the export ban.,"Fishermen attribute the price increase to poor catches. """,2024-09-08
Rachel Reeves warns of difficult decisions ahead in Budget,https://www.bbc.co.uk/news/articles/c2045wpddy2o,2024-09-11T06:05:34.019Z,"Next month's Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC. The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners. But she said it was the ""right decision"" and there were further tough decisions to come. Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June. The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities. Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.” The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals. Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.  These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame. Changing these rules would give Reeves more flexibility over tax and spending plans. She has so far refused to rule out altering them. The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK. She said this would ""help rebuild Britain and make every part of the country better off"". The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance. Analysts had forecast growth of 0.2% for the month of July. A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.  Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".  Services growth was led by computer programmers and the health sector, which recovered from strike action in June. But there was a drop in output for advertising, architects and engineers, Ms McKeown added. It was a ""particularly poor"" month for car and machinery firms, she added. The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.  Monthly figures are an early estimate and are often revised slightly after more data comes in. At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row. But the first half of 2024 saw a return to growth. ""The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""And we can take some comfort from the fact that services output rose by 0.1% month on month."" The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships. Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “It's not that people don't want to spend money or they don't want to go out. It's just the economic landscape has changed,"" she said. ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”  However, some restaurants told the ONS the football tournament had had a negative impact on footfall. Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said. What is GDP and how does it affect me? What is a recession and how could it affect me? When will interest rates come down? ",BBC,11/09/2024,"['Next month\'s Budget will involve ""difficult decisions"" on tax, spending and welfare, the Chancellor Rachel Reeves has told the BBC.', 'The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.', 'But she said it was the ""right decision"" and there were further tough decisions to come.', 'Her warning comes as new figures show the UK economy failed to grow in July, after flatlining in June.', 'The July figure is a knock-back for the new government, which has named boosting the economy as one of its key priorities.', 'Speaking to the BBC, Reeves tried to paint a positive picture for future growth, but warned of the need for further belt-tightening this autumn. “', 'I’ve been really clear that the Budget on 30 October will require difficult decisions on tax, on spending, and on welfare,"" she said. ""', 'But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”', 'The Chancellor said she faced a £22bn ""black hole"" in the public finances this year, although about £9bn of that reflects her decision to award and fund above-inflation public sector pay deals.', 'Speculation is building over which taxes she might raise in the Budget or whether she might tweak the debt targets she has pledged to stick to.', 'These are known as the fiscal rules and are self-imposed by government to manage its borrowing within a five-year time-frame.', 'Changing these rules would give Reeves more flexibility over tax and spending plans.', 'She has so far refused to rule out altering them.', ""The Chancellor also referred to Amazon's announcement on Wednesday of plans to spend £8bn building data centres in the UK."", 'She said this would ""help rebuild Britain and make every part of the country better off"".', 'The lack of growth in July also means the Treasury has missed out on the boost to tax revenues that would have come with a stronger economic performance.', 'Analysts had forecast growth of 0.2% for the month of July.', 'A summer of sport, including the Euros and the Olympics, helped boost the services sector, but production and construction output both fell.', 'Despite the lack of growth in July, Liz McKeown, director of economic statistics at the Office for National Statistics (ONS) said ""longer term strength in the services sector meant there was growth over the last three months as a whole"".', 'Services growth was led by computer programmers and the health sector, which recovered from strike action in June.', 'But there was a drop in output for advertising, architects and engineers, Ms McKeown added.', 'It was a ""particularly poor"" month for car and machinery firms, she added.', 'The ONS monitors GDP - or gross domestic product - on a monthly basis, but more attention is paid to the trend over three months.', 'Monthly figures are an early estimate and are often revised slightly after more data comes in.', 'At the end of last year the UK fell into a shallow recession, with the economy failing to grow for two three-month periods in a row.', 'But the first half of 2024 saw a return to growth. ""', 'The economy stagnated in July... but that doesn’t mean the UK is on the cusp of another recession,"" said Ruth Gregory at Capital Economics. ""', 'And we can take some comfort from the fact that services output rose by 0.1% month on month.""', ""The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships."", 'Gillian Fletcher, general manager for Spinningfields, which runs food and drink venues in Manchester, said they had screened the Euros, Wimbledon and the Olympics over the summer and had found people were ""in the market"" for that kind of experience. “', ""It's not that people don't want to spend money or they don't want to go out."", 'It\'s just the economic landscape has changed,"" she said. ""', ""We've had a really, really great year and summer... and that's proof that if you've got the right recipe, people will come.”"", 'However, some restaurants told the ONS the football tournament had had a negative impact on footfall.', 'Despite some travel agents seeing an increase in bookings because of the Paris Olympics, overall bookings fell month on month, the ONS said.', 'What is GDP and how does it affect me?', 'What is a recession and how could it affect me?', 'When will interest rates come down?']",0.0742542202685691,"But the prize - if we can bring stability back to our economy, if we can bring investment back to Britain - is economic growth, good jobs, paying decent wages in all parts of our country, to realise the huge potential that we have.”",The new chancellor has faced mounting criticism after cutting Winter Fuel Payments for all but the poorest pensioners.,-0.042789788349815,The ONS said retailers and hospitality venues noted an uptick in business in July as the England men's football team progressed through the European championships.,"But there was a drop in output for advertising, architects and engineers, Ms McKeown added.",2024-09-08
Iconic firm Campbell Soup drops soup from name,https://www.bbc.co.uk/news/articles/c624pqej1p4o,2024-09-11T04:35:05.169Z,"Top executives at the 155-year old Campbell Soup Company plan to change the iconic firm's name to The Campbell's Company. Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages. Investors are set to vote on the name change at the company's annual meeting in November.  While canned soup remains a key part of the Campbell's business, the company has sought to adapt to a changing market by acquiring other businesses such as Rao’s sauces maker, Sovos Brands. “We will always love soup, and we’ll never take our eye off of this critical business,” Mr Clouse said during the company's investor day. “But today, we’re so much more than soup.”  In addition to its most famous line of products, Campbell's portfolio includes other offerings such as Goldfish crackers, Cape Cod crisps, V8 beverages, Prego sauces. Mr Clouse said Campbell will only need its soup sales to remain stable for the company to meet its financial targets. Other executives noted, however, that soup sales are set to benefit from an aging population in the US, as older people are more likely to eat soup. Campbell was the first company to sell canned soup more than a century ago. The product served as inspiration for one of American artist Andy Warhol's most iconic pop art works. The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year. Campbell's leaders expect its Goldfish crackers to be a key driver of growth and to ultimately become its largest brand by 2027. ",BBC,11/09/2024,"[""Top executives at the 155-year old Campbell Soup Company plan to change the iconic firm's name to The Campbell's Company."", ""Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages."", ""Investors are set to vote on the name change at the company's annual meeting in November."", ""While canned soup remains a key part of the Campbell's business, the company has sought to adapt to a changing market by acquiring other businesses such as Rao’s sauces maker, Sovos Brands. “"", ""We will always love soup, and we’ll never take our eye off of this critical business,” Mr Clouse said during the company's investor day. “"", 'But today, we’re so much more than soup.”', ""In addition to its most famous line of products, Campbell's portfolio includes other offerings such as Goldfish crackers, Cape Cod crisps, V8 beverages, Prego sauces."", 'Mr Clouse said Campbell will only need its soup sales to remain stable for the company to meet its financial targets.', 'Other executives noted, however, that soup sales are set to benefit from an aging population in the US, as older people are more likely to eat soup.', 'Campbell was the first company to sell canned soup more than a century ago.', ""The product served as inspiration for one of American artist Andy Warhol's most iconic pop art works."", 'The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year.', ""Campbell's leaders expect its Goldfish crackers to be a key driver of growth and to ultimately become its largest brand by 2027.""]",0.2202648472980279,"Chief executive Mark Clouse said the move aims to better reflect Campbell's growing product line, which currently also includes sauces, snacks and beverages.",,0.9368987917900086,The company estimates its net sales will rise between 9% and 11% in its 2025 fiscal year.,,2024-09-08
GB News owner Sir Paul Marshall buys Spectator magazine for £100m,https://www.bbc.co.uk/news/articles/cn8l35xl1l2o,2024-09-10T13:31:33.012Z,"The Spectator has been sold for £100m to Sir Paul Marshall, a hedge fund tycoon and major investor in GB News. He beat around 20 other bidders to buy the right-leaning magazine, once edited by former Prime Minister Boris Johnson. It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed. This came after the government intervened in January. Legislation banning foreign states from owning UK newspapers soon followed. That deal would have transferred the ownership to the Gulf-backed Redbird IMI consortium. The Telegraph newspapers remain for sale, and Sir Paul is also in the running to buy those as he continues his bid to build an empire of right-wing media outlets.  Others thought to be among the bidders include Rupert Murdoch’s News UK and former chancellor Nadhim Zahawi. After the deal was announced, Spectator chairman Andrew Neil said he would resign with immediate effect, having previously stated that hedge funds should not be allowed to own news publications because of the risk of conflict of interest. ""I made it clear many months ago that I would step down when a new owner took over. That time has now come,"" he posted on X, formerly Twitter. The Spectator was established in 1828, making it one of the oldest politics and current affairs magazines in the world. Sir Paul, who is buying the magazine through his Old Queen Street (OQS) media group, said: “As a long-term Spectator reader, I am delighted it is joining the OQS stable.  ""The plan is for OQS to make good previous underinvestment in one of the world’s great titles."" Sir Paul started work in the City and set up his own hedge fund with business partner Ian Wace in 1997. According to Wace, a ""considerable proportion"" of the first $50m they had under management came from the famous investor and philanthropist George Soros. Worth an estimated £875m, Sir Paul is not that well known outside the financial and political worlds. He is probably less famous than his son Winston, a former member of the folk-rock band Mumford & Sons. A devout Christian, Sir Paul is also known for his philanthropy, co-founding the children's educational charity ARK, and donating millions to set up the Marshall Institute for Philanthropy and Social Entrepreneurship. In 2016 he was knighted for services to education and philanthropy. Politically, he was a member of the Liberal Democrats for many years, and in 1987 he stood to be an MP for the SDP, a forerunner of the party. By 2016 his allegiance had switched to the Conservative Party and he was a supporter of Brexit, donating £100,000 to the Leave campaign. In 2017 he founded the news website UnHerd, and he has invested tens of millions of pounds in GB News since its launch in 2021. Earlier this year he was accused of liking or reposting tweets that appeared to be anti-Muslim in sentiment. He apologised and said the tweets were not representative of his views, but he was widely criticised. Former Guardian editor Alan Rusbridger said the ""hateful ‘likes’ make him unfit to be a media mogul"". Current Spectator editor Fraser Nelson told the BBC's World at One programme he felt ""pretty confident"" about the new owner. ""What you want in a proprietor is somebody who is willing to invest, who is willing to have the confidence in what the journalists are doing, and also is willing to protect editorial independence. And there’s not the slightest suggestion that Paul Marshall isn’t willing to do that,"" he said. ""The idea that he’s going to turn it into anything other than the journalistic enterprise which it is is just for the birds."" The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn. They were sold to RedBird IMI in a deal which valued the publications at around £600m, before the government intervened and passed legislation, prompting RedBird to halt the takeover and put them back up for sale. As a weekly news publication, the Spectator is not defined as a ""newspaper"" under the Enterprise Act and therefore does not fall within scope of the culture secretary’s powers to examine media mergers in the public interest. ""It is essential that the availability of a wide range of accurate and high-quality news and perspectives can be protected, and that the regime we have in place is equipped to keep up with changes and development in our media landscape,"" a spokesperson for the Department for Digital, Culture, Media and Sport said. ""The culture secretary is now considering recommendations previously put forward by the independent regulator Ofcom on the function of the current regime."" ",BBC,10/09/2024,"['The Spectator has been sold for £100m to Sir Paul Marshall, a hedge fund tycoon and major investor in GB News.', 'He beat around 20 other bidders to buy the right-leaning magazine, once edited by former Prime Minister Boris Johnson.', 'It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed.', 'This came after the government intervened in January.', 'Legislation banning foreign states from owning UK newspapers soon followed.', 'That deal would have transferred the ownership to the Gulf-backed Redbird IMI consortium.', 'The Telegraph newspapers remain for sale, and Sir Paul is also in the running to buy those as he continues his bid to build an empire of right-wing media outlets.', 'Others thought to be among the bidders include Rupert Murdoch’s News UK and former chancellor Nadhim Zahawi.', 'After the deal was announced, Spectator chairman Andrew Neil said he would resign with immediate effect, having previously stated that hedge funds should not be allowed to own news publications because of the risk of conflict of interest. ""', 'I made it clear many months ago that I would step down when a new owner took over.', 'That time has now come,"" he posted on X, formerly Twitter.', 'The Spectator was established in 1828, making it one of the oldest politics and current affairs magazines in the world.', 'Sir Paul, who is buying the magazine through his Old Queen Street (OQS) media group, said: “As a long-term Spectator reader, I am delighted it is joining the OQS stable. ""', 'The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""', 'Sir Paul started work in the City and set up his own hedge fund with business partner Ian Wace in 1997.', 'According to Wace, a ""considerable proportion"" of the first $50m they had under management came from the famous investor and philanthropist George Soros.', 'Worth an estimated £875m, Sir Paul is not that well known outside the financial and political worlds.', 'He is probably less famous than his son Winston, a former member of the folk-rock band Mumford & Sons.', ""A devout Christian, Sir Paul is also known for his philanthropy, co-founding the children's educational charity ARK, and donating millions to set up the Marshall Institute for Philanthropy and Social Entrepreneurship."", 'In 2016 he was knighted for services to education and philanthropy.', 'Politically, he was a member of the Liberal Democrats for many years, and in 1987 he stood to be an MP for the SDP, a forerunner of the party.', 'By 2016 his allegiance had switched to the Conservative Party and he was a supporter of Brexit, donating £100,000 to the Leave campaign.', 'In 2017 he founded the news website UnHerd, and he has invested tens of millions of pounds in GB News since its launch in 2021.', 'Earlier this year he was accused of liking or reposting tweets that appeared to be anti-Muslim in sentiment.', 'He apologised and said the tweets were not representative of his views, but he was widely criticised.', 'Former Guardian editor Alan Rusbridger said the ""hateful ‘likes’ make him unfit to be a media mogul"".', 'Current Spectator editor Fraser Nelson told the BBC\'s World at One programme he felt ""pretty confident"" about the new owner. ""', 'What you want in a proprietor is somebody who is willing to invest, who is willing to have the confidence in what the journalists are doing, and also is willing to protect editorial independence.', 'And there’s not the slightest suggestion that Paul Marshall isn’t willing to do that,"" he said. ""', 'The idea that he’s going to turn it into anything other than the journalistic enterprise which it is is just for the birds.""', 'The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn.', 'They were sold to RedBird IMI in a deal which valued the publications at around £600m, before the government intervened and passed legislation, prompting RedBird to halt the takeover and put them back up for sale.', 'As a weekly news publication, the Spectator is not defined as a ""newspaper"" under the Enterprise Act and therefore does not fall within scope of the culture secretary’s powers to examine media mergers in the public interest. ""', 'It is essential that the availability of a wide range of accurate and high-quality news and perspectives can be protected, and that the regime we have in place is equipped to keep up with changes and development in our media landscape,"" a spokesperson for the Department for Digital, Culture, Media and Sport said. ""', 'The culture secretary is now considering recommendations previously put forward by the independent regulator Ofcom on the function of the current regime.""']",0.1144690035492057,"The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""","The Spectator and the Telegraph papers were put up for sale last year when they were seized by Lloyds Banking Group from long-time owners the Barclay family, who had failed to pay back a loan of more than £1bn.",0.2057813763618469,"The plan is for OQS to make good previous underinvestment in one of the world’s great titles.""",It went back on sale in April after an Abu Dhabi-backed bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed.,2024-09-08
Fusion energy: Could powerful lasers power a working reactor?,https://www.bbc.co.uk/news/articles/cml2pyvmw9ro,2024-09-09T23:07:27.885Z,"Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research. Among the experiments was an effort to see if nuclear fusion, the reaction which powers the sun, could be sparked on earth in a controlled setting. The experiments were classified, but it was widely known among physicists that the results had been promising. That knowledge caught the attention of two young graduate students working at the Los Alamos National Laboratory in the late 2000s, Conner Galloway and Alexander Valys. The Los Alamos lab was originally set up in 1943 as a top-secret site to develop the first nuclear weapons. Located near Santa Fe, New Mexico it is now a US government research and development facility. ""When Alex and I learned about those tests at Los Alamos, our reaction was like 'wow, inertial fusion has already worked!'. Laboratory-scale pellets were ignited, the details were classified, but enough was made public that we knew that ignition was achieved,"" says Mr Galloway. Nuclear fusion is the process of fusing hydrogen nuclei together, which produces immense amounts of energy. The reaction creates helium and not the long-lived radioactive waste of the fission process which is used in existing nuclear power stations. If fusion can be harnessed, then it promises abundant electricity, generated without producing CO2. Those tests in the 1980s led to the US government building the National Ignition Facility (NIF) in California, a project to see if nuclear fuel pellets could be ignited using a powerful laser. After more than a decade of work, in late 2022 researchers at NIF made a breakthrough. Scientists conducted the first controlled fusion experiment to produce more energy from the reaction than that supplied by the lasers which sparked it. While physicists around the world marvelled at that breakthrough, it had taken the scientists at NIF much longer than expected. ""They were energy starved,"" says Mr Galloway. He doesn't mean they needed more snacks, instead the NIF laser was only just powerful enough to ignite the fuel pellet.  Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid. To do that they founded Xcimer, based in Denver. NIF had to make do with a laser that could pump out two megajoules of energy. Mr Galloway and Mr Valys are planning to experiment with lasers that can supply up to 20 megajoules of energy. ""We think 10 to 12 [megajoules] is the sweet spot for a commercial power plant,"" says Mr Galloway. Such a laser beam would hit the fuel capsule with a powerful punch. It would be like taking the energy of a 40-tonne articulated lorry travelling at 60mph and focussing it on the centimetre-sized capsule for a few billionths of a second. More powerful lasers will allow Xcimer to use larger and simpler fuel capsules than NIF, which found it difficult to perfect them. Xcimer joins dozens of other organisations around the world trying to build a working fusion reactor.  There are two main approaches. Smashing a fuel pellet with lasers falls under the category of inertial confinement fusion. The other way, known as magnetic confinement fusion, uses powerful magnets to trap a burning cloud of atoms called plasma. Both approaches have daunting engineering challenges to overcome. In particular, how do you extract the heat generated during fusion so you can do something useful with it, like drive a turbine to make electricity? ""I suppose my scepticism is, I haven't yet even seen a persuasive conceptual diagram of how you manage the process of taking energy out while keeping the fusion reaction going,"" says Prof Ian Lowe at Griffith University in Australia. He has spent his long career working in energy research and policy.  While Prof Lowe supports the development of fusion technology, he just argues that a working fusion reactor won't come fast enough to help bring down CO2 emissions and tackle climate change. ""My concern is that even the most optimistic view is that we'd be lucky to have commercial fusion reactors by 2050. And long before then we need to have decarbonized the energy supply if we're not going to melt the planet,"" he says. Another challenge is that the fusion reaction produces high energy particles that will degrade steel, or any other material that lines the reactor core.  Those in the fusion industry don't deny the engineering challenges, but feel they can be overcome. Xcimer plans to use a ""waterfall"" of molten salt flowing around the fusion reaction to absorb the heat.  The founders are confident that they can fire the lasers and replace the fuel capsules (one every two seconds) while keeping that flow going. The flow of molten salt will also be thick enough to absorb high energy particles that could potentially damage the reactor. ""We just have two relatively small laser beams coming in from either side [of the fuel pellet]. So you only need a gap in the flow big enough for those beams, and so you don't have to turn off and turn on the entire flow,"" says Mr Valys. But how quickly can them make such a system work? Xcimer plans to experiment with the lasers for two years, before building a target chamber, where they can target the fuel pellets. The final stage would be the working reactor, which they hope would be plugged into the electricity grid in the mid-2030s. To fund the first phase of their work, Xcimer has raised $100m (£77m) . The money will be used to build a facility in Denver and the prototype laser system. Hundreds of millions dollars more will be needed to build a working reactor.  But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. ""You know, it'll change the trajectory of what's possible for humanity's progress,"" says Mr Valys. ",BBC,09/09/2024,"['Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research.', 'Among the experiments was an effort to see if nuclear fusion, the reaction which powers the sun, could be sparked on earth in a controlled setting.', 'The experiments were classified, but it was widely known among physicists that the results had been promising.', 'That knowledge caught the attention of two young graduate students working at the Los Alamos National Laboratory in the late 2000s, Conner Galloway and Alexander Valys.', 'The Los Alamos lab was originally set up in 1943 as a top-secret site to develop the first nuclear weapons.', 'Located near Santa Fe, New Mexico it is now a US government research and development facility. ""', ""When Alex and I learned about those tests at Los Alamos, our reaction was like 'wow, inertial fusion has already worked!'."", 'Laboratory-scale pellets were ignited, the details were classified, but enough was made public that we knew that ignition was achieved,"" says Mr Galloway.', 'Nuclear fusion is the process of fusing hydrogen nuclei together, which produces immense amounts of energy.', 'The reaction creates helium and not the long-lived radioactive waste of the fission process which is used in existing nuclear power stations.', 'If fusion can be harnessed, then it promises abundant electricity, generated without producing CO2.', 'Those tests in the 1980s led to the US government building the National Ignition Facility (NIF) in California, a project to see if nuclear fuel pellets could be ignited using a powerful laser.', 'After more than a decade of work, in late 2022 researchers at NIF made a breakthrough.', 'Scientists conducted the first controlled fusion experiment to produce more energy from the reaction than that supplied by the lasers which sparked it.', 'While physicists around the world marvelled at that breakthrough, it had taken the scientists at NIF much longer than expected. ""', 'They were energy starved,"" says Mr Galloway.', ""He doesn't mean they needed more snacks, instead the NIF laser was only just powerful enough to ignite the fuel pellet."", 'Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid.', 'To do that they founded Xcimer, based in Denver.', 'NIF had to make do with a laser that could pump out two megajoules of energy.', 'Mr Galloway and Mr Valys are planning to experiment with lasers that can supply up to 20 megajoules of energy. ""', 'We think 10 to 12 [megajoules] is the sweet spot for a commercial power plant,"" says Mr Galloway.', 'Such a laser beam would hit the fuel capsule with a powerful punch.', 'It would be like taking the energy of a 40-tonne articulated lorry travelling at 60mph and focussing it on the centimetre-sized capsule for a few billionths of a second.', 'More powerful lasers will allow Xcimer to use larger and simpler fuel capsules than NIF, which found it difficult to perfect them.', 'Xcimer joins dozens of other organisations around the world trying to build a working fusion reactor.', 'There are two main approaches.', 'Smashing a fuel pellet with lasers falls under the category of inertial confinement fusion.', 'The other way, known as magnetic confinement fusion, uses powerful magnets to trap a burning cloud of atoms called plasma.', 'Both approaches have daunting engineering challenges to overcome.', 'In particular, how do you extract the heat generated during fusion so you can do something useful with it, like drive a turbine to make electricity? ""', 'I suppose my scepticism is, I haven\'t yet even seen a persuasive conceptual diagram of how you manage the process of taking energy out while keeping the fusion reaction going,"" says Prof Ian Lowe at Griffith University in Australia.', 'He has spent his long career working in energy research and policy.', 'While Prof Lowe supports the development of fusion technology, he just argues that a working fusion reactor won\'t come fast enough to help bring down CO2 emissions and tackle climate change. ""', ""My concern is that even the most optimistic view is that we'd be lucky to have commercial fusion reactors by 2050."", 'And long before then we need to have decarbonized the energy supply if we\'re not going to melt the planet,"" he says.', 'Another challenge is that the fusion reaction produces high energy particles that will degrade steel, or any other material that lines the reactor core.', ""Those in the fusion industry don't deny the engineering challenges, but feel they can be overcome."", 'Xcimer plans to use a ""waterfall"" of molten salt flowing around the fusion reaction to absorb the heat.', 'The founders are confident that they can fire the lasers and replace the fuel capsules (one every two seconds) while keeping that flow going.', 'The flow of molten salt will also be thick enough to absorb high energy particles that could potentially damage the reactor. ""', 'We just have two relatively small laser beams coming in from either side [of the fuel pellet].', 'So you only need a gap in the flow big enough for those beams, and so you don\'t have to turn off and turn on the entire flow,"" says Mr Valys.', 'But how quickly can them make such a system work?', 'Xcimer plans to experiment with the lasers for two years, before building a target chamber, where they can target the fuel pellets.', 'The final stage would be the working reactor, which they hope would be plugged into the electricity grid in the mid-2030s.', 'To fund the first phase of their work, Xcimer has raised $100m (£77m) .', 'The money will be used to build a facility in Denver and the prototype laser system.', 'Hundreds of millions dollars more will be needed to build a working reactor.', 'But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. ""', 'You know, it\'ll change the trajectory of what\'s possible for humanity\'s progress,"" says Mr Valys.']",0.1808531020739279,"But for the founders of Xcimer, and other fusion start-ups, the prospect of cheap, carbon-free electricity is irresistible. """,Deep under the Nevada desert in the 1980s the US conducted secret nuclear weapons research.,0.6817710782800402,Mr Galloway and Mr Valys think that more powerful lasers will make it possible to build a working fusion reaction that can supply electricity to the power grid.,"They were energy starved,"" says Mr Galloway.",2024-09-08
Polaris Dawn: Billionaire takes off for first private spacewalk,https://www.bbc.co.uk/news/articles/c4gd9g9zzelo,2024-09-10T11:55:01.594Z,"Billionaire Jared Isaacman has taken off in a SpaceX Falcon 9 rocket for what he hopes will be the first ever privately funded spacewalk. The mission, called Polaris Dawn, is the first of three funded by the founder of payments processing business Shift4.  He is onboard as commander alongside his close friend Scott 'Kidd' Poteet, who is a retired air force pilot, and two SpaceX engineers Anna Menon and Sarah Gillis. The spacecraft, called Resilience, will go into an orbit that will eventually take them up to 870 miles (1,400km) above the planet. No human has been that far since Nasa's Apollo programme ended in the 1970s. The astronauts will pass through a region of space known as the Van Allen belt, which has high levels of radiation, but the crew will be protected by the spacecraft and their newly upgraded spacesuits.  A few passes of the belt will expose them to the equivalent of three months of the radiation astronauts experience on the International Space Station, which is within acceptable limits. They aim to study the effects that a relatively short but safe exposure has on the human body. The crew will spend their second day in space at their maximum altitude, conducting up to 40 experiments, including intersatellite laser communication between the Dragon Spacecraft and Space X’s Starlink satellite constellation. If all goes to plan, on day three into the mission, Mr Isaacman and Sarah Gillis are expected to attempt the first ever privately funded spacewalk, which is scheduled to last two hours. This will be while they are 700km in orbit. The astronauts will be testing new extravehicular activity (EVA) astronaut suits which, as their name suggests, have been upgraded from Space X’s intravehicular activity (IVA) suits for working outside of spacecraft.  The EVA suit incorporates a heads-up display in its helmet, which provides information about the suit while it is being used. The EVA suits are said to be comfortable and flexible enough to be worn during launch and landing, eliminating the need to have separate IVA suits. In an interview given while she was training for the spacewalk Ms Gillis said that it was a necessary part of Space X’s plans to send people to other worlds. “So far only countries have been able to perform a spacewalk. Space X has huge ambitions to get to Mars and make life multiplanetary. In order to get there, we need to start somewhere. And the first step is testing out the first iteration of the EVA spacesuit so that we can make spacewalks and future suit designs even better.” It was a sentiment echoed by Mr Isaacman. “Space X know they need EVA capability if they are going to realise their long-term dream of populating another planet someday."" The aim is to make spacesuits less of a tailor-made garment, more able to accommodate a wider range of commercial astronaut shapes and sizes in order to reduce costs as human spaceflight becomes more commonplace. A unique aspect of the spacewalk is that the Dragon spacecraft, called Resilience, does not have an airlock, which is a sealed room between the doorway into the vacuum outside and the rest of the spacecraft.  Normally the airlock is depressurised before the astronauts step in and out, but in the case of Resilience, the entire craft will have to be depressurised and the non-spacewalking astronauts will have to be fully suited up. The spacecraft has been adapted to withstand the vacuum. Extra nitrogen and oxygen tanks have been installed and all four astronauts will wear EVA suits, although only two will exit the spacecraft. The mission will therefore break the record for the most people in the vacuum of space at once. The flight team has taken the challenge as an opportunity to do tests on the impact of decompression sickness, also known as the “bends” and the blurry vision astronauts can sometimes experience in space called spaceflight associated neuro-ocular syndrome. Tests on the impact of radiation from the Van Allen belts as well as the spacewalk are intended to lay the ground for further high-altitude missions by the private sector possibly to the Moon or Mars. There are an awful lot of firsts for the rookie crew to achieve. Isaacman has been in space only once before and the other three have never flown in space. “There’s a feeling that there are a great many risks here,” according to Dr Adam Baker, a rocket propulsion specialist at Cranfield University. “They have set themselves a lot of ambitious objectives and they have relatively limited spaceflight experience.” “But in counter to that, they have spent several thousand hours simulating the mission. So, they are doing their best to mitigate the risks.” If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have. But Dr Baker takes a more cautious approach. “The record so far has been a huge amount of money spent by the private sector, lots of dribs and drabs of publicity, but much less than 100 additional people on top of the 500 or so government-funded astronauts travelling to space and back, and many of those only for very brief periods. “Spaceflight is difficult, expensive and dangerous, so expecting to see large numbers of even just well-off members of the population, as opposed to the ultra-rich, flying into space soon, or expecting you might be among them, is unlikely.” Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander. But this shouldn't be brushed off as a vanity project, according to Dr Simeon Barber, a space scientist at the Open University, who develops scientific instruments on spacecrafts, almost entirely for government-funded projects. “Isaacman is actually the most experienced astronaut of the crew – he alone has been to space before, on another self-funded mission with SpaceX, where he also took the position of Commander. In the context of the mission, he is the natural choice,” he told BBC News. “More widely, the proceeds from selling this stellar class ticket to ride will remain on Earth – the money will buy materials and services, it will pay salaries and in turn will generate taxes. Not to mention the charitable funds the mission will raise.” He says that many in the space sector believe the involvement of wealthy individuals to be a good thing. “If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way. And the more diverse the reasons there are to explore space, the more resilient the programme becomes.” ",BBC,10/09/2024,"['Billionaire Jared Isaacman has taken off in a SpaceX Falcon 9 rocket for what he hopes will be the first ever privately funded spacewalk.', 'The mission, called Polaris Dawn, is the first of three funded by the founder of payments processing business Shift4.', ""He is onboard as commander alongside his close friend Scott 'Kidd' Poteet, who is a retired air force pilot, and two SpaceX engineers Anna Menon and Sarah Gillis."", 'The spacecraft, called Resilience, will go into an orbit that will eventually take them up to 870 miles (1,400km) above the planet.', ""No human has been that far since Nasa's Apollo programme ended in the 1970s."", 'The astronauts will pass through a region of space known as the Van Allen belt, which has high levels of radiation, but the crew will be protected by the spacecraft and their newly upgraded spacesuits.', 'A few passes of the belt will expose them to the equivalent of three months of the radiation astronauts experience on the International Space Station, which is within acceptable limits.', 'They aim to study the effects that a relatively short but safe exposure has on the human body.', 'The crew will spend their second day in space at their maximum altitude, conducting up to 40 experiments, including intersatellite laser communication between the Dragon Spacecraft and Space X’s Starlink satellite constellation.', 'If all goes to plan, on day three into the mission, Mr Isaacman and Sarah Gillis are expected to attempt the first ever privately funded spacewalk, which is scheduled to last two hours.', 'This will be while they are 700km in orbit.', 'The astronauts will be testing new extravehicular activity (EVA) astronaut suits which, as their name suggests, have been upgraded from Space X’s intravehicular activity (IVA) suits for working outside of spacecraft.', 'The EVA suit incorporates a heads-up display in its helmet, which provides information about the suit while it is being used.', 'The EVA suits are said to be comfortable and flexible enough to be worn during launch and landing, eliminating the need to have separate IVA suits.', 'In an interview given while she was training for the spacewalk Ms Gillis said that it was a necessary part of Space X’s plans to send people to other worlds. “', 'So far only countries have been able to perform a spacewalk.', 'Space X has huge ambitions to get to Mars and make life multiplanetary.', 'In order to get there, we need to start somewhere.', 'And the first step is testing out the first iteration of the EVA spacesuit so that we can make spacewalks and future suit designs even better.”', 'It was a sentiment echoed by Mr Isaacman. “', 'Space X know they need EVA capability if they are going to realise their long-term dream of populating another planet someday.""', 'The aim is to make spacesuits less of a tailor-made garment, more able to accommodate a wider range of commercial astronaut shapes and sizes in order to reduce costs as human spaceflight becomes more commonplace.', 'A unique aspect of the spacewalk is that the Dragon spacecraft, called Resilience, does not have an airlock, which is a sealed room between the doorway into the vacuum outside and the rest of the spacecraft.', 'Normally the airlock is depressurised before the astronauts step in and out, but in the case of Resilience, the entire craft will have to be depressurised and the non-spacewalking astronauts will have to be fully suited up.', 'The spacecraft has been adapted to withstand the vacuum.', 'Extra nitrogen and oxygen tanks have been installed and all four astronauts will wear EVA suits, although only two will exit the spacecraft.', 'The mission will therefore break the record for the most people in the vacuum of space at once.', 'The flight team has taken the challenge as an opportunity to do tests on the impact of decompression sickness, also known as the “bends” and the blurry vision astronauts can sometimes experience in space called spaceflight associated neuro-ocular syndrome.', 'Tests on the impact of radiation from the Van Allen belts as well as the spacewalk are intended to lay the ground for further high-altitude missions by the private sector possibly to the Moon or Mars.', 'There are an awful lot of firsts for the rookie crew to achieve.', 'Isaacman has been in space only once before and the other three have never flown in space. “', 'There’s a feeling that there are a great many risks here,” according to Dr Adam Baker, a rocket propulsion specialist at Cranfield University. “', 'They have set themselves a lot of ambitious objectives and they have relatively limited spaceflight experience.” “', 'But in counter to that, they have spent several thousand hours simulating the mission.', 'So, they are doing their best to mitigate the risks.”', 'If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have.', 'But Dr Baker takes a more cautious approach. “', 'The record so far has been a huge amount of money spent by the private sector, lots of dribs and drabs of publicity, but much less than 100 additional people on top of the 500 or so government-funded astronauts travelling to space and back, and many of those only for very brief periods. “', 'Spaceflight is difficult, expensive and dangerous, so expecting to see large numbers of even just well-off members of the population, as opposed to the ultra-rich, flying into space soon, or expecting you might be among them, is unlikely.”', 'Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander.', ""But this shouldn't be brushed off as a vanity project, according to Dr Simeon Barber, a space scientist at the Open University, who develops scientific instruments on spacecrafts, almost entirely for government-funded projects. “"", 'Isaacman is actually the most experienced astronaut of the crew – he alone has been to space before, on another self-funded mission with SpaceX, where he also took the position of Commander.', 'In the context of the mission, he is the natural choice,” he told BBC News. “', 'More widely, the proceeds from selling this stellar class ticket to ride will remain on Earth – the money will buy materials and services, it will pay salaries and in turn will generate taxes.', 'Not to mention the charitable funds the mission will raise.”', 'He says that many in the space sector believe the involvement of wealthy individuals to be a good thing. “', 'If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way.', 'And the more diverse the reasons there are to explore space, the more resilient the programme becomes.”']",0.1578261950845237,"If they wish to venture off-planet, and one day to the Moon or even Mars, then that will create opportunities to do science along the way.",There are an awful lot of firsts for the rookie crew to achieve.,0.562919819355011,"If the mission is a success, some analysts believe that it will be the start of an explosion of ever greater and cheaper private sector missions taking more people further than government space agencies have.","Some find the idea of billionaires paying for themselves to go into space distasteful, and some eyebrows are being raised over a mission where the person paying for the trip is also the commander.",2024-09-08
More bus services could come under control of councils under planned law,https://www.bbc.co.uk/news/articles/cpvyev943v4o,2024-09-08T23:46:05.749Z,"More local authorities in England are to be given powers to take control of bus services under legislation being laid before Parliament on Monday. Transport Secretary Louise Haigh says the changes will deliver a ""bus revolution"" that will save vital routes. It will allow all authorities to introduce a franchising system, under which they can decide routes, timetables and fares, with operators bidding to run services for a fixed fee. The Conservatives said the government's plans were ""unfunded"" and called on the £2 fare cap it introduced when in power to be extended. Ms Haigh said the cap was being looked at ""carefully"" and decisions would be made in the Budget in October. Some industry figures have said minimum service level guarantees should also be set out as routes and timetables have faced cuts in recent years. Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""Whilst franchising may not be suitable for all areas, everyone should have access to a quality bus service without risk of it being cut, which is why we are also calling for a minimum service level guarantee and long-term, ringfenced funding for all local authorities,"" she said. Sandra, from Macclesfield, has seen the frequency of local services reduced which makes it tricky to plan trips. ""I’ve looked at doing evening classes at the leisure centre but the timings of the buses mean that to do a 45-minute class it would be a half-day outing,"" she told the BBC's Today programme. ""Somehow people have to be persuaded to use the buses and that’s not going to happen until there’s a better service available."" Until the 1980s, most bus services were delivered through publicly owned companies, often run by councils, but in 1986 services outside London were deregulated and privatised, leading to the mass sale of council bus companies. In London a franchising system was introduced, with Transport for London deciding routes, timetables and fares and operators bidding to run services for a fixed fee. There are only a few areas in England where the local bus company is still owned by the council, and currently only areas with metro mayors can introduce ""franchising"" to private companies. Last year, Greater Manchester became the first place outside of London to bring bus services into public control since deregulation. The ""Bee Network"", where all-night services have been trialled, has been described as a success, despite facing some teething problems with delays. In the run-up to the general election, Labour pledged it would hand all local transport authorities the power to run their own bus services and lift restrictions on new, publicly-owned bus operators. Adam Hug, a Labour councillor and transport spokesperson for the Local Government Association which represents councils, welcomed the changes but warned they were not going to be an ""overnight fix"" for the bus network. ""It’s going to take time and it’s not going to be delivered in the same way in every part of the country,"" he said. Buses are the most commonly used form of public transport in Britain, but  services have been in long-term decline and the pandemic hit passenger numbers hard. The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport. However, this is much lower than pre-pandemic levels, when journeys totalled 4.1 billion in the 12 months to March 2020. ""For the last 40 years since deregulation we've allowed private operators to pick and choose whatever routes they want,"" said Ms Haigh. ""If they don't want to run routes either local authorities have to step in and fund them themselves or they simply don't run and communities are left with no say. ""What we are doing today is extending power to every area of England so if they want to move to franchising and to build their own public transport network they will now have the power to do so."" Monday’s announcement raises many questions but all roads lead to funding. There is currently no detail on how much this will cost and who will fund it. Shadow transport secretary Helen Whately said the government needed to explain whether local authorities would be expected to raise tax or cut services to fund the proposal. ""Moreover, it won’t make a blind bit of difference for passengers. ""It won’t increase the number of services and they would much prefer to have the £2 fare cap extended at the Budget,"" she added, referring to a policy introduced by the Conservative government to cap single bus fares on participating bus routes at £2, which has been extended until December. Ms Haigh said the government was looking ""very carefully"" at funding for the £2 fare cap, adding: ""Those decisions will be made through the Budget."" Later, in a debate in the House of Lords, Rail Minister Lord Hendy was pushed on whether free bus passes for older and disabled people in England could be means-tested. However, the BBC understands there are no plans to withdraw the scheme. The government has also launched a consultation on simplified guidance aimed at speeding up processes and reducing costs for local councils looking at bringing services into public control. A ""Better Buses Bill"" will be put forward later on in this parliamentary session, which will look at measures for areas where leaders would not consider franchising. It is not known how many councils will take up the new powers. The head of transport at Cheshire East Council, Mark Goldsmith, said it was unlikely to operate buses directly, but franchise agreements do have ""some benefits"". ""It gives us more powers to control the market a little bit more without actually having to run it all."" However, there are financial risks for councils running services under franchise. ""In most franchising arrangements it’s the local authority who takes the revenue risk, so if passenger numbers aren’t where they expect to be, they and their council tax payers take the hit,"" said Graham Vidley, head of the Confederation of Passenger Transport, which represents the bus industry. Mr Vidler added that the government faced ""tough decisions"" in next month’s Budget. ""Will they continue to support local authorities and invest in bus services in the way that the last government did? Will they commit to an extension of the national £2 fare cap beyond New Year’s Eve when it’s currently scheduled to end?"" ",BBC,08/09/2024,"['More local authorities in England are to be given powers to take control of bus services under legislation being laid before Parliament on Monday.', 'Transport Secretary Louise Haigh says the changes will deliver a ""bus revolution"" that will save vital routes.', 'It will allow all authorities to introduce a franchising system, under which they can decide routes, timetables and fares, with operators bidding to run services for a fixed fee.', 'The Conservatives said the government\'s plans were ""unfunded"" and called on the £2 fare cap it introduced when in power to be extended.', 'Ms Haigh said the cap was being looked at ""carefully"" and decisions would be made in the Budget in October.', 'Some industry figures have said minimum service level guarantees should also be set out as routes and timetables have faced cuts in recent years.', 'Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""', 'Whilst franchising may not be suitable for all areas, everyone should have access to a quality bus service without risk of it being cut, which is why we are also calling for a minimum service level guarantee and long-term, ringfenced funding for all local authorities,"" she said.', 'Sandra, from Macclesfield, has seen the frequency of local services reduced which makes it tricky to plan trips. ""', 'I’ve looked at doing evening classes at the leisure centre but the timings of the buses mean that to do a 45-minute class it would be a half-day outing,"" she told the BBC\'s Today programme. ""', 'Somehow people have to be persuaded to use the buses and that’s not going to happen until there’s a better service available.""', 'Until the 1980s, most bus services were delivered through publicly owned companies, often run by councils, but in 1986 services outside London were deregulated and privatised, leading to the mass sale of council bus companies.', 'In London a franchising system was introduced, with Transport for London deciding routes, timetables and fares and operators bidding to run services for a fixed fee.', 'There are only a few areas in England where the local bus company is still owned by the council, and currently only areas with metro mayors can introduce ""franchising"" to private companies.', 'Last year, Greater Manchester became the first place outside of London to bring bus services into public control since deregulation.', 'The ""Bee Network"", where all-night services have been trialled, has been described as a success, despite facing some teething problems with delays.', 'In the run-up to the general election, Labour pledged it would hand all local transport authorities the power to run their own bus services and lift restrictions on new, publicly-owned bus operators.', 'Adam Hug, a Labour councillor and transport spokesperson for the Local Government Association which represents councils, welcomed the changes but warned they were not going to be an ""overnight fix"" for the bus network. ""', 'It’s going to take time and it’s not going to be delivered in the same way in every part of the country,"" he said.', 'Buses are the most commonly used form of public transport in Britain, but services have been in long-term decline and the pandemic hit passenger numbers hard.', 'The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport.', 'However, this is much lower than pre-pandemic levels, when journeys totalled 4.1 billion in the 12 months to March 2020. ""', 'For the last 40 years since deregulation we\'ve allowed private operators to pick and choose whatever routes they want,"" said Ms Haigh. ""', 'If they don\'t want to run routes either local authorities have to step in and fund them themselves or they simply don\'t run and communities are left with no say. ""', 'What we are doing today is extending power to every area of England so if they want to move to franchising and to build their own public transport network they will now have the power to do so.""', 'Monday’s announcement raises many questions but all roads lead to funding.', 'There is currently no detail on how much this will cost and who will fund it.', 'Shadow transport secretary Helen Whately said the government needed to explain whether local authorities would be expected to raise tax or cut services to fund the proposal. ""', 'Moreover, it won’t make a blind bit of difference for passengers. ""', 'It won’t increase the number of services and they would much prefer to have the £2 fare cap extended at the Budget,"" she added, referring to a policy introduced by the Conservative government to cap single bus fares on participating bus routes at £2, which has been extended until December.', 'Ms Haigh said the government was looking ""very carefully"" at funding for the £2 fare cap, adding: ""Those decisions will be made through the Budget.""', 'Later, in a debate in the House of Lords, Rail Minister Lord Hendy was pushed on whether free bus passes for older and disabled people in England could be means-tested.', 'However, the BBC understands there are no plans to withdraw the scheme.', 'The government has also launched a consultation on simplified guidance aimed at speeding up processes and reducing costs for local councils looking at bringing services into public control.', 'A ""Better Buses Bill"" will be put forward later on in this parliamentary session, which will look at measures for areas where leaders would not consider franchising.', 'It is not known how many councils will take up the new powers.', 'The head of transport at Cheshire East Council, Mark Goldsmith, said it was unlikely to operate buses directly, but franchise agreements do have ""some benefits"". ""', 'It gives us more powers to control the market a little bit more without actually having to run it all.""', 'However, there are financial risks for councils running services under franchise. ""', 'In most franchising arrangements it’s the local authority who takes the revenue risk, so if passenger numbers aren’t where they expect to be, they and their council tax payers take the hit,"" said Graham Vidley, head of the Confederation of Passenger Transport, which represents the bus industry.', 'Mr Vidler added that the government faced ""tough decisions"" in next month’s Budget. ""', 'Will they continue to support local authorities and invest in bus services in the way that the last government did?', 'Will they commit to an extension of the national £2 fare cap beyond New Year’s Eve when it’s currently scheduled to end?""']",0.0911994420731283,"Silviya Barrett, director of policy and research at Campaign for Better Transport, said giving councils more power would create ""a more reliable bus network for all"". ""","Moreover, it won’t make a blind bit of difference for passengers. """,0.122901264578104,"The number of local bus passenger journeys in England rose by 19.4% to 3.4 billion in the year ending March 2023, according to the Department for Transport.","Buses are the most commonly used form of public transport in Britain, but services have been in long-term decline and the pandemic hit passenger numbers hard.",2024-09-08
State pension set to rise by £460 next year,https://www.bbc.co.uk/news/articles/c9wjz7jzqd0o,2024-09-10T06:13:05.780Z,"The new full state pension is expected to rise by £460 a year from April, latest wages data suggests. Under the arrangement called the ""triple lock"", the state pension goes up each year by either 2.5%, inflation, or average earnings growth - whichever is the highest figure. Earnings figures for the three months to July are used for the yearly increase, and these showed total pay rose at an annual rate of 4%, much higher than inflation. The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners. More than nine million pensioners will no longer be eligible for up to £300 this winter after the Chancellor, Rachel Reeves, announced the introduction of means-testing for the payments. More than 12 million people currently receive the state pension. The latest ONS figures imply Last year, the new full state pension increased by £900. However, not all pensioners get the full amount. Some retired people will also receive additional income from workplace or private pensions. The final state pension figure for next year will be decided by the Work and Pensions Secretary, Liz Kendall, around the time of the Budget and may be different if official earnings figures are revised in a month. Steve Webb, a former pensions minister and partner at pension consultants LCP, said the new state pension would need to rise by just over £250 just to keep up with inflation. As a result, only about £210 represents a real increase, ""and this is before allowing for the income tax which most pensioners will pay on their state pension rise"". ""Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”. For those pensioners on low incomes with no huge savings tucked away, there may be the opportunity to claim a top-up called pension credit. This can be worth thousands of pounds a year and is a gateway to other financial support such as lower council tax or help with NHS costs, but more than 800,000 eligible pensioners fail to claim it. The increase in total pay - which includes bonuses - measured by the ONS showed a marked slowdown from the previous month. The ONS said this was due to one-off bonuses paid to NHS and civil service workers  in June and July 2023 not being replicated this year. Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.  Analysts said the continued slowdown in earnings should encourage the Bank of England to cut interest rates again later this year. Last month, the Bank cut rates to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020. It meets again to discuss interest rates next week, although analysts are not expecting further rate cuts until later in the year. ""With wage growth easing off again, it’ll cement expectations that the Bank of England will deliver two interest rate cuts by the end of the year,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown. The unemployment rate in the May to July period slipped to 4.1%, the lowest since the three months to January 2024. The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.   ",BBC,10/09/2024,"['The new full state pension is expected to rise by £460 a year from April, latest wages data suggests.', 'Under the arrangement called the ""triple lock"", the state pension goes up each year by either 2.5%, inflation, or average earnings growth - whichever is the highest figure.', 'Earnings figures for the three months to July are used for the yearly increase, and these showed total pay rose at an annual rate of 4%, much higher than inflation.', 'The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners.', 'More than nine million pensioners will no longer be eligible for up to £300 this winter after the Chancellor, Rachel Reeves, announced the introduction of means-testing for the payments.', 'More than 12 million people currently receive the state pension.', 'The latest ONS figures imply Last year, the new full state pension increased by £900.', 'However, not all pensioners get the full amount.', 'Some retired people will also receive additional income from workplace or private pensions.', 'The final state pension figure for next year will be decided by the Work and Pensions Secretary, Liz Kendall, around the time of the Budget and may be different if official earnings figures are revised in a month.', 'Steve Webb, a former pensions minister and partner at pension consultants LCP, said the new state pension would need to rise by just over £250 just to keep up with inflation.', 'As a result, only about £210 represents a real increase, ""and this is before allowing for the income tax which most pensioners will pay on their state pension rise"". ""', 'Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”.', 'For those pensioners on low incomes with no huge savings tucked away, there may be the opportunity to claim a top-up called pension credit.', 'This can be worth thousands of pounds a year and is a gateway to other financial support such as lower council tax or help with NHS costs, but more than 800,000 eligible pensioners fail to claim it.', 'The increase in total pay - which includes bonuses - measured by the ONS showed a marked slowdown from the previous month.', 'The ONS said this was due to one-off bonuses paid to NHS and civil service workers in June and July 2023 not being replicated this year.', 'Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.', 'Analysts said the continued slowdown in earnings should encourage the Bank of England to cut interest rates again later this year.', 'Last month, the Bank cut rates to 5% from 5.25%, marking the first cut since the start of the pandemic in March 2020.', 'It meets again to discuss interest rates next week, although analysts are not expecting further rate cuts until later in the year. ""', 'With wage growth easing off again, it’ll cement expectations that the Bank of England will deliver two interest rate cuts by the end of the year,"" said Susannah Streeter, head of money and markets at Hargreaves Lansdown.', 'The unemployment rate in the May to July period slipped to 4.1%, the lowest since the three months to January 2024.', 'The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.']",0.0732233938451987,"Growth in regular pay, excluding bonuses, also slowed to 5.1%, although it is still rising faster than inflation.",Those who lose £200 or £300 in Winter Fuel Payments will therefore still be worse off in real terms next April”.,0.2698943274361746,"The latest ONS figures imply Last year, the new full state pension increased by £900.","The number of job vacancies between June and August fell to the lowest figure for more than three years, although the total is still above pre-pandemic levels.",2024-09-08
Clean energy sector looks to create even more jobs after the election — regardless of who wins,https://www.cnbc.com/2024/09/10/clean-energy-job-creation-growth-expected-after-2024-election.html,2024-09-10T23:13:37+0000,"As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.  Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.Since the implementation of the IRA and the CHIPS and Science Act, there's been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said. The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.""Energy systems have been in transition for decades — it's always in transition, it's always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election's impact.Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome. It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more. Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.""Everyone needs energy no matter what, regardless of who is in the White House. So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco. The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities. Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push. Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui. Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.""I wanted to make an impact and build something really big,"" she said. ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way. Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large.""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector. But their experiences in the White House can help to inform possible paths.Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden. She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left. Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House.Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected. He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome.""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence. All of that adds up to a lot of electricity demand,"" said Bresette. ""It is almost difficult to imagine how much more energy we're going to need in the future.""",CNBC,10/09/2024,"['As presidential nominees Vice President Kamala Harris and former President Donald Trump prepare to face off in their first debate Tuesday night, voters will be tuning in for clarity on their plans to handle issues including the economy, inflation and job growth.', 'One sector that faces particular uncertainty after the election is clean energy, which has received a boost from the Biden administration but faced skepticism from Trump.', 'Climate change and a move toward more sustainable energy have bolstered job growth in the sector in recent years, thanks in part to funding from the Inflation Reduction Act and the Chips and Science Act.', 'Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.', 'The rate was more than double the growth for the rest of the energy sector and the overall U.S. economy, according to the newly released 2024 U.S. Energy and Employment Report.', 'Since the implementation of the IRA and the CHIPS and Science Act, there\'s been more ""long-term certainty"" for jobs related to energy efficiency, renewables and climate resilience, the nonprofit Environmental and Energy Study Institute said.', 'The IRA is projected to generate more than 300,000 jobs annually for new energy project construction and about 100,000 permanent jobs each year, according to the EESI.While job growth in the sector faces uncertainty after the election, industry watchers say the future of energy production and consumption is always changing.', '""Energy systems have been in transition for decades — it\'s always in transition, it\'s always in a state of flux,"" Daniel Bresette, president of EESI, said of the upcoming election\'s impact.', ""Ameresco, which integrates clean tech and develops, owns and operates renewable energy projects, is forging ahead with hiring plans regardless of the election's outcome."", 'It will increase its hiring by 300 workers in the U.S. and Europe this year, in positions ranging from engineers to project managers, developers, analysts and more.', 'Ameresco provides efficient energy solutions for clients that range from federal and state governments to colleges and hospitals.', '""Everyone needs energy no matter what, regardless of who is in the White House.', 'So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.', 'The company is also looking to Gen Z to fill the jobs, as fewer applicants are coming up through trade and vocational schools and younger workers have shown an interest in climate-friendly opportunities.', 'Ameresco, which offers tuition reimbursement and mentorship programs, said it has had success in recruiting recent college grads and investing in their training.', 'Caroline Leilani Stevenson, a 22-year-old associate electrical engineer at Ameresco, is part of the Gen Z hiring push.', 'Stevenson interned with Ameresco and came back full-time after graduation, working today on projects with the Department of Defense.', 'She was able to work on a solar project in Honolulu, which was particularly meaningful, as she grew up on Maui.', 'Like others in her generation, she found the idea of working toward more sustainable energy solutions appealing.', '""I wanted to make an impact and build something really big,"" she said. ""', ""The energy needs of a large naval base are not the same as a small elementary school and the suburbs of New York or the energy usage of a hospital are not the same as a large data center ... It's great to be able to design something for a specific site and make a difference in that way."", ""Being able to see and know that the power from these lines is going somewhere and it's eventually going to improve life at large."", '""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.', 'But their experiences in the White House can help to inform possible paths.', 'Harris was a key part of implementing the Inflation Reduction Act, as she cast the tiebreaking vote to pass the bill as vice president to President Joe Biden.', 'She also backed the Green New Deal while serving in the Senate but has walked back some of her earlier stances that veered further to the progressive left.', ""Harris also said during an interview with CNN that she would not ban fracking, a position she'd taken in her previous bid for the White House."", ""Trump meanwhile has promised to make energy cheaper and focused on drilling for oil in the U.S. He also rolled back major climate policies and has said he would rescind the IRA's unspent dollars if elected."", 'He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.', ""One thing is for sure: Industry analysts are projecting the need for energy to increase significantly, regardless of November's outcome."", '""There [is] lots and lots of new, especially in the electricity space, lots of new demand, [from] the transportation sector, electrification, data centers, artificial intelligence.', 'All of that adds up to a lot of electricity demand,"" said Bresette. ""', 'It is almost difficult to imagine how much more energy we\'re going to need in the future.""']",0.4004869124933135,"So the driver is going to be increasing that need for more secure energy sources, for cheaper energy sources and for cleaner energy sources,"" said Nicole Bulgarino, executive vice president and general manager of federal and utility solutions at Ameresco.","He called the Green New Deal the ""Green New Scam"" at an event at the Economic Club of New York last week.",0.7826720575491587,"Recent data from the Department of Energy showed clean energy employment increased by 142,000 jobs last year, accounting for more than half of new energy-sector jobs.","""As Harris and Trump prepare to debate their policies, neither candidate has put forth a comprehensive plan on energy and climate change so far, leading to uncertainty for the sector.",2024-09-08
"MLB is aiming for a more national strategy, commissioner says",https://www.cnbc.com/2024/09/10/mlb-major-league-baseball-new-course-national-strategy.html,2024-09-11T16:22:44+0000,"Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game.As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred. The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.""We need a more national strategy,"" Manfred told CNBC's Scott Wapner. ""We're blessed with a huge amount of content: 2,430 games. Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country. Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.As for MLB's star power, all three panelists said they're excited about the talent the game has to offer. But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.""I don't know if it's more stars because I think we have stars,"" Sabathia said. ""I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto. It's star pitchers, it's starting pitchers.""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced. The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently. The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons. The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.All three panelists also said it's important to diversify the MLB's audience. They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Major League Baseball is likely on a different trajectory than it was a couple years ago after the league implemented rule changes and renewed its focus on amplifying the talents of the its players, according to MLB Commissioner Rob Manfred.', ""Manfred spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon along with former MLB greats CC Sabathia and Albert Pujols, touching on everything from regional sports networks to why young stars like the Cincinnati Reds' Elly De La Cruz are so important to the game."", 'As part of its changing mentality, the MLB has its sights set on becoming a more national sport, according to Manfred.', 'The league has typically been more regional, including with its broadcasting rights, but Manfred said to grow the sport the way he believes is possible will require a stronger focus on taking MLB games to a bigger audience.', '""We need a more national strategy,"" Manfred told CNBC\'s Scott Wapner. ""', ""We're blessed with a huge amount of content: 2,430 games."", 'Because of the amount of content, I think there will be some local component but I think the strategy needs to be more national and our reach needs to be more national.', '""Meanwhile, the MLB has been one of several leagues affected by the bankruptcy restructuring of Diamond Sports, the largest owner of regional sports networks in the country.', 'Some teams have already parted ways with the regional networks and turned to the MLB itself to produce and air its games instead of Diamond Sports.', ""As for MLB's star power, all three panelists said they're excited about the talent the game has to offer."", 'But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.', '""I don\'t know if it\'s more stars because I think we have stars,"" Sabathia said. ""', 'I think we have [Aaron] Judge, we have [Shohei] Ohtani, We have [Juan] Soto.', ""It's star pitchers, it's starting pitchers."", '""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.', 'The MLB has already tweaked rules to attempt to keep pitchers in the game longer, and the league is reportedly flirting with a minimum inning requirement for starting pitchers, according to ESPN.Major League Baseball has already seen its fair share of changes recently.', 'The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.', 'The shift, or realignment of players in the field, was also pared down, so there is more of an opportunity for batted balls to become hits or for players to make more athletic plays on the batted balls.', ""All three panelists also said it's important to diversify the MLB's audience."", 'They noted that the league officially recognized statistics from the Negro Leagues for the first time earlier this year and has plans to do more work in underserved communities to attract a wider demographic of both players and fans.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2628424095610402,But Sabathia said the league needs to do a better job of creating and marketing star starting pitchers specifically.,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.",0.6657184064388275,"The league instituted rule changes in 2023 that included putting limits on the number of pickoffs as well as installing larger bases, and the result has been a boom in stolen bases the last two seasons.","""As baseball has progressed, pitchers have thrown fewer and fewer innings — meaning the number of complete games and intensity of two elite starters going head-to-head has been reduced.",2024-09-08
The Kansas City Chiefs are the NFL’s current dynasty — here's why they are worth less than teams that regularly miss the playoffs,https://www.cnbc.com/2024/09/06/kansas-city-chiefs-valuation-playoffs-super-bowl.html,2024-09-06T16:47:17+0000,"The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations.That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019. But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect.The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games. For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis. The Chiefs tallied $590 million in revenue last season.Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses. The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets. Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams. Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.The Chiefs can't follow that playbook, at least for now. The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority. That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do. On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer.Chiefs ownership had planned to revamp Arrowhead Stadium. But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation. Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031. Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run. A number of factors drive ticket sales, but having a better record is one way to boost prices. The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista. Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year. The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.",CNBC,06/09/2024,"['The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.', ""The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations."", ""That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019.But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect."", ""The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games."", ""For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis."", 'The Chiefs tallied $590 million in revenue last season.', 'Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses.', 'The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets.', 'Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.', 'Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams.', 'Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.', ""The Chiefs can't follow that playbook, at least for now."", 'The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority.', ""That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do."", ""On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer."", 'Chiefs ownership had planned to revamp Arrowhead Stadium.', 'But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.', ""Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run."", 'A number of factors drive ticket sales, but having a better record is one way to boost prices.', ""The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista."", 'Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year.', 'The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.']",0.2209811471168885,"Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run.","But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.",0.2318344339728355,"A number of factors drive ticket sales, but having a better record is one way to boost prices.",That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do.,2024-09-08
Why the LA Rams are worth $2 billion more than the LA Chargers,https://www.cnbc.com/2024/09/05/los-angeles-rams-vs-chargers-value.html,2024-09-05T19:40:12+0000,"There is a $2 billion gulf growing in Los Angeles.The National Football League's Los Angeles Rams, No. 2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion.While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance. It comes down to stadium economics.Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion. Kroenke owns and operates the stadium. The Chargers, owned by the Spanos family, are just tenants.The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter. That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.The mega tour was a boon for several NFL teams last year. A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023. The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals. But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink. The Rams would keep 100% of that revenue.The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season.It is a unique revenue share structure in the NFL. The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list. That is a significantly smaller margin than the LA teams.Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No. 1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances.The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team.Of course, building your own stadium does not come without risk. SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis. He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise. Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.The Spanos family hasn't done too badly, though. The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million. Similar to the Rams, the Chargers had to pay a $550 million relocation fee. Including the fee, the value of the team has increased 81-fold since August 1984. Over the same span, the S&P 500 is up 53-fold.In stock market parlance, think of the Rams as a growth stock and the Chargers as a dividend play.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['There is a $2 billion gulf growing in Los Angeles.', ""The National Football League's Los Angeles Rams, No."", ""2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion."", ""While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance."", 'It comes down to stadium economics.', 'Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion.', 'Kroenke owns and operates the stadium.', 'The Chargers, owned by the Spanos family, are just tenants.', ""The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter."", 'That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.', 'That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.', 'The mega tour was a boon for several NFL teams last year.', 'A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.', ""Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023."", 'The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals.', 'But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.', 'On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink.', 'The Rams would keep 100% of that revenue.', ""The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season."", 'It is a unique revenue share structure in the NFL.', ""The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list."", 'That is a significantly smaller margin than the LA teams.', 'Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No.', ""1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances."", ""The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team."", 'Of course, building your own stadium does not come without risk.', 'SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.', 'When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis.', 'He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.', ""Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise."", 'Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.', ""The Spanos family hasn't done too badly, though."", 'The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million.', 'Similar to the Rams, the Chargers had to pay a $550 million relocation fee.', 'Including the fee, the value of the team has increased 81-fold since August 1984.', 'Over the same span, the S&P 500 is up 53-fold.', 'In stock market parlance, think of the Rams as agrowth stock and the Chargers as a dividend play.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.1076777153846915,"While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance.","SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.",0.4015174095447247,"Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise.","But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.",2024-09-08
"Boeing Starliner returns to Earth empty, months later than planned",https://www.cnbc.com/2024/09/06/boeing-starliner-leaves-iss-crew-flight-test.html,2024-09-07T04:08:59+0000,"In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June.Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft.It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth. Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday. The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.""We have your backs, and you've got this,"" Williams told mission controllers at NASA's Johnson Space Center in Houston on Friday before the undocking. ""Bring her back to Earth. Good luck.""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned. The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system.Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters. Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA. The agency was hoping to have two competing companies — Boeing and Elon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in losses absorbed already, could threaten the company's future involvement with it.",CNBC,07/09/2024,"[""In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June."", ""Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft."", 'It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth.', 'Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday.', 'The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.', '""We have your backs, and you\'ve got this,"" Williams told mission controllers at NASA\'s Johnson Space Center in Houston on Friday before the undocking. ""', 'Bring her back to Earth.', 'Good luck.', '""The return of Boeing\'s Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.', ""The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system."", ""Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters."", 'Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.', 'But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft\'s issues.', 'The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA.', ""The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.""]",0.0990551097520369,Good luck.,"But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.",-0.2267458041508992,"The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.","""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.",2024-09-08
"No signs of slowing down for sports betting, industry leaders say",https://www.cnbc.com/2024/09/10/no-signs-of-slowing-down-for-sports-betting-industry-leaders-say.html,2024-09-11T16:22:41+0000,"In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices.Of those three companies with sportsbooks, Fanatics is the most junior in the space. The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap.""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue. DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same.Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules. Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy.The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems.""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they're depending on, that's not good for business,"" said FanDuel president Christian Genetski.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['In this articleSports betting is continuing its integration into modern sports culture, and industry leaders do not expect the growth to slow down any time soon.', ""Executives from FanDuel, Fanatics, DraftKings and Sportradar, a firm that provides data to sportsbooks, spoke at CNBC x Boardroom's Game Plan sports business event on Tuesday afternoon, discussing state taxes, new betting trends and the companies' obligations to police safe betting practices."", 'Of those three companies with sportsbooks, Fanatics is the most junior in the space.', ""The Michael Rubin-led company launched its sportsbook last year and later acquired PointsBet's U.S. assets as it plays catch-up to the others, which is not cheap."", '""The good thing about Michael Rubin is he is not scared of making material investments when it\'s something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC\'s Contessa Brewer on stage.', 'Sports betting executives said they are also noticing that bettors are increasingly interested in placing wagers on individual players, as well as making real-time bets during whatever sporting event they are watching.', '""I think you\'ll continue to see sports fans engage more, you\'ll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.', 'As much tailwind as sports betting companies have received from growing legalization and popularity across the country, taxes and ethical concerns have presented difficulties.', 'Several states have a 51% tax on sports betting companies, and Illinois recently approved a tax increase on sports betting revenue.', ""DraftKings attempted to implement a surcharge on winning bets in some states, but the company quickly walked it back after competitor FanDuel's parent company Flutter said it would not do the same."", 'Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.', ""Former NBA player Jontay Porter received a lifetime ban earlier this year for violating the league's betting policy."", ""The speakers also addressed widespread concerns about whether the nature of sports betting companies' business models discourages them from providing proper guardrails to stop gambling problems."", '""We want to have a long-term sustainable business and if we are generating real-world bad impacts for our customers who have people who love them and are important to them in their lives and who they\'re depending on, that\'s not good for business,"" said FanDuel president Christian Genetski.', 'SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1360243937052505,"""The good thing about Michael Rubin is he is not scared of making material investments when it's something that he believes in, and so our view is we want to be a top three player,"" Fanatics Betting and Gaming CEO Matt King told CNBC's Contessa Brewer on stage.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,-0.3323238849639892,"""I think you'll continue to see sports fans engage more, you'll see us focus and serve them more with more personalized bets and markets,"" DraftKings chief business and growth officer Marie Donoghue said.",Sports betting has also garnered negative headlines in recent months as professional sports leagues have struggled to effectively stop players from violating betting and gambling rules.,2024-09-08
The Cowboys are worth $11 billion. Here's how Dallas went from losing $1 million a month to topping the NFL in value,https://www.cnbc.com/2024/09/05/dallas-cowboys-most-valuable-nfl-team.html,2024-09-05T19:40:19+0000,"When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.Back then, there were plenty of empty seats and suites at Texas Stadium. The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.And he did.Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday.The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings. The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list.On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson. In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.By 1992, the Cowboys won the Super Bowl. The team won again in 1993 and then in 1995 with Barry Switzer as the coach.The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday.Jones also innovated quickly off the field. He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money. Jones became the first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL. He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league. In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.Sponsorship agreements have been a huge boon to the Cowboys. This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances.The value of the Cowboys' sponsorship deals has ballooned over the years. The Cowboys moved into their new stadium in 2009. In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year. By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events. The busier it is, the more money he makes. Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city.And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.Even outside football, the stadium is rarely vacant. This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders. Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners.Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995. But there is no doubt he created the economic blueprint for an NFL team. The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.', 'Back then, there were plenty of empty seats and suites at Texas Stadium.', 'The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.', 'And he did.', ""Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday."", ""The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings."", ""The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list."", 'On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.', 'When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.', 'In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.', 'By 1992, the Cowboys won the Super Bowl.', 'The team won again in 1993 and then in 1995 with Barry Switzer as the coach.', ""The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday."", 'Jones also innovated quickly off the field.', 'He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money.', ""Jones becamethe first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL."", 'He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league.', 'In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.', 'Sponsorship agreements have been a huge boon to the Cowboys.', ""This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances."", ""The value of the Cowboys' sponsorship deals has ballooned over the years."", 'The Cowboys moved into their new stadium in 2009.', 'In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year.', 'By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.', 'The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events.', 'The busier it is, the more money he makes.', ""Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city."", 'And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.', 'Even outside football, the stadium is rarely vacant.', 'This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders.', ""Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners."", 'Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995.', 'But there is no doubt he created the economic blueprint for an NFL team.', 'The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.209903516485154,"By 1992, the Cowboys won the Super Bowl.","When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.",0.6667503501687732,"The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.","When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.",2024-09-08
New Starbucks CEO Brian Niccol outlines priorities to end coffee chain's slump,https://www.cnbc.com/2024/09/10/new-starbucks-ceo-brian-niccol-outlines-plans-for-business.html,2024-09-10T20:12:53+0000,"In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain's U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""… In some places — especially in the U.S. — we aren't always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better.""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company's branding.""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering.Later, Niccol plans to address its international business, such as in China, its second-largest market. Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers.""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East. Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.But for Niccol's first 100 days, he plans to spend time in the chain's cafes and offices and meet with key suppliers in the U.S.""Today, I'm making a commitment: We're getting back to Starbucks,"" said Niccol.The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan. The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.Niccol's official first day was Monday. He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street. Now, he is tasked with executing a turnaround for Starbucks.Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer. Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development.In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people. We are woven into the fabric of people's lives and the communities we serve. Second, there's a shared sense that we have drifted from our core. We have an opportunity to make the store experience better for our partners and, in turn, for our customers.Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention. Coffee is our heart. We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts. From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers. We invest in the finest quality beans. Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market. We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees. We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence. Each cup is more than a drink; it's a handcrafted moment, made with care.Our stores have always been more than a place to get a drink. They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista. A visit to Starbucks is about connection and joy, and of course great coffee.Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering. It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better. Today, I'm making a commitment: We're getting back to Starbucks. We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas. This is our enduring identity. We will innovate from here.We'll focus initially on four key areas that we know will have the biggest impact: To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform. This is our plan for the U.S., and where I need to focus my time initially. But Starbucks is a global company. We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day. I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them. In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market. Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong. My focus for the first 100 days is clear. I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps. Together, we will get back to what makes Starbucks, Starbucks. On we go, Brian",CNBC,10/09/2024,"['In this articleNew Starbucks CEO Brian Niccol will focus on improving the chain\'s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday.""…', 'In some places — especially in the U.S. — we aren\'t always delivering,"" Niccol wrote in the open letter addressed to customers, employees and stakeholders. ""', 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', '""Niccol, who calls himself a longtime Starbucks customer, outlined four areas for improvement: the barista experience, morning service, its cafes and the company\'s branding.', '""This is our plan for the U.S., and where I need to focus my time initially,"" Niccol wrote in the letter.', ""To tackle those challenges, Starbucks will invest in tech to improve baristas' working conditions and allow them to craft drinks more quickly, make the company's supply chain more efficient and upgrade its app and mobile ordering."", 'Later, Niccol plans to address its international business, such as in China, its second-largest market.', ""Starbucks' business in China has struggled to bounce back from the Covid-19 pandemic, and increased competition has led the coffee chain to lean more on discounts and promotions to win back customers."", '""In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market,"" Niccol said.', 'He also said the company will try to curb what he called ""misconceptions"" about its brand in the Middle East.', ""Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza."", 'But for Niccol\'s first 100 days, he plans to spend time in the chain\'s cafes and offices and meet with key suppliers in the U.S.""Today, I\'m making a commitment: We\'re getting back to Starbucks,"" said Niccol.', ""The coffee giant named Niccol as chief executive in August, in conjunction with the company's ouster of then-CEO Laxman Narasimhan."", 'The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.', ""Niccol's official first day was Monday."", 'He joined Starbucks from Chipotle Mexican Grill, where he spent six years as chief executive, turning it from a burrito chain in crisis into a consistent favorite of both diners and Wall Street.', 'Now, he is tasked with executing a turnaround for Starbucks.', 'Read the full letter below:An open letter for all partners, customers and stakeholdersAs I step into my first week as ceo, I do so not only as a leader, but as a long-time customer.', ""Over the past few weeks, I've spent time in our stores, speaking with partners and customers, and talking with teams across operations, store design, marketing and product development."", 'In each conversation, two truths emerged: First, Starbucks is a beloved brand with wonderful people.', ""We are woven into the fabric of people's lives and the communities we serve."", ""Second, there's a shared sense that we have drifted from our core."", 'We have an opportunity to make the store experience better for our partners and, in turn, for our customers.', 'Starbucks was founded on a love for high quality coffee — handcrafted by our outstanding green apron partners and enjoyed with intention.', 'Coffee is our heart.', ""We own and operate Hacienda Alsacia, our coffee farm on the slopes of Costa Rica's Volcano Poás, which serves as the heart of our research and innovation efforts."", 'From our network of Farmer Support Centers, Starbucks agronomists share research, education and best practices with local farmers.', 'We invest in the finest quality beans.', 'Our skilled team of roasters carefully prepare these beans in five Starbucks roasting facilities across the U.S., in Amsterdam to serve EMEA markets, in Kunshan for China, and in Karnataka, India, for that growing market.', 'We also operate Starbucks Reserve Roasteries in Milan, Shanghai, Tokyo, New York City, Chicago and Seattle, where we roast small batch Reserve coffees.', 'We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.', ""Each cup is more than a drink; it's a handcrafted moment, made with care."", 'Our stores have always been more than a place to get a drink.', ""They've been a gathering space, a community center where conversations are sparked, friendships form, and everyone is greeted by a welcoming barista."", 'A visit to Starbucks is about connection and joy, and of course great coffee.', ""Many of our customers still experience this magic every day, but in some places — especially in the U.S. — we aren't always delivering."", 'It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic.', 'These moments are opportunities for us to do better.', ""Today, I'm making a commitment: We're getting back to Starbucks."", ""We're refocusing on what has always set Starbucks apart — a welcoming coffeehouse where people gather, and where we serve the finest coffee, handcrafted by our skilled baristas."", 'This is our enduring identity.', 'We will innovate from here.', ""We'll focus initially on four key areas that we know will have the biggest impact:To support this vision for our U.S. business, we're making investments in technology that enhance the partner and customer experience, improve our supply chain and evolve our app and mobile ordering platform."", 'This is our plan for the U.S., and where I need to focus my time initially.', 'But Starbucks is a global company.', 'We operate in 87 markets around the world, where thousands of talented green apron partners share their love of coffee with customers every day.', 'I know I have much to learn from these outstanding teams and I look forward to getting on the road and spending time with them.', 'In China, we need to understand the potential path to capture growth and capitalize on our strengths in this dynamic market.', ""Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong."", 'My focus for the first 100 days is clear.', ""I'll spend time in our stores and at our Support Centers, meeting with key partners and suppliers, and working with our team to drive these critical first steps."", 'Together, we will get back to what makes Starbucks, Starbucks.', 'On we go,Brian']",0.3141595752723734,We design the best equipment for our stores and invest in training for our baristas to ensure every cup reflects our commitment to excellence.,"Many U.S. brands, including Starbucks and McDonald's, have faced boycotts tied to backlash against U.S. support for Israel's offensive in Gaza.",0.303786677973611,"Internationally, we see enormous potential for growth, especially in regions like the Middle East, where we'll work to dispel misconceptions about our brand, and in Asia Pacific, Europe and Latin America, where the love for Starbucks is strong.","The leadership shake-up followed several quarters of slumping sales for Starbucks as demand for its drinks declined, particularly in the U.S. and China.",2024-09-08
"The $100,000 electric truck market is here. A guide to pickups from Tesla, GM, Rivian and Ford",https://www.cnbc.com/2024/09/07/tesla-gm-rivian-and-ford-the-100000-electric-truck-market-is-here.html,2024-09-09T03:00:27+0000,"DETROIT – Tesla, General Motors, Rivian Automotive and Ford Motor have created a new market in the U.S. automotive industry of pricey, powerful and precarious electric pickup trucks that sell for $100,000 or more.Just five years ago, the idea of a customer paying six figures for a pickup truck — historically a work vehicle meant for hauling and towing — was cause for national headlines. But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.""Customers are willing to spend, so automakers are going to give it to them,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""In general, pickup trucks getting more equipment, better features and better materials really just reflects general consumer attitude of wanting more.""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.""If you think about who's actually buying these new EVs, it's definitely, for the [automakers], a different demographic,"" said Stephanie Valdez Streaty, Cox Automotive director of industry insights. ""These are very expensive, very niche vehicles.""There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado. The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms.All those vehicle can get close to or easily top $100,000, including Tesla's ""Cyberbeast"" model for about $120,000 and a limited-edition GMC Hummer for more than $150,000. Kelley Blue Book reports both vehicles transacted for over $100,000 last month — and the Tesla Cybertruck became the best-selling vehicle in the U.S. priced at six figures or more.That compares to the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence. That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.The market is expected to keep growing, but for now I've driven each of those $100,000 vehicles for varying amounts of time. They all drive and handle well, but in varying ways. Here are some thoughts on each:The Tesla Cybertruck is in a league of its own when it comes to pretty much everything — design, function, polarization and features.It is far more ""cyber"" than ""truck."" It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.The Cybertruck, like its GM competitors, also features ""four-wheel steer"" in which all the vehicle's wheels assist in its turning. Compared with a traditional vehicle where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.What the Tesla Cybertruck lacks in traditional ""truck-ness,"" it makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.The vehicle is arguably an experiment for the company in many ways regarding its technologies.The GMC Hummer EV — the first electric truck to hit the market — is the most comparable to the Cybertuck in terms of performance, price and overall gaudiness.Driving the vehicle, whether it's on- or off-road, is an experience. GM has called it the world's first ""supertruck."" It is fast, large and the least efficient consumer EV on sale today, according to the U.S. Environmental Protection Agency. The SUV version is smaller and more manageable to drive than the pickup truck version.Both Hummer variants carry the weight of GM's rapid development of vehicles. They're heavy — estimated at nearly 9,200 pounds for the pickup — compared with every other consumer vehicle on today's market, including their all-electric truck counterparts.While the Hummer EVs can achieve 0-60 miles per hour in 3.5 seconds or less and are extremely capable with their performance parts, the weight of the vehicles can easily be felt when driving them.GM's designers did a nice job of modernizing the Hummer's exterior design for the new EVs, including the ability to remove roof panels. But the interior can feel, much like the vehicles themselves, very bulky.GM's newest all-electric pickup trucks are the Chevrolet Silverado and GMC Sierra Denali, both offering high-end models that cost nearly $100,000.While the GM design team did an exceptional job of separating the looks of the vehicles to appeal to their respective brands, the parts and functionalities of the vehicles are largely the same.Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque. Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger (as long as you can find a compatible charger).The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, GMC's ""crab mode"" with four-wheel steering — shared with the Hummer — and other features.A unique standout feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and segment-leading cargo area.Both the Silverado and Sierra EVs drive well and feel like a ""truck"" but also remain far heavier than their non-GM competitors.Rivian's flagship R1T pickup and R1S SUV remain standouts in the electric truck segment when it comes to outdoor adventure and lifestyle vehicles — emulating the likes of Jeep.The second generation of the vehicles, which were released earlier this year, improved on the ride and quality of the trucks. The R1S driving experience was noticeably smoother than the first generation of the vehicles.While the exterior designs of the vehicles were largely unchanged for the second generation, Rivian says they deliver 10 times more computing power than before. The company also has changed more than half the hardware components.Where the R1T and R1S truly stand out are their interior designs. They're minimalistic, much like Tesla products, but still have enough other controls to appease mainstream, traditional buyers. The functionality and HMI also are impressive.The F-150 Lightning is the most approachable all-electric truck on the market. That includes its starting price of about $63,000, driving dynamics and functionality. It largely operates like a traditional F-150 — but it's electric. That's because it shares many parts with its internal combustion engine siblings.When the F-150 Lightning hit the market, it was the first ""mainstream"" electric truck. It followed the Hummer ""supertruck"" and Rivian R1T, but it was the first true test of such an all-electric vehicle for traditional truck owners.At launch, the vehicle was a standout, but the competition has largely caught up to it or exceeded it when it comes to range, driving dynamics and overall performance, especially when comparing it to the $100,000 trucks above.The F-150 Lightning, which can top $90,000, remains a solid vehicle but for buyers seeking to spend around $100,000 or more, the competition is far more intense than it was when the truck launched in 2022.",CNBC,09/09/2024,"['DETROIT – Tesla, General Motors, Rivian Automotive and Ford Motor have created a new market in the U.S. automotive industry of pricey, powerful and precarious electric pickup trucks that sell for $100,000 or more.', 'Just five years ago, the idea of a customer paying six figures for a pickup truck — historically a work vehicle meant for hauling and towing — was cause for national headlines.', 'But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.', '""Customers are willing to spend, so automakers are going to give it to them,"" said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. ""', 'In general, pickup trucks getting more equipment, better features and better materials really just reflects general consumer attitude of wanting more.', '""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.', '""If you think about who\'s actually buying these new EVs, it\'s definitely, for the [automakers], a different demographic,"" said Stephanie Valdez Streaty, Cox Automotive director of industry insights. ""', 'These are very expensive, very niche vehicles.', '""There are currently a handful of electric trucks for purchase in the U.S. market: the Tesla Cybertruck, Ford F-150 Lightning, Rivian R1T and General Motors\' GMC Hummer EV, GMC Sierra Denali and Chevrolet Silverado.', 'The GMC Hummer and Rivian also have SUV versions, which feature similar functions as their pickup counterparts but in different forms.', 'All those vehicle can get close to or easily top $100,000, including Tesla\'s ""Cyberbeast"" model for about $120,000 and a limited-edition GMC Hummer for more than $150,000.', 'Kelley Blue Book reports both vehicles transacted for over$100,000 last month — and the Tesla Cybertruckbecame the best-selling vehicle in the U.S. priced at six figures or more.', 'That compares to the average price paid for a traditional full-size pickup of $65,713, including average discount incentives of 7%, according to Kelley Blue Book.', 'Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence.', ""That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data."", ""The market is expected to keep growing, but for now I've driven each of those $100,000 vehicles for varying amounts of time."", 'They all drive and handle well, but in varying ways.', 'Here are some thoughts on each:The Tesla Cybertruck is in a league of its own when it comes to pretty much everything — design, function, polarization and features.', 'It is far more ""cyber"" than ""truck.""', 'It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.', 'The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.', 'The Cybertruck, like its GM competitors, also features ""four-wheel steer"" in which all the vehicle\'s wheels assist in its turning.', 'Compared with a traditional vehicle where two wheels turn the vehicle, it makes larger vehicles much easier to maneuver.', 'What the Tesla Cybertruck lacks in traditional ""truck-ness,"" it makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.', 'The vehicle is arguably an experiment for the company in many ways regarding its technologies.', 'The GMC Hummer EV — the first electric truck to hit the market — is the most comparable to the Cybertuck in terms of performance, price and overall gaudiness.', ""Driving the vehicle, whether it's on- or off-road, is an experience."", 'GM has called it the world\'s first ""supertruck.""', 'It is fast, large and the least efficient consumer EV on sale today, according to the U.S. Environmental Protection Agency.', 'The SUV version is smaller and more manageable to drive than the pickup truck version.', ""Both Hummer variants carry the weight of GM's rapid development of vehicles."", ""They're heavy — estimated at nearly 9,200 pounds for the pickup — compared with every other consumer vehicle on today's market, including their all-electric truck counterparts."", 'While the Hummer EVs can achieve 0-60 miles per hour in 3.5 seconds or less and are extremely capable with their performance parts, the weight of the vehicles can easily be felt when driving them.', ""GM's designers did a nice job of modernizing the Hummer's exterior design for the new EVs, including the ability to remove roof panels."", 'But the interior can feel, much like the vehicles themselves, very bulky.', ""GM's newest all-electric pickup trucks are the Chevrolet Silverado and GMC Sierra Denali, both offering high-end models that cost nearly $100,000.While the GM design team did an exceptional job of separating the looks of the vehicles to appeal to their respective brands, the parts and functionalities of the vehicles are largely the same."", 'Both vehicles have an EPA-rated range of 440 miles and offer up to 754 horsepower and 785 pound-feet of torque.', 'Important for many truck customers, they also tow up to 10,000 pounds and can charge for 100 miles in roughly 10 minutes with a DC Fast Charger (as long as you can find a compatible charger).The Sierra is more refined and luxurious than its Chevrolet counterpart: It has open pore wood, larger total screens, GMC\'s ""crab mode"" with four-wheel steering — shared with the Hummer — and other features.', 'A unique standout feature of the Silverado and Sierra EVs compared with others is the capability of a ""midgate,"" in which the back seats of the vehicle fold down and the back glass can come out to create a nearly 11-foot-long truck bed and segment-leading cargo area.', 'Both the Silverado and Sierra EVs drive well and feel like a ""truck"" but also remain far heavier than their non-GM competitors.', ""Rivian's flagship R1T pickup and R1S SUV remain standouts in the electric truck segment when it comes to outdoor adventure and lifestyle vehicles — emulating the likes of Jeep."", 'The second generation of the vehicles, which were released earlier this year, improved on the ride and quality of the trucks.', 'The R1S driving experience was noticeably smoother than the first generation of the vehicles.', 'While the exterior designs of the vehicles were largely unchanged for the second generation, Rivian says they deliver 10 times more computing power than before.', 'The company also has changed more than half the hardware components.', 'Where the R1T and R1S truly stand out are their interior designs.', ""They're minimalistic, much like Tesla products, but still have enough other controls to appease mainstream, traditional buyers."", 'The functionality and HMI also are impressive.', 'The F-150 Lightning is the most approachable all-electric truck on the market.', 'That includes its starting price of about $63,000, driving dynamics and functionality.', ""It largely operates like a traditional F-150 — but it's electric."", ""That's because it shares many parts with its internal combustion engine siblings."", 'When the F-150 Lightning hit the market, it was the first ""mainstream"" electric truck.', 'It followed the Hummer ""supertruck"" and Rivian R1T, but it was the first true test of such an all-electric vehicle for traditional truck owners.', 'At launch, the vehicle was a standout, but the competition has largely caught up to it or exceeded it when it comes to range, driving dynamics and overall performance, especially when comparing it to the $100,000 trucks above.', 'The F-150 Lightning, which can top $90,000, remains a solid vehicle but for buyers seeking to spend around $100,000 or more, the competition is far more intense than it was when the truck launched in 2022.']",0.2756021300472807,"But it has quickly become normal, as automakers attempt to increase profits on traditional trucks and simply make a profit on electric ones.",The vehicle is arguably an experiment for the company in many ways regarding its technologies.,0.7550746103127798,"That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.","""But unlike $100,000 traditional pickup trucks with internal combustion engines that offer superior capabilities compared with their lower-priced counterparts, electric trucks have higher price tags in part because of their technologies, including the costly batteries needed to power the vehicles.",2024-09-08
"After success in Paris, Los Angeles looks to elevate Olympic Games in 2028",https://www.cnbc.com/2024/09/10/paris-los-angeles-olympic-games-2028.html,2024-09-11T16:22:39+0000,"After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games. However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.That includes work on public transportation. Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby. Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""'s in the sign — which Wasserman noted was done with CGI.""That's obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""But I think it's a pretty spectacular opportunity if there was a way to do it.""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city's culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.""""LA is a main character,"" Alba said. ""We want it to be a main character during the Olympics.""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['After a successful 2024 Olympics and Paralympics in Paris, the bar has been set high for the next summer Games in Los Angeles in 2028, something that key stakeholders in that event say the city will be ready for.', 'Los Angeles Mayor Karen Bass told CNBC\'s Andrew Ross Sorkin at CNBC x Boardroom\'s Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.', 'However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.', 'That includes work on public transportation.', 'Bass said she is hoping there will be ""no cars to the venues,"" and that viewers will take public transportation to the Games — a pledge that will require an investment in both bus and subway infrastructure, as well as collaboration with other cities to borrow buses.', 'Bass said the city is also doing ""whatever we can to eliminate street homelessness,"" including building more than 18,000 new units for the unhoused population.', 'Bass said there will also be discussions with companies in Los Angeles around work schedules to shift employees to remote work during periods of high traffic, as well as find ways to shift truck deliveries into the night, like what happened during the 1984 Games.', '""I think there is a way we can organize the region so that traffic will be less and manageable,"" Bass said.', 'LA 2028 President Casey Wasserman attended the Paris Games, an event that he told Ross Sorkin ""reminded people why they fall in love with the Olympics,"" and one he said organizers will look to build upon in Los Angeles.', ""While no new permanent venues will be built for the Los Angeles Games, the first time in Olympics history, there are some challenges in utilizing all the city's landmarks in the way Paris was able to feature famous locations like the Eiffel Tower by hosting beach volleyball nearby."", 'Wasserman said Los Angeles got a glimpse of that with the Olympic Torch handover ceremony, when Tom Cruise scaled the Hollywood Sign and the Olympic Rings replaced the ""OO""\'s in the sign — which Wasserman noted was done with CGI.""That\'s obviously a longer, complicated conversation,"" Wasserman said of altering the Hollywood Sign for the Games. ""', ""But I think it's a pretty spectacular opportunity if there was a way to do it."", '""Actress Jessica Alba, who is on the Los Angeles 2028 board of directors, said the Games will present all different aspects of the city\'s culture, from Hollywood to fashion to food, as ""a global platform to showcase what they got.', '""""LA is a main character,"" Alba said. ""', 'We want it to be a main character during the Olympics.', '""Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2297720162737331,But I think it's a pretty spectacular opportunity if there was a way to do it.,"Los Angeles Mayor Karen Bass told CNBC's Andrew Ross Sorkin at CNBC x Boardroom's Game Plan sports business event on Tuesday that what is making her anxious is ""all that we need to do in our city to prepare"" for the 2028 Games.",0.997119590640068,"However, she said that much like the last time Los Angeles hosted the Olympics in 1984, she believes the city will not only improve to host the Games but will benefit once they are over.",,2024-09-08
JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses,https://www.cnbc.com/2024/09/10/jpmorgan-chase-shares-drop-nearly-7percent-after-bank-tempers-guidance-on-net-interest-income.html,2024-09-10T18:53:06+0000,"In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.""I think that that number will be lower,"" Pinto said. He declined to give a specific figure.Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds. But they also make new assets lower yielding, which complicates the picture.""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""But as you know, we are quite asset sensitive.""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.""There are a bunch of components that tell us that probably the number on expenses will be a bit higher than what is expected at the moment,"" Pinto said.When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",CNBC,10/09/2024,"[""In this articleJPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic."", 'While the bank expects to be in the ""ballpark"" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion ""is not very reasonable"" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.', '""I think that that number will be lower,"" Pinto said.', 'He declined to give a specific figure.', 'Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.', 'JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.', 'But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.', ""NII, one of the main ways banks make money, is the difference in the cost of a bank's deposits and what it earns by lending money or investing it in securities."", 'When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.', 'Falling rates can help banks in the sense that customers will slow the rotation out of checking accounts and into higher-yielding instruments like CDs or money market funds.', 'But they also make new assets lower yielding, which complicates the picture.', '""Clearly, as rates go lower, you have less pressure on repricing of deposits,"" Pinto said. ""', 'But as you know, we are quite asset sensitive.', '""When it comes to expenses, the analyst estimate for next year of roughly $94 billion ""is also a bit too optimistic"" because of lingering inflation and new investments the firm is making, Pinto said.', '""There are a bunch of components that tell us that probably the number on expenseswill be a bit higher than what is expected at the moment,"" Pinto said.', 'When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.', 'The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.']",0.1810416202853788,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","The trading slowdown tracks with Goldman Sachs, which said Monday that trading revenue for the quarter was headed for a 10% drop because of a tough year-over-year comparison and difficult trading conditions in August.",-0.5570460855960846,"JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected.","Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.",2024-09-08
"U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree",https://www.cnbc.com/2024/09/06/us-airlines-cool-hiring-after-adding-employees-post-pandemic.html,2024-09-06T17:38:58+0000,"In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation. Now the industry is cooling its hiring.Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges.A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits. Demand growth has moderated. Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions. Engines are in short supply. Some carriers are deferring airplane deliveries altogether. And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.Since 2019, costs at U.S. carriers have climbed by double-digit percentages. Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.It is more pronounced at low-cost airlines. Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length.Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's.But there have been pullbacks. In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market. Last year, even before the merger fell apart, it offered staff buyouts.Other airlines are easing hiring or finding other ways to cut costs.Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks. A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants. CFO Tammy Romo said on an earnings call in July that the company's headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier's ""controlled hiring levels.""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023. It plans to hire 1,600 pilots, down from more than 2,300 last year.It's a departure from the previous years when airlines couldn't hire employees fast enough. U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.Airlines shed tens of thousands of employees in 2020 to try to stem record losses. Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents. It also led to the worst pilot shortage in recent memory.In response, companies — especially regional carriers — offered big bonuses to attract pilots.But times have changed. Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.""We will be hiring for the foreseeable future at levels like that,"" he said at the time.Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.""Demand for travel is still there,"" he said. ""I don't see a long-term slowdown.""",CNBC,06/09/2024,"['In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation.', 'Now the industry is cooling its hiring.', ""Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges."", ""A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits."", 'Demand growth has moderated.', 'Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions.', 'Engines are in short supply.', 'Some carriers are deferring airplane deliveries altogether.', 'And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.', 'Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.', 'Since 2019, costs at U.S. carriers have climbed by double-digit percentages.', ""Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth."", 'It is more pronounced at low-cost airlines.', ""Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length."", ""Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's."", 'But there have been pullbacks.', ""In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market."", 'Last year, even before the merger fell apart, it offered staff buyouts.', 'Other airlines are easing hiring or finding other ways to cut costs.', 'Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks.', 'A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.', '""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants.', 'CFO Tammy Romo said on an earnings call in July that the company\'s headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier\'s ""controlled hiring levels.', '""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023.', 'It plans to hire 1,600 pilots, down from more than 2,300 last year.', ""It's a departure from the previous years when airlines couldn't hire employees fast enough."", 'U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.', 'Airlines shed tens of thousands of employees in 2020 to try to stem record losses.', 'Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.', 'Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents.', 'It also led to the worst pilot shortage in recent memory.', 'In response, companies — especially regional carriers — offered big bonuses to attract pilots.', 'But times have changed.', 'Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.', 'American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.', '""We will be hiring for the foreseeable future at levels like that,"" he said at the time.', 'Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.', '""Demand for travel is still there,"" he said. ""', 'I don\'t see a long-term slowdown.""']",0.0107841422019011,"In response, companies — especially regional carriers — offered big bonuses to attract pilots.","In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market.",-0.0160007004080147,"Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.",A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits.,2024-09-08
Goldman Sachs to post $400 million hit to third-quarter results as it unwinds consumer business,https://www.cnbc.com/2024/09/09/goldman-sachs-to-post-400-million-hit-in-third-quarter-over-consumer-business.html,2024-09-09T22:28:43+0000,"In this articleGoldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month.It is the latest turbulence related to Solomon's push into consumer retail. In late 2022, Goldman began to pivot away from its nascent consumer operations, beginning a series of write-downs related to selling chunks of the business. Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators.Goldman is instead focusing on asset and wealth management to help drive growth. The bank was in talks to sell the GM Card platform to Barclays, The Wall Street Journal reported in April.Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.",CNBC,09/09/2024,"['In this articleGoldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.', ""CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month."", ""It is the latest turbulence related to Solomon's push into consumer retail."", 'In late 2022, Goldman began to pivot away from its nascent consumer operations, beginning a series of write-downs related to selling chunks of the business.', ""Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators."", 'Goldman is instead focusing on asset and wealth management to help drive growth.', 'The bank was in talks to sell the GM Card platform to Barclays, The Wall Street Journal reported in April.', 'Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.']",0.0037113556770549,Goldman is instead focusing on asset and wealth management to help drive growth.,Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.,-0.4991736114025116,"Goldman's credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses and friction with regulators.",Solomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.,2024-09-08
Red Lobster cleared to exit Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/05/red-lobster-bankruptcy-court-approves-plan-to-exit-chapter-11.html,2024-09-05T20:55:27+0000,"A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month. Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group. Red Lobster will operate as an independent company.After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.At least nine other restaurant chains have filed for bankruptcy protection this year. High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.",CNBC,05/09/2024,"[""A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy."", 'The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May.', ""Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending."", 'As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month.', ""Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster."", 'Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.', '""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""', 'With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.', '""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group.', 'Red Lobster will operate as an independent company.', 'After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.', 'At least nine other restaurant chains have filed for bankruptcy protection this year.', 'High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.']",0.1324025730152566,"With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",0.0023897687594095,"""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",2024-09-08
"Streaming deals are key to future of NFL viewership, fandom",https://www.cnbc.com/2024/09/10/streaming-deals-are-key-to-future-of-nfl-viewership-fandom.html,2024-09-11T16:22:47+0000,"The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience.When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""Thursday Night Football"" found its exclusive home on Amazon's Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.And that was just the beginning. The following year, the NFL's ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google's YouTube TV. Comcast's NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service. Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""That led us, in part, to retain the rights for live games on mobile phones.""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off. It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.The expansion into streaming has carried over into this season. Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers.""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games.Similarly, Lori Conkling, YouTube global head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.The majority of the NFL's media rights deals are sewn up with traditional broadcast partners. Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services. The majority of viewership still comes from traditional TV, according to ratings data.Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds. Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming. The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast's NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally."", ""Hans Schroeder, the NFL's executive vice president of media distribution, said at CNBC x Boardroom's Game Plan sports business event on Tuesday that the league's recent slew of exclusive streaming deals with media companies showcases its push to grow its audience."", 'When the NFL signed an 11-year, $111 billion media rights deal in 2021, streaming was already part of the mix. ""', 'Thursday Night Football"" found its exclusive home on Amazon\'s Prime Video under that deal, while other legacy media broadcast partners got the green light to begin streaming games on their services.', 'And that was just the beginning.', 'The following year, the NFL\'s ""Sunday Ticket"" package that allows viewers to see out-of-market games went to Google\'s YouTube TV.', 'Comcast\'s NBCUniversal started streaming ""Sunday Night Football"" games on Peacock alongside its regular broadcast, and it later landed an exclusive Wild Card game that would only show on its streaming service.', 'Streaming giant Netflix then secured a deal to air games on Christmas Day, beginning this year.', '""I think these latest steps are the latest in a journey that goes back probably 15 years ago, where we had a meeting with Steve Jobs and a small group of us,"" Schroeder said, referring to when the former Apple CEO showed the group an early iteration of the iPhone and described how it would affect consumers. ""', 'That led us, in part, to retain the rights for live games on mobile phones.', '""Schroeder said that was the first of various steps the NFL took to get its current day, in which much of its media rights strategy is focused on streaming.', 'The NFL Wild Card game that aired exclusively on Peacock earlier this year was a sign the strategy is paying off.', 'It is considered the most-streamed live event in history with 27.6 million viewers, according to Nielsen.', '""I think for us that was maybe the most transformative moment in the last few years that we could put a Wild Card game, one of the truly highest valuable, highest viewed games of the year [on Peacock],"" Schroeder said.', 'The expansion into streaming has carried over into this season.', ""Last week, the NFL's first-ever game in Brazil was available exclusively on Peacock, averaging 14 million viewers."", '""I give the NFL a lot of credit putting the white lab coat on with us and experimenting,"" said NBC Sports President Rick Cordella at the Game Plan event.', ""He noted that Peacock's sports strategy started with its launch in 2020 with English Premier League games, along with other sports like the NFL, and will keep growing in the 2025-26 season with NBA games."", 'Similarly, Lori Conkling,YouTubeglobal head of TV, film and sports partnerships, said during the Tuesday session that the data the company has across its various platforms shows high sports viewership and underscores why ""Sunday Ticket"" made sense as an offering.', ""The majority of the NFL's media rights deals are sewn up with traditional broadcast partners."", 'Live sports broadcasts have maintained a large audience on traditional TV, even as consumers flee the cable bundle for streaming services.', 'The majority of viewership still comes from traditional TV, according to ratings data.', ""Schroeder said Tuesday that the NFL's strategy exists in both the traditional TV and streaming worlds."", 'Still, the league has said it wants to grow its fanbase and move in the same direction as the consumer, which is toward streaming.', 'The league has also been trying to expand beyond its U.S. footprint, and playing games overseas is just part of the equation.', '""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""', ""And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states."", '""Netflix will stream NFL games for the next three years, with two games being streamed this year on the platform, and at least one matchup in both 2025 and 2026.Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.1544150106787163,"""The Netflix deal will maybe be the first of its kind that is truly global,"" Schroeder said. ""","And for us, I think there's expectations that our global audience alone is going to rival what a window would do in the states.",0.9992067085372076,The National Football League's bet on streaming is paying off — and helping to broaden its fanbase in the U.S. and globally.,,2024-09-08
CNBC's Official NFL Team Valuations 2024: Here's how the 32 franchises stack up,https://www.cnbc.com/2024/09/05/official-nfl-team-valuations-2024.html,2024-09-06T22:04:55+0000,"Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations.Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian. The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season.Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners. Among the factors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers.With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,06/09/2024,"[""Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations."", 'Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian.', ""The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season."", 'Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners.', ""Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour."", ""Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers."", ""With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.3617868445240871,"This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.",,0.9807581305503844,"Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.",,2024-09-08
"Nelson Peltz steps down as chair of Wendy's board, starting a new era for burger chain",https://www.cnbc.com/2024/09/09/nelson-peltz-steps-down-as-chair-of-wendys-board.html,2024-09-09T19:28:17+0000,"In this articleNelson Peltz is stepping down as chair of Wendy's, ending a 17-year reign at the fast-food chain.Wendy's said Friday that the change is effective immediately.Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump. Shares of the burger chain have fallen more than 12% this year, dragging its market value down to $3.45 billion. Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.""In our view, [Peltz's departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner,"" T.D. Cowen analyst Andrew Charles wrote in a note to clients Monday. Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.Peltz will assume the title of chairman emeritus. He is stepping down to devote more time to his other board commitments and Trian Partners' future activities, according to Wendy's.Peltz and Trian Fund Management have a combined 15% stake in Wendy's. Trian first invested in Wendy's in 2005, when the fund was created. With Peltz's departure, the firm holds two board seats at the fast-food company.Trian said it was exploring a takeover of Wendy's in 2022, but later decided against it.Winkleblack, who previously served as CFO at H.J. Heinz, is now non-executive chair of Wendy's board. Winkleblack has been a director since 2016.Clarification: This story has been updated to include the combined ownership stake of Trian and Peltz.",CNBC,09/09/2024,"[""In this articleNelson Peltz is stepping down as chair of Wendy's, ending a 17-year reign at the fast-food chain."", ""Wendy's said Friday that the change is effective immediately."", ""Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump."", 'Shares of the burger chain have fallen more than 12% this year, dragging its market value down to $3.45 billion.', 'Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.', '""In our view, [Peltz\'s departure] opens the door for a new chapter under new Chairman Art Winkleblack & new CEO Kirk Tanner,"" T.D. Cowen analyst Andrew Charles wrote in a note to clients Monday.', 'Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.', 'Peltz will assume the title of chairman emeritus.', ""He is stepping down to devote more time to his other board commitments and Trian Partners' future activities, according to Wendy's."", ""Peltz and Trian Fund Management have a combined 15% stake in Wendy's."", ""Trian first invested in Wendy's in 2005, when the fund was created."", ""With Peltz's departure, the firm holds two board seats at the fast-food company."", ""Trian said it was exploring a takeover of Wendy's in 2022, but later decided against it."", ""Winkleblack, who previously served as CFO at H.J. Heinz, is now non-executive chair of Wendy's board."", 'Winkleblack has been a director since 2016.Clarification: This story has been updated to include the combined ownership stake of Trian and Peltz.']",0.0833869336555255,Wendy's said Friday that the change is effective immediately.,"Still, he maintained a ""hold"" rating for the stock, citing its lack of diversification compared with other restaurant peers.",-0.570005014538765,"Earlier this year, PepsiCo veteran Kirk Tanner stepped in as CEO and laid out plans to invest millions of dollars into updates to its mobile app and advertising to boost the business.","Peltz's exit comes as low-income consumers eat out less, causing Wendy's sales to slump.",2024-09-08
"Women's sports are on an upward trajectory as fans, brands engage",https://www.cnbc.com/2024/09/10/womens-sports-upward-trajectory-fans-brands.html,2024-09-11T16:22:42+0000,"The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League. They're only going to get bigger.""We've finally reached the point where it isn't a question as to whether this is a moment and it's going to pass or whether it's going to stand the test of time, because it isn't just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom's Game Plan sports business event on Tuesday.Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes. And those leagues are sharing best practices so that all women's sports can get a boost.""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.And fans aren't the only one taking notice. Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association.Gotfredson noted that fans of women's sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men's sports and male athletes. She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues.""It's still a small percentage of brands spending in women's sports,"" she said. ""It continues to get bigger.""Cameron Brink, a forward on the WNBA's Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.""Even though my [WNBA] contract may not be as much as I'm making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday's panel. ""My success on court leads to success off court.""Both Brink and USC's women's basketball star JuJu Watkins agreed that more women's sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch."" Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.Yet Berman said women's leagues have a lot of catching up to do. The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.""Men's sports have been around for hundreds of years and have decades of experience,"" Berman said. ""You can't catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"[""The fervor and passion surrounding women's sports aren't going to go away, said Jessica Berman, commissioner of the National Women's Soccer League."", ""They're only going to get bigger."", '""We\'ve finally reached the point where it isn\'t a question as to whether this is a moment and it\'s going to pass or whether it\'s going to stand the test of time, because it isn\'t just an isolated set of circumstances that have been successful, like one sport or one league or one event,"" Berman said during CNBC x Boardroom\'s Game Plan sports business event on Tuesday.', ""Berman noted that women's sports used to only account for around 5% of sports media coverage and now account for closer to 15%, showing a pattern of success across leagues and athletes."", ""And those leagues are sharing best practices so that all women's sports can get a boost."", '""We\'re trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.', ""And fans aren't the only one taking notice."", ""Sara Gotfredson, founder of Trailblazing Sports Group, said Tuesday that there's a strong business case for brands to get in on the ground floor for burgeoning leagues like the NWSL and the Women's National Basketball Association."", 'Gotfredson noted that fans of women\'s sports are ""fanning differently"" and are more engaged ""from a brand partner perspective"" than those who follow men\'s sports and male athletes.', ""She called out brands like Google, Ally Bank and AT&T as leaders in the space that are seeing the value in building equity with fledgling women's sports leagues."", '""It\'s still a small percentage of brands spending in women\'s sports,"" she said. ""', 'It continues to get bigger.', '""Cameron Brink, a forward on the WNBA\'s Los Angeles Sparks has been endorsed by a number of brands including New Balance, Urban Decay and Legal Zoom.', '""Even though my [WNBA] contract may not be as much as I\'m making off the court, that is how I show up in the space and what I love to do,"" she said during Tuesday\'s panel. ""', 'My success on court leads to success off court.', '""Both Brink and USC\'s women\'s basketball star JuJu Watkins agreed that more women\'s sports games need to be more accessible for fans, with Brink saying ""keep showing it and making it easier to watch.""', 'Brink said that right now fans have to ""jump through so many hoops"" to watch games staring female athletes.', 'Gotfredson, too, noted that there needs to be more coverage of these leagues on linear television as well as on podcasts, YouTube shows and other media.', ""Yet Berman said women's leagues have a lot of catching up to do."", 'The NWSL, she noted, is only 13 years old and only recently became independent from the United States Soccer Federation.', '""Men\'s sports have been around for hundreds of years and have decades of experience,"" Berman said. ""', 'You can\'t catch up to 100 years in 10.""SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.3104146595019921,And those leagues are sharing best practices so that all women's sports can get a boost.,"""We're trying to grow our share of the pie; no fight over our tiny little sliver of the pie,"" she said.",0.930249101585812,And those leagues are sharing best practices so that all women's sports can get a boost.,,2024-09-08
Top 10 people most likely to reach trillionaire status,https://www.cnbc.com/2024/09/06/top-10-people-most-likely-to-reach-trillionaire-status.html,2024-09-06T19:14:32+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire.""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil's soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate. At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday. Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.And what about individuals? According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report. His wealth would have to continue growing at an average annual rate of 112%. Nvidia's stock is already up about 115% this year, after more than tripling last year.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific. The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion. The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10. Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No. 12, and wouldn't become a trillionaire until 2036. Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.Granted, wealth-watchers have been predicting the first trillionaire for years. And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.",CNBC,06/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', ""On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire."", '""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil\'s soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.', '""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate.', ""At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday."", 'Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.', 'And what about individuals?', 'According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.', ""Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index."", ""Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate."", 'If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report.', 'His wealth would have to continue growing at an average annual rate of 112%.', ""Nvidia's stock is already up about 115% this year, after more than tripling last year."", 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific."", ""The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion."", 'The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.', ""Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10."", ""Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No."", ""12, and wouldn't become a trillionaire until 2036."", 'Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.', 'Granted, wealth-watchers have been predicting the first trillionaire for years.', 'And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.', 'Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.']",0.3647585353608322,Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10.,,0.9471810460090636,"Nvidia's stock is already up about 115% this year, after more than tripling last year.",,2024-09-08
Federal Reserve unveils toned-down banking regulations in victory for Wall Street,https://www.cnbc.com/2024/09/10/federal-reserve-unveils-new-banking-regulation-in-wall-street-victory.html,2024-09-10T20:16:24+0000,"A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""There are benefits and costs to increasing capital requirements. The changes we intend to make will bring these two important objectives into better balance.""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading. But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations.The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands. Now, it looks like those efforts have paid off.But big banks aren't the only ones to benefit. Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.That part will likely boost capital requirements by 3% to 4% over time, Barr said. It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates.Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid.It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation.""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital.""Reaction to Barr's proposal was swift and predictable; Sen. Elizabeth Warren, D-Mass., called it a gift to Wall Street.""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.""The American Bankers Association, a trade group, said it welcomed Barr's announcement but stopped short of giving its approval to the latest version of the regulation. ""We will carefully review this new proposal with our members, recognizing that America's banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.",CNBC,10/09/2024,"['A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will be forced to hold.', ""Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr."", 'The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution.', '""This process has led us to conclude that broad and material changes to the proposals are warranted,"" Barr said in the remarks. ""', 'There are benefits and costs to increasing capital requirements.', 'The changes we intend to make will bring these two important objectives into better balance.', '""The original proposal, a long-in-the-works response to the 2008 global financial crisis, sought to boost safety and tighten oversight of risky activities including lending and trading.', ""But by raising the capital that banks are required to hold as a cushion against losses, the plan could've also made loans more expensive or harder to obtain, pushing more activity to nonbank providers, according to trade organizations."", ""The earlier version brought howls of protest from industry executives including JPMorgan Chase CEO Jamie Dimon, who helped lead the industry's efforts to push back against the demands."", 'Now, it looks like those efforts have paid off.', ""But big banks aren't the only ones to benefit."", 'Regional banks with between $100 billion and $250 billion in assets are excluded from the latest proposal, except for a requirement that they recognize unrealized gains and losses on securities in their regulatory capital.', 'That part will likely boost capital requirements by 3% to 4% over time, Barr said.', ""It's an apparent response to the failures last year of midsized banks caused by deposit runs tied to unrealized losses on bonds and loans amid sharply higher interest rates."", 'Key parts of the proposal that apply to big banks bring several measures of risk more in line with international standards, while the original draft was more onerous for things such as mortgages and retail loans, Barr said.', 'It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.', 'Barr said he will push to resubmit the proposed Basel Endgame regulations, as well as a separate set of capital surcharge rules for the biggest global institutions, which starts anew a public review process that has already taken longer than a year.', ""That means it won't be finalized until well after the November election, which creates the risk that if Republican candidate Donald Trump wins, the rules could be further weakened or never implemented, a situation that some regulators and lawmakers hoped to avoid."", ""It's unclear if the changes appease the industry and their constituents; banks and their trade groups have threatened to litigate to prevent the original draft's implementation."", '""The journey to improve capital requirements since the Global Financial Crisis has been a long one, and Basel III Endgame is an important element of this effort,"" Barr said. ""', ""The broad and material changes to both proposals that I've outlined today would better balance the benefits and costs of capital."", '""Reaction to Barr\'s proposal was swift and predictable; Sen.Elizabeth Warren, D-Mass., called it a gift to Wall Street.', '""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. ""', 'After years of needless delay, rather than bolster the security of the financial system, the Fed caved to the lobbying of big bank executives.', '""The American Bankers Association, a trade group, said it welcomed Barr\'s announcement but stopped short of giving its approval to the latest version of the regulation. ""', 'We will carefully review this new proposal with our members, recognizing that America\'s banks are already well-capitalized and ... any increase in capital requirements will still carry a cost for the economy and must be appropriately tailored,"" said ABA President Rob Nichols.']",0.1216997929046676,"Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would have boosted capital requirements for the world's largest banks by roughly 19%.Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed Vice Chair for Supervision Michael Barr.","It also cuts the risk weighting for tax credit equity funding structures, often used to finance green energy projects; tempers a surcharge proposed for firms with a history of operational failures; and recognizes the relatively lower-risk nature of investment management operations.",0.3015129069487254,"That part will likely boost capital requirements by 3% to 4% over time, Barr said.","""The revised bank capital standards are a Wall Street giveaway, increasing the risk of a future financial crisis and keeping taxpayers on the hook for bailouts,"" Warren said in an emailed statement. """,2024-09-08
The Green Bay Packers are the one NFL team owned by its fans. Here's how it works,https://www.cnbc.com/2024/09/06/green-bay-packers-stock-ownership-team-valuation.html,2024-09-09T14:27:43+0000,"Only one National Football League team has an ownership structure that resembles a publicly traded company.The Green Bay Packers, who are the 12th most-valuable NFL franchise at $6.3 billion, according to CNBC's Official 2024 NFL Team Valuations, are the only publicly owned team in the league. The franchise is completely owned by stockholders, many of them Packers fans, in a structure established more than 100 years ago.The Packers have had six stock offerings — which kicked off in 1923, 1935, 1950, 1997, 2011, 2021 — resulting in more than 5.2 million outstanding shares owned by more than 538,000 people, according to the team's 2024 media guide.The shares pay no dividend, are nontransferable outside of passing to a child or relative and do not have any intrinsic market value. Shareholders get to attend the team's annual meeting and vote for a board of directors, but the team says owners do not make any financial gains from ownership. The only way a shareholder receives any money is by selling their stake back to the team, and even that is for a percentage of the original share price.For 2023, the team took in $638 million in revenue, and its earnings before interest, taxes, depreciation and amortization were $128 million. The Packers are a nonprofit, and the only member of the team's seven-person executive committee who gets compensation is the president.The Packers' annual revenue goes toward paying players, maintaining Lambeau Field and marketing, among other expenses. The share offerings throughout the years have been used to pull the team out of rocky financial situations and do larger renovations of Lambeau Field.The unique structure puts the Packers among the teams that newly approved private equity investors will be least interested in. Even deep-pocketed investors cannot use their funds to generate a return.There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares. Current rules allow approved private equity firms to own up to 10% of a franchise, but even if the Packers wanted a firm to own that much of the team, it is unlikely to entice private equity investors.Since the stock offerings are so infrequent, the biggest barrier to Packers fans owning a piece of the team is not money — it's timing. In the first offering in 1923, one share cost $5. Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.The unique ownership structure is one of several ways the Packers stand as an outlier in the NFL. Green Bay is the smallest television market of any of the 32 teams, and it does not have the high level of tourism that other cities with NFL teams such as Las Vegas, Miami, New York and Los Angeles receive.It also often draws the ire of other fans and organizations because of its long-term stability at quarterback as the team transitioned from Brett Favre to Aaron Rodgers to Jordan Love.The Packers kick off their season Friday against the Philadelphia Eagles led by Love, who recently signed a four-year, $220 million extension with the organization. Correction: This story was updated to reflect that the Packers are the only publicly owned team in the NFL.",CNBC,09/09/2024,"['Only one National Football League team has an ownership structure that resembles a publicly traded company.', ""The Green Bay Packers, who are the 12th most-valuable NFL franchise at $6.3 billion, according to CNBC's Official 2024 NFL Team Valuations, are the only publicly owned team in the league."", 'The franchise is completely owned by stockholders, many of them Packers fans, in a structure established more than 100 years ago.', ""The Packers have had six stock offerings — which kicked off in 1923, 1935, 1950, 1997, 2011, 2021 — resulting in more than 5.2 million outstanding shares owned by more than 538,000 people, according to the team's 2024 media guide."", 'The shares pay no dividend, are nontransferable outside of passing to a child or relative and do not have any intrinsic market value.', ""Shareholders get to attend the team's annual meeting and vote for a board of directors, but the team says owners do not make any financial gains from ownership."", 'The only way a shareholder receives any money is by selling their stake back to the team, and even that is for a percentage of the original share price.', 'For 2023, the team took in $638 million in revenue, and its earnings before interest, taxes, depreciation and amortization were $128 million.', ""The Packers are a nonprofit, and the only member of the team's seven-person executive committee who gets compensation is the president."", ""The Packers' annual revenue goes toward paying players, maintaining Lambeau Field and marketing, among other expenses."", 'The share offerings throughout the years have been used to pull the team out of rocky financial situations and do larger renovations of Lambeau Field.', 'The unique structure puts the Packers among the teams that newly approved private equity investors will be least interested in.', 'Even deep-pocketed investors cannot use their funds to generate a return.', ""There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares."", 'Current rules allow approved private equity firms to own up to 10% of a franchise, but even if the Packers wanted a firm to own that much of the team, it is unlikely to entice private equity investors.', ""Since the stock offerings are so infrequent, the biggest barrier to Packers fans owning a piece of the team is not money — it's timing."", 'In the first offering in 1923, one share cost $5.', 'Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.', 'The unique ownership structure is one of several ways the Packers stand as an outlier in the NFL.', 'Green Bay is the smallest television market of any of the 32 teams, and it does not have the high level of tourism that other cities with NFL teams such as Las Vegas, Miami, New York and Los Angeles receive.', 'It also often draws the ire of other fans and organizations because of its long-term stability at quarterback as the team transitioned from Brett Favre to Aaron Rodgers to Jordan Love.', 'The Packers kick off their season Friday against the Philadelphia Eagles led by Love, who recently signed a four-year, $220 million extension with the organization.', 'Correction: This story was updated to reflect that the Packers are the only publicly owned team in the NFL.']",0.3003485931879254,"There is a 200,000 share per person ownership cap — less than 4% of the team's outstanding shares.",,0.9990346431732178,"Even though the price has increased throughout the years to as high as $300 for an offering that started in 2021, it is still a tiny fraction of the $6.49 billion average valuation of an NFL team today.",,2024-09-08
SEC charges Keurig Dr Pepper over claims about K-Cups' recyclability,https://www.cnbc.com/2024/09/10/sec-charges-keurig-dr-pepper-over-k-cup-recyclability-.html,2024-09-10T15:50:24+0000,"In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings.As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade. The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate. A 2018 lawsuit over recycling claims led to a $10 million class-action settlement. By the end of 2020, K-Cups became fully recyclable, according to the company.But before the company reached that milestone, it was already telling investors that the pods could be recycled.Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled. However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn't intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers. Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing.In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities. We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""",CNBC,10/09/2024,"['In this articleThe Securities and Exchange Commission has charged Keurig Dr Pepper over what the agency said are inaccurate claims by the company about the recyclability of its disposable K-Cup pods, the agency said Tuesday.', ""Keurig has agreed to pay a $1.5 million civil penalty without admitting or denying the agency's findings."", ""As consumers have become more conscious of their carbon footprints, questions about K-Cups' environmental impact have dogged Keurig for more than a decade."", 'The pods\' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.', 'A 2018 lawsuit over recycling claims led to a $10 million class-action settlement.', 'By the end of 2020, K-Cups became fully recyclable, according to the company.', 'But before the company reached that milestone, it was already telling investors that the pods could be recycled.', 'Keurig said in its annual reports for fiscal 2019 and 2020 that testing with recycling facilities found that K-Cups could be effectively recycled.', 'However, the SEC said the company failed to disclose that two of the largest U.S. recyclers told Keurig that they didn\'t intend to accept the disposable coffee pods for recycling and had expressed ""significant concerns"" about the financial viability of recycling K-Cups collected curbside.', ""The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers."", ""Research conducted earlier by a Keurig subsidiary found that environmental concerns were a key factor that some shoppers considered when buying a Keurig coffee machine, according to the SEC.In Keurig's fiscal second quarter, sales of K-Cup pods and the company's brewing systems accounted for nearly a quarter of the company's revenue, according to a company filing."", 'In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.', '""""Our K-Cup pods are made from recyclable polypropylene plastic (also known as #5 plastic), which is widely accepted in curbside recycling systems across North America,"" the spokesperson said. ""', 'We continue to encourage consumers to check with their local recycling program to verify acceptance of pods, as they are not recycled in many communities.', 'We remain committed to a better, more standardized recycling system for all packaging materials through KDP actions, collaboration and smart policy solutions.""']",0.1870494846688524,"In a statement, a company spokesperson said, ""We are pleased to have reached an agreement that fully resolves this matter.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",0.2126299500465393,"The company's claims could have swayed some consumers, boosting sales of both K-Cups and its brewers.","The pods' inventor told the Atlantic that he feels bad ""sometimes"" about creating K-Cups because of the waste they generate.",2024-09-08
Starboard moves to collapse News Corp's dual class stock in challenge to Rupert Murdoch,https://www.cnbc.com/2024/09/06/starboard-moves-to-collapse-news-corps-dual-class-stock-in-challenge-to-rupert-murdoch.html,2024-09-09T22:04:42+0000,"In this articleActivist investor Starboard Value moved Friday to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter.The push was made via a non-binding shareholder resolution, said the people. News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock.News Corp in a Monday statement said that the conglomerate had ""thrived under the current structure,"" and indicated that it would oppose Starboard's proposal.Starboard owns roughly 2% of the company's Class A shares, according to FactSet data. Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it's something to consider as well. But there are easier paths to create a lot of value.""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company. His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push. Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.Representatives for News Corp and Starboard did not immediately return requests for comment.",CNBC,09/09/2024,"[""In this articleActivist investor Starboard Value moved Friday to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter."", 'The push was made via a non-binding shareholder resolution, said the people.', ""News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock."", 'News Corp in a Monday statement said that the conglomerate had ""thrived under the current structure,"" and indicated that it would oppose Starboard\'s proposal.', ""Starboard owns roughly 2% of the company's Class A shares, according to FactSet data."", 'Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.', 'Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it\'s something to consider as well.', 'But there are easier paths to create a lot of value.', '""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.', 'Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company.', ""His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push."", 'Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.', 'News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.', 'Representatives for News Corp and Starboard did not immediately return requests for comment.']",0.2513626478317659,But there are easier paths to create a lot of value.,,-0.0223099589347839,But there are easier paths to create a lot of value.,"His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push.",2024-09-08
"NFL's games in Brazil, Europe are key to more revenue growth, Goodell says",https://www.cnbc.com/2024/09/06/nfl-brazil-game-packers-eagles-key-to-growth-goodell-says.html,2024-09-06T18:23:33+0000,"The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.As the NFL enters the Southern Hemisphere, professional football has never been stronger financially. Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations.But as the league tries to sustain its growth, international markets are a priority.Ahead of the league's inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC's ""Squawk Box"" that the league aims to become an international sports property. This season, the NFL will play five games abroad in Europe and South America. By next season, the league will play eight games overseas.""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""It creates a spark and everything seems to really take off after that point in time,"" he added.Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.""When [the players] get back to their home cities tomorrow, they'll be on a similar time zone, and eight days before their next game,"" Goodell said. Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""This is all part of learning how many games we can play,"" Goodell said.As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners.The league had two sponsorship deals in Germany before it played games there starting in 2022. Today, the NFL has 15 agreements.The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.This program, currently in its third year, gives teams marketing rights in other countries. This season, 25 franchises are participating in the program across 19 international markets.Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans.The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024. Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform.""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.Yet, Goodell said 85% of NFL games are still available on broadcast television.""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,06/09/2024,"['The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.', 'As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.', ""Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations."", 'But as the league tries to sustain its growth, international markets are a priority.', 'Ahead of the league\'s inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC\'s ""Squawk Box"" that the league aims to become an international sports property.', 'This season, the NFL will play five games abroad in Europe and South America.', 'By next season, the league will play eight games overseas.', '""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""', 'It creates a spark and everything seems to really take off after that point in time,"" he added.', 'Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.', '""When [the players] get back to their home cities tomorrow, they\'ll be on a similar time zone, and eight days before their next game,"" Goodell said.', 'Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""', 'This is all part of learning how many games we can play,"" Goodell said.', ""As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners."", 'The league had two sponsorship deals in Germany before it played games there starting in 2022.', 'Today, the NFL has 15 agreements.', 'The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.', 'This program, currently in its third year, gives teams marketing rights in other countries.', 'This season, 25 franchises are participating in the program across 19 international markets.', 'Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.', ""Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans."", ""The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024."", ""Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform."", '""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.', 'Yet, Goodell said 85% of NFL games are still available on broadcast television.', '""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans\' enjoyment of it,"" he added.', 'Disclosure: NBCUniversal is the parent company of CNBC.']",0.1936332263215934,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.","As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.",0.9907737572987876,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.",,2024-09-08
Rising NFL valuations mean massive returns for owners. Here's how good the investment is,https://www.cnbc.com/2024/09/05/rising-nfl-valuations-massive-returns-for-owners.html,2024-09-05T23:08:18+0000,"A National Football League team today is a $6.5 billion business.That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations. Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.Take, for example, the Houston Texans, No. 11 on CNBC's 2024 value rankings. Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time. The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year.That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl.And the Texans aren't alone.Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale. The Washington Commanders and the Denver Broncos — No. 13 and No. 14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years. The Miami Dolphins, No. 8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.The escalation in football team values is largely the result of the league's massive and growing media deals.The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals.Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal.The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements. The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available.A rising tide lifts all boats in the NFL. The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts. In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally.When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles. The small-market Kansas City Chiefs, No. 18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.But there is still a wide chasm in team values, largely due to stadiums. Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.Last year, that made a bigger difference than usual.Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field. One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter.The revenue sharing and salary-cap agreements also make the league very profitable.During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million. The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue. But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team. The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue. Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.When teams do change hands, they have proven to be a smart investment.The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989. The S&P 500 is up just 18-fold since Jones bought the Cowboys.The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue. Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.The Los Angeles Rams, No. 2 on CNBC's 2024 valuations list, were also No. 2 in revenue, with $825 million. The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink.The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion. Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams. European soccer leagues such as the English Premier League have also.The NFL followed suit just last week. The league owners voted to allow a select group of private equity firms — Ares Management, Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises. The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.Even the lowest-valued team on CNBC's list, the Cincinnati Bengals, is worth $5.25 billion.Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion. Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar. An earlier version misidentified the interested party.",CNBC,05/09/2024,"['A National Football League team today is a $6.5 billion business.', ""That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations."", 'Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.', 'Take, for example, the Houston Texans, No.', ""11 on CNBC's 2024 value rankings."", 'Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time.', ""The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year."", ""That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl."", ""And the Texans aren't alone."", 'Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale.', 'The Washington Commanders and the Denver Broncos — No.', '13 and No.', ""14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years."", 'The Miami Dolphins, No.', ""8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis."", ""The escalation in football team values is largely the result of the league's massive and growing media deals."", ""The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals."", 'Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.', 'On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.', ""Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal."", 'The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements.', 'The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.', ""All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available."", 'A rising tide lifts all boats in the NFL.', 'The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts.', ""In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally."", 'When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles.', 'The small-market Kansas City Chiefs, No.', ""18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five."", 'But there is still a wide chasm in team values, largely due to stadiums.', 'Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.', 'Last year, that made a bigger difference than usual.', ""Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field."", 'One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.', ""The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter."", 'The revenue sharing and salary-cap agreements also make the league very profitable.', ""During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million."", 'The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.', ""Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue."", 'But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.', ""The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue."", 'Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.', 'When teams do change hands, they have proven to be a smart investment.', ""The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989."", 'The S&P 500 is up just 18-fold since Jones bought the Cowboys.', 'The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue.', 'Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.', 'The Los Angeles Rams, No.', ""2 on CNBC's 2024 valuations list, were also No."", '2 in revenue, with $825 million.', ""The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink."", 'The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion.', 'Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.', 'The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.', 'For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams.', 'European soccer leagues such as the English Premier League have also.', 'The NFL followed suit just last week.', 'The league owners voted to allow a select group of private equity firms — Ares Management,Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity,Blackstone,Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises.', 'The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.', ""Even the lowest-valued team onCNBC's list, the Cincinnati Bengals, is worth $5.25 billion."", ""Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion."", 'Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.', ""Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.', 'Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar.', 'An earlier version misidentified the interested party.']",0.1869807015248435,"18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.","8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.",0.7355286203897916,The S&P 500 is up just 18-fold since Jones bought the Cowboys.,"But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.",2024-09-08
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/11/restaurant-chain-burgerfi-files-for-chapter-11-bankruptcy-protection.html,2024-09-11T17:59:27+0000,"In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo. Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.BurgerFi, known for its higher-quality burgers, was founded in 2011. It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny. Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",CNBC,11/09/2024,"['In this articleBurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after it warned investors it had ""substantial doubt"" about its ability to operate.', 'The company joins the growing list of restaurant chains that have resorted to bankruptcy to turn around their businesses, from Red Lobster to Buca di Beppo.', 'Broadly, the restaurant industry has seen chains, independents and franchisees alike struggle with declining traffic and high interest rates.', 'BurgerFi, known for its higher-quality burgers, was founded in 2011.', 'It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.', ""Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million."", 'BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.', 'For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million.', 'Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.']",0.0222703114031558,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Months later, the company bought Anthony's Coal Fired Pizza & Wings for $156.6 million.",-0.5973716616630554,"It went public in 2020 through a deal with a special purpose acquisition company, which briefly became a popular alternative to a traditional IPO due to their speed and reduced regulatory scrutiny.","Same-store sales at its namesake burger chain tumbled 13%.Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.",2024-09-08
DirecTV customers miss 'Monday Night Football' NFL game as carriage fight with Disney continues,https://www.cnbc.com/2024/09/09/directv-customers-might-miss-monday-night-football-amid-disney-fight.html,2024-09-10T21:24:10+0000,"In this articleMillions of DirecTV customers missed the NFL's opening ""Monday Night Football"" game on ESPN as the company has yet to reach a deal with network parent Disney.Disney's TV networks went dark on Sept. 1 for DirecTV's customers amid a carriage battle over fees and bundling. Those networks include pay-TV channels ESPN and FX, as well as broadcast network ABC in some markets.Disney and DirecTV did not reach a deal in time for ""Monday Night Football,"" a 32-19 San Francisco 49ers victory over the New York Jets. However, negotiations are still ongoing and a deal could come as early as this week, people familiar with the matter said.On Tuesday, Disney said it wanted to open a three-hour window of ABC News coverage to allow DirecTV customers in markets that are unable to access ABC to watch Tuesday night's presidential debate. But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.""Disney added that it is still at the negotiating table with DirecTV.The satellite and streaming company called Disney anti-consumer as DirecTV is pushing for an option in which it could create genre-specific bundles, such as kids, entertainment and news, which Disney opposes.As a result of the fight, DirecTV customers were unable to see the U.S. Open and the first full weekend of the college football season.Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV. ESPN is said to reap some of the highest fees paid by pay-TV companies to carry the network and its sister channels, CNBC previously reported.Meanwhile, sports have long been considered the glue holding the traditional pay-TV bundle together as customers flee for streaming services. There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.DirecTV's carriage fight comes as its latest ad campaign has highlighted its streaming options to woo consumers.""The Walt Disney Co. is once again refusing any accountability to consumers, distribution partners, and now the American judicial system,"" said Rob Thun, DirecTV's chief content officer, in a release last week.Last month, a U.S. judge temporarily blocked sports streaming service Venu — a joint venture between Disney, Fox Corp. and Warner Bros. Discovery — from launching in time for the NFL season. The lawsuit was started by internet TV bundle provider Fubo TV and supported by DirecTV and EchoStar's Dish.The lawsuit argued there were antitrust concerns related to Venu. The companies also argued Venu would be detrimental to their businesses as it would offer a sports-only bundle. Pay-TV distributors have argued they are losing customers at a fast clip due to high programming costs that have caused the price the bundle to soar when streaming was initially a more inexpensive option.DirecTV alerted customers on Friday to competitor alternatives for watching ESPN and also said it would provide a $30 credit to customers.On Saturday, DirecTV said it filed a complaint with the Federal Communications Commission, stating that Disney failed to negotiate in good faith.DirecTV has said that Disney has ""insisted that DirecTV agree to a 'clean slate' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney's anticompetitive demands, which would include filing good faith complaints at the Commission.""Disney has said that it is ""open to offering DirecTV flexibility and terms which we've extended to other distributors,"" and added that it ""will not enter into an agreement that undervalues our portfolio of television channels and programs.""""We never want to black out. It's not good for either side. It's not good for the customer, of course. We did everything we could,"" ESPN chairman Jimmy Pitaro said on CNBC last week.Disney later added that more than 90% of DirecTV households watched its channels every month last year, and has the highest performing content on the platform, citing Nielsen. The company also said it has proposed a variety of packages to DirecTV and is also asking for rates that are in line with other distribution partners.The NFL in particular is often the reason carriage disputes have been resolved. The most recent example happened only last year.Last September, cable giant Charter Communications and Disney went through a similar battle that ultimately lasted 10 days. However, Charter and Disney reached a deal hours ahead of ""Monday Night Football"" that allowed customers to tune in that night.Last year Charter had argued the pay-TV business model was broken, noting that programmers like Disney had siphoned much of their content for their streaming services. In response, Charter pushed for its customers to receive access to Disney's ad-supported streaming apps, Disney+ and ESPN+, at no additional cost.ESPN's Pitaro referenced those negotiations that took place with Charter a year ago in his remarks last week.""While we know that deal was very hard to get done … I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against,"" Pitaro said on CNBC.The dispute between DirecTV and Disney has led to mudslinging between the two companies reminiscent of most carriage fights.In this case, ESPN reporter Adam Schefter called out on social media platform X the Monday matchup on ESPN between the Jets and 49ers, noting what other platforms DirecTV subscribers could sign up for to catch the game.DirecTV also expressed its displeasure.""Disney is in the business of creating alternate realities, but this is the real world where we believe you earn your way and must answer for your own actions,"" DirecTV's Thun said in a release. ""They want to continue to chase maximum profits and dominant control at the expense of consumers – making it harder for them to select the shows and sports they want at a reasonable price.""",CNBC,10/09/2024,"['In this articleMillions of DirecTV customers missed the NFL\'s opening ""Monday Night Football"" game on ESPN as the company has yet to reach a deal with network parent Disney.', ""Disney's TV networks went dark on Sept. 1 for DirecTV's customers amid a carriage battle over fees and bundling."", 'Those networks include pay-TV channels ESPN and FX, as well as broadcast network ABC in some markets.', 'Disney and DirecTV did not reach a deal in time for ""Monday Night Football,"" a 32-19 San Francisco 49ers victory over the New York Jets.', 'However, negotiations are still ongoing and a deal could come as early as this week, people familiar with the matter said.', ""On Tuesday, Disney said it wanted to open a three-hour window of ABC News coverage to allow DirecTV customers in markets that are unable to access ABC to watch Tuesday night's presidential debate."", 'But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.', '""Disney added that it is still at the negotiating table with DirecTV.The satellite and streaming company called Disney anti-consumer as DirecTV is pushing for an option in which it could create genre-specific bundles, such as kids, entertainment and news, which Disney opposes.', 'As a result of the fight, DirecTV customers were unable to see the U.S. Open and the first full weekend of the college football season.', 'Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV.', 'ESPN is said to reap some of the highest fees paid by pay-TV companies to carry the network and its sister channels, CNBC previously reported.', 'Meanwhile, sports have long been considered the glue holding the traditional pay-TV bundle together as customers flee for streaming services.', 'There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.', ""DirecTV's carriage fight comes as its latest ad campaign has highlighted its streaming options to woo consumers."", '""The Walt Disney Co. is once again refusing any accountability to consumers, distribution partners, and now the American judicial system,"" said Rob Thun, DirecTV\'s chief content officer, in a release last week.', 'Last month, a U.S. judge temporarily blocked sports streaming service Venu — a joint venture between Disney, Fox Corp. and Warner Bros. Discovery — from launching in time for the NFL season.', ""The lawsuit was started by internet TV bundle provider Fubo TV and supported by DirecTV and EchoStar's Dish."", 'The lawsuit argued there were antitrust concerns related to Venu.', 'The companies also argued Venu would be detrimental to their businesses as it would offer a sports-only bundle.', 'Pay-TV distributors have argued they are losing customers at a fast clip due to high programming costs that have caused the price the bundle to soar when streaming was initially a more inexpensive option.', 'DirecTV alerted customers on Friday to competitor alternatives for watching ESPN and also said it would provide a $30 credit to customers.', 'On Saturday, DirecTV said it filed a complaint with the Federal Communications Commission, stating that Disney failed to negotiate in good faith.', 'DirecTV has said that Disney has ""insisted that DirecTV agree to a \'clean slate\' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney\'s anticompetitivedemands, which would include filing good faith complaints at the Commission.', '""Disney has said that it is ""open to offering DirecTV flexibility and terms which we\'veextended to other distributors,"" and added that it ""will not enter into an agreement that undervalues our portfolio of television channels and programs.', '""""We never want to black out.', ""It's not good for either side."", ""It's not good for the customer, of course."", 'We did everything we could,"" ESPN chairman Jimmy Pitaro said on CNBC last week.', 'Disney later added that more than 90% of DirecTV households watched its channels every month last year, and has the highest performing content on the platform, citing Nielsen.', 'The company also said it has proposed a variety of packages to DirecTV and is also asking for rates that are in line with other distribution partners.', 'The NFL in particular is often the reason carriage disputes have been resolved.', 'The most recent example happened only last year.', 'Last September, cable giant Charter Communications and Disney went through a similar battle that ultimately lasted 10 days.', 'However, Charter and Disney reached a deal hours ahead of ""Monday Night Football"" that allowed customers to tune in that night.', 'Last year Charter had argued the pay-TV business model was broken, noting that programmers like Disney had siphoned much of their content for their streaming services.', ""In response, Charter pushed for its customers to receive access to Disney's ad-supported streaming apps, Disney+ and ESPN+, at no additional cost."", ""ESPN's Pitaro referenced those negotiations that took place with Charter a year ago in his remarks last week."", '""While we know that deal was very hard to get done … I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against,"" Pitaro said on CNBC.The dispute between DirecTV and Disney has led to mudslinging between the two companies reminiscent of most carriage fights.', 'In this case, ESPN reporter Adam Scheftercalled out on social media platform X the Monday matchup on ESPN between the Jets and 49ers, noting what other platforms DirecTV subscribers could sign up for to catch the game.', 'DirecTV also expressed its displeasure.', '""Disney is in the business of creating alternate realities, but this is the real world where we believe you earn your way and must answer for your own actions,"" DirecTV\'s Thun said in a release. ""', 'They want to continue to chase maximum profits and dominant control at the expense of consumers – making it harder for them to select the shows and sports they want at a reasonable price.""']",-0.0667450526593535,"DirecTV has said that Disney has ""insisted that DirecTV agree to a 'clean slate' provision and a covenant not to sue, both of which are intended to prevent DirecTV from taking legal action regarding Disney's anticompetitivedemands, which would include filing good faith complaints at the Commission.","But DirecTV rejected that plan, saying consumers had other options and that a temporary return of channels would ""cause customer confusion.",-0.3863855451345444,"Live sports continue to attract big audiences and, in turn, high media rights deals, which in turn have created some of the most expensive networks on TV.","There have been 4 million pay-TV customer losses this year to date, according to a recent MoffettNathanson report.",2024-09-08
Automakers are getting back into advertising’s biggest arena: NFL,https://www.cnbc.com/2024/09/07/automakers-up-nfl-advertising-after-pullback.html,2024-09-11T15:41:08+0000,"Automakers are rushing back into advertising during the National Football League season after a slowdown in recent years.Toyota Motor Corporation, Hyundai Motor Company and the Detroit automakers are among those expected to capitalize on the NFL and its games as main advertising platforms in the coming months. Toyota in particular is entering football season as the ""Official Automotive Partner of the NFL,"" a first for the world's largest automaker.""There [are] so many variables that can impact budgets, but automakers are starting to pick back up,"" said Ryan Briganti, head of ad sales at Paramount's CBS Sports, which airs NFL games each week on CBS and Paramount+. ""We have autos advertising across the whole portfolio.""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell. The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels. But vehicle inventory levels have been growing amid high interest rates and economic fears, and automakers are turning to live sports, especially the NFL, to help promote new products.General Motors, for one, expects to increase advertising spend by more than $400 million during the second half of the year compared to the first six months to promote new or redesigned vehicles. GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels.The NFL is a crucial piece of advertising strategy for automakers. During last year's NFL season, from September to February, about 44% of the automotive ad spend budgets in national TV were for the NFL, according to media planning and data company Guideline. That compares to 31% of budgets across all sectors, the company reports. ""The impact of the NFL on the automotive advertising industry is really very, very substantial,"" said Alberto Leyes, head of product strategy at Guideline. NFL games dominate viewership on traditional TV. Last year's NFL regular season games averaged 17.9 million viewers, according to Nielsen. The Super Bowl, meanwhile, drew 123.7 million average viewers. The NFL's consistent viewership — despite customers fleeing the pay TV bundle — has led to a surge in the value of its media rights deals, which have in turn been a significant driver of NFL team valuations. Today, an NFL team is worth an average of $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations.The advertising market overall has shown signs of a rebound this year, particularly for streaming and digital players. Across the board, live sports still fetch the most significant ad spends, downturn or not.""We've seen a much stronger growth in 2024 than we've seen in any of the post-Covid years,"" Leyes said regarding overall media spend. ""We know we are going to have a strong second half of the year as well, with the return of NFL.""Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Disney, which airs ""Monday Night Football"" on its TV networks and streaming, namely ESPN, has seen ""positive, continuous double-digit growth over the last five years"" when it comes to automakers' ad spending, said Andrew Messina, senior vice president of sales at Disney Advertising. Messina noted growth especially from Hyundai, Mercedes-Benz, Nissan Motor and Chrysler parent Stellantis.Brands have also begun expanding commitments to include sponsorship opportunities alongside ad spots, Messina said. Automakers own ""key marketing real estate"" on ""Sunday Night Football,"" which airs on Comcast's broadcast network NBC and streaming service Peacock, said Mark Marshall, NBCUniversal's chairman of global advertising and partnerships. While traditional TV still drives the dominant share of auto ads, there has been an increased presence on Peacock, which has streamed exclusive NFL games in the past year. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes.""For auto brands in particular, we've seen 139% year-over-year growth as they look to be more precise with their media spend in a complex U.S. market,"" said Jenny Wall, chief marketing officer at TV measurement company VideoAmp.Toyota, as the ""Official Automotive Partner of the NFL,"" launched a new ad campaign for the NFL season this week called ""Roll Deep.""It debuted an ""anthem spot"" for the campaign. Toyota also had a prominent role in the NFL's first game of the season Thursday night.For Toyota, it kicks off what will be a ""season-long schedule of content across linear broadcast, digital, paid social and in-game formats,"" the automaker said. Toyota decided on the new partnership with the NFL after an overall review of its marketing and advertising spend, according to Dedra DeLilli, vice president of Toyota North America marketing communications.The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.""The most appealing aspect of this partnership is we have access to 218 million highly diverse, highly engaged fans of the NFL. That's almost 72% of the population. You are not going to find scalability and diversity like that in any other U.S. sport,"" DeLilli said.""It's a match made in heaven,"" she said.DeLilli declined to disclose Toyota's ad spend for the NFL. It follows a successful partnership with the Olympics and Paralympics this year in Paris.Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.  Hyundai will continue to have a prominent role during NFL broadcasts, including as presenting sponsor of NBC's Sunday Night Football kickoff show for the seventh consecutive year.The company declined to provide details of its spending plans, but Hyundai Motor America CEO Randy Parker said the company's spend is expected to be level from last year.""We want to catch consumers when they're watching television live,"" he told CNBC. ""We do think from a strategic perspective that's really, really important. … Especially sporting events, you can see the number of eyeballs increase year over year over year.""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW: The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.",CNBC,11/09/2024,"['Automakers are rushing back into advertising during the National Football League season after a slowdown in recent years.', 'Toyota Motor Corporation, Hyundai Motor Company and the Detroit automakers are among those expected to capitalize on the NFL and its games as main advertising platforms in the coming months.', 'Toyota in particular is entering football season as the ""Official Automotive Partner of the NFL,"" a first for the world\'s largest automaker.', '""There [are] so many variables that can impact budgets, but automakers are starting to pick back up,"" said Ryan Briganti, head of ad sales at Paramount\'s CBS Sports, which airs NFL games each week on CBS and Paramount+. ""', 'We have autos advertising across the whole portfolio.', '""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell.', 'The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels.', 'But vehicle inventory levels have been growing amid high interest rates and economic fears, and automakers are turning to live sports, especially the NFL, to help promote new products.', 'General Motors, for one, expects to increase advertising spend by more than $400 million during the second half of the year compared to the first six months to promote new or redesigned vehicles.', 'GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels.', 'The NFL is a crucial piece of advertising strategy for automakers.', ""During last year's NFL season, from September to February, about 44% of the automotive ad spend budgets in national TV were for the NFL, according to media planning and data company Guideline."", 'That compares to 31% of budgets across all sectors, the company reports.', '""The impact of the NFL on the automotive advertising industry is really very, very substantial,"" said Alberto Leyes, head of product strategy at Guideline.', 'NFL games dominate viewership on traditional TV.', ""Last year's NFL regular season games averaged 17.9 million viewers, according to Nielsen."", 'The Super Bowl, meanwhile, drew 123.7 million average viewers.', ""The NFL's consistent viewership — despite customers fleeing the pay TV bundle — has led to a surge in the value of its media rights deals, which have in turn been a significant driver of NFL team valuations."", ""Today, an NFL team is worth an average of $6.49 billion, according toCNBC's Official 2024 NFL Team Valuations."", 'The advertising market overall has shown signs of a rebound this year, particularly for streaming and digital players.', 'Across the board, live sports still fetch the most significant ad spends, downturn or not.', '""We\'ve seen a much stronger growth in 2024 than we\'ve seen in any of the post-Covid years,"" Leyes said regarding overall media spend. ""', 'We know we are going to have a strong second half of the year as well, with the return of NFL.""Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot.', 'Disney, which airs ""Monday Night Football"" on its TV networks and streaming, namely ESPN, has seen ""positive, continuous double-digit growth over the last five years"" when it comes to automakers\' ad spending, said Andrew Messina, senior vice president of sales at Disney Advertising.', 'Messina noted growth especially from Hyundai, Mercedes-Benz, Nissan Motor and Chrysler parent Stellantis.', 'Brands have also begun expanding commitments to include sponsorship opportunities alongside ad spots, Messina said.', 'Automakers own ""key marketing real estate"" on ""Sunday Night Football,"" which airs on Comcast\'s broadcast network NBC and streaming service Peacock, said Mark Marshall, NBCUniversal\'s chairman of global advertising and partnerships.', 'While traditional TV still drives the dominant share of auto ads, there has been an increased presence on Peacock, which has streamed exclusive NFL games in the past year.', 'Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%.', 'Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes.', '""For auto brands in particular, we\'ve seen 139% year-over-year growth as they look to be more precise with their media spend in a complex U.S. market,"" said Jenny Wall, chief marketing officer at TV measurement company VideoAmp.', 'Toyota, as the ""Official Automotive Partner of the NFL,"" launched a new ad campaign for the NFL season this week called ""Roll Deep.', '""It debuted an ""anthem spot"" for the campaign.', ""Toyota also had a prominent role in the NFL's first game of the season Thursday night."", 'For Toyota, it kicks off what will be a ""season-long schedule of content across linear broadcast, digital, paid social and in-game formats,"" the automaker said.', 'Toyota decided on the new partnership with the NFL after an overall review of its marketing and advertising spend, according to Dedra DeLilli, vice president of Toyota North America marketing communications.', 'The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.', '""The most appealing aspect of this partnership is we have access to 218 million highly diverse, highly engaged fans of the NFL.', ""That's almost 72% of the population."", 'You are not going to find scalability and diversity like that in any other U.S. sport,"" DeLilli said.', '""It\'sa match made in heaven,"" she said.', ""DeLilli declined to disclose Toyota's ad spend for the NFL."", 'It follows a successful partnership with the Olympics and Paralympics this year in Paris.', 'Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.', ""Hyundai will continue to have a prominent role during NFL broadcasts, including as presenting sponsor of NBC's Sunday Night Football kickoff show for the seventh consecutive year."", ""The company declined to provide details of its spending plans, but Hyundai Motor America CEO Randy Parker said the company's spend is expected to be level from last year."", '""We want to catch consumers when they\'re watching television live,"" he told CNBC. ""', ""We do think from a strategic perspective that's really, really important. …"", 'Especially sporting events, you can see the number of eyeballs increase year over year over year.', '""Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.', 'NBCUniversal owns NBC Sports and NBC Olympics.', 'NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.SIGN UP NOW:The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.']",0.2135135509589681,"The automaker had previously advertised and run sponsorships around NFL games, but felt the best value for its media spend was in upping the partnership to become the official automotive sponsor of the league.",The Covid-19 pandemic and supply chain problems caused historically low vehicle inventory levels.,0.6637014174461364,"Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%.","""The automotive industry significantly pulled back advertising and marketing budgets in recent years because it did not have enough vehicles to sell.",2024-09-08
Southwest Chair Kelly to step down next year as activist Elliott pushes for changes at airline,https://www.cnbc.com/2024/09/10/southwest-chair-kelly-to-step-down-next-year-as-activist-elliott-pushes-for-changes-at-airline.html,2024-09-10T15:37:11+0000,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.""Now is the time for change. It's time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""The wisdom comes in knowing what to change and what not to change.""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier's co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company's annual shareholder meeting next spring. The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022. The firm said Southwest has had ""stunning underperformance"" under their leadership.On Tuesday, Kelly's statement said Southwest's board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest's board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott's candidates,"" Kelly said.Elliott in a statement said the mass departure was ""unprecedented.""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott's John Pike and Bobby Xu said. But the activist said further change at the airline ""remains urgent.""The activist investor crossed the 10% threshold needed to call a special meeting last week. Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying. It also plans to offer overnight, or ""redeye,"" flights next year.Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.",CNBC,10/09/2024,"['In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.', '""Now is the time for change.', 'It\'s time to shake things up, not just stir them a bit,"" Kelly said in a letter to shareholders. ""', 'The wisdom comes in knowing what to change and what not to change.', '""Kelly, 69, who has worked at Southwest for nearly four decades and has been chairman since the carrier\'s co-founder, Herb Kelleher, retired in 2008, announced he would step down after the company\'s annual shareholder meeting next spring.', 'The announcement came after a meeting with Elliott, which has been calling for leadership changes at the Dallas-based carrier.', 'Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, 63, who has also spent almost four decades at the carrier and took over from Kelly in 2022.', 'The firm said Southwest has had ""stunning underperformance"" under their leadership.', 'On Tuesday, Kelly\'s statement said Southwest\'s board and leadership ""unanimously support Bob Jordan as CEO.""Six of Southwest\'s board members will retire in November, and the company will appoint four new independent directors ""in the near future, including due consideration of up to three of Elliott\'s candidates,"" Kelly said.', 'Elliott in a statement said the mass departure was ""unprecedented.', '""""We are pleased that the board is beginning to recognize the degree of change that will be required,"" Elliott\'s John Pike and Bobby Xu said.', 'But the activist said further change at the airline ""remains urgent.', '""The activist investor crossed the 10% threshold needed to call a special meeting last week.', 'Elliott has previously mounted campaigns at companies like AT&T, Salesforce and Texas Instruments, but it had never publicly pushed for change at an airline before.', 'Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired.', 'The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.', 'Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.', 'But in July, it announced it would offer extra legroom on its aircraft and do away with its open seating policy, the biggest changes in its more than 50 years of flying.', 'It also plans to offer overnight, or ""redeye,"" flights next year.', 'Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.']",0.1308589160546362,The wisdom comes in knowing what to change and what not to change.,"In this articleSouthwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shake-up, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management.",0.0009162873029708,"Southwest for years resisted modifications to its simple business model that changed the U.S. airline industry, and earned nearly unbroken decades of profits, which helped it build an investment-grade balance sheet.","The carrier has struggled as it faces an oversupplied domestic U.S. market, higher costs and aircraft delivery delays from Boeing, its sole supplier.",2024-09-08
"Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering 'extreme bargains'",https://www.cnbc.com/2024/09/09/big-lots-bankruptcy-plans-sale-and-store-closures.html,2024-09-09T14:44:41+0000,"In this articleDiscount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor. As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt and liabilities, court records show. The company, which runs more than 1,300 stores across 48 states, is one of the country's largest closeout retailers and specializes in offering bargain-basement pricing on all things home. It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.In a press release and court filings, Big Lots said it will operate its business normally but has started the process of closing nearly 300 stores so it can fix its balance sheet and reduce costs.""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience."" Evan Glucoft, managing director at Nexus, said the firm is ""confident"" that Big Lots' ""greatest days are ahead."" ""We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer,"" said Glucoft. Big Lots has been teetering near the edge for months after high interest rates and a sluggish housing market slowed consumer demand for new furniture, decor and other home supplies. While discount retailers tend to do well in rough economic cycles, Big Lots primarily caters to lower- and middle-income consumers, who have curbed discretionary spending at a higher rate than their more affluent counterparts. ""The company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,"" Big Lots said in a news release. ""The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company's revenue."" Beyond macroeconomic conditions, Big Lots also operates in a highly competitive space and has struggled to differentiate itself from other discounters that offer home goods or specialize in the category, such as Wayfair, Walmart and TJX Cos.' Home Goods.""Big Lots is not always good value for money. Many of the items it sells are not high end and are not drastically expensive, but equivalents can often be found much cheaper at other stores, including Walmart,"" Neil Saunders, managing director of GlobalData, said in a note.""The other issue [is] the assortment is very jumbled and muddled, which is partly a function of the way the business operates,"" Saunders added. ""However, there is far too much choice and not nearly enough treasure for consumers to be enticed by. This creates an unsatisfactory shopping experience, especially compared to other players operating in the discount space, such as off-price retailers.""As part of the bankruptcy process, Big Lots will hold a court-supervised auction for its business. It could go to a different buyer if they make a bid that's higher than Nexus' offer. It's working with law firm Davis Polk & Wardwell, investment bank Guggenheim Securities and advisory firm AlixPartners. A&G Real Estate Partners has been tapped as Big Lots' real estate advisor, while Nexus will be represented by law firm Kirkland & Ellis.",CNBC,09/09/2024,"['In this articleDiscount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor.', 'As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt and liabilities, court records show.', ""The company, which runs more than 1,300 stores across 48 states, is one of the country's largest closeout retailers and specializes in offering bargain-basement pricing on all things home."", 'It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.', 'In a press release and court filings, Big Lots said it will operate its business normally but has started the process of closing nearly 300 stores so it can fix its balance sheet and reduce costs.', '""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""', 'As we move through this process, we remain committed to offering extreme bargains, enabling easy shopping in our stores and online, and providing an outstanding customer experience.', '""Evan Glucoft, managing director at Nexus, said the firm is ""confident"" that Big Lots\' ""greatest days are ahead.', '""""We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America\'s leading extreme value retailer,"" said Glucoft.', 'Big Lots has been teetering near the edge for months after high interest rates and a sluggish housing market slowed consumer demand for new furniture, decor and other home supplies.', 'While discount retailers tend to do well in rough economic cycles, Big Lots primarily caters to lower- and middle-income consumers, who have curbed discretionary spending at a higher rate than their more affluent counterparts.', '""The company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,"" Big Lots said in a news release. ""', ""The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company's revenue."", '""Beyond macroeconomic conditions, Big Lots also operates in a highly competitive space and has struggled to differentiate itself from other discounters that offer home goods or specialize in the category, such as Wayfair, Walmart and TJX Cos.\'', 'Home Goods.', '""Big Lots is not always good value for money.', 'Many of the items it sells are not high end and are not drastically expensive, but equivalents can often be found much cheaper at other stores, including Walmart,"" Neil Saunders, managing director of GlobalData, said in a note.', '""The other issue [is] the assortment is very jumbled and muddled, which is partly a function of the way the business operates,"" Saunders added. ""', 'However, there is far too much choice and not nearly enough treasure for consumers to be enticed by.', 'This creates an unsatisfactory shopping experience, especially compared to other players operating in the discount space, such as off-price retailers.', '""As part of the bankruptcy process, Big Lots will hold a court-supervised auction for its business.', ""It could go to a different buyer if they make a bid that's higher than Nexus' offer."", ""It's working with law firm Davis Polk & Wardwell, investment bank Guggenheim Securities and advisory firm AlixPartners."", ""A&G Real Estate Partners has been tapped as Big Lots' real estate advisor, while Nexus will be represented by law firm Kirkland & Ellis.""]",0.1189303260990671,"""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""","It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.",-0.1764213720957438,"""The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,"" CEO Bruce Thorn said in a news release. ""","It brought in about $4.7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic-era demand for home furnishings dropped.",2024-09-08
"What are winter fuel payments and pension credit, and how do you claim?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"A political storm is swirling following the government's decision to withdraw help with energy bills from millions of pensioners. But what is the winter fuel payment and how can hundreds of thousands of eligible pensioners ensure they still receive it? Winter fuel payments, until now, have been paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay their bill. But in July, Chancellor Rachel Reeves announced the payment would now be made only to those on low incomes who received certain benefits. It means more than 10 million pensioners will no longer receive the money. While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out. While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment. The benefit is separate from other support such as Cold Weather Payments and the Warm Home Discount. This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit. It is usually paid automatically in November or December. Although paid without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit. This is a state pension top up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. Disabled people, those caring for someone, and those with housing costs could be eligible despite these factors. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit, in order to receive the winter fuel payment, is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications. Charities can help go through the process.  The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland. In total, that's about £20bn more than total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While the total is extremely hard to put an accurate figure on, social policy and analytics company Policy in Practice estimates that £23bn was unclaimed in a year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"[""A political storm is swirling following the government's decision to withdraw help with energy bills from millions of pensioners."", 'But what is the winter fuel payment and how can hundreds of thousands of eligible pensioners ensure they still receive it?', 'Winter fuel payments, until now, have been paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay their bill.', 'But in July, Chancellor Rachel Reeves announced the payment would now be made only to those on low incomes who received certain benefits.', 'It means more than 10 million pensioners will no longer receive the money.', 'While some say they never needed it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', ""While the chancellor's decision only covers England and Wales, the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'The benefit is separate from other support such as Cold Weather Payments and the Warm Home Discount.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the benefit.', 'It is usually paid automatically in November or December.', 'Although paid without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first claimed pension credit.', 'This is a state pension top up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'Disabled people, those caring for someone, and those with housing costs could be eligible despite these factors.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'The final date for making a backdated claim for pension credit, in order to receive the winter fuel payment, is 21 December.', 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'They may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help go through the process.', 'The government spends about £265bn on pensions and benefits to more than 22 million people in England, Wales and Scotland.', ""In total, that's about £20bn more than total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While the total is extremely hard to put an accurate figure on, social policy and analytics company Policy in Practice estimates that £23bn was unclaimed in a year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3351031850832088,The benefit is separate from other support such as Cold Weather Payments and the Warm Home Discount.,It means more than 10 million pensioners will no longer receive the money.,-0.3143479994365147,"In total, that's about £20bn more than total spending on health services.",A political storm is swirling following the government's decision to withdraw help with energy bills from millions of pensioners.,2024-09-07
First-class stamp price to be hiked to £1.65 by Royal Mail,https://www.bbc.co.uk/news/articles/cvge8yn77rzo,2024-09-06T14:28:59.083Z,"Royal Mail has announced it will hike the price of first-class stamps by 30p due to ""very real and urgent"" financial challenges. The increase, which will kick in from 7 October, will see the price of a first-class stamp rise to £1.65, while second-class stamps will remain at 85p. The company said it was facing pressure from declining letter volumes and rising business costs in maintaining the one-price-goes-anywhere universal service. It has called for the service terms, under which it is legally obliged to deliver letters six days per week, Monday to Saturday, and parcels Monday to Friday, to be reformed. ""We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases,"" said Nick Landon, chief commercial officer at Royal Mail. ""We are proud to deliver the Universal Service, but the financial cost is significant."" The decision to increase first-class stamp prices comes after the UK's postal regulator said on Thursday that the company could be allowed to end the delivery of second-class letters on Saturdays, as part of reforms being considered. Ofcom has also said it is looking into whether to allow second-class deliveries to be made on alternate weekdays, which could help cut costs for Royal Mail. But on Friday, Royal Mail said it still had ""no certainty on regulatory reform"". The company, which was split from the Post Office and privatised a decade ago, has repeated its argument that the universal service is in need of ""urgent reform"". It said that its minimum requirements had not changed for more than 20 years, despite changes in how people communicate. In recent years, the volume of letters being posted has plummeted, while parcel deliveries have become more popular - and more profitable for Royal Mail. But despite parcel postage growing and stamps being hiked several times in the past two years, the company has struggled financially, making a heavy £419m loss last year. Royal Mail's performance has also deteriorated, with customers regularly not receiving letters on time, particularly for medical appointments and legal documents. ""The rate of letter decline and ongoing losses means that Royal Mail has had to take the necessary steps within its power to address the very real and urgent financial sustainability challenge the universal service faces right now,"" the company said. According to Royal Mail, the amount of letters being posted have fallen from 20 billion a year in 2004-05, to about 6.7 billion in 2023-24, with the average household receiving four letters per week, compared with 14 about two decades ago. Royal Mail has estimated that reforming second class services, plus changing its performance targets, could save the business £300m a year. It had proposed axing second class mail on Saturdays as well alternate weekday deliveries - both of which options are now being examined by Ofcom. However, reforming the postal service by cutting delivery days would require the government and parliament to change the current legislation. Ofcom has said no final decision had been made on reforms. It aims to publish a consultation early next year and make a decision in the summer. Royal Mail's parent company International Distribution Services is in the process of being bought by Czech billionaire Daniel Kretinsky for £3.57bn. Mr Kretinsky has committed in writing to honouring the universal service obligation, but only for five years. The takeover will face a government probe, including into potential links with Russia. ",BBC,06/09/2024,"['Royal Mail has announced it will hike the price of first-class stamps by 30p due to ""very real and urgent"" financial challenges.', 'The increase, which will kick in from 7 October, will see the price of a first-class stamp rise to £1.65, while second-class stamps will remain at 85p.', 'The company said it was facing pressure from declining letter volumes and rising business costs in maintaining the one-price-goes-anywhere universal service.', 'It has called for the service terms, under which it is legally obliged to deliver letters six days per week, Monday to Saturday, and parcels Monday to Friday, to be reformed. ""', 'We always consider price increases very carefully.', 'However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases,"" said Nick Landon, chief commercial officer at Royal Mail. ""', 'We are proud to deliver the Universal Service, but the financial cost is significant.""', ""The decision to increase first-class stamp prices comes after the UK's postal regulator said on Thursday that the company could be allowed to end the delivery of second-class letters on Saturdays, as part of reforms being considered."", 'Ofcom has also said it is looking into whether to allow second-class deliveries to be made on alternate weekdays, which could help cut costs for Royal Mail.', 'But on Friday, Royal Mail said it still had ""no certainty on regulatory reform"".', 'The company, which was split from the Post Office and privatised a decade ago, has repeated its argument that the universal service is in need of ""urgent reform"".', 'It said that its minimum requirements had not changed for more than 20 years, despite changes in how people communicate.', 'In recent years, the volume of letters being posted has plummeted, while parcel deliveries have become more popular - and more profitable for Royal Mail.', 'But despite parcel postage growing and stamps being hiked several times in the past two years, the company has struggled financially, making a heavy £419m loss last year.', 'Royal Mail\'s performance has also deteriorated, with customers regularly not receiving letters on time, particularly for medical appointments and legal documents. ""', 'The rate of letter decline and ongoing losses means that Royal Mail has had to take the necessary steps within its power to address the very real and urgent financial sustainability challenge the universal service faces right now,"" the company said.', 'According to Royal Mail, the amount of letters being posted have fallen from 20 billion a year in 2004-05, to about 6.7 billion in 2023-24, with the average household receiving four letters per week, compared with 14 about two decades ago.', 'Royal Mail has estimated that reforming second class services, plus changing its performance targets, could save the business £300m a year.', 'It had proposed axing second class mail on Saturdays as well alternate weekday deliveries - both of which options are now being examined by Ofcom.', 'However, reforming the postal service by cutting delivery days would require the government and parliament to change the current legislation.', 'Ofcom has said no final decision had been made on reforms.', 'It aims to publish a consultation early next year and make a decision in the summer.', ""Royal Mail's parent company International Distribution Services is in the process of being bought by Czech billionaire Daniel Kretinsky for £3.57bn."", 'Mr Kretinsky has committed in writing to honouring the universal service obligation, but only for five years.', 'The takeover will face a government probe, including into potential links with Russia.']",0.0780645531125578,"In recent years, the volume of letters being posted has plummeted, while parcel deliveries have become more popular - and more profitable for Royal Mail.","But despite parcel postage growing and stamps being hiked several times in the past two years, the company has struggled financially, making a heavy £419m loss last year.",-0.2161146723307096,"Royal Mail has estimated that reforming second class services, plus changing its performance targets, could save the business £300m a year.","But despite parcel postage growing and stamps being hiked several times in the past two years, the company has struggled financially, making a heavy £419m loss last year.",2024-09-07
Owner of OnlyFans paid $631m as subscription numbers rise,https://www.bbc.co.uk/news/articles/c1m01dp3507o,2024-09-06T19:10:52.107Z,"Leonid Radvinsky, the owner of OnlyFans, paid himself $631m (£480m) over a period of almost two years as traffic on online platform continued to increase. Fenix International, which owns the site used by sex workers, musicians and celebrities, said its pre-tax profits were $658m in the year to November 2023, according recently filed accounts. Almost one million new content creators and more than 50 million new ""fans"" signed up to the platform during the year, an increase of 29%, the company said. The latest results come as OnlyFans is being investigated over whether it is doing enough to prevent children accessing pornography through its site. Leonid Radvinsky, a Ukrainian-American owner of pornography sites, bought the business from its founders, Guy and Tim Stokely, in 2018. The father and son team founded the site in Essex two years earlier.  While it is well known for sexual content, creators also focus on a number of subjects, including fitness, music and comedy. In 2023 it launched a pornography-free TV streaming service. In its latest results, the company said its content creators made $6.6bn in 2023, with OnlyFans taking a 20% fee from each creator's earnings. Mr Radvinsky's payday included $472m of dividends up to November 2023, and a further $159m in following months.  It comes on top of the $338m he paid himself in 2022, bringing the total to nearly $1bn in the past three years. Forbes Magazine now estimates his net worth at $3.8bn. The platform's extraordinary profit is generated with a staff of just 41 people, and one director, its accounts say.  Keily Blair, chief executive of OnlyFans, said 2023 had been a ""strong year"" for the company. ""We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base,"" she said. The site is registered in the UK, with a head office in London, but Mr Radvinsky lives in Florida. Regulator Ofcom said in May that is suspected it was is not doing enough to stop those under the age of 18 accessing pornographic material. At the time, OnlyFans said it had experienced what it called ""a coding configuration issue"", which had had affected some ""age thresholds"" on the site. However, it said those thresholds were always set above 20. ",BBC,06/09/2024,"['Leonid Radvinsky, the owner of OnlyFans, paid himself $631m (£480m) over a period of almost two years as traffic on online platform continued to increase.', 'Fenix International, which owns the site used by sex workers, musicians and celebrities, said its pre-tax profits were $658m in the year to November 2023, according recently filed accounts.', 'Almost one million new content creators and more than 50 million new ""fans"" signed up to the platform during the year, an increase of 29%, the company said.', 'The latest results come as OnlyFans is being investigated over whether it is doing enough to prevent children accessing pornography through its site.', 'Leonid Radvinsky, a Ukrainian-American owner of pornography sites, bought the business from its founders, Guy and Tim Stokely, in 2018.', 'The father and son team founded the site in Essex two years earlier.', 'While it is well known for sexual content, creators also focus on a number of subjects, including fitness, music and comedy.', 'In 2023 it launched a pornography-free TV streaming service.', ""In its latest results, the company said its content creators made $6.6bn in 2023, with OnlyFans taking a 20% fee from each creator's earnings."", ""Mr Radvinsky's payday included $472m of dividends up to November 2023, and a further $159m in following months."", 'It comes on top of the $338m he paid himself in 2022, bringing the total to nearly $1bn in the past three years.', 'Forbes Magazine now estimates his net worth at $3.8bn.', ""The platform's extraordinary profit is generated with a staff of just 41 people, and one director, its accounts say."", 'Keily Blair, chief executive of OnlyFans, said 2023 had been a ""strong year"" for the company. ""', 'We have done this by continuing to provide opportunities for our diverse creator community to monetise their content and grow their global fan base,"" she said.', 'The site is registered in the UK, with a head office in London, but Mr Radvinsky lives in Florida.', 'Regulator Ofcom said in May that is suspected it was is not doing enough to stop those under the age of 18 accessing pornographic material.', 'At the time, OnlyFans said it had experienced what it called ""a coding configuration issue"", which had had affected some ""age thresholds"" on the site.', 'However, it said those thresholds were always set above 20.']",0.1976983971956389,"While it is well known for sexual content, creators also focus on a number of subjects, including fitness, music and comedy.",Regulator Ofcom said in May that is suspected it was is not doing enough to stop those under the age of 18 accessing pornographic material.,0.4696284702845982,"Almost one million new content creators and more than 50 million new ""fans"" signed up to the platform during the year, an increase of 29%, the company said.","At the time, OnlyFans said it had experienced what it called ""a coding configuration issue"", which had had affected some ""age thresholds"" on the site.",2024-09-07
After Grenfell: How fire safety differs at a luxury London tower block and Margate estate,https://www.bbc.co.uk/news/articles/cx2912gz5xgo,2024-09-06T23:41:29.886Z,"Looking up at the glimmering Landmark Pinnacle on London’s Isle of Dogs, it’s hard to crane your neck back far enough to see right to the top. Completed in 2020, it is the tallest mainly residential building in Europe, soaring 784ft (239m) and 75 floors into the sky. It has a gym, roof terrace and designated Pilates area. Inside, one of three concierges asks - without smiling - who I’m visiting, and I’m shown to one of the lifts. Apparently they don’t usually let you in without a name. Seven years ago, the catastrophic fire at Grenfell Tower led to changes in how high-rises should be designed to keep residents safe during a blaze. But problems persist in existing blocks. I visited the Landmark Pinnacle as well as Invicta House, a council-owned block on an estate just outside Margate. While there are significant differences, concerns have crept up at both. Invicta House, built in the 1960s on the Isle of Thanet in East Kent has a mere 14 floors and stands austere among mainly low-rise housing. There are no door staff here, and I tailgated some residents through a starkly decorated lobby. Both towers have stunning views - of the Kent coast and the looping Thames respectively. But there is no denying the economic gulf between those on minimum wage and benefits at Invicta House, and the city workers and well-off foreign students living at the Landmark Pinnacle. You could buy 15 one-bed flats at Invicta House for the same price as a studio apartment just over 70-miles away, in the Landmark Pinnacle in Canary Wharf.  Invicta resident David Bond is a council tenant, and proud of his military service in Cold War Germany, signified by two model tanks carefully displayed on his sideboard. The block is a place where “people keep themselves to themselves”, he says, admitting he prefers it this way.  There are drug-users, drinkers and prison-leavers among his neighbours, and “too many dogs”, he complains. The overpowering smell in the building’s lifts, several residents explain, is dog urine. In spite of their differences, something the residents of both Invicta House and Landmark Pinnacle have in common is their complete reliance on lifts. On a high floor at Invicta, John - who asked me not to use his real name - says the two lifts in the building, which serve odd and even floors, constantly break down. Engineers use parts from one to fix the other. John has a number of medical conditions and walking up the stairs just isn’t an option. “You fear going out in case you get back and find the lifts aren't working,” he says. Sometimes he has had to stay with friends instead of going home. At the Landmark Pinnacle building a lift takes me to the 13th floor in a matter of seconds.  Two years ago, Guy Benson, a young city worker and part time Liberal Democrat activist, bought 25% of the lease for his £700,000 flat under a shared ownership scheme.  Landmark Pinnacle has also had lifts out of action, and one isn’t working today - but Guy puts that down to teething problems. “It's like building a massive machine and you don't get everything right the first time,” he says, adding that having more lifts would probably be helpful. The building already has seven. Using the stairs would be daunting. Looking down the stairwell from the 75th floor the landings seem to stretch into infinity. What happened at Grenfell Tower in 2017, when a devastating fire destroyed the building and 72 people lost their lives, raised major questions about the design and operation of high-rise towers, and the response of their residents in an emergency. There has been much discussion about staircases. As a result of Grenfell, from 2026 all new buildings over 59ft (18m) must have two staircases - one for firefighters to go up to tackle fires, the other for residents to come down in a “simultaneous evacuation”. Lifts aren’t recommended in a fire. Unsurprisingly, Invicta House, built more than five decades ago, has a single staircase.  But the state-of-the-art Landmark Pinnacle, completed in the wake of a building safety crisis, was also designed to have only one. Adding another staircase to a building already under construction when the law changed wasn’t practical, it seems, but two could have been part of the original design.  Both towers have had recent fires.  In 2021, a candle set light to a flat at the Landmark Pinnacle on a floor in the 30s. Some residents couldn’t hear a fire alarm and like those at Grenfell had to decide to stay put or get out. The building has a “stay put” policy because it is designed so fires can’t spread between flats. Alarms don’t even go off on unaffected floors.  Yet in Facebook messages shown to the BBC, residents - some of whom could smell burning and see fire trucks gathering outside - appear confused about what to do. Grenfell was doubtless on everyone’s mind. The fire was swiftly put out, with the help of the in-built sprinkler system. And should there be another fire, Guy Benson has faith that the way this building has been designed will keep him safe. “I don't feel at risk at all,” he says. At Invicta House there has been a spate of fires, apparently started deliberately, in chutes used to send rubbish to the ground floor. Jane, one of the residents, describes opening her door to a thick wall of smoke. But seven years after Grenfell - and in contrast to Landmark Pinnacle - Invicta House is still a fire risk. In particular, the combustible polystyrene insulation on its walls. Planning permission to remove it was granted in March, but the work, predicted to start in April this year, still hasn’t. The rubbish chutes have been modified to deter arsonists, and a trained fire warden patrols around the clock. Like Grenfell, there’s a risk that any fire would spread throughout this building, so residents are advised to “get out” if the alarms go off - and that means taking the stairs. “I can't get down the stairs,” says Jane, “I'm on crutches.” Last time the fire alarm went off, she says she just shut the door.  On another floor an empty wheelchair sits on a landing, a symbol of the vulnerability of many in the building. The residents mainly rent, so aren’t stuck with a flat they can’t sell like many around the country - but most have no other housing options. John - who moved here after a fire in his previous accommodation - pays £70 a week rent. “I'm lucky to have a place that I can afford,” he says, “and when I close the door I've closed the outside world out.” The difference in fire safety experiences between tower block residents at opposite ends of the economic spectrum greatly concerns Dr Barbara Lane, one of the Grenfell Tower public inquiry’s expert witnesses, who argues that removing this “inequity” should be a priority. To do so would require a comprehensive examination of the existing fire risks of older buildings, proactively removing them, and thinking more carefully about how vulnerable people will get out. For those tenants who need extra help, Thanet District Council offers a Personal Emergency Evacuation Plan. This is already a recommendation of the Grenfell Tower public inquiry, and the government has recently announced that offering an evacuation plan is to become a legal requirement for building owners. The residents of the Landmark Pinnacle and Invicta House have something else in common - a degree of powerlessness. They all live in a building they do not own. The tenants in Margate rely on Thanet District Council. The leaseholders in east London, on their building manager. On the 13th floor of the Landmark Pinnacle, Guy Benson studies a spreadsheet at a window which looks out over an expanse of south London. He is worried about his growing energy bills and service charges - despite not paying extra for access to the Landmark’s gym and private cinema. He agrees there is a power imbalance. “You're never able to negate it, you do have less control, "" he says. ""Being able to understand the system and the levers you have to pull is absolutely an advantage - but you shouldn't have to become a property law expert.”  Another resident at the Landmark Pinnacle, Alex - not his real name - echoes the view of many leaseholders in England and Wales of their landlords. “We feel like we are getting ripped off. There's nothing we can do. It's like paying taxes but without being able to get rid of your government.” Alex wants the Landmark Pinnacle’s residents to exercise their Right to Manage. He has asked the building managers, Rendall & Rittner, to contact the owners of each flat to let them know about his plan - but says they have refused. Alex reckons the management company is protecting its own interests. However, Rendall & Rittner, told the BBC it has not received any requests from residents about Right to Manage. The government plans further reforms to leasehold laws building on changes introduced by the Conservatives. In Kent, David Bond, who has a sea view from his balcony, says council officials “build a big wall” when he raises concerns about the lifts and delays to building safety work. He doesn’t blame the housing officers he deals with, but says they are “struggling with regulations”. “People don't take us seriously,” he says. “We should stop paying the rent and then it would become serious.” A spokesperson for Rendall & Rittner, the management company that runs Landmark Pinnacle, told the BBC the building's stay put policy is communicated to all residents and leaseholders regularly. A requirement set by London Fire Brigade, it ""forms part of the overall fire strategy and Fire Risk Assessment that is reviewed by specialist consultants to ensure the highest level of compliance"". Rendall & Rittner said it ""endeavours to keep service charges as reasonable as possible, however new requirements brought in by the Building Safety Act, together with the cost of living and energy crisis, have contributed to increasing costs"", while highlighting that although one of the Landmark Pinnacle's seven lifts is currently undergoing general maintenance this is at no additional cost to leaseholders. A spokesperon for Thanet District Council told the BBC the safety of its residents is ""paramount”, and that they “work closely with the Kent Fire and Rescue Service”. The statement continues: “Work at Invicta House, which includes the replacement of the external wall insulation, is now planned to start in May 2025. ""In 2019, the fire protection was upgraded in the building’s stairwells, all the fire doors were replaced and the fire alarm system was upgraded. We moved from a ‘stay put policy’ to ‘simultaneous evacuation’ in July 2021. All residents must evacuate the block if they hear the fire alarm."" Living at height isn’t for everyone, but those I spoke to said, on balance, they liked looking down on the rest of us. “I wouldn't have chosen to live here,” says John, at Invicta House, “but I know more of my neighbours here than I've ever known living elsewhere.” For Alex, at Landmark Pinnacle, high-rise living has many benefits. “We can't all live in detached houses,” he says, arguing that on an island short on space, building upwards was the most sustainable option. “It's good to have people around you - it makes you more open-minded.” ",BBC,06/09/2024,"['Looking up at the glimmering Landmark Pinnacle on London’s Isle of Dogs, it’s hard to crane your neck back far enough to see right to the top.', 'Completed in 2020, it is the tallest mainly residential building in Europe, soaring 784ft (239m) and 75 floors into the sky.', 'It has a gym, roof terrace and designated Pilates area.', 'Inside, one of three concierges asks - without smiling - who I’m visiting, and I’m shown to one of the lifts.', 'Apparently they don’t usually let you in without a name.', 'Seven years ago, the catastrophic fire at Grenfell Tower led to changes in how high-rises should be designed to keep residents safe during a blaze.', 'But problems persist in existing blocks.', 'I visited the Landmark Pinnacle as well as Invicta House, a council-owned block on an estate just outside Margate.', 'While there are significant differences, concerns have crept up at both.', 'Invicta House, built in the 1960s on the Isle of Thanet in East Kent has a mere 14 floors and stands austere among mainly low-rise housing.', 'There are no door staff here, and I tailgated some residents through a starkly decorated lobby.', 'Both towers have stunning views - of the Kent coast and the looping Thames respectively.', 'But there is no denying the economic gulf between those on minimum wage and benefits at Invicta House, and the city workers and well-off foreign students living at the Landmark Pinnacle.', 'You could buy 15 one-bed flats at Invicta House for the same price as a studio apartment just over 70-miles away, in the Landmark Pinnacle in Canary Wharf.', 'Invicta resident David Bond is a council tenant, and proud of his military service in Cold War Germany, signified by two model tanks carefully displayed on his sideboard.', 'The block is a place where “people keep themselves to themselves”, he says, admitting he prefers it this way.', 'There are drug-users, drinkers and prison-leavers among his neighbours, and “too many dogs”, he complains.', 'The overpowering smell in the building’s lifts, several residents explain, is dog urine.', 'In spite of their differences, something the residents of both Invicta House and Landmark Pinnacle have in common is their complete reliance on lifts.', 'On a high floor at Invicta, John - who asked me not to use his real name - says the two lifts in the building, which serve odd and even floors, constantly break down.', 'Engineers use parts from one to fix the other.', 'John has a number of medical conditions and walking up the stairs just isn’t an option. “', ""You fear going out in case you get back and find the lifts aren't working,” he says."", 'Sometimes he has had to stay with friends instead of going home.', 'At the Landmark Pinnacle building a lift takes me to the 13th floor in a matter of seconds.', 'Two years ago, Guy Benson, a young city worker and part time Liberal Democrat activist, bought 25% of the lease for his £700,000 flat under a shared ownership scheme.', 'Landmark Pinnacle has also had lifts out of action, and one isn’t working today - but Guy puts that down to teething problems. “', ""It's like building a massive machine and you don't get everything right the first time,” he says, adding that having more lifts would probably be helpful."", 'The building already has seven.', 'Using the stairs would be daunting.', 'Looking down the stairwell from the 75th floor the landings seem to stretch into infinity.', 'What happened at Grenfell Tower in 2017, when a devastating fire destroyed the building and 72 people lost their lives, raised major questions about the design and operation of high-rise towers, and the response of their residents in an emergency.', 'There has been much discussion about staircases.', 'As a result of Grenfell, from 2026 all new buildings over 59ft (18m) must have two staircases - one for firefighters to go up to tackle fires, the other for residents to come down in a “simultaneous evacuation”.', 'Lifts aren’t recommended in a fire.', 'Unsurprisingly, Invicta House, built more than five decades ago, has a single staircase.', 'But the state-of-the-art Landmark Pinnacle, completed in the wake of a building safety crisis, was also designed to have only one.', 'Adding another staircase to a building already under construction when the law changed wasn’t practical, it seems, but two could have been part of the original design.', 'Both towers have had recent fires.', 'In 2021, a candle set light to a flat at the Landmark Pinnacle on a floor in the 30s.', 'Some residents couldn’t hear a fire alarm and like those at Grenfell had to decide to stay put or get out.', 'The building has a “stay put” policy because it is designed so fires can’t spread between flats.', 'Alarms don’t even go off on unaffected floors.', 'Yet in Facebook messages shown to the BBC, residents - some of whom could smell burning and see fire trucks gathering outside - appear confused about what to do.', 'Grenfell was doubtless on everyone’s mind.', 'The fire was swiftly put out, with the help of the in-built sprinkler system.', 'And should there be another fire, Guy Benson has faith that the way this building has been designed will keep him safe. “', ""I don't feel at risk at all,” he says."", 'At Invicta House there has been a spate of fires, apparently started deliberately, in chutes used to send rubbish to the ground floor.', 'Jane, one of the residents, describes opening her door to a thick wall of smoke.', 'But seven years after Grenfell - and in contrast to Landmark Pinnacle - Invicta House is still a fire risk.', 'In particular, the combustible polystyrene insulation on its walls.', 'Planning permission to remove it was granted in March, but the work, predicted to start in April this year, still hasn’t.', 'The rubbish chutes have been modified to deter arsonists, and a trained fire warden patrols around the clock.', 'Like Grenfell, there’s a risk that any fire would spread throughout this building, so residents are advised to “get out” if the alarms go off - and that means taking the stairs. “', ""I can't get down the stairs,” says Jane, “I'm on crutches.”"", 'Last time the fire alarm went off, she says she just shut the door.', 'On another floor an empty wheelchair sits on a landing, a symbol of the vulnerability of many in the building.', 'The residents mainly rent, so aren’t stuck with a flat they can’t sell like many around the country - but most have no other housing options.', 'John - who moved here after a fire in his previous accommodation - pays £70 a week rent. “', ""I'm lucky to have a place that I can afford,” he says, “and when I close the door I've closed the outside world out.”"", 'The difference in fire safety experiences between tower block residents at opposite ends of the economic spectrum greatly concerns Dr Barbara Lane, one of the Grenfell Tower public inquiry’s expert witnesses, who argues that removing this “inequity” should be a priority.', 'To do so would require a comprehensive examination of the existing fire risks of older buildings, proactively removing them, and thinking more carefully about how vulnerable people will get out.', 'For those tenants who need extra help, Thanet District Council offers a Personal Emergency Evacuation Plan.', 'This is already a recommendation of the Grenfell Tower public inquiry, and the government has recently announced that offering an evacuation plan is to become a legal requirement for building owners.', 'The residents of the Landmark Pinnacle and Invicta House have something else in common - a degree of powerlessness.', 'They all live in a building they do not own.', 'The tenants in Margate rely on Thanet District Council.', 'The leaseholders in east London, on their building manager.', 'On the 13th floor of the Landmark Pinnacle, Guy Benson studies a spreadsheet at a window which looks out over an expanse of south London.', 'He is worried about his growing energy bills and service charges - despite not paying extra for access to the Landmark’s gym and private cinema.', 'He agrees there is a power imbalance. “', 'You\'re never able to negate it, you do have less control, "" he says. ""', ""Being able to understand the system and the levers you have to pull is absolutely an advantage - but you shouldn't have to become a property law expert.”"", 'Another resident at the Landmark Pinnacle, Alex - not his real name - echoes the view of many leaseholders in England and Wales of their landlords. “', 'We feel like we are getting ripped off.', ""There's nothing we can do."", ""It's like paying taxes but without being able to get rid of your government.”"", 'Alex wants the Landmark Pinnacle’s residents to exercise their Right to Manage.', 'He has asked the building managers, Rendall & Rittner, to contact the owners of each flat to let them know about his plan - but says they have refused.', 'Alex reckons the management company is protecting its own interests.', 'However, Rendall & Rittner, told the BBC it has not received any requests from residents about Right to Manage.', 'The government plans further reforms to leasehold laws building on changes introduced by the Conservatives.', 'In Kent, David Bond, who has a sea view from his balcony, says council officials “build a big wall” when he raises concerns about the lifts and delays to building safety work.', 'He doesn’t blame the housing officers he deals with, but says they are “struggling with regulations”. “', ""People don't take us seriously,” he says. “"", 'We should stop paying the rent and then it would become serious.”', ""A spokesperson for Rendall & Rittner, the management company that runs Landmark Pinnacle, told the BBC the building's stay put policy is communicated to all residents and leaseholders regularly."", 'A requirement set by London Fire Brigade, it ""forms part of the overall fire strategy and Fire Risk Assessment that is reviewed by specialist consultants to ensure the highest level of compliance"".', 'Rendall & Rittner said it ""endeavours to keep service charges as reasonable as possible, however new requirements brought in by the Building Safety Act, together with the cost of living and energy crisis, have contributed to increasing costs"", while highlighting that although one of the Landmark Pinnacle\'s seven lifts is currently undergoing general maintenance this is at no additional cost to leaseholders.', 'A spokesperon for Thanet District Council told the BBC the safety of its residents is ""paramount”, and that they “work closely with the Kent Fire and Rescue Service”.', 'The statement continues: “Work at Invicta House, which includes the replacement of the external wall insulation, is now planned to start in May 2025. ""', 'In 2019, the fire protection was upgraded in the building’s stairwells, all the fire doors were replaced and the fire alarm system was upgraded.', 'We moved from a ‘stay put policy’ to ‘simultaneous evacuation’ in July 2021.', 'All residents must evacuate the block if they hear the fire alarm.""', 'Living at height isn’t for everyone, but those I spoke to said, on balance, they liked looking down on the rest of us. “', ""I wouldn't have chosen to live here,” says John, at Invicta House, “but I know more of my neighbours here than I've ever known living elsewhere.”"", 'For Alex, at Landmark Pinnacle, high-rise living has many benefits. “', ""We can't all live in detached houses,” he says, arguing that on an island short on space, building upwards was the most sustainable option. “"", ""It's good to have people around you - it makes you more open-minded.”""]",-0.0814203465739398,"It's like building a massive machine and you don't get everything right the first time,” he says, adding that having more lifts would probably be helpful.","What happened at Grenfell Tower in 2017, when a devastating fire destroyed the building and 72 people lost their lives, raised major questions about the design and operation of high-rise towers, and the response of their residents in an emergency.",-0.2263955175876617,"For Alex, at Landmark Pinnacle, high-rise living has many benefits. “",He is worried about his growing energy bills and service charges - despite not paying extra for access to the Landmark’s gym and private cinema.,2024-09-07
"NFL's games in Brazil, Europe are key to more revenue growth, Goodell says",https://www.cnbc.com/2024/09/06/nfl-brazil-game-packers-eagles-key-to-growth-goodell-says.html,2024-09-06T18:23:33+0000,"The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.As the NFL enters the Southern Hemisphere, professional football has never been stronger financially. Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations.But as the league tries to sustain its growth, international markets are a priority.Ahead of the league's inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC's ""Squawk Box"" that the league aims to become an international sports property. This season, the NFL will play five games abroad in Europe and South America. By next season, the league will play eight games overseas.""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""It creates a spark and everything seems to really take off after that point in time,"" he added.Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.""When [the players] get back to their home cities tomorrow, they'll be on a similar time zone, and eight days before their next game,"" Goodell said. Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""This is all part of learning how many games we can play,"" Goodell said.As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners.The league had two sponsorship deals in Germany before it played games there starting in 2022. Today, the NFL has 15 agreements.The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.This program, currently in its third year, gives teams marketing rights in other countries. This season, 25 franchises are participating in the program across 19 international markets.Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans.The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024. Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform.""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.Yet, Goodell said 85% of NFL games are still available on broadcast television.""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.Disclosure: NBCUniversal is the parent company of CNBC.",CNBC,06/09/2024,"['The National Football League kicks off its first-ever game in South America on Friday night, as the league pushes to grow its footprint overseas.', 'As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.', ""Last season, the league pulled in $13 billion in revenue, and the average team is worth about $6.5 billion, according to CNBC's Official NFL Team Valuations."", 'But as the league tries to sustain its growth, international markets are a priority.', 'Ahead of the league\'s inaugural game in Sao Paulo, Brazil, on Friday, NFL Commissioner Roger Goodell told CNBC\'s ""Squawk Box"" that the league aims to become an international sports property.', 'This season, the NFL will play five games abroad in Europe and South America.', 'By next season, the league will play eight games overseas.', '""The reality is, when we bring our brand of our regular season games here, it creates a whole new environment,"" Goodell said. ""', 'It creates a spark and everything seems to really take off after that point in time,"" he added.', 'Goodell said it has been a learning process playing games abroad, as the league sees how players handle long flights and different time zones.', '""When [the players] get back to their home cities tomorrow, they\'ll be on a similar time zone, and eight days before their next game,"" Goodell said.', 'Brazil is one hour ahead of the Eastern time zone but an 11-hour trip. ""', 'This is all part of learning how many games we can play,"" Goodell said.', ""As the NFL plays in places such as London, Germany and Brazil, it not only creates new fans, but it also helps grow sponsorship opportunities and deepen the league's relationships with international media partners."", 'The league had two sponsorship deals in Germany before it played games there starting in 2022.', 'Today, the NFL has 15 agreements.', 'The league has also allowed teams to build brand awareness and fans abroad through its Global Markets Program.', 'This program, currently in its third year, gives teams marketing rights in other countries.', 'This season, 25 franchises are participating in the program across 19 international markets.', 'Among the deals, the Miami Dolphins have marketing rights in Argentina and Colombia; the Los Angeles Rams have rights in South Korea and Japan; and the Seattle Seahawks have rights in Canada and are expanding to Austria, Germany and Switzerland.', ""Goodell also spoke to CNBC about the NFL's current media rights landscape, and said the addition of streaming options has benefited the league and its fans."", ""The NFL has broadcast deals with Fox, Disney's ESPN and ABC, NBCUniversal and CBS, in addition to streamers YouTube, Netflix, Amazon and Peacock, all worth an estimated $11.4 billion in 2024."", ""Some games are streaming exclusive, including Friday's matchup in Brazil, which will air on NBC's Peacock platform."", '""The bottom line is you have to go where your fans are and our fans are moving onto steaming platforms,"" he said.', 'Yet, Goodell said 85% of NFL games are still available on broadcast television.', '""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans\' enjoyment of it,"" he added.', 'Disclosure: NBCUniversal is the parent company of CNBC.']",0.1936332263215934,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.","As the NFL enters the Southern Hemisphere, professional football has never been stronger financially.",0.9907737572987876,"""We really think that our policy are really beneficial to our growth, to supporting more people watching NFL football and the fans' enjoyment of it,"" he added.",,2024-09-07
Musician charged with using bots to boost streaming revenue,https://www.bbc.co.uk/news/articles/cly3ld9wy3eo,2024-09-06T10:24:11.012Z,"A musician in the US has been accused of using artificial intelligence (AI) tools and thousands of bots to fraudulently stream songs billions of times in order to claim millions of dollars of royalties. Michael Smith, of North Carolina, has been charged with three counts of wire fraud, wire fraud conspiracy and money laundering conspiracy charges. Prosecutors say it is the first criminal case of its kind they have handled. ""Through his brazen fraud scheme, Smith stole millions in royalties that should have been paid to musicians, songwriters, and other rights holders whose songs were legitimately streamed,"" said US attorney Damian Williams. According to an unsealed indictment detailing the charges, the 52-year-old used hundreds of thousands of AI-generated songs to manipulate streams.  The tracks were streamed billions of times across multiple platforms by thousands of automated bot accounts to avoid detection. Authorities say Mr Smith claimed more than $10m in royalty payments over the course of the scheme, which spanned several years. Prosecutors said Mr Smith was set to finally ""face the music"" following their investigation, which also involved the FBI. ""The FBI remains dedicated to plucking out those who manipulate advanced technology to receive illicit profits and infringe on the genuine artistic talent of others,"" said FBI acting assistant director Christie M. Curtis. According to the indictment, Mr Smith was at points operating as many as 10,000 active bot accounts to stream his AI-generated tracks. It is alleged that the tracks in question were provided to Mr Smith through a partnership with the chief executive of an unnamed AI music company, who he turned to in or around 2018. The co-conspirator is said to have supplied him with thousands of tracks a month in exchange for track metadata, such as song and artist names, as well as a monthly cut of streaming revenue. ""Keep in mind what we're doing musically here... this is not 'music,' it's 'instant music' ;),"" the executive wrote to Mr Smith in a March 2019 email, and disclosed in the indictment. Citing further emails obtained from Mr Smith and fellow participants in the scheme, the indictment also states the technology used to create the tracks improved over time - making the scheme harder for platforms to detect. In an email from February, Mr Smith claimed his ""existing music has generated at this point over 4 billion streams and $12 million in royalties since 2019."" Mr Smith faces decades in prison if found guilty of the charges. Earlier this year a man in Denmark was reportedly handed an 18-month sentence after being found guilty of fraudulently profiting from music streaming royalties.  Music streaming platforms such as Spotify, Apple Music and YouTube generally forbid users from artificially inflating their number of streams to gain royalties and have taken steps to clamp down on or advised users on how to avoid the practice. Under changes to its royalties policies that took effect in April, Spotify said it would charge labels and distributors per track if it detected artificial streams of their material. It also increased the number of streams a track needs in a 12 month period before royalties can be paid, and extended the minimum track length for noise recordings like white noise tracks. The wider rise of AI-generated music, and the increased availability of free tools to make tracks, have added to concerns for artists and record labels about getting their fair share of profits made on AI-created tracks. Tools that can create text, images, video, audio in response to prompts are underpinned by systems that have been ""trained"" on vast quantities of data, such as online text and images scraped, often indiscriminately, from across the web.  Content that belongs to artists or is protected by copyright has been swept up to form part of some of the training data for such tools. This has sparked outrage for artists across creative industries who feel their work is being used to generate seemingly novel material without due recognition or reward. Platforms rushed to remove a track that cloned the voices of Drake and The Weeknd in 2023 after it went viral and made its way onto streaming services. Earlier this year, artists including Billie Eilish, Chappell Roan, Elvis Costello and Aerosmith signed an open letter calling for the end to the ""predatory"" use of AI in the music industry. ",BBC,06/09/2024,"['A musician in the US has been accused of using artificial intelligence (AI) tools and thousands of bots to fraudulently stream songs billions of times in order to claim millions of dollars of royalties.', 'Michael Smith, of North Carolina, has been charged with three counts of wire fraud, wire fraud conspiracy and money laundering conspiracy charges.', 'Prosecutors say it is the first criminal case of its kind they have handled. ""', 'Through his brazen fraud scheme, Smith stole millions in royalties that should have been paid to musicians, songwriters, and other rights holders whose songs were legitimately streamed,"" said US attorney Damian Williams.', 'According to an unsealed indictment detailing the charges, the 52-year-old used hundreds of thousands of AI-generated songs to manipulate streams.', 'The tracks were streamed billions of times across multiple platforms by thousands of automated bot accounts to avoid detection.', 'Authorities say Mr Smith claimed more than $10m in royalty payments over the course of the scheme, which spanned several years.', 'Prosecutors said Mr Smith was set to finally ""face the music"" following their investigation, which also involved the FBI. ""', 'The FBI remains dedicated to plucking out those who manipulate advanced technology to receive illicit profits and infringe on the genuine artistic talent of others,"" said FBI acting assistant director Christie M. Curtis.', 'According to the indictment, Mr Smith was at points operating as many as 10,000 active bot accounts to stream his AI-generated tracks.', 'It is alleged that the tracks in question were provided to Mr Smith through a partnership with the chief executive of an unnamed AI music company, who he turned to in or around 2018.', 'The co-conspirator is said to have supplied him with thousands of tracks a month in exchange for track metadata, such as song and artist names, as well as a monthly cut of streaming revenue. ""', 'Keep in mind what we\'re doing musically here... this is not \'music,\' it\'s \'instant music\' ;),"" the executive wrote to Mr Smith in a March 2019 email, and disclosed in the indictment.', 'Citing further emails obtained from Mr Smith and fellow participants in the scheme, the indictment also states the technology used to create the tracks improved over time - making the scheme harder for platforms to detect.', 'In an email from February, Mr Smith claimed his ""existing music has generated at this point over 4 billion streams and $12 million in royalties since 2019.""', 'Mr Smith faces decades in prison if found guilty of the charges.', 'Earlier this year a man in Denmark was reportedly handed an 18-month sentence after being found guilty of fraudulently profiting from music streaming royalties.', 'Music streaming platforms such as Spotify, Apple Music and YouTube generally forbid users from artificially inflating their number of streams to gain royalties and have taken steps to clamp down on or advised users on how to avoid the practice.', 'Under changes to its royalties policies that took effect in April, Spotify said it would charge labels and distributors per track if it detected artificial streams of their material.', 'It also increased the number of streams a track needs in a 12 month period before royalties can be paid, and extended the minimum track length for noise recordings like white noise tracks.', 'The wider rise of AI-generated music, and the increased availability of free tools to make tracks, have added to concerns for artists and record labels about getting their fair share of profits made on AI-created tracks.', 'Tools that can create text, images, video, audio in response to prompts are underpinned by systems that have been ""trained"" on vast quantities of data, such as online text and images scraped, often indiscriminately, from across the web.', 'Content that belongs to artists or is protected by copyright has been swept up to form part of some of the training data for such tools.', 'This has sparked outrage for artists across creative industries who feel their work is being used to generate seemingly novel material without due recognition or reward.', 'Platforms rushed to remove a track that cloned the voices of Drake and The Weeknd in 2023 after it went viral and made its way onto streaming services.', 'Earlier this year, artists including Billie Eilish, Chappell Roan, Elvis Costello and Aerosmith signed an open letter calling for the end to the ""predatory"" use of AI in the music industry.']",0.0935750375810124,"The wider rise of AI-generated music, and the increased availability of free tools to make tracks, have added to concerns for artists and record labels about getting their fair share of profits made on AI-created tracks.","Michael Smith, of North Carolina, has been charged with three counts of wire fraud, wire fraud conspiracy and money laundering conspiracy charges.",-0.1915680340358189,"Citing further emails obtained from Mr Smith and fellow participants in the scheme, the indictment also states the technology used to create the tracks improved over time - making the scheme harder for platforms to detect.",This has sparked outrage for artists across creative industries who feel their work is being used to generate seemingly novel material without due recognition or reward.,2024-09-07
Red Lobster cleared to exit Chapter 11 bankruptcy protection,https://www.cnbc.com/2024/09/05/red-lobster-bankruptcy-court-approves-plan-to-exit-chapter-11.html,2024-09-05T20:55:27+0000,"A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month. Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than $60 million in new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group. Red Lobster will operate as an independent company.After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.At least nine other restaurant chains have filed for bankruptcy protection this year. High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.",CNBC,05/09/2024,"[""A bankruptcy court approved Red Lobster's plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy."", 'The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May.', ""Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending."", 'As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month.', ""Once the acquisition closes, former P.F. Chang's CEO Damola Adamolekun will step in to lead Red Lobster."", 'Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lobster.', '""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""', 'With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.', '""RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Investment Group.', 'Red Lobster will operate as an independent company.', 'After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.', 'At least nine other restaurant chains have filed for bankruptcy protection this year.', 'High interest rates and a pullback in consumer spending have weighed on eateries, particularly if they were already struggling to bounce back from the Covid-19 pandemic.']",0.1324025730152566,"With our new backers, we have a comprehensive and long-term investment plan — including a commitment of more than$60 millionin new funding — that will help to reinvigorate the iconic brand while keeping the best of its history.","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",0.0023897687594095,"""This is a great day for Red Lobster,"" Adamolekun said in a statement. ""","Red Lobster had struggled with increased competition, expensive leases, last year's disastrous shrimp promotion and a broader pullback in consumer spending.",2024-09-07
Australia's online regulator got death threats for case against X,https://www.bbc.co.uk/news/articles/cx2ymd32g2eo,2024-09-06T06:31:28.652Z,"Australia's internet watchdog says she received ""death threats"" and that her children were doxxed after she was targeted by Elon Musk for attempting to regulate his social media platform. Earlier this year, the eSafety commissioner took X to court over its refusal to remove videos of a religiously motivated Sydney church stabbing for its global users.  The case was ultimately dropped, but commissioner Julie Inman Grant says she received an ""avalanche of online abuse"" after Mr Musk called her the ""censorship commissar"" in a post to his 196 million followers. X did not immediately respond for comment when contacted, and the BBC was unable to reach Mr Musk directly.  Doxxing refers to the release of private information about individuals online, usually with malicious intent. On Friday, a Columbia University report into technology-facilitated gender-based violence - which used Ms Inman Grant as a case study - found that she had been mentioned in almost 74,000 posts on X ahead of the court proceedings, despite being a relatively unknown figure online beforehand. According to the analysis, the majority of the messages were either negative, hateful or threatening in some way. Dehumanising slurs and gendered language were also frequently noted, with users calling Ms Inman Grant names such as ""left-wing Barbie"", or ""captain tampon"". Speaking to the BBC, Ms Inman Grant said that Mr Musk's decision to use ""disinformation"" to suggest that she was ""trying to globally censor the internet"" had amounted to a ""dog whistle from a very powerful tech billionaire who owns his own megaphone"". She said that the torrent of online vitriol which followed had prompted Australian police to warn her against travelling to the US, and that the names of her children and other family members had been released across the internet. ""There have been threats to my employees, my family, threats to my safety - including credible death threats. I've had to involve the federal and local police and change my movements,"" she said. ""These aren't just mean words where there’s a lack of resilience, these are threats of harm that can very easily spill over into real world violence."" Australia's independent internet regulator has a broad remit under local law to police content online that it deems to be violent or sexually exploitative. And when X refused to take down videos of the Wakeley attack - opting instead to geoblock the content from its Australian users - the commissioner sought and won a court injunction, forcing the company to temporarily comply. The case turned into a test of Australia's ability to enforce its online rules against social media giants operating in multiple jurisdictions – one which failed after a Federal Court judge found that banning the posts from appearing on X globally would not be “reasonable” as it would likely be ""ignored or disparaged by other countries"". In June, Ms Inman Grant's office said it would not pursue the case further, and that it would focus on other pending litigation against the platform.  X's Global Government Affairs team described the outcome as a win for ""freedom of speech"". ",BBC,06/09/2024,"['Australia\'s internet watchdog says she received ""death threats"" and that her children were doxxed after she was targeted by Elon Musk for attempting to regulate his social media platform.', 'Earlier this year, the eSafety commissioner took X to court over its refusal to remove videos of a religiously motivated Sydney church stabbing for its global users.', 'The case was ultimately dropped, but commissioner Julie Inman Grant says she received an ""avalanche of online abuse"" after Mr Musk called her the ""censorship commissar"" in a post to his 196 million followers.', 'X did not immediately respond for comment when contacted, and the BBC was unable to reach Mr Musk directly.', 'Doxxing refers to the release of private information about individuals online, usually with malicious intent.', 'On Friday, a Columbia University report into technology-facilitated gender-based violence - which used Ms Inman Grant as a case study - found that she had been mentioned in almost 74,000 posts on X ahead of the court proceedings, despite being a relatively unknown figure online beforehand.', 'According to the analysis, the majority of the messages were either negative, hateful or threatening in some way.', 'Dehumanising slurs and gendered language were also frequently noted, with users calling Ms Inman Grant names such as ""left-wing Barbie"", or ""captain tampon"".', 'Speaking to the BBC, Ms Inman Grant said that Mr Musk\'s decision to use ""disinformation"" to suggest that she was ""trying to globally censor the internet"" had amounted to a ""dog whistle from a very powerful tech billionaire who owns his own megaphone"".', 'She said that the torrent of online vitriol which followed had prompted Australian police to warn her against travelling to the US, and that the names of her children and other family members had been released across the internet. ""', 'There have been threats to my employees, my family, threats to my safety - including credible death threats.', 'I\'ve had to involve the federal and local police and change my movements,"" she said. ""', 'These aren\'t just mean words where there’s a lack of resilience, these are threats of harm that can very easily spill over into real world violence.""', ""Australia's independent internet regulator has a broad remit under local law to police content online that it deems to be violent or sexually exploitative."", 'And when X refused to take down videos of the Wakeley attack - opting instead to geoblock the content from its Australian users - the commissioner sought and won a court injunction, forcing the company to temporarily comply.', 'The case turned into a test of Australia\'s ability to enforce its online rules against social media giants operating in multiple jurisdictions – one which failed after a Federal Court judge found that banning the posts from appearing on X globally would not be “reasonable” as it would likely be ""ignored or disparaged by other countries"".', ""In June, Ms Inman Grant's office said it would not pursue the case further, and that it would focus on other pending litigation against the platform."", 'X\'s Global Government Affairs team described the outcome as a win for ""freedom of speech"".']",-0.2012706255126585,"X's Global Government Affairs team described the outcome as a win for ""freedom of speech"".","According to the analysis, the majority of the messages were either negative, hateful or threatening in some way.",-0.3103115728923252,"X's Global Government Affairs team described the outcome as a win for ""freedom of speech"".","These aren't just mean words where there’s a lack of resilience, these are threats of harm that can very easily spill over into real world violence.""",2024-09-07
CNBC's Official NFL Team Valuations 2024: Here's how the 32 franchises stack up,https://www.cnbc.com/2024/09/05/official-nfl-team-valuations-2024.html,2024-09-06T22:04:55+0000,"Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations.Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian. The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season.Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners. Among the factors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers.With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,06/09/2024,"[""Welcome to the kickoff of CNBC's first-ever Official NFL Team Valuations."", 'Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian.', ""The rankings factor in a team's revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season."", 'Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners.', ""Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour."", ""Along with this year's list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL's most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers."", ""With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football's most valuable franchises?Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.3617868445240871,"This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.",,0.9807581305503844,"Among thefactors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift's The Eras Tour.",,2024-09-07
Telegram CEO Pavel Durov says his arrest is 'misguided',https://www.bbc.co.uk/news/articles/c78lgzl919go,2024-09-06T01:33:57.188Z,"Telegram founder and CEO Pavel Durov has hit out at French authorities, calling his arrest last week in relation to allegations of insufficient moderation on the messaging app ""misguided"". In his first public statement since he was detained, he denied claims that Telegram is ""some sort of anarchic paradise"" as ""absolutely untrue"". Mr Durov was arrested on 25 August at an airport north of Paris. He has since been placed under formal investigation over suspected complicity in allowing illicit transactions, drug trafficking, fraud and the spread of child sex abuse images to flourish on his site. In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation. In Mr Durov's statement, which he published on Telegram, he said holding him responsible for crimes committed by third parties on the platform was both a ""surprising"" and ""misguided approach"". ""If a country is unhappy with an Internet service, the established practice is to start a legal action against the service itself,"" the Russian-born billionaire, who is also a French national, said. ""Using laws from the pre-smartphone era to charge a CEO with crimes committed by third parties on the platform he manages is a misguided approach."" ""Building technology is hard enough as it is. No innovator will ever build new tools if they know they can be personally held responsible for potential abuse of those tools,"" he added. While he conceded that Telegram was not perfect, he said French authorities had several ways to get in touch with him and with Telegram, and that the app has an official representative in the EU.   ""The claims in some media that Telegram is some sort of anarchic paradise are absolutely untrue. We take down millions of harmful posts and channels every day,"" he insisted. Telegram allows groups of up to 200,000 members, which critics have argued makes it easier for misinformation to spread, and for users to share conspiracist, neo-Nazi, paedophilic, or terror-related content. Recently in the UK, the app has been scrutinised for hosting far-right channels that were instrumental in organising violent disorder in English cities last month. Telegram did remove some groups, however cybersecurity experts say overall its system of moderating extremist and illegal content is significantly weaker than that of other social media companies and messenger apps. In his statement on Thursday, Mr Durov admitted that an ""abrupt increase"" in the number of users on the messaging app - which he put at 950 million - had ""caused growing pains that made it easier for criminals to abuse our platform."" He said he would aim to ""significantly improve things in this regard"". It comes after the BBC learned last week that Telegram has refused to join international programmes aimed at detecting and removing child abuse material online. Pavel Durov, 39, was born in Russia and now lives in Dubai, where Telegram is based. He holds citizenship of the United Arab Emirates and France. Telegram, which he founded in 2013, is particularly popular in Russia, Ukraine and former Soviet Union states. The app was banned in Russia in 2018, after a previous refusal by him to hand over user data. The ban was reversed in 2021. Telegram is ranked as one of the major social media platforms after Facebook, YouTube, WhatsApp, Instagram, TikTok and Wechat. ",BBC,06/09/2024,"['Telegram founder and CEO Pavel Durov has hit out at French authorities, calling his arrest last week in relation to allegations of insufficient moderation on the messaging app ""misguided"".', 'In his first public statement since he was detained, he denied claims that Telegram is ""some sort of anarchic paradise"" as ""absolutely untrue"".', 'Mr Durov was arrested on 25 August at an airport north of Paris.', 'He has since been placed under formal investigation over suspected complicity in allowing illicit transactions, drug trafficking, fraud and the spread of child sex abuse images to flourish on his site.', 'In France, being put under formal investigation does not imply guilt or necessarily result in a trial - but it indicates that judges consider there is enough of a case to proceed with an investigation.', 'In Mr Durov\'s statement, which he published on Telegram, he said holding him responsible for crimes committed by third parties on the platform was both a ""surprising"" and ""misguided approach"". ""', 'If a country is unhappy with an Internet service, the established practice is to start a legal action against the service itself,"" the Russian-born billionaire, who is also a French national, said. ""', 'Using laws from the pre-smartphone era to charge a CEO with crimes committed by third parties on the platform he manages is a misguided approach."" ""', 'Building technology is hard enough as it is.', 'No innovator will ever build new tools if they know they can be personally held responsible for potential abuse of those tools,"" he added.', 'While he conceded that Telegram was not perfect, he said French authorities had several ways to get in touch with him and with Telegram, and that the app has an official representative in the EU. ""', 'The claims in some media that Telegram is some sort of anarchic paradise are absolutely untrue.', 'We take down millions of harmful posts and channels every day,"" he insisted.', 'Telegram allows groups of up to 200,000 members, which critics have argued makes it easier for misinformation to spread, and for users to share conspiracist, neo-Nazi, paedophilic, or terror-related content.', 'Recently in the UK, the app has been scrutinised for hosting far-right channels that were instrumental in organising violent disorder in English cities last month.', 'Telegram did remove some groups, however cybersecurity experts say overall its system of moderating extremist and illegal content is significantly weaker than that of other social media companies and messenger apps.', 'In his statement on Thursday, Mr Durov admitted that an ""abrupt increase"" in the number of users on the messaging app - which he put at 950 million - had ""caused growing pains that made it easier for criminals to abuse our platform.""', 'He said he would aim to ""significantly improve things in this regard"".', 'It comes after the BBC learned last week that Telegram has refused to join international programmes aimed at detecting and removing child abuse material online.', 'Pavel Durov, 39, was born in Russia and now lives in Dubai, where Telegram is based.', 'He holds citizenship of the United Arab Emirates and France.', 'Telegram, which he founded in 2013, is particularly popular in Russia, Ukraine and former Soviet Union states.', 'The app was banned in Russia in 2018, after a previous refusal by him to hand over user data.', 'The ban was reversed in 2021.', 'Telegram is ranked as one of the major social media platforms after Facebook, YouTube, WhatsApp, Instagram, TikTok and Wechat.']",-0.1516534842831753,"In Mr Durov's statement, which he published on Telegram, he said holding him responsible for crimes committed by third parties on the platform was both a ""surprising"" and ""misguided approach"". ""","He has since been placed under formal investigation over suspected complicity in allowing illicit transactions, drug trafficking, fraud and the spread of child sex abuse images to flourish on his site.",-0.2450911626219749,"He said he would aim to ""significantly improve things in this regard"".","Telegram did remove some groups, however cybersecurity experts say overall its system of moderating extremist and illegal content is significantly weaker than that of other social media companies and messenger apps.",2024-09-07
"Term-time holiday fine rise won't stop us, say parents",https://www.bbc.co.uk/news/articles/c5ykz4nr11no,2024-09-04T23:08:04.286Z,"More pupils in England were off school without permission in the last week of the summer term than at any point in the academic year, official figures show. The latest school attendance data shows 5% of pupils in England were off without permission in the week ending 19 July - around 450,000 pupils. It comes as the government tightens rules to try to stop parents taking their children out of school to go on holiday. Fines issued to each parent have gone up from £60 to £80 per child which will be doubled if it happens again within three years. Those with a third fine in a three-year period now face prosecution. But some parents have told the BBC this is not a deterrent.  Megan Hall and her husband Michael got their first fines after taking their two children on a ski holiday in March and have now booked a two-week holiday later this month. “The kids will be missing 10 days of school, which is a worry because of the new fines,"" Mrs Hall told the BBC. The couple run a pub and bed and breakfast in Northumberland and said if they took their children - aged four and eight - away during their busy summer season they would incur a cost to their business as well as higher holiday prices. ""I won't stop doing holidays because that's what family is about,"" said Mrs Hall. “The alternative is to not have family time, or to teach your kids to lie, saying they are sick, which is something I’m not happy to do,"" she added. Nearly 400,000 penalty notices were issued to parents in England for unauthorised school absences during the 2022-23 academic year. That is much higher than pre-pandemic levels and unauthorised absences have remained at a similar rate over the most recent academic year. Speaking at a school on Monday, Education Secretary Bridget Phillipson said ""persistent absenteeism"" was ""a big problem"", adding that ""it's important that all of us pull together [and] make sure children are here in school"". Poor school attendance can hit academic achievement, social development, and children's future prospects, Carly Speechley, Barnsley's executive director for children’s services, has previously said. Research has indicated that tests and exam results are showing the pandemic led to a widened gap between children from the highest and lowest income families. That suggests missing days at school will have a bigger impact on some children than others. Rachel Kelly and her partner took their children out of primary school in May and are waiting for a fine to be issued. “You don’t want to take them out of school during term time,” she added. “But if it means it's going to save you thousands of pounds then that’s the best alternative. ""If I can save [money on a holiday] to go towards bills then you are going to do that, it seems to be the sensible option.” She said fines and prosecutions are ""a risk that we’re willing to take"". Holidaying during term time is substantially cheaper and travel agents say they have seen an increase in enquiries from families weighing up the price difference. Long haul flights in particular can double during the six-week summer holiday, according to data from the Flight Centre, the fifth largest travel agency in the world.  It gave the BBC examples of price rises between term-time and the summer holidays: According to Colman Coyne, managing director of travel agency Jetset in Huddersfield an increasing number of families have been looking for holidays during term time. “Going back three, four years ago it was very rare that we would find a family with school age children travelling outside the Easter, half terms and summer holidays.  ""We see now it’s quite a regular thing. And you can see they’re weighing up whether it’s worth risking a fine.” For Dee and Lee Morgan, who have been fined six times in recent years, the new threat of prosecution means they will now stick to school holidays for getaways with their children aged 10 and 13. “I’m angry we’re having to do this. Life’s hard enough,” said Dee, who is a nurse.  “Money’s tight, things are going up, we all have to go to work, we deserve a holiday - everybody deserves a holiday - why do they have to make it hard?” “We’re being victimised…everyone has rights, I have rights and they’re my children and it’s my right to take them on holiday.""  ",BBC,04/09/2024,"['More pupils in England were off school without permission in the last week of the summer term than at any point in the academic year, official figures show.', 'The latest school attendance data shows 5% of pupils in England were off without permission in the week ending 19 July - around 450,000 pupils.', 'It comes as the government tightens rules to try to stop parents taking their children out of school to go on holiday.', 'Fines issued to each parent have gone up from £60 to £80 per child which will be doubled if it happens again within three years.', 'Those with a third fine in a three-year period now face prosecution.', 'But some parents have told the BBC this is not a deterrent.', 'Megan Hall and her husband Michael got their first fines after taking their two children on a ski holiday in March and have now booked a two-week holiday later this month. “', 'The kids will be missing 10 days of school, which is a worry because of the new fines,"" Mrs Hall told the BBC.', 'The couple run a pub and bed and breakfast in Northumberland and said if they took their children - aged four and eight - away during their busy summer season they would incur a cost to their business as well as higher holiday prices. ""', 'I won\'t stop doing holidays because that\'s what family is about,"" said Mrs Hall. “', 'The alternative is to not have family time, or to teach your kids to lie, saying they are sick, which is something I’m not happy to do,"" she added.', 'Nearly 400,000 penalty notices were issued to parents in England for unauthorised school absences during the 2022-23 academic year.', 'That is much higher than pre-pandemic levels and unauthorised absences have remained at a similar rate over the most recent academic year.', 'Speaking at a school on Monday, Education Secretary Bridget Phillipson said ""persistent absenteeism"" was ""a big problem"", adding that ""it\'s important that all of us pull together [and] make sure children are here in school"".', ""Poor school attendance can hit academic achievement, social development, and children's future prospects, Carly Speechley, Barnsley's executive director for children’s services, has previously said."", 'Research has indicated that tests and exam results are showing the pandemic led to a widened gap between children from the highest and lowest income families.', 'That suggests missing days at school will have a bigger impact on some children than others.', 'Rachel Kelly and her partner took their children out of primary school in May and are waiting for a fine to be issued. “', 'You don’t want to take them out of school during term time,” she added. “', 'But if it means it\'s going to save you thousands of pounds then that’s the best alternative. ""', 'If I can save [money on a holiday] to go towards bills then you are going to do that, it seems to be the sensible option.”', 'She said fines and prosecutions are ""a risk that we’re willing to take"".', 'Holidaying during term time is substantially cheaper and travel agents say they have seen an increase in enquiries from families weighing up the price difference.', 'Long haul flights in particular can double during the six-week summer holiday, according to data from the Flight Centre, the fifth largest travel agency in the world.', 'It gave the BBC examples of price rises between term-time and the summer holidays: According to Colman Coyne, managing director of travel agency Jetset in Huddersfield an increasing number of families have been looking for holidays during term time. “', 'Going back three, four years ago it was very rare that we would find a family with school age children travelling outside the Easter, half terms and summer holidays. ""', 'We see now it’s quite a regular thing.', 'And you can see they’re weighing up whether it’s worth risking a fine.”', 'For Dee and Lee Morgan, who have been fined six times in recent years, the new threat of prosecution means they will now stick to school holidays for getaways with their children aged 10 and 13. “', 'I’m angry we’re having to do this.', 'Life’s hard enough,” said Dee, who is a nurse. “', 'Money’s tight, things are going up, we all have to go to work, we deserve a holiday - everybody deserves a holiday - why do they have to make it hard?” “', 'We’re being victimised…everyone has rights, I have rights and they’re my children and it’s my right to take them on holiday.""']",0.0436322725625719,"But if it means it's going to save you thousands of pounds then that’s the best alternative. ""","The alternative is to not have family time, or to teach your kids to lie, saying they are sick, which is something I’m not happy to do,"" she added.",-0.0197735985120137,Fines issued to each parent have gone up from £60 to £80 per child which will be doubled if it happens again within three years.,"Poor school attendance can hit academic achievement, social development, and children's future prospects, Carly Speechley, Barnsley's executive director for children’s services, has previously said.",2024-09-07
Starboard moves to collapse News Corp's dual class stock in challenge to Rupert Murdoch,https://www.cnbc.com/2024/09/06/starboard-moves-to-collapse-news-corps-dual-class-stock-in-challenge-to-rupert-murdoch.html,2024-09-06T20:08:43+0000,"In this articleActivist investor Starboard Value has moved to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter.The push was made via a non-binding shareholder resolution, said the people. News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock.Starboard owns roughly 2% of the company's Class A shares, according to FactSet data. Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it's something to consider as well. But there are easier paths to create a lot of value.""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company. His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push. Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.Representatives for News Corp and Starboard did not immediately return requests for comment.",CNBC,06/09/2024,"[""In this articleActivist investor Starboard Value has moved to dissolve News Corp's dual-class share structure, a challenge to the Murdoch family's control over the Wall Street Journal parent, according to people familiar with the matter."", 'The push was made via a non-binding shareholder resolution, said the people.', ""News Corp's structure as of September gave Rupert Murdoch control over around 40% of the company's voting stock."", ""Starboard owns roughly 2% of the company's Class A shares, according to FactSet data."", 'Managing member Jeff Smith told CNBC last year the firm was pushing for News Corp to spin out its real estate assets, including an interest in REA Group of Australia.', 'Smith became vocal last year regarding the dual class structure: ""There have been votes to declassify, it\'s something to consider as well.', 'But there are easier paths to create a lot of value.', '""Murdoch is also in the midst of a legal battle to give his son Lachlan Murdoch control over the family trust which holds the News Corp stake, the New York Times and Wall Street Journal have reported.', 'Last November, Rupert Murdoch, 93, stepped down as chair of the board at both News Corp and Fox Corp. He is now chair emeritus of each company.', ""His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push."", 'Starboard has mounted campaigns at companies including Autodesk, Match Group and Salesforce.', 'News Corp, in addition to its ownership of the Journal, also owns The Sun and publisher HarperCollins.', 'Representatives for News Corp and Starboard did not immediately return requests for comment.']",0.2706982361265171,But there are easier paths to create a lot of value.,,-0.0223099589347839,But there are easier paths to create a lot of value.,"His son, Lachlan Murdoch, is the sole chair of News Corp., and continued his role as Fox Corp.'s executive chair and CEO.News Corp shares were down about 1% for the day, gaining slightly when Reuters first reported the news of Starboard's push.",2024-09-07
Why protecting Australia's surf breaks is crucial to the country's economy,https://www.bbc.co.uk/news/articles/c79w8g21098o,2024-09-05T23:02:27.291Z,"Surfing was first introduced to Australia more than a century ago. Since then the sport has blossomed into a cultural phenomenon and a commercial juggernaut. Research from the Australian National University (ANU) estimates surfing injects at least A$3bn ($2bn; £1.5bn) into the national economy each year.  The study, however, comes with a stark warning that surf breaks - areas where the waves start to collapse or plunge - should not be taken for granted and need more legal protection. “Unfortunately because of climate change, coastal erosion and competition for coastal spaces, the elements that make these high quality waves possible are on many occasions in danger,” explained Dr Ana Manero, an expert in water economics and governance at the ANU’s Crawford School of Public Policy.  “I don’t think the lack of protection right now is deliberate. It is just surf breaks currently they just fall in a blind spot for policy makers.” Global warming and poor water quality are surfers’ main concerns, according to the report published in the journal, Marine Policy. About a dozen surf breaks in the state of New South Wales and Bells Beach in Victoria have formal protection but researchers want much more. “What I am more worried about is those waves that may not feature on a world-class map but they do provide value for people like you and I,” Dr Manero told the BBC from her office in Perth, Western Australia.  “Those waves that do not attract global attention... are the waves we need to focus our attention on.” A previous ANU study found waves off the town of Mundaka in northern Spain vanished because of changes to a sand bar after dredging in a nearby river. Research also found that expansion to a marina in Perth caused the disappearance of three surf breaks in 2022 and an artificial reef has now been proposed. Some answers for Australia might be found far away in South America or much closer to home. “In Peru they established what they call La Ley de Rompientes, which means the law of surf breaks, that protects these assets,” added Dr Manero. In New Zealand, safeguards are provided by an existing act of parliament and a separate, complementary policy that recognises the importance of national, regional and local surf spots. The level of protection they receive is commensurate to their level of significance to surfers. Using data from the Australian Sports Commission, a government agency, the ANU study estimates there are more than 720,000 active adult surfers in the country.  On average they spend about A$3,700 each year.  It is, though, likely to be a conservative figure because it does not consider children, overseas tourists or money generated through professional surfing. “It is like this cool economy; cafes, restaurants, surf shops, accommodation. Yeah, it’s good. Love it,” said Matt Grainger, who runs the Manly Surf School in Sydney. “I’ve had the business for 30 years. Just looking forward, I pretty much see it [with] just a slow growth. So, we try not to grow too fast here like with the surf school because you don’t want to crowd out the actual ocean with too many surfers.” “Once you’ve got your board, it’s free and it’s always different; the tide, the wind, the swell,” he told the BBC. On a bright and breezy winter’s morning on Australia’s Pacific coast, Mika Flower, an instructor, is preparing to take charge of another lesson. The work to conquer, or attempt to master, a wave begins with repetitive drills on the sand. “I have surfed my whole life. It’s super fun,” Ms Flower explains.  “I thought I would love to be able to teach people and share the joy of surfing, and it is nice to not be working in an office. It is nice to be working at the beach getting sunshine and being in the water every day. Australia is, sort of, seen as the country to surf. Everyone wants to jump on the bandwagon.” For those chasing the perfect wave, surfing is about embracing the power of nature.  For them, it’s a gift that should be protected. ",BBC,05/09/2024,"['Surfing was first introduced to Australia more than a century ago.', 'Since then the sport has blossomed into a cultural phenomenon and a commercial juggernaut.', 'Research from the Australian National University (ANU) estimates surfing injects at least A$3bn ($2bn; £1.5bn) into the national economy each year.', 'The study, however, comes with a stark warning that surf breaks - areas where the waves start to collapse or plunge - should not be taken for granted and need more legal protection. “', 'Unfortunately because of climate change, coastal erosion and competition for coastal spaces, the elements that make these high quality waves possible are on many occasions in danger,” explained Dr Ana Manero, an expert in water economics and governance at the ANU’s Crawford School of Public Policy. “', 'I don’t think the lack of protection right now is deliberate.', 'It is just surf breaks currently they just fall in a blind spot for policy makers.”', 'Global warming and poor water quality are surfers’ main concerns, according to the report published in the journal, Marine Policy.', 'About a dozen surf breaks in the state of New South Wales and Bells Beach in Victoria have formal protection but researchers want much more. “', 'What I am more worried about is those waves that may not feature on a world-class map but they do provide value for people like you and I,” Dr Manero told the BBC from her office in Perth, Western Australia. “', 'Those waves that do not attract global attention... are the waves we need to focus our attention on.”', 'A previous ANU study found waves off the town of Mundaka in northern Spain vanished because of changes to a sand bar after dredging in a nearby river.', 'Research also found that expansion to a marina in Perth caused the disappearance of three surf breaks in 2022 and an artificial reef has now been proposed.', 'Some answers for Australia might be found far away in South America or much closer to home. “', 'In Peru they established what they call La Ley de Rompientes, which means the law of surf breaks, that protects these assets,” added Dr Manero.', 'In New Zealand, safeguards are provided by an existing act of parliament and a separate, complementary policy that recognises the importance of national, regional and local surf spots.', 'The level of protection they receive is commensurate to their level of significance to surfers.', 'Using data from the Australian Sports Commission, a government agency, the ANU study estimates there are more than 720,000 active adult surfers in the country.', 'On average they spend about A$3,700 each year.', 'It is, though, likely to be a conservative figure because it does not consider children, overseas tourists or money generated through professional surfing. “', 'It is like this cool economy; cafes, restaurants, surf shops, accommodation.', 'Yeah, it’s good.', 'Love it,” said Matt Grainger, who runs the Manly Surf School in Sydney. “', 'I’ve had the business for 30 years.', 'Just looking forward, I pretty much see it [with] just a slow growth.', 'So, we try not to grow too fast here like with the surf school because you don’t want to crowd out the actual ocean with too many surfers.” “', 'Once you’ve got your board, it’s free and it’s always different; the tide, the wind, the swell,” he told the BBC.', 'On a bright and breezy winter’s morning on Australia’s Pacific coast, Mika Flower, an instructor, is preparing to take charge of another lesson.', 'The work to conquer, or attempt to master, a wave begins with repetitive drills on the sand. “', 'I have surfed my whole life.', 'It’s super fun,” Ms Flower explains. “', 'I thought I would love to be able to teach people and share the joy of surfing, and it is nice to not be working in an office.', 'It is nice to be working at the beach getting sunshine and being in the water every day.', 'Australia is, sort of, seen as the country to surf.', 'Everyone wants to jump on the bandwagon.”', 'For those chasing the perfect wave, surfing is about embracing the power of nature.', 'For them, it’s a gift that should be protected.']",0.2022176992841365,"I thought I would love to be able to teach people and share the joy of surfing, and it is nice to not be working in an office.","Unfortunately because of climate change, coastal erosion and competition for coastal spaces, the elements that make these high quality waves possible are on many occasions in danger,” explained Dr Ana Manero, an expert in water economics and governance at the ANU’s Crawford School of Public Policy. “",0.1459986822945731,Since then the sport has blossomed into a cultural phenomenon and a commercial juggernaut.,"Unfortunately because of climate change, coastal erosion and competition for coastal spaces, the elements that make these high quality waves possible are on many occasions in danger,” explained Dr Ana Manero, an expert in water economics and governance at the ANU’s Crawford School of Public Policy. “",2024-09-07
Rising NFL valuations mean massive returns for owners. Here's how good the investment is,https://www.cnbc.com/2024/09/05/rising-nfl-valuations-massive-returns-for-owners.html,2024-09-05T23:08:18+0000,"A National Football League team today is a $6.5 billion business.That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations. Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.Take, for example, the Houston Texans, No. 11 on CNBC's 2024 value rankings. Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time. The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year.That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl.And the Texans aren't alone.Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale. The Washington Commanders and the Denver Broncos — No. 13 and No. 14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years. The Miami Dolphins, No. 8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.The escalation in football team values is largely the result of the league's massive and growing media deals.The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals.Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal.The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements. The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available.A rising tide lifts all boats in the NFL. The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts. In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally.When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles. The small-market Kansas City Chiefs, No. 18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.But there is still a wide chasm in team values, largely due to stadiums. Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.Last year, that made a bigger difference than usual.Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field. One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter.The revenue sharing and salary-cap agreements also make the league very profitable.During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million. The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue. But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team. The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue. Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.When teams do change hands, they have proven to be a smart investment.The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989. The S&P 500 is up just 18-fold since Jones bought the Cowboys.The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue. Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.The Los Angeles Rams, No. 2 on CNBC's 2024 valuations list, were also No. 2 in revenue, with $825 million. The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink.The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion. Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams. European soccer leagues such as the English Premier League have also.The NFL followed suit just last week. The league owners voted to allow a select group of private equity firms — Ares Management, Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises. The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.Even the lowest-valued team on CNBC's list, the Cincinnati Bengals, is worth $5.25 billion.Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion. Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar. An earlier version misidentified the interested party.",CNBC,05/09/2024,"['A National Football League team today is a $6.5 billion business.', ""That is the average value of the NFL's 32 franchises, according to CNBC's Official 2024 NFL Team Valuations."", 'Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.', 'Take, for example, the Houston Texans, No.', ""11 on CNBC's 2024 value rankings."", 'Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase price of $600 million, which takes into account payment structure and the value of a deal over time.', ""The Texans are now worth $6.35 billion, more than 10 times McNair's fee and three times more than the gains of the S&P 500 since that year."", ""That's not bad for a team that has a record of 152-202-1 over its 22 seasons and has never made it to the Super Bowl."", ""And the Texans aren't alone."", 'Across the past 10 NFL teams to be sold, seven of the 10 outperform the S&P 500 on a percentage-gained basis in the period since the sale.', 'The Washington Commanders and the Denver Broncos — No.', '13 and No.', ""14 on CNBC's 2024 team valuations list, respectively — underperform broader market gains and, notably, were sold within the past two years."", 'The Miami Dolphins, No.', ""8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis."", ""The escalation in football team values is largely the result of the league's massive and growing media deals."", ""The NFL's current television agreements with Comcast, Disney, Paramount and Fox, which began last season, are worth an average of $9.2 billion a year, 85% more than the previous deals."", 'Add in the streaming deals with YouTube for NFL Sunday Ticket and with Amazon Prime for Thursday Night Football, and the NFL is guaranteed an average of $12.4 billion a year through 2032 — almost double the $6.48 billion a year it collected during its previous media rights cycle.', 'On top of those bulk agreements, the league has been boosting its media revenue by selling additional streaming games.', ""Last season, the NFL sold exclusive streaming rights to a Wild Card playoff game to Comcast's Peacock streaming service for $110 million, according to a person familiar with the deal."", 'The league sold three exclusive streaming packages for this season: two Christmas Day games on Netflix for a total of $150 million; a Wild Card game on Amazon Prime for $120 million; and an international regular-season game on Peacock for $80 million, according to the person familiar with the agreements.', 'The league should get about $200 million for its commercial Sunday Ticket rights, which gets an array of NFL games into bars and restaurants, according to the person familiar with the matter.', ""All of those agreements combined bring total media rights fees to $357 million per team, up from $325 million in 2023.CNBC sources requested anonymity to discuss the specifics of deals that aren't publicly available."", 'A rising tide lifts all boats in the NFL.', 'The 32 teams share the national media deal revenue evenly, along with money from leaguewide sponsorship and licensing deals and 34% of gate receipts.', ""In 2023, $13.68 billion, or 67%, of the NFL's $20.47 billion in revenue was shared equally."", 'When such large revenue sharing is combined with a salary cap that limits player spending to about 49% of revenue, teams in small markets such as Green Bay; Wisconsin; and Buffalo, New York, can compete with big-market teams in New York and Los Angeles.', 'The small-market Kansas City Chiefs, No.', ""18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five."", 'But there is still a wide chasm in team values, largely due to stadiums.', 'Teams do not share revenue from luxury suites, on-site restaurants, merchandise stores, sponsorships or non-NFL events at their stadiums.', 'Last year, that made a bigger difference than usual.', ""Pop star Taylor Swift performed at several NFL stadiums last year as part of her blockbuster Eras Tour, including Los Angeles' SoFi Stadium, Tampa Bay's Raymond James Stadium, New England's Gillette Stadium and Philadelphia's Lincoln Financial Field."", 'One Eras Tour stop netted $4 million in revenue per show for the hosting stadium, according to a person familiar with the matter, who spoke on the condition of anonymity to discuss confidential information.', ""The Dolphins' Hard Rock Stadium, also an Eras Tour stop, raked in more than $30 million last year from college football games, soccer matches, concerts, festivals and tennis matches — and it could double that this year, according to a person familiar with the matter."", 'The revenue sharing and salary-cap agreements also make the league very profitable.', ""During the 2023 season, the NFL's 32 teams generated average revenue of $640 million and average operating income — earnings before interest, taxes, depreciation and amortization — of $127 million."", 'The typical NFL team has an EBITDA margin of 19%.Financial success for the NFL has meant higher premiums for team sales.', ""Two years ago, Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion, or 8.8-times the team's revenue."", 'But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.', ""The average value-to-revenue multiple in CNBC's 2024 ranking of all 32 teams is 10.2.Last year, private equity billionaire Josh Harris purchased the Washington Commanders for $6.05 billion, or 11-times revenue."", 'Earlier this year, a prospective owner looked into buying the Tampa Bay Buccaneers for about $6 billion, which would have valued the team at 9.4-times revenue, according to two people familiar with the matter.', 'When teams do change hands, they have proven to be a smart investment.', ""The league's most valuable team, the Dallas Cowboys, is worth $11 billion — 73 times what owner Jerry Jones paid for the team in 1989."", 'The S&P 500 is up just 18-fold since Jones bought the Cowboys.', 'The Cowboys posted by far the most revenue of any team in the league last year, at $1.22 billion, and the most operating income, at $550 million, in large part because of sponsorship revenue.', 'Dallas is approaching an NFL-leading $250 million in revenue from sponsors, according to CNBC sources.', 'The Los Angeles Rams, No.', ""2 on CNBC's 2024 valuations list, were also No."", '2 in revenue, with $825 million.', ""The Rams were also second in the league in sponsorship revenue and brought in some serious money by hosting more than 25 nonfootball events at SoFi Stadium, including six sold-out nights of Swift's Eras Tour and three of Beyoncé's Renaissance Tour, as well as concerts for Ed Sheeran, Metallica and Pink."", 'The Rams, who were in St. Louis when sports and entertainment mogul Stanley Kroenke bought the team for $750 million in 2010, are now worth $8 billion.', 'Even factoring in the $550 million relocation fee Kroenke had to pay the league to move the team to Los Angeles, as well as a $571 million settlement fee related to legal challenges for relocating, his investment is up more than four-fold.', 'The rise in NFL team values explains why private equity firms are chomping at the bit to invest in the league.', 'For several years now, Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer have all permitted institutional investors to buy limited partner stakes in teams.', 'European soccer leagues such as the English Premier League have also.', 'The NFL followed suit just last week.', 'The league owners voted to allow a select group of private equity firms — Ares Management,Sixth Street Partners, Arctos Partners and an investing consortium made up of Dynasty Equity,Blackstone,Carlyle Group, CVC Capital Partners and Ludis — to take up to 10% stakes in NFL franchises.', 'The firms committed $12 billion in capital over time, people familiar with the matter told CNBC.Allowing private equity firms to invest in the league should make it easier to finance the purchase of a team.', ""Even the lowest-valued team onCNBC's list, the Cincinnati Bengals, is worth $5.25 billion."", ""Factoring in the league's maximum allowable debt of $1.4 billion, that leaves an equity burden of $3.8 billion."", 'Assuming a general partner would hold the minimum required 30%, limited partners need to put in a combined $2.7 billion to get in the game.', ""Disclosure: Peacock is the streaming service of NBCUniversal, the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.', 'Correction: This story has been updated to correct that a prospective owner looked into buying the Tampa Bay Buccaneers earlier this year for about $6 billion, according to two people familiar.', 'An earlier version misidentified the interested party.']",0.1869807015248435,"18 on CNBC's 2024 valuation rankings, have won the past two Super Bowls and three of the past five.","8 on CNBC's list, also lag the S&P, but were last sold in 2009 when the stock market was emerging from a bottom after getting pummeled during the 2007-08 financial crisis.",0.7355286203897916,The S&P 500 is up just 18-fold since Jones bought the Cowboys.,"But these days, a prospective owner would be hard-pressed to pay less than 10-times revenue for a team.",2024-09-07
Here's where American Airlines is adding flights to Europe in summer 2025,https://www.cnbc.com/2024/09/05/american-airlines-adds-new-europe-flights-for-summer-2025.html,2024-09-05T14:10:12+0000,"In this articleAs social media feeds make their seasonal shift from the Parthenon to pumpkin patches, airlines are busy preparing for the 2025 Europe travel season, a bet that strong demand for international travel will continue next summer.American Airlines on Thursday unveiled new routes to Europe for spring and summer next year. The carrier rolled out nonstop service from Chicago to Madrid starting March 30; Philadelphia to Milan starting May 23; Philadelphia to Edinburgh, Scotland, beginning May 23, back for the first time since 2019; Charlotte, North Carolina, to Athens, Greece, beginning June 5; and Miami to Rome from July 5.Rivals United Airlines and Delta Air Lines are expected to release their 2025 travel plans in the coming weeks.American said its trans-Atlantic capacity next summer will be up low-to-mid-single digits over this year, with executives confident that consumers will continue to prioritize travel.""In '23 when people saw this demand to Italy and Greece, some people speculated that it was a one-year thing. But then this year, that strength just kept going and our flights are full and the yields are strong,"" said Brian Znotins, American's senior vice president of network planning. ""More capacity is warranted to address the demand.""American's data shows that travelers, including on other airlines, are often connecting in Europe to get to Athens, in particular, Znotins said. Next year, American said it will have four daily nonstops from the U.S. to Athens from ""more U.S. airports than any other,"" and that more travelers will be able to connect through American's hubs like Charlotte.The carrier is also bringing back other Europe flights from its Philadelphia hub to Naples, Italy; Nice, France; and Copenhagen, Denmark, as well as extending winter seasonal service between Miami and Paris into the summer season.Boeing's delivery delays of 787 Dreamliners over the past several years prompted American and other carriers to rethink some of their flying and cut certain international flights that the long-haul airplanes serve. American is also in the middle of reconfiguring some of its older Boeing 777s to build a bigger business class cabin.Znotins said he and his team drew up next year's map with both things in mind.""There's some level of uncertainty obviously in the aircraft delivery world and there's a level of uncertainty with our reconfigurations,"" Znotins said. ""We're confident we'll be able to fly these routes as we've published them, but in an uncertain world it's always nice to have a backstop"" like other hub cities serving Athens, for example, should a passenger need to be rerouted.",CNBC,05/09/2024,"['In this articleAs social media feeds make their seasonal shift from the Parthenon to pumpkin patches, airlines are busy preparing for the 2025 Europe travel season, a bet that strong demand for international travel will continue next summer.', 'American Airlines on Thursday unveiled new routes to Europe for spring and summer next year.', 'The carrier rolled out nonstop service from Chicago to Madrid starting March 30; Philadelphia to Milan starting May 23; Philadelphia to Edinburgh, Scotland, beginning May 23, back for the first time since 2019; Charlotte, North Carolina, to Athens, Greece, beginning June 5; and Miami to Rome from July 5.Rivals United Airlines and Delta Air Lines are expected to release their 2025 travel plans in the coming weeks.', 'American said its trans-Atlantic capacity next summer will be up low-to-mid-single digits over this year, with executives confident that consumers will continue to prioritize travel.', '""In \'23 when people saw this demand to Italy and Greece, some people speculated that it was a one-year thing.', 'But then this year, that strength just kept going and our flights are full and the yields are strong,"" said Brian Znotins, American\'s senior vice president of network planning. ""', 'More capacity is warranted to address the demand.', '""American\'s data shows that travelers, including on other airlines, are often connecting in Europe to get to Athens, in particular, Znotins said.', 'Next year, American said it will have four daily nonstops from the U.S. to Athens from ""more U.S. airports than any other,"" and that more travelers will be able to connect through American\'s hubs like Charlotte.', 'The carrier is also bringing back other Europe flights from its Philadelphia hub to Naples, Italy; Nice, France; and Copenhagen, Denmark, as well as extending winter seasonal service between Miami and Paris into the summer season.', ""Boeing's delivery delays of 787 Dreamliners over the past several years prompted American and other carriers to rethink some of their flying and cut certain international flights that the long-haul airplanes serve."", 'American is also in the middle of reconfiguring some of its older Boeing 777s to build a bigger business class cabin.', ""Znotins said he and his team drew up next year's map with both things in mind."", '""There\'s some level of uncertainty obviously in the aircraft delivery world and there\'s a level of uncertainty with our reconfigurations,"" Znotins said. ""', 'We\'re confident we\'ll be able to fly these routes as we\'ve published them, but in an uncertain world it\'s always nice to have a backstop"" like other hub cities serving Athens, for example, should a passenger need to be rerouted.']",0.1894140472328957,"But then this year, that strength just kept going and our flights are full and the yields are strong,"" said Brian Znotins, American's senior vice president of network planning. ""","""There's some level of uncertainty obviously in the aircraft delivery world and there's a level of uncertainty with our reconfigurations,"" Znotins said. """,0.6271417935689291,"American said its trans-Atlantic capacity next summer will be up low-to-mid-single digits over this year, with executives confident that consumers will continue to prioritize travel.",Boeing's delivery delays of 787 Dreamliners over the past several years prompted American and other carriers to rethink some of their flying and cut certain international flights that the long-haul airplanes serve.,2024-09-07
How airline seats became key tech products,https://www.bbc.co.uk/news/articles/c74l9p2x3dxo,2024-09-05T23:01:14.573Z,"In a warehouse building in a quiet town in Northern Ireland, a robot arm is opening and closing an airplane meal table over and over again. It has been programmed to carry out this mundane task no fewer than 28,000 times, day and night, for more than a week. And it won’t even get a bag of peanuts. “We can measure the force that the robot’s having to apply to that,” says Gerald King, head of engineering at Thompson Aero Seating in Banbridge. “Is it increasing? Which means more friction.” Thompson makes first class and business class seats – the expensive kind usually at the front of passenger aircraft, with their own privacy-simulating enclosures, built-in entertainment systems, and heaps of leg room. The company has various machines for testing the longevity and safety of such seats. Including a new £7.5m facility, opened last autumn, where crash test dummies are strapped to a seat and shot down a short track at incredible speeds.  The idea is to ensure that the seat – and passenger – would survive a brief exposure to 16 g’s. It is the only facility of its kind on the island of Ireland. Perhaps surprisingly, just under one third of the world’s aircraft seats are manufactured in Northern Ireland, according to Invest NI, an economic development agency. Thompson, which was bought by a Chinese company in 2016, is one of a few businesses in the region that specialise in this trade. The firm currently churns out roughly 1,500 seats per year. Another major Northern Ireland-based supplier of seats is Collins Aerospace, in Kilkeel. There is also Alice Blue Aero, in Craigavon. One of the largest seat manufacturing companies worldwide is Safran. It has facilities on six continents. But, thanks to the pandemic, demand for aircraft seats has flip-flopped dramatically of late. When Covid-19 emerged, the aerospace manufacturing industry slowed to a crawl. Globally, companies laid off thousands of workers. Thompson, for one, cut its own workforce in half, and has faced financial losses running to many millions. The world has at last opened up again, but seat manufacturers have not been able to find all the skilled workers they need, meaning that demand, globally speaking, is outstripping supply. It is a “very difficult situation”, Airbus’ chief executive said in June, referring to the slow supply of seats and other cabin parts. “The industry lost that expertise, both in terms of direct, hands-on manufacturing, but also in terms of teaching younger people how to do the job,” explains Nick Cunningham, an analyst at Agency Partners who tracks the fortunes of another seat maker, Safran. One of the problems, he adds, is that seat makers are finding it hard to get their seats tested and certified quickly by third-parties, since they are also facing labour shortages. Thompson, however, can sidestep this problem with its in-house testing facilities, explains Colm McEvoy, vice president of corporate accounts. He says that the firm is able to meet its customers’ needs at present, though he adds, “We’re having to be very strategic with regards to the new customers.” There are more than 650 people working at Thompson’s sites in Northern Ireland, but, at the time of writing, the company had more than a dozen job vacancies listed on its website. “We’re in competition with other manufacturing companies to try and secure the best talent,” says Mr McEvoy. Despite this challenge, Thompson has a five-year plan to multiply its annual output of seats. Mr McEvoy shows me around the factory floor at the firm’s Portadown site, where workers are busy riveting aluminium seat parts together, and checking the complex wiring for the entertainment systems in these expensive structures – each seat costs “tens of thousands” to make, says Mr McEvoy. “This seat in front of you is the most complex seat we make,” adds Eoin Murray, operations manager. It takes around 100 hours for the highly skilled workers here to assemble in full. Mr Murray is determined to boost the rate of production on this factory floor. He shows off a jig, developed in-house, upon which a seat can be mounted and angled so that workers can easily access the sides or underside. “This allows us to hit like a rate 14,” says Mr Murray – 14 seats produced in one shift. “I need to get to 18. To 20,” he adds. To that end, there’s another even more capable version of the jig in the room next door, a prototype that staff here hope will be even better. Mr Murray and his colleagues are also developing new working practices – such as utility belts with tools arranged in the sequence they are required. If the worker is left-handed, that sequence can be reversed so that the process of picking a tool and carrying out a task with it is as rapid as possible. Workers here rehearse and hone key stages of seat assembly, which helps them go faster. A bit like learning how to build the same piece of Ikea furniture over and over again until it becomes like muscle memory, I suggest – just a lot more complicated. “We can seamlessly slot people in, and they can now work through these different stages with no computers,” says Mr Murray. “When I started working here, if you told me I would be working without a computer I’d have told you [that] you were crazy.” Besides volume, there is constant pressure to come up with new and better seat designs, says Mr McEvoy. Airlines want the latest and best entertainment technology, for example – 32 inch screens are now included in Thompson’s top seats. “They’re striving for something different, something that makes them unique,” Mr McEvoy adds. Thompson uses leather and soft fabrics on selected parts of the seat and enclosure to provide a luxury feel, which is increasingly popular with airlines. The seats themselves can recline into two-metre long, fully flat beds. One I try for myself is certainly comfortable – though I would probably have to lie in it for seven hours or so to test it properly, I think to myself. “They’re good firms, very, very good firms – they know what they’re doing,” says Marisa Garcia, an aviation industry analyst who used to work in seat manufacturing herself, referring to the Northern Ireland-based companies who make aircraft seats. She has no commercial relationship with any of them, she adds. Despite supply chain headaches, seat manufacturers are in a good position to clean up, if they prove themselves able to keep pace with industry requirements, says Ms Garcia: “The demand is there from passengers – and the demand is there from airlines.” ",BBC,05/09/2024,"['In a warehouse building in a quiet town in Northern Ireland, a robot arm is opening and closing an airplane meal table over and over again.', 'It has been programmed to carry out this mundane task no fewer than 28,000 times, day and night, for more than a week.', 'And it won’t even get a bag of peanuts. “', 'We can measure the force that the robot’s having to apply to that,” says Gerald King, head of engineering at Thompson Aero Seating in Banbridge. “', 'Is it increasing?', 'Which means more friction.”', 'Thompson makes first class and business class seats – the expensive kind usually at the front of passenger aircraft, with their own privacy-simulating enclosures, built-in entertainment systems, and heaps of leg room.', 'The company has various machines for testing the longevity and safety of such seats.', 'Including a new £7.5m facility, opened last autumn, where crash test dummies are strapped to a seat and shot down a short track at incredible speeds.', 'The idea is to ensure that the seat – and passenger – would survive a brief exposure to 16 g’s.', 'It is the only facility of its kind on the island of Ireland.', 'Perhaps surprisingly, just under one third of the world’s aircraft seats are manufactured in Northern Ireland, according to Invest NI, an economic development agency.', 'Thompson, which was bought by a Chinese company in 2016, is one of a few businesses in the region that specialise in this trade.', 'The firm currently churns out roughly 1,500 seats per year.', 'Another major Northern Ireland-based supplier of seats is Collins Aerospace, in Kilkeel.', 'There is also Alice Blue Aero, in Craigavon.', 'One of the largest seat manufacturing companies worldwide is Safran.', 'It has facilities on six continents.', 'But, thanks to the pandemic, demand for aircraft seats has flip-flopped dramatically of late.', 'When Covid-19 emerged, the aerospace manufacturing industry slowed to a crawl.', 'Globally, companies laid off thousands of workers.', 'Thompson, for one, cut its own workforce in half, and has faced financial losses running to many millions.', 'The world has at last opened up again, but seat manufacturers have not been able to find all the skilled workers they need, meaning that demand, globally speaking, is outstripping supply.', 'It is a “very difficult situation”, Airbus’ chief executive said in June, referring to the slow supply of seats and other cabin parts. “', 'The industry lost that expertise, both in terms of direct, hands-on manufacturing, but also in terms of teaching younger people how to do the job,” explains Nick Cunningham, an analyst at Agency Partners who tracks the fortunes of another seat maker, Safran.', 'One of the problems, he adds, is that seat makers are finding it hard to get their seats tested and certified quickly by third-parties, since they are also facing labour shortages.', 'Thompson, however, can sidestep this problem with its in-house testing facilities, explains Colm McEvoy, vice president of corporate accounts.', 'He says that the firm is able to meet its customers’ needs at present, though he adds, “We’re having to be very strategic with regards to the new customers.”', 'There are more than 650 people working at Thompson’s sites in Northern Ireland, but, at the time of writing, the company had more than a dozen job vacancies listed on its website. “', 'We’re in competition with other manufacturing companies to try and secure the best talent,” says Mr McEvoy.', 'Despite this challenge, Thompson has a five-year plan to multiply its annual output of seats.', 'Mr McEvoy shows me around the factory floor at the firm’s Portadown site, where workers are busy riveting aluminium seat parts together, and checking the complex wiring for the entertainment systems in these expensive structures – each seat costs “tens of thousands” to make, says Mr McEvoy. “', 'This seat in front of you is the most complex seat we make,” adds Eoin Murray, operations manager.', 'It takes around 100 hours for the highly skilled workers here to assemble in full.', 'Mr Murray is determined to boost the rate of production on this factory floor.', 'He shows off a jig, developed in-house, upon which a seat can be mounted and angled so that workers can easily access the sides or underside. “', 'This allows us to hit like a rate 14,” says Mr Murray – 14 seats produced in one shift. “', 'I need to get to 18.', 'To 20,” he adds.', 'To that end, there’s another even more capable version of the jig in the room next door, a prototype that staff here hope will be even better.', 'Mr Murray and his colleagues are also developing new working practices – such as utility belts with tools arranged in the sequence they are required.', 'If the worker is left-handed, that sequence can be reversed so that the process of picking a tool and carrying out a task with it is as rapid as possible.', 'Workers here rehearse and hone key stages of seat assembly, which helps them go faster.', 'A bit like learning how to build the same piece of Ikea furniture over and over again until it becomes like muscle memory, I suggest – just a lot more complicated. “', 'We can seamlessly slot people in, and they can now work through these different stages with no computers,” says Mr Murray. “', 'When I started working here, if you told me I would be working without a computer I’d have told you [that] you were crazy.”', 'Besides volume, there is constant pressure to come up with new and better seat designs, says Mr McEvoy.', 'Airlines want the latest and best entertainment technology, for example – 32 inch screens are now included in Thompson’s top seats. “', 'They’re striving for something different, something that makes them unique,” Mr McEvoy adds.', 'Thompson uses leather and soft fabrics on selected parts of the seat and enclosure to provide a luxury feel, which is increasingly popular with airlines.', 'The seats themselves can recline into two-metre long, fully flat beds.', 'One I try for myself is certainly comfortable – though I would probably have to lie in it for seven hours or so to test it properly, I think to myself. “', 'They’re good firms, very, very good firms – they know what they’re doing,” says Marisa Garcia, an aviation industry analyst who used to work in seat manufacturing herself, referring to the Northern Ireland-based companies who make aircraft seats.', 'She has no commercial relationship with any of them, she adds.', 'Despite supply chain headaches, seat manufacturers are in a good position to clean up, if they prove themselves able to keep pace with industry requirements, says Ms Garcia: “The demand is there from passengers – and the demand is there from airlines.”']",0.1272786740378898,"We’re in competition with other manufacturing companies to try and secure the best talent,” says Mr McEvoy.","Thompson, for one, cut its own workforce in half, and has faced financial losses running to many millions.",-0.0690322974148918,Mr Murray is determined to boost the rate of production on this factory floor.,"But, thanks to the pandemic, demand for aircraft seats has flip-flopped dramatically of late.",2024-09-07
Top 10 people most likely to reach trillionaire status,https://www.cnbc.com/2024/09/06/top-10-people-most-likely-to-reach-trillionaire-status.html,2024-09-06T19:14:32+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire.""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil's soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate. At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday. Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.And what about individuals? According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report. His wealth would have to continue growing at an average annual rate of 112%. Nvidia's stock is already up about 115% this year, after more than tripling last year.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific. The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion. The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10. Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No. 12, and wouldn't become a trillionaire until 2036. Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.Granted, wealth-watchers have been predicting the first trillionaire for years. And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.",CNBC,06/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', ""On Sept. 29, 1916, newspapers across the country announced a wealth milestone once thought to be unreachable: the world's first billionaire."", '""Standard (Oil) at $2,014 makes its head a billionaire,"" blared The New York Times headline, adding that Standard Oil\'s soaring share price ""makes John D. Rockefeller, founder and largest shareholder, almost certainly a billionaire.', '""More than a century after the first U.S. billionaire (in measurable dollar terms), the question of who will be first to reach the trillionaire mark continues to fascinate.', ""At least a half-dozen companies have done it, most recently Berkshire Hathaway, which topped $1 trillion just before Warren Buffett's 94th birthday."", 'Nvidia is now at $2.6 trillion, having hit the 13-figure club last year.', 'And what about individuals?', 'According to a new report from Informa Connect Academy, which predicts trillionaire status based on average annual growth rate in wealth, Tesla CEO Elon Musk will likely be the first trillionaire.', ""Musk is currently the world's richest person, with $251 billion, according to the Bloomberg Billionaires Index."", ""Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate."", 'If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.Jensen Huang, CEO of Nvidia, who has seen his wealth skyrocket from $3 billion to more than $90 billion in five years, would become a trillionaire by 2028, according to the report.', 'His wealth would have to continue growing at an average annual rate of 112%.', ""Nvidia's stock is already up about 115% this year, after more than tripling last year."", 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Fourth on the list is Indonesia's Prajogo Pangestu, founder of the Indonesian energy and mining conglomerate Barito Pacific."", ""The report predicts Pangestu could reach trillionaire status by 2028.Rounding out the top five would be LVMH CEO Bernard Arnault, who is currently the world's third-richest person, with just under $200 billion."", 'The report has the luxury king becoming a trillionaire sometime in 2030, along with Meta CEO Mark Zuckerberg.', ""Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10."", ""Jeff Bezos, currently the world's second-richest person, with $200 billion, according to Bloomberg, is listed at No."", ""12, and wouldn't become a trillionaire until 2036."", 'Larry Page and Sergey Brin, the Google founders, are also slated to wait 12 years to become trillionaires — although artificial intelligence may accelerate their rise.', 'Granted, wealth-watchers have been predicting the first trillionaire for years.', 'And the stocks of Tesla, Nvidia and LVMH may not go up as fast in the next five years as they did in the past five.', 'Yet more than 100 years after the first billionaire, the first trillionaire could well be crowned in the next decade.']",0.3647585353608322,Some top billionaires who seem like strong candidates to quickly reach the four-comma club don't make the top 10.,,0.9471810460090636,"Nvidia's stock is already up about 115% this year, after more than tripling last year.",,2024-09-07
"Boeing Starliner returns to Earth empty, months later than planned",https://www.cnbc.com/2024/09/06/boeing-starliner-leaves-iss-crew-flight-test.html,2024-09-07T04:08:59+0000,"In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June.Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft.It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth. Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday. The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.""We have your backs, and you've got this,"" Williams told mission controllers at NASA's Johnson Space Center in Houston on Friday before the undocking. ""Bring her back to Earth. Good luck.""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned. The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system.Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters. Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA. The agency was hoping to have two competing companies — Boeing and Elon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in losses absorbed already, could threaten the company's future involvement with it.",CNBC,07/09/2024,"[""In this articleBoeing's Starliner undocked from the International Space Station on Friday, months later than the spacecraft was originally supposed to depart — and without the two astronauts that it delivered to orbit in early June."", ""Instead, NASA test pilots Butch Wilmore and Suni Williams will stay at the ISS for the rest of the year and will return to Earth in February aboard SpaceX's Dragon spacecraft."", 'It left the space station at 6:04 p.m. ET Friday and took about six hours to return to Earth.', 'Starliner successfully touched down at a landing zone at White Sands Space Harbor in New Mexico at 12:01 a.m. ET Saturday.', 'The undocking process worked slightly different than it would have with a crew, in an effort to protect the ISS and because astronauts were not on board to take manual control if necessary, NASA officials said Wednesday.', '""We have your backs, and you\'ve got this,"" Williams told mission controllers at NASA\'s Johnson Space Center in Houston on Friday before the undocking. ""', 'Bring her back to Earth.', 'Good luck.', '""The return of Boeing\'s Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.', ""The agency delayed the spacecraft's return multiple times, citing the desire to gather more data about its problematic propulsion system."", ""Starliner, initially expected to be in space for about nine days, spent roughly three months at the ISS while Boeing investigated an issue with the capsule's thrusters."", 'Boeing officials were adamant in press briefings that Starliner was safe for the astronauts to fly home in the event of an emergency, even though they delayed the return multiple times.', 'But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft\'s issues.', 'The Starliner crew flight test was supposed to be a final step for Boeing and a key addition for NASA.', ""The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.""]",0.0990551097520369,Good luck.,"But NASA officials ultimately decided in late August that the agency would send Starliner back empty, saying it wants to ""further understand the root causes"" of the spacecraft's issues.",-0.2267458041508992,"The agency was hoping to have two competing companies — Boeing andElon Musk's SpaceX — with the ability to fly alternating missions to the ISS.Instead, the test flight has set Boeing's progress in NASA's Commercial Crew Program back and, with more than $1.5 billion in lossesabsorbed already, could threaten the company's future involvement with it.","""The return of Boeing's Starliner capsule ""Calypso"" ends a test flight that was ultimately much longer than NASA initially predicted — and that did not go as planned.",2024-09-07
Tesla Cybertruck is in a category of its own for better or worse,https://www.cnbc.com/2024/09/03/tesla-cybertruck-drive.html,2024-09-05T11:04:03+0000,"In this articleDETROIT – Spaceship. Dream car. UFO. Dumpster. Cool. Stupid. Phenomenal. Abomination.Those were all words used to describe the Tesla Cybertruck during a 24-hour rental of the vehicle in metropolitan Detroit. They were expressed by strangers, friends, family, and auto industry experts and employees.A word not used much? ""Truck.""That's because the Tesla Cybertruck is far more ""cyber"" than ""truck."" It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.It is a unique product that only comes along every so often. Similar to the first SUV, minivan or ""roadster pickups"" such as the Ford Ranchero and Chevrolet El Camino, it has created a new segment in the automotive industry that it solely holds.That's good and bad for both Tesla and its competitors, specifically the truck-reliant automakers from Detroit that have spent decades refining their trucks to meet the needs of their customers. That includes things such as bed access and door handle sizes to seating height and interior components.The Cybertruck is not a direct competitor for electric trucks from traditional automakers. The Cybertruck is a ""truck"" for Tesla fans/owners and an experiment for the company in many ways regarding its technologies, including a new electrical architecture and steering system.The top vehicles that are cross-shopped for the Cybertruck are Tesla's other four models, followed by the Ford F-150 Lightning in a distant fifth at 7.4% of potential buyers, according to Edmunds.com.I drove a roughly $100,000 all-wheel-drive version of the Cybertruck in regular driving conditions and traffic in Detroit and its surrounding suburbs, including a short torrential downpour in which the vehicle's comically large wiper blade performed fine.I did not test the vehicle's towing or hauling capabilities, which have come into question recently following reports of problems involving the durability of the vehicle's aluminum frame. Most notably, in an over-the-top viral video from YouTube channel WhistlinDiesel.I wanted to have better first-hand knowledge of the vehicle and compare it with electric trucks from other automakers, but that was harder than initially expected. I also purposely did not watch or read any reviews ahead of time about the vehicle before driving it.The Cybertruck is unlike any other vehicle I've ever driven. That includes every all-electric truck on sale today from General Motors, Ford Motor and Rivian Automotive.The only vehicle to come close to a similar driving experience is GM's Hummer EV. Both are large, gaudy and outlandish vehicles that are more infamous than they are practical. But the Hummer EV still feels like a truck in its driving dynamics, seating and overall functionality. The Cybertruck does not.The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.The seating also feels far more like a car than a truck. Even when the vehicle is at its ""high"" setting, which it can only be in under 25 mph, it's still several inches lower than most electric trucks.That's not to say it isn't ""tough."" As seen on YouTube, the company and owners have shot bullets at it, thrown steel balls at its windows and done other less-than-industry-standard tests. Having said that, the vehicle I drove had just more than 2,000 miles on it and I found two pieces of trim peeling off along the rolling bed cover's sealant/guide rails.Potential problems with the durability of the frame are concerning. It is the base of the vehicle that everything is built on. For a vehicle's frame to break, even in severe testing conditions, is a serious problem.Regarding its polarizing design, it's on another level of its own. It makes GMC's Hummer seem normal. Heads turned, jaws dropped and there were even a few people yelling or screaming, including one fellow driver aggressively giving me a thumbs down as I passed (some Cybertruck drivers have reported more explicit gestures). The reactions came from toddlers and school children to construction workers and police officers.Inside the doorstop-shaped, stainless-steel alloy exoskeleton of the Cybertruck is where things get more interesting.The interior of the vehicle, like its other Tesla siblings, is described by many as ""minimalistic."" I'd call it sparse and, in some material choices, cheap for a $100,000 vehicle. Given its size, the interior of the vehicle also feels more like a car than a ""truck.""There's about 3½ feet of unusable space from the driver to the bottom of the vehicle's windshield, while the back seat is fine for a car but a little lacking for space compared with today's full-size pickup trucks.The centerpiece of the vehicle's interior is a large 18.5-inch, center-mounted touchscreen and minimal controls on the steering wheel, or yoke.What the Tesla Cybertruck lacks in ""truck-ness"" and interior qualities, it arguably makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.That includes the gear shifter being a long rectangle in the top left of the screen for drive, park and reverse. It functioned well and I did not miss having to use a traditional shifter, although there are such buttons hidden in the vehicle's roof, above the screen.The processing speed of the infotainment system is impressive, especially when compared with other non-Tesla EVs from traditional automakers. It's also very manageable, despite the amount of information displayed on the screen.I'd still prefer a screen in front of the driver or a heads-up display for speed and other rudimentary information projected on the vehicle's windshield but it didn't bother or distract me as much as I thought it would.The vehicle's mirrors also were largely unusable, and likely only there to meet federal safety standard requirements. The Cybertruck's camera system, which functions in lieu of useful mirrors, took a little getting used to but worked just fine (several automakers have usable mirrors along with such camera systems that show the rear and sides of the vehicle).I was able to use the vehicle's adaptive cruise control system, which Tesla infamously calls Autopilot, but not more advanced systems such as ""FSD,"" which Cybertruck customers can order but isn't yet available.The system's ability to spot and display other vehicles, streetlights, people and even traffic cones, stop signs and garbage cans on the screen was impressive, but it was nothing more than a standard adaptive cruise control when driving. It also stopped at every traffic light whether it was green, yellow or red.Another surprising feature was the yoke replacing a traditional steering wheel. Again, this is a feature more popular with race cars than pickup trucks, but it functioned well. It does not rotate fully, instead going about 180 degrees or so for a full turn. Input needed is minimal when changing lanes. The ease also comes from the vehicle's four-wheel steering and steer-by-wire system.Both steering features are emerging technologies being used or looked into by other automakers.The four-wheel steer makes it so a large vehicle such as the Cybertruck or GMC Hummer, which also features it, can turn more tightly than a traditional truck. It's more similar to the turn radius of a car, which helps maneuver the vehicle into tighter places and parking spots.The steer-by-wire is harder to describe. The system uses electronics and software to control a vehicle's steering without a mechanical connection between the steering wheel and the wheels. It feels almost like a racing yoke for a video game or aircraft rather than a traditional vehicle.""You can make it perform much differently. … It gives you much more of a performance bandwidth,"" said Terry Woychowski, president of automotive at engineering consulting firm Caresoft Global.Woychowski, a former GM executive whose company has tested and benchmarked the Cybertruck, said the steer-by-wire feature is ""discretionary."" But he described the change in the vehicle's electrical architecture that powers all of its systems as ""bare bones, engineering efficiency"" that has been a needed change for years.The Cybertruck features a 48-volt architecture to power the components of the vehicle. Doing so allows for additional electrical bandwidth for a vehicle and eliminates the need for a traditional 12-volt battery to power things such as windows, seats and headlights.Tesla is the first to offer such a 48-volt system on a pure EV. Tesla CEO Elon Musk infamously sent competitors such as Ford and GM essentially a ""how-to"" guide on developing such a system.The benefit with using the higher voltage for auxiliary devices is that the same power can be supplied at a lower current. It can save weight and cost as the wiring is about half the size.However, the system requires a complete rethinking of a vehicle's electrical architecture that can be costly. Whether or not other automakers follow Tesla is yet to be seen.""The bill to make the change is huge,"" Woychowski said. ""It really is very, very good technology to bring in. It's long overdue. There is a direct savings from a cost and mass perspective, and for an EV that is gold.""It's apparent that the Cybertruck appeals to a sector of Americans who have the means to afford it — likely along with several other vehicles. Motor Intelligence reports the Cybertruck was the top-selling electric ""truck"" during the second quarter of this year, edging out the segment-leading Ford F-150 Lightning, Rivian R1T and GM's Hummer EV and Chevy Silverado EV.But how much appeal such a polarizing vehicle has in the long term will be determined in the coming quarters and years ahead. The Chevy El Camino and Ford Ranchero were able to last a couple decades.",CNBC,05/09/2024,"['In this articleDETROIT – Spaceship.', 'Dream car.', 'UFO.', 'Dumpster.', 'Cool.', 'Stupid.', 'Phenomenal.', 'Abomination.', 'Those were all words used to describe the Tesla Cybertruck during a 24-hour rental of the vehicle in metropolitan Detroit.', 'They were expressed by strangers, friends, family, and auto industry experts and employees.', 'A word not used much? ""', 'Truck.', '""That\'s because the Tesla Cybertruck is far more ""cyber"" than ""truck.""', 'It indeed has some truck capabilities, such as a pickup bed and other utilitarian features, but it is not a truck in any traditional sense of the word.', 'It is a unique product that only comes along every so often.', 'Similar to the first SUV, minivan or ""roadster pickups"" such as the Ford Ranchero and Chevrolet El Camino, it has created a new segment in the automotive industry that it solely holds.', ""That's good and bad for both Tesla and its competitors, specifically the truck-reliant automakers from Detroit that have spent decades refining their trucks to meet the needs of their customers."", 'That includes things such as bed access and door handle sizes to seating height and interior components.', 'The Cybertruck is not a direct competitor for electric trucks from traditional automakers.', 'The Cybertruck is a ""truck"" for Tesla fans/owners and an experiment for the company in many ways regarding its technologies, including a new electrical architecture and steering system.', ""The top vehicles that are cross-shopped for the Cybertruck are Tesla's other four models, followed by the Ford F-150 Lightning in a distant fifth at 7.4% of potential buyers, according to Edmunds.com."", ""I drove a roughly $100,000 all-wheel-drive version of the Cybertruck in regular driving conditions and traffic in Detroit and its surrounding suburbs, including a short torrentialdownpour in which the vehicle's comically large wiper blade performed fine."", ""I did not test the vehicle's towing or hauling capabilities, which have come into question recently following reports of problems involving the durability of the vehicle's aluminum frame."", 'Most notably, in an over-the-top viral video from YouTube channel WhistlinDiesel.', 'I wanted to have better first-hand knowledge of the vehicle and compare it with electric trucks from other automakers, but that was harder than initially expected.', 'I also purposely did not watch or read any reviews ahead of time about the vehicle before driving it.', ""The Cybertruck is unlike any other vehicle I've ever driven."", 'That includes every all-electric truck on sale today from General Motors, Ford Motor and Rivian Automotive.', ""The only vehicle to come close to a similar driving experience is GM's Hummer EV."", 'Both are large, gaudy and outlandish vehicles that are more infamous than they are practical.', 'But the Hummer EV still feels like a truck in its driving dynamics, seating and overall functionality.', 'The Cybertruck does not.', 'The Cybertruck features tight steering, including a yoke and ""steer-by-wire"" system; a stiff chassis similar to a sports car; and, while arbitrary, a design that is far more form than function, which is historically one of the top reasons to purchase a pickup truck.', 'The seating also feels far more like a car than a truck.', 'Even when the vehicle is at its ""high"" setting, which it can only be in under 25 mph, it\'s still several inches lower than most electric trucks.', 'That\'s not to say it isn\'t ""tough.""', 'As seen on YouTube, the company and owners have shot bullets at it, thrown steel balls at its windows and done other less-than-industry-standard tests.', ""Having said that, the vehicle I drove had just more than 2,000 miles on it and I found two pieces of trim peeling off along the rolling bed cover's sealant/guide rails."", 'Potential problems with the durability of the frame are concerning.', 'It is the base of the vehicle that everything is built on.', ""For a vehicle's frame to break, even in severe testing conditions, is a serious problem."", ""Regarding its polarizing design, it's on another level of its own."", ""It makes GMC's Hummer seem normal."", 'Heads turned, jaws dropped and there were even a few people yelling or screaming, including one fellow driver aggressively giving me a thumbs down as I passed (some Cybertruck drivers have reported more explicit gestures).', 'The reactions came from toddlers and school children to construction workers and police officers.', 'Inside the doorstop-shaped, stainless-steel alloy exoskeleton of the Cybertruck is where things get more interesting.', 'The interior of the vehicle, like its other Tesla siblings, is described by many as ""minimalistic.""', ""I'd call it sparse and, in some material choices, cheap for a $100,000 vehicle."", 'Given its size, the interior of the vehicle also feels more like a car than a ""truck.', '""There\'s about 3½ feet of unusable space from the driver to the bottom of the vehicle\'s windshield, while the back seat is fine for a car but a little lacking for space compared with today\'s full-size pickup trucks.', ""The centerpiece of the vehicle's interior is a large 18.5-inch, center-mounted touchscreen and minimal controls on the steering wheel, or yoke."", 'What the Tesla Cybertruck lacks in ""truck-ness"" and interior qualities, it arguably makes up for in technology, as well as the human-machine interface, or HMI, of the vehicle with the driver.', 'That includes the gear shifter being a long rectangle in the top left of the screen for drive, park and reverse.', ""It functioned well and I did not miss having to use a traditional shifter, although there are such buttons hidden in the vehicle's roof, above the screen."", 'The processing speed of the infotainment system is impressive, especially when compared with other non-Tesla EVs from traditional automakers.', ""It's also very manageable, despite the amount of information displayed on the screen."", ""I'd still prefer a screen in front of the driver or a heads-up display for speed and other rudimentary information projected on the vehicle's windshield but it didn't bother or distract me as much as I thought it would."", ""The vehicle's mirrors also were largely unusable, and likely only there to meet federal safety standard requirements."", 'The Cybertruck\'s camera system, which functions in lieu of useful mirrors, took a little getting used to but worked just fine (several automakers have usable mirrors along with such camera systems that show the rear and sides of the vehicle).I was able to use the vehicle\'s adaptive cruise control system, which Tesla infamously calls Autopilot, but not more advanced systems such as ""FSD,"" which Cybertruck customers can order but isn\'t yet available.', ""The system's ability to spot and display other vehicles, streetlights, people and even traffic cones, stop signs and garbage cans on the screen was impressive, but it was nothing more than a standard adaptive cruise control when driving."", 'It also stopped at every traffic light whether it was green, yellow or red.', 'Another surprising feature was the yoke replacing a traditional steering wheel.', 'Again, this is a feature more popular with race cars than pickup trucks, but it functioned well.', 'It does not rotate fully, instead going about 180 degrees or so for a full turn.', 'Input needed is minimal when changing lanes.', ""The ease also comes from the vehicle's four-wheel steering and steer-by-wire system."", 'Both steering features are emerging technologies being used or looked into by other automakers.', 'The four-wheel steer makes it so a large vehicle such as the Cybertruck or GMC Hummer, which also features it, can turn more tightly than a traditional truck.', ""It's more similar to the turn radius of a car, which helps maneuver the vehicle into tighter places and parking spots."", 'The steer-by-wire is harder to describe.', ""The system uses electronics and software to control a vehicle's steering without a mechanical connection between the steering wheel and the wheels."", 'It feels almost like a racing yoke for a video game or aircraft rather than a traditional vehicle.', '""You can make it perform much differently. …', 'It gives you much more of a performance bandwidth,"" said Terry Woychowski, president of automotive at engineering consulting firm Caresoft Global.', 'Woychowski, a former GM executive whose company has tested and benchmarked the Cybertruck, said the steer-by-wire feature is ""discretionary.""', 'But he described the change in the vehicle\'s electrical architecture that powers all of its systems as ""bare bones, engineering efficiency"" that has been a needed change for years.', 'The Cybertruck features a 48-volt architecture to power the components of the vehicle.', 'Doing so allows for additional electrical bandwidth for a vehicle and eliminates the need for a traditional 12-volt battery to power things such as windows, seats and headlights.', 'Tesla is the first to offer such a 48-volt system on a pure EV.', 'Tesla CEO Elon Musk infamously sent competitors such as Ford and GM essentially a ""how-to"" guide on developing such a system.', 'The benefit with using the higher voltage for auxiliary devices is that the same power can be supplied at a lower current.', 'It can save weight and cost as the wiring is about half the size.', ""However, the system requires a complete rethinking of a vehicle's electrical architecture that can be costly."", 'Whether or not other automakers follow Tesla is yet to be seen.', '""The bill to make the change is huge,"" Woychowski said. ""', 'It really is very, very good technology to bring in.', ""It's long overdue."", 'There is a direct savings from a cost and mass perspective, and for an EV that is gold.', '""It\'s apparent that the Cybertruck appeals to a sector of Americans who have the means to afford it — likely along with several other vehicles.', 'Motor Intelligence reports the Cybertruck was the top-selling electric ""truck"" during the second quarter of this year, edging out the segment-leading Ford F-150 Lightning, Rivian R1T and GM\'s Hummer EV and Chevy Silverado EV.But how much appeal such a polarizing vehicle has in the long term will be determined in the coming quarters and years ahead.', 'The Chevy El Camino and Ford Ranchero were able to last a couple decades.']",0.0848070343092523,"Motor Intelligence reports the Cybertruck was the top-selling electric ""truck"" during the second quarter of this year, edging out the segment-leading Ford F-150 Lightning, Rivian R1T and GM's Hummer EV and Chevy Silverado EV.But how much appeal such a polarizing vehicle has in the long term will be determined in the coming quarters and years ahead.",I'd still prefer a screen in front of the driver or a heads-up display for speed and other rudimentary information projected on the vehicle's windshield but it didn't bother or distract me as much as I thought it would.,0.4050222873687744,"The processing speed of the infotainment system is impressive, especially when compared with other non-Tesla EVs from traditional automakers.",Potential problems with the durability of the frame are concerning.,2024-09-07
"U.S. airlines cool hiring after adding 194,000 employees in post-Covid spree",https://www.cnbc.com/2024/09/06/us-airlines-cool-hiring-after-adding-employees-post-pandemic.html,2024-09-06T17:38:58+0000,"In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation. Now the industry is cooling its hiring.Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges.A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits. Demand growth has moderated. Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions. Engines are in short supply. Some carriers are deferring airplane deliveries altogether. And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.Since 2019, costs at U.S. carriers have climbed by double-digit percentages. Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.It is more pronounced at low-cost airlines. Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length.Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's.But there have been pullbacks. In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market. Last year, even before the merger fell apart, it offered staff buyouts.Other airlines are easing hiring or finding other ways to cut costs.Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks. A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants. CFO Tammy Romo said on an earnings call in July that the company's headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier's ""controlled hiring levels.""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023. It plans to hire 1,600 pilots, down from more than 2,300 last year.It's a departure from the previous years when airlines couldn't hire employees fast enough. U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.Airlines shed tens of thousands of employees in 2020 to try to stem record losses. Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents. It also led to the worst pilot shortage in recent memory.In response, companies — especially regional carriers — offered big bonuses to attract pilots.But times have changed. Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.""We will be hiring for the foreseeable future at levels like that,"" he said at the time.Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.""Demand for travel is still there,"" he said. ""I don't see a long-term slowdown.""",CNBC,06/09/2024,"['In this articleU.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation.', 'Now the industry is cooling its hiring.', ""Airlines are close to their staffing needs but the slowdown is also coming in part because they're facing a slew of challenges."", ""A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits."", 'Demand growth has moderated.', 'Airplanes are arriving late from Boeing and Airbus, prompting airlines to rethink their expansions.', 'Engines are in short supply.', 'Some carriers are deferring airplane deliveries altogether.', 'And labor costs have climbed after groups like pilots and mechanics signed new contracts with big raises, their first in years.', 'Annual pay for a three-year first officer on midsized equipment at U.S. airlines averaged $170,586 in March, up from $135,896 in 2019, according to Kit Darby, an aviation consultant who specializes in pilot pay.', 'Since 2019, costs at U.S. carriers have climbed by double-digit percentages.', ""Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth."", 'It is more pronounced at low-cost airlines.', ""Southwest Airlines' costs will likely be up 32%, JetBlue Airways' up nearly 35% and Spirit Airlines will see a rise of almost 39% over the same period, estimated Syth, whose data is adjusted for flight length."", ""Friday's U.S. jobs report showed air transportation employment in August roughly in line with July's."", 'But there have been pullbacks.', ""In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market."", 'Last year, even before the merger fell apart, it offered staff buyouts.', 'Other airlines are easing hiring or finding other ways to cut costs.', 'Frontier Airlines is still hiring pilots but said it will offer voluntary leaves of absence in September and October, when demand generally dips after the summer holidays but before Thanksgiving and winter breaks.', 'A spokeswoman for the carrier said it offers those leaves ""periodically"" for ""when our staffing levels exceed our planned flight schedules.', '""Southwest Airlines expects to end the year with 2,000 fewer employees compared with 2023 and earlier this year said it would halt hiring classes for work groups including pilots and flight attendants.', 'CFO Tammy Romo said on an earnings call in July that the company\'s headcount would likely be down again in 2025 as attrition levels exceed the Dallas-based carrier\'s ""controlled hiring levels.', '""United Airlines, which paused pilot hiring in May and June, citing late-arriving planes from Boeing, said it plans to add 10,000 people this year, down from 15,000 in both 2022 and 2023.', 'It plans to hire 1,600 pilots, down from more than 2,300 last year.', ""It's a departure from the previous years when airlines couldn't hire employees fast enough."", 'U.S. airlines are usually adding pilots constantly since they are required to retire at age 65 by federal law.', 'Airlines shed tens of thousands of employees in 2020 to try to stem record losses.', 'Packages of more than $50 billion in taxpayer aid that were passed to get the industry through its worst-ever crisis prohibited layoffs, but many employees took carriers up on their repeated offers of buyouts and voluntary leaves.', 'Then, travel demand snapped back faster than expected, climbing in earnest in 2022 and leaving airlines without experienced employees like customer service agents.', 'It also led to the worst pilot shortage in recent memory.', 'In response, companies — especially regional carriers — offered big bonuses to attract pilots.', 'But times have changed.', 'Even air freight giants were competing for pilots in recent years but demand has waned as FedEx and UPS look to cut costs.', 'American Airlines CEO Robert Isom said in an investor presentation in March that the carrier added about 2,300 pilots last year and that it expects to hire about 1,300 this year.', '""We will be hiring for the foreseeable future at levels like that,"" he said at the time.', 'Despite the lower targets, students continue to fill classrooms and cockpits to train and build up hours to become pilots, said Ken Byrnes, chairman of the flight department at Embry-Riddle Aeronautical University.', '""Demand for travel is still there,"" he said. ""', 'I don\'t see a long-term slowdown.""']",0.0107841422019011,"In response, companies — especially regional carriers — offered big bonuses to attract pilots.","In the most severe case, Spirit Airlines furloughed 186 pilots this month, their union said Sunday, as the carrier's losses have grown in the wake of a failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and an oversupplied U.S. market.",-0.0160007004080147,"Stripping out fuel and net interest expenses, they'll be up about 20% at American Airlines this year and around 28% higher at both United Airlines and Delta Air Lines from 2019, according to Raymond James airline analyst Savanthi Syth.",A glut of flights in the U.S. has pushed down fares and eaten into airlines' profits.,2024-09-07
"Ford truck, hybrid models lead to 13% increase in August sales",https://www.cnbc.com/2024/09/05/ford-truck-hybrid-models-lead-to-13percent-increase-in-august-sales-.html,2024-09-05T17:31:48+0000,"In this articleDETROIT — Ford Motor's U.S. vehicle sales jumped 13.4% last month, led by increases in the company's F-Series trucks and hybrid models.The Detroit automaker reported sales Thursday of nearly 183,000 vehicles in August, including a 12.3% increase in trucks and a roughly 50% jump in hybrid vehicles compared with a year earlier. Its all-electric vehicle sales jumped 29% during that time, including a notable rise in its F-150 Lightning pickup.Despite the increase in electrified vehicles, traditional cars and trucks with internal combustion engines still represented 86% of Ford's sales last month.Ford's August sales outpaced overall industry estimates of a roughly 6% year-over-year increase from a year earlier, according to Barclays.Despite steep prices and high interest rates, U.S. auto sales have remained stable in 2024, but they're not as high as some expected to begin the year. Barclays on Thursday lowered its 2024 sales forecast from 16 million vehicles to 15.8 million, citing a 15.7 million sales pace through August.""While potential interest rate cuts may help affordability, so long as [manufacturers] aim to keep prices elevated, it will likely be difficult for [seasonally adjusted annual rate] to surpass the ~16.0mn level,"" Barclay's Dan Levy wrote Thursday in an investor note.Ford's U.S. sales through August were up 4.3% to 1.4 million units.Ford's August sales weren't the only double-digit increases. While not all automakers report monthly sales, the Hyundai brand reported a 22% rise in sales last month compared with August 2023.",CNBC,05/09/2024,"[""In this articleDETROIT — Ford Motor's U.S. vehicle sales jumped 13.4% last month, led by increases in the company's F-Series trucks and hybrid models."", 'The Detroit automaker reported sales Thursday of nearly 183,000 vehicles in August, including a 12.3% increase in trucks and a roughly 50% jump in hybrid vehicles compared with a year earlier.', 'Its all-electric vehicle sales jumped 29% during that time, including a notable rise in its F-150 Lightning pickup.', ""Despite the increase in electrified vehicles, traditional cars and trucks with internal combustion engines still represented 86% of Ford's sales last month."", ""Ford's August sales outpaced overall industry estimates of a roughly 6% year-over-year increase from a year earlier, according to Barclays."", ""Despite steep prices and high interest rates, U.S. auto sales have remained stable in 2024, but they're not as high as some expected to begin the year."", 'Barclays on Thursday lowered its 2024 sales forecast from 16 million vehicles to 15.8 million, citing a 15.7 million sales pace through August.', '""While potential interest rate cuts may help affordability, so long as [manufacturers] aim to keep prices elevated, it will likely be difficult for [seasonally adjusted annual rate] to surpass the ~16.0mn level,"" Barclay\'s Dan Levy wrote Thursday in an investor note.', ""Ford's U.S. sales through August were up 4.3% to 1.4 million units."", ""Ford's August sales weren't the only double-digit increases."", 'While not all automakers report monthly sales, the Hyundai brand reported a 22% rise in sales last month compared with August 2023.']",0.0534988820365691,"Despite steep prices and high interest rates, U.S. auto sales have remained stable in 2024, but they're not as high as some expected to begin the year.","Despite the increase in electrified vehicles, traditional cars and trucks with internal combustion engines still represented 86% of Ford's sales last month.",0.8045150854370811,Ford's U.S. sales through August were up 4.3% to 1.4 million units.,"Barclays on Thursday lowered its 2024 sales forecast from 16 million vehicles to 15.8 million, citing a 15.7 million sales pace through August.",2024-09-07
Scunthorpe fudge maker devastated by Instagram account suspension,https://www.bbc.co.uk/news/articles/clyl50rnen7o,2024-09-06T20:04:53.591Z,"A fudge maker said her business had been ""devastated"" after its Instagram account, used to promote its products, was suspended without notice. Claire Brennan, who owns Want That Fudge in Scunthorpe, said the account had been running for 10 years and had more than 93,000 followers. Mrs Brennan said the platform was vital for her business and helped to generate sales from customers across the UK. A spokesperson for Meta, the parent company for Instagram and Facebook, told the BBC it was ""investigating the issue"". Mrs Brennan said: ""I'm so frustrated because that account shows a huge chunk of our company history so having that audience taken away is soul destroying. ""We share pictures of fudge and chocolate. We haven't done anything wrong and we don't understand why the account is suspended."" Mrs Brennan, who runs the business with her husband Pete, said she created a backup account but that was also removed. ""We've been trying for weeks to appeal the decision and there's been no support from Meta. We've sent emails and messages and had no response.  ""If we could just speak to a human being, they'd see it's a mistake."" The closure of the Instagram account is a further blow to the business which was forced to temporarily close in August after its premises on Birkdale Road was targeted by vandals. Mrs Brennan said: ""It just feels like we're having a string of bad luck at the moment. ""We're a small business. It's annoying, but the main thing is we still have our shop and we're still able to get orders out all over the country."" Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here. ",BBC,06/09/2024,"['A fudge maker said her business had been ""devastated"" after its Instagram account, used to promote its products, was suspended without notice.', 'Claire Brennan, who owns Want That Fudge in Scunthorpe, said the account had been running for 10 years and had more than 93,000 followers.', 'Mrs Brennan said the platform was vital for her business and helped to generate sales from customers across the UK.', 'A spokesperson for Meta, the parent company for Instagram and Facebook, told the BBC it was ""investigating the issue"".', 'Mrs Brennan said: ""I\'m so frustrated because that account shows a huge chunk of our company history so having that audience taken away is soul destroying. ""', 'We share pictures of fudge and chocolate.', 'We haven\'t done anything wrong and we don\'t understand why the account is suspended.""', 'Mrs Brennan, who runs the business with her husband Pete, said she created a backup account but that was also removed. ""', ""We've been trying for weeks to appeal the decision and there's been no support from Meta."", 'We\'ve sent emails and messages and had no response. ""', 'If we could just speak to a human being, they\'d see it\'s a mistake.""', 'The closure of the Instagram account is a further blow to the business which was forced to temporarily close in August after its premises on Birkdale Road was targeted by vandals.', 'Mrs Brennan said: ""It just feels like we\'re having a string of bad luck at the moment. ""', ""We're a small business."", 'It\'s annoying, but the main thing is we still have our shop and we\'re still able to get orders out all over the country.""', 'Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.']",-0.1410828649452635,Mrs Brennan said the platform was vital for her business and helped to generate sales from customers across the UK.,"We haven't done anything wrong and we don't understand why the account is suspended.""",-0.5817625323931376,Mrs Brennan said the platform was vital for her business and helped to generate sales from customers across the UK.,"Mrs Brennan said: ""It just feels like we're having a string of bad luck at the moment. """,2024-09-07
The Body Shop rescued from administration by Auréa Group,https://www.bbc.co.uk/news/articles/cx2lzjlg182o,2024-09-07T14:25:33.866Z,"The Body Shop has been rescued from administration, in a deal that appears to secure the immediate future for 1,300 shop and office workers. A consortium led by the British cosmetics tycoon Mike Jatania has acquired the ethical beauty brand's 113 UK stores which remain trading, for an undisclosed sum. The specialist investment firm Auréa Group will also gain control of the Body Shop's assets in Australia and North America, in a deal which was finalised late on Friday. Mr Jatania described the Body Shop as ""a truly iconic brand"" popular in over 70 markets around the world. ""We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop,"" he said. Announcing the deal, Auréa Group said it has ""no immediate plans"" to shut stores but that it would monitor the footprint of the estate over the coming months as it tries to manage costs. The Body Shop was founded in Brighton in 1976 by the late environmental and human rights campaigner Dame Anita Roddick. What began as a single shop in the seaside town quickly grew into a global brand known for its beauty offer, perfumes and ethical stance against animal testing. Dame Anita and her husband Gordon sold the business to French beauty giant L'Oreal in 2006. Since then it has changed hands twice, including for as much as a reported one billion euros, amid fierce competition from other natural beauty brands like Lush and Rituals. The private equity firm Aurelius paid £207m for The Body Shop in late 2023, but in February this year admitted it could not revive its fortunes and placed the UK arm into administration. It owed more than £276m to creditors at the time. FRP Advisory has since closed 85 stores, while almost 500 shop jobs and at least 270 office roles have been axed. There were more than 75 expressions of interest to take over the ailing chain, reportedly including Next and Marks and Spencer, but after months of negotiations, Auréa announced that it had finally closed the deal. With 35 years of experience in the industry, Mike Jatania will serve as Executive Chairman, it said. The former Chief Executive of Molton Brown, Charles Denton, will take over the helm as CEO. ""I am truly excited to lead this brand which I have admired for many years,"" Mr Denton said. He added that ""bold action"" would be required to achieve a ""sustainable future"". Steve Baluchi, Director at FRP Advisory, said the company's ""experienced new owners"" had a track record of successful retail turnarounds and that they recognised the brand's value. ",BBC,07/09/2024,"['The Body Shop has been rescued from administration, in a deal that appears to secure the immediate future for 1,300 shop and office workers.', ""A consortium led by the British cosmetics tycoon Mike Jatania has acquired the ethical beauty brand's 113 UK stores which remain trading, for an undisclosed sum."", ""The specialist investment firm Auréa Group will also gain control of the Body Shop's assets in Australia and North America, in a deal which was finalised late on Friday."", 'Mr Jatania described the Body Shop as ""a truly iconic brand"" popular in over 70 markets around the world. ""', 'We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop,"" he said.', 'Announcing the deal, Auréa Group said it has ""no immediate plans"" to shut stores but that it would monitor the footprint of the estate over the coming months as it tries to manage costs.', 'The Body Shop was founded in Brighton in 1976 by the late environmental and human rights campaigner Dame Anita Roddick.', 'What began as a single shop in the seaside town quickly grew into a global brand known for its beauty offer, perfumes and ethical stance against animal testing.', ""Dame Anita and her husband Gordon sold the business to French beauty giant L'Oreal in 2006."", 'Since then it has changed hands twice, including for as much as a reported one billion euros, amid fierce competition from other natural beauty brands like Lush and Rituals.', 'The private equity firm Aurelius paid £207m for The Body Shop in late 2023, but in February this year admitted it could not revive its fortunes and placed the UK arm into administration.', 'It owed more than £276m to creditors at the time.', 'FRP Advisory has since closed 85 stores, while almost 500 shop jobs and at least 270 office roles have been axed.', 'There were more than 75 expressions of interest to take over the ailing chain, reportedly including Next and Marks and Spencer, but after months of negotiations, Auréa announced that it had finally closed the deal.', 'With 35 years of experience in the industry, Mike Jatania will serve as Executive Chairman, it said.', 'The former Chief Executive of Molton Brown, Charles Denton, will take over the helm as CEO. ""', 'I am truly excited to lead this brand which I have admired for many years,"" Mr Denton said.', 'He added that ""bold action"" would be required to achieve a ""sustainable future"".', 'Steve Baluchi, Director at FRP Advisory, said the company\'s ""experienced new owners"" had a track record of successful retail turnarounds and that they recognised the brand\'s value.']",0.3591411247793942,"Since then it has changed hands twice, including for as much as a reported one billion euros, amid fierce competition from other natural beauty brands like Lush and Rituals.","FRP Advisory has since closed 85 stores, while almost 500 shop jobs and at least 270 office roles have been axed.",0.4332312686102731,"The Body Shop has been rescued from administration, in a deal that appears to secure the immediate future for 1,300 shop and office workers.","The private equity firm Aurelius paid £207m for The Body Shop in late 2023, but in February this year admitted it could not revive its fortunes and placed the UK arm into administration.",2024-09-07
Second class letter deliveries could be cut from Saturdays,https://www.bbc.co.uk/news/articles/cqjl1ng4zj8o,2024-09-05T06:31:02.344Z,"Royal Mail could be allowed to end the delivery of second class letters on Saturdays, as part of reforms being considered by the regulator. Ofcom is also investigating whether to allow second class deliveries to be made on alternate weekdays, which could help cut costs for Royal Mail.  The regulator has been reviewing the Universal Service Obligation (USO) under which Royal Mail is required by law to deliver letters six days a week and parcels five days a week. The number of letters sent through the post has been falling steadily for years while parcels volumes have grown, leading to millions of pounds in losses at Royal Mail. Royal Mail estimates that reforming second class services, plus changing its performance targets, could save the business £300m a year.  Lindsey Fussell, Ofcom’s group director for networks and communications, told the BBC's Today programme the universal service “does need to change”. “To be clear, no change is not really an option, otherwise it is going to be unsustainable and we’re all going to have to pay a lot more for it,” she said. Royal Mail's owner, International Distribution Services (IDS), said that “change cannot come soon enough”. It had proposed axing second class mail on Saturdays as well alternate weekday deliveries - both of which options are now being examined by Ofcom.  In theory, it would mean second class deliveries being made on Monday, Wednesday and Friday one week then Tuesdays and Thursdays the following week.  IDS chief executive Martin Seidenberg said: “The universal service faces a very real and urgent financial sustainability challenge."" But Tom MacInnes, interim policy director at Citizens Advice, said that Royal Mail had failed to meet its targets for half a decade, and the USO ""clearly doesn’t protect consumers as it should"". Reforms should not ""just be a disguise for cuts that prioritise saving Royal Mail money over providing a good standard of service"", he added. Ofcom said no final decision had been made and it continues to review the possible changes. It aims to publish a consultation early next year and make a decision in the summer. Asked why the process was taking so long, Ms Fussell said the national debate had helped the regulator ""narrow down to what we think is an option really worth exploring, but we now need to do some really detailed consumer research"". Last year, Ofcom fined Royal Mail £5.6m for failing to meet its first and second class delivery targets. Between April and the end of June, Royal Mail delivered less than 80% of first class post on time, missing key targets set by the communications watchdog. Ms Fussell said: ""We’re now looking at whether we can get the universal service back on an even keel in a way that meets people’s needs."" ""But this won’t be a free pass for Royal Mail – under any scenario, it must invest in its network, become more efficient and improve its service levels.""  The number of letters being sent in the UK has fallen from a peak of 20 billion a year in 2004-05 to seven billion last year, Royal Mail said. In contrast, parcel volumes have jumped, especially during the pandemic when lockdowns led millions to shop online.  Royal Mail is also facing increased competition from other parcel delivery companies.  Nick Quinn is 86 years old and lives in Manchester. He says he’s lucky to get mail every three weeks. He is due to receive an urgent letter regarding his rent which he’s still waiting for. He told BBC News: “On 1st July my landlord increased my rent. I was told to get off the rent I had and take out another rent agreement. I’m supposed to get a letter regarding this. ""I’m now nearly £2,000 in arrears because I’m not getting the mail that I should get to tell me whether I can object to the increase or not."" The UK Greeting Card Association said it was concerned that the options outlined by Ofcom ""takes us one step closer to the dismantling of a postal service that’s affordable and reliable"". The association said that cards were the most frequent things that people post. ""Any changes to the USO must prioritise the needs of small businesses and consumers - not Royal Mail profitability,” it said. The Professional Publishers Association said it continued to be concerned about potential changes to second class deliveries, specifically ""the impact this will have on publishers of weekly time-sensitive magazines"". The body which represents trade and magazine publishers, said: ""Consumers who subscribe to these services expect reliable delivery, and delays compromise the value of these products.""   Royal Mail has hiked the price of stamps a number of times over the past couple of years. In March, the cost of both first class and second class stamps rose by 10p each, to £1.35 and 85p respectively.   In its last full financial year, Royal Mail's losses stood at £348m.  IDS is in the process of being bought by Czech billionaire Daniel Kretinsky for £3.57bn. Mr Kretinsky has committed in writing to honouring the universal service obligation, but only for five years. His Royal Mail takeover will face a government probe, including into potential links with Russia. The Communication Workers Union said that Ofcom's ""absolute priority"" at the moment ""should be restoring quality of service"", adding that the regulator was now ""completely unsuitable"" to oversee ""one of the UK’s key pieces of infrastructure"". ""The takeover bid by Daniel Kretinsky coupled with the ongoing mismanagement of the company at the highest level means Royal Mail faces a serious threat to its very existence,"" a union spokesperson said. Additional reporting by Sherie Ryder ",BBC,05/09/2024,"['Royal Mail could be allowed to end the delivery of second class letters on Saturdays, as part of reforms being considered by the regulator.', 'Ofcom is also investigating whether to allow second class deliveries to be made on alternate weekdays, which could help cut costs for Royal Mail.', 'The regulator has been reviewing the Universal Service Obligation (USO) under which Royal Mail is required by law to deliver letters six days a week and parcels five days a week.', 'The number of letters sent through the post has been falling steadily for years while parcels volumes have grown, leading to millions of pounds in losses at Royal Mail.', 'Royal Mail estimates that reforming second class services, plus changing its performance targets, could save the business £300m a year.', ""Lindsey Fussell, Ofcom’s group director for networks and communications, told the BBC's Today programme the universal service “does need to change”. “"", 'To be clear, no change is not really an option, otherwise it is going to be unsustainable and we’re all going to have to pay a lot more for it,” she said.', ""Royal Mail's owner, International Distribution Services (IDS), said that “change cannot come soon enough”."", 'It had proposed axing second class mail on Saturdays as well alternate weekday deliveries - both of which options are now being examined by Ofcom.', 'In theory, it would mean second class deliveries being made on Monday, Wednesday and Friday one week then Tuesdays and Thursdays the following week.', 'IDS chief executive Martin Seidenberg said: “The universal service faces a very real and urgent financial sustainability challenge.""', 'But Tom MacInnes, interim policy director at Citizens Advice, said that Royal Mail had failed to meet its targets for half a decade, and the USO ""clearly doesn’t protect consumers as it should"".', 'Reforms should not ""just be a disguise for cuts that prioritise saving Royal Mail money over providing a good standard of service"", he added.', 'Ofcom said no final decision had been made and it continues to review the possible changes.', 'It aims to publish a consultation early next year and make a decision in the summer.', 'Asked why the process was taking so long, Ms Fussell said the national debate had helped the regulator ""narrow down to what we think is an option really worth exploring, but we now need to do some really detailed consumer research"".', 'Last year, Ofcom fined Royal Mail £5.6m for failing to meet its first and second class delivery targets.', 'Between April and the end of June, Royal Mail delivered less than 80% of first class post on time, missing key targets set by the communications watchdog.', 'Ms Fussell said: ""We’re now looking at whether we can get the universal service back on an even keel in a way that meets people’s needs."" ""', 'But this won’t be a free pass for Royal Mail – under any scenario, it must invest in its network, become more efficient and improve its service levels.""', 'The number of letters being sent in the UK has fallen from a peak of 20 billion a year in 2004-05 to seven billion last year, Royal Mail said.', 'In contrast, parcel volumes have jumped, especially during the pandemic when lockdowns led millions to shop online.', 'Royal Mail is also facing increased competition from other parcel delivery companies.', 'Nick Quinn is 86 years old and lives in Manchester.', 'He says he’s lucky to get mail every three weeks.', 'He is due to receive an urgent letter regarding his rent which he’s still waiting for.', 'He told BBC News: “On 1st July my landlord increased my rent.', 'I was told to get off the rent I had and take out another rent agreement.', 'I’m supposed to get a letter regarding this. ""', 'I’m now nearly £2,000 in arrears because I’m not getting the mail that I should get to tell me whether I can object to the increase or not.""', 'The UK Greeting Card Association said it was concerned that the options outlined by Ofcom ""takes us one step closer to the dismantling of a postal service that’s affordable and reliable"".', 'The association said that cards were the most frequent things that people post. ""', 'Any changes to the USO must prioritise the needs of small businesses and consumers - not Royal Mail profitability,” it said.', 'The Professional Publishers Association said it continued to be concerned about potential changes to second class deliveries, specifically ""the impact this will have on publishers of weekly time-sensitive magazines"".', 'The body which represents trade and magazine publishers, said: ""Consumers who subscribe to these services expect reliable delivery, and delays compromise the value of these products.""', 'Royal Mail has hiked the price of stamps a number of times over the past couple of years.', 'In March, the cost of both first class and second class stamps rose by 10p each, to £1.35 and 85p respectively.', ""In its last full financial year, Royal Mail's losses stood at £348m. IDS is in the process of being bought by Czech billionaire Daniel Kretinsky for £3.57bn."", 'Mr Kretinsky has committed in writing to honouring the universal service obligation, but only for five years.', 'His Royal Mail takeover will face a government probe, including into potential links with Russia.', 'The Communication Workers Union said that Ofcom\'s ""absolute priority"" at the moment ""should be restoring quality of service"", adding that the regulator was now ""completely unsuitable"" to oversee ""one of the UK’s key pieces of infrastructure"". ""', 'The takeover bid by Daniel Kretinsky coupled with the ongoing mismanagement of the company at the highest level means Royal Mail faces a serious threat to its very existence,"" a union spokesperson said.', 'Additional reporting by Sherie Ryder']",0.0745910762990351,"But this won’t be a free pass for Royal Mail – under any scenario, it must invest in its network, become more efficient and improve its service levels.""","The takeover bid by Daniel Kretinsky coupled with the ongoing mismanagement of the company at the highest level means Royal Mail faces a serious threat to its very existence,"" a union spokesperson said.",-0.3165610109766324,"In contrast, parcel volumes have jumped, especially during the pandemic when lockdowns led millions to shop online.","The number of letters being sent in the UK has fallen from a peak of 20 billion a year in 2004-05 to seven billion last year, Royal Mail said.",2024-09-07
Dollar Tree shares plunge 22% after discounter cuts full-year forecast,https://www.cnbc.com/2024/09/04/dollar-tree-dltr-earnings-q2-2024.html,2024-09-04T20:03:59+0000,"In this articleShares of Dollar Tree fell more than 22% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.The retailer said it now expects its full-year consolidated net sales outlook to range between $30.6 billion and $30.9 billion. It expects adjusted earnings per share to range from $5.20 to $5.60. That compares with previous guidance of $31 billion to $32 billion in net sales and $6.50 to $7 for adjusted earnings per share.In a news release, Chief Financial Officer Jeff Davis said the company cut the forecast to reflect softer sales and costs associated with converting 99 Cents Only stores. The company also said it has had higher expenses to reimburse, settle and litigate claims related to customer accidents and other incidents at stores.Here's how Dollar Tree did in its fiscal second quarter ended Aug. 3 compared with Wall Street expectations, according to analysts surveyed by LSEG:The 97 cents per share earnings figure excludes a 30 cents per share charge for general liability claims.Dollar Tree's report comes about a week after major rival Dollar General slashed its full-year sales and profit outlook, sending its shares tumbling. Dollar General CEO Todd Vasos chalked up weak sales to ""a core customer who feels financially constrained.""Dollar stores, in particular, have felt pinched as their core customer — shoppers with lower incomes and little leftover money to spend on discretionary items — makes trade-offs after a prolonged period of pricier food and everyday costs. Walmart has won more business from value-conscious shoppers across incomes and newer online players, such as Temu, have also attracted customers with cheap merchandise.Dollar Tree includes two store chains, its namesake, which sells a wide variety of lower-priced items like party supplies, and Family Dollar, which carries more food.Same-store sales for the company rose by 0.7% in the quarter. At Dollar Tree, same-store sales increased by 1.3% and at Family Dollar, same-store sales fell by 0.1%. The industry metric takes out the impact of store openings and closures.On an earnings call, Davis said the company saw weaker sales, particularly on the discretionary side of the business. He said it ""reflected the increasing effect of macro pressures on the purchasing behavior of the Dollar Tree's middle- and higher-income customers.""""Our original second-quarter outlook did not anticipate those pressures migrating to Dollar Tree's customer base to the degree that they did,"" he said.Along with contending with inflation-stretched shoppers, Dollar Tree has faced company-specific challenges. The retailer announced in March that it would close about 1,000 Family Dollar stores, citing market conditions and store performance. Then, in June, the company said it is considering selling the Family Dollar brand.Dollar Tree bought Family Dollar for nearly $9 billion in 2015 and since then, it's struggled to strengthen the grocery-focused chain and better compete with Dollar General.The liability claims also added to the company's challenges. On the company's earnings call, Davis said the outcome of claims, particularly older ones, ""has become increasingly challenging to predict given the higher settlement and litigation costs that have resulted from a more volatile insurance environment."" ""The claims have continued to develop unfavorably due to the rising cost to reimburse, settle, and litigate these claims, which impacted our actuarially determined liabilities,"" he said.As of Tuesday's close, Dollar Tree's shares are down nearly 43% so far this year. The company's stock hit a 52-week low on Tuesday and closed the day at $81.65.— CNBC's Robert Hum contributed to this report",CNBC,04/09/2024,"['In this articleShares of Dollar Tree fell more than 22% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.', 'The retailer said it now expects its full-year consolidated net sales outlook to range between $30.6 billion and $30.9 billion.', 'It expects adjusted earnings per share to range from $5.20 to $5.60.', 'That compares with previous guidance of $31 billion to $32 billion in net sales and $6.50 to $7 for adjusted earnings per share.', 'In a news release, Chief Financial Officer Jeff Davis said the company cut the forecast to reflect softer sales and costs associated with converting 99 Cents Only stores.', 'The company also said it has had higher expenses to reimburse, settle and litigate claims related to customer accidents and other incidents at stores.', ""Here's how Dollar Tree did in its fiscal second quarter ended Aug. 3 compared with Wall Street expectations, according to analysts surveyed by LSEG:The 97 cents per share earnings figure excludes a 30 cents per share charge for general liability claims."", ""Dollar Tree's report comes about a week after major rival Dollar General slashed its full-year sales and profit outlook, sending its shares tumbling."", 'Dollar General CEO Todd Vasos chalked up weak sales to ""a core customer who feels financially constrained.', '""Dollar stores, in particular, have felt pinched as their core customer — shoppers with lower incomes and little leftover money to spend on discretionary items — makes trade-offs after a prolonged period of pricier food and everyday costs.', 'Walmart has won more business from value-conscious shoppers across incomes and newer online players, such as Temu, have also attracted customers with cheap merchandise.', 'Dollar Tree includes two store chains, its namesake, which sells a wide variety of lower-priced items like party supplies, and Family Dollar, which carries more food.', 'Same-store sales for the company rose by 0.7% in the quarter.', 'At Dollar Tree, same-store sales increased by 1.3% and at Family Dollar, same-store sales fell by 0.1%.', 'The industry metric takes out the impact of store openings and closures.', 'On an earnings call, Davis said the company saw weaker sales, particularly on the discretionary side of the business.', 'He said it ""reflected the increasing effect of macro pressures on the purchasing behavior of the Dollar Tree\'s middle- and higher-income customers.', '""""Our original second-quarter outlook did not anticipate those pressures migrating to Dollar Tree\'s customer base to the degree that they did,"" he said.', 'Along with contending with inflation-stretched shoppers, Dollar Tree has faced company-specific challenges.', 'The retailer announced in March that it would close about 1,000 Family Dollar stores, citing market conditions and store performance.', 'Then, in June, the company said it is considering selling the Family Dollar brand.', ""Dollar Tree bought Family Dollar for nearly $9 billion in 2015 and since then, it's struggled to strengthen the grocery-focused chain and better compete with Dollar General."", ""The liability claims also added to the company's challenges."", 'On the company\'s earnings call, Davis said the outcome of claims, particularly older ones, ""has become increasingly challenging to predict given the higher settlement and litigation costs that have resulted from a more volatile insurance environment.', '""""The claims have continued to develop unfavorably due to the rising cost to reimburse, settle, and litigate these claims, which impacted our actuarially determined liabilities,"" he said.', ""As of Tuesday's close, Dollar Tree's shares are down nearly 43% so far this year."", ""The company's stock hit a 52-week low on Tuesday and closed the day at $81.65.—"", ""CNBC's Robert Hum contributed to this report""]",0.0571627008448314,"Walmart has won more business from value-conscious shoppers across incomes and newer online players, such as Temu, have also attracted customers with cheap merchandise.","In this articleShares of Dollar Tree fell more than 22% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.",-0.3645360930399461,Same-store sales for the company rose by 0.7% in the quarter.,"In this articleShares of Dollar Tree fell more than 22% on Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.",2024-09-07
Mixed August jobs report adds to US economy concerns,https://www.bbc.co.uk/news/articles/cy0r779ygddo,2024-09-06T12:47:09.204Z,"Job growth in the US was weaker than expected last month, raising concern that the world's largest economy is starting to stumble under the weight of higher interest rates. Employers added 142,000 jobs in August, less than the roughly 160,000 analysts had forecast, the Labor Department said. It also said job gains in the previous two months were lower than initially estimated.  However, the unemployment rate fell back, dropping to 4.2% from 4.3% in July. The report is one of the most important gauges of the US economy and comes at a critical time, as voters weigh presidential candidates for the November election and the US central bank debates its first cut to interest rates in four years.  Analysts said the latest figures kept the Federal Reserve on track for a rate cut at its meeting this month, but would do little to resolve questions about the direction of the US economy or how big a cut it should make. ""Rarely has there been such a make or break number – unfortunately, today’s jobs report doesn’t entirely resolve the recession debate,"" said Seema Shah, chief global strategist at Principal Asset Management. Soaring prices in 2022 prompted the Federal Reserve to raise its key lending rate to 5.3%, a roughly 20-year high. Faced with higher borrowing costs for homes, cars and other debt, the economy has slowed, helping to ease pressures that were fuelling inflation, but adding to market jitters. As inflation has subsided, falling to 2.9% in July, the Fed is now under pressure to cut rates and ward off further economic slowing.  The job gains in August, although below estimates, were higher than July, when a slowdown sparked fears and prompted several days of stock market turmoil. Construction and health care firms led the hiring last month, while manufacturers and retailers got rid of roles. Ms Shah said the data in Friday's report was mixed, but contained enough worrying signs that the Fed should make a bigger cut. ""On balance, with inflation pressures subdued, there is no reason for the Fed not to err on the side of caution and frontload rate cuts,"" she said. But others said the gains were just steady enough to warrant a 0.25 percentage point cut, as markets have long predicted - though it might be a sign of more cuts than expected in the months ahead. The Fed's decision would be ""close run"", said Paul Ashworth, chief North America economist for Capital Economics.  ""The labour market is clearly experiencing a marked slowdown,"" he said, adding that the latest figures were ""overall still consistent with an economy experiencing a soft landing rather than plummeting into recession"".   The concerns about the economy are a key issue in the US election.  Polls suggest that a majority of Americans already believe the US is experiencing a recession, despite solid 2.5% growth last year.  Donald Trump has claimed that the economy is headed for a ""crash"" and his campaign quickly seized on the latest figures to attack vice president Kamala Harris, issuing a press release titled ""warning lights flash as Kamala's economy keeps weakening"". Democrats have defended their record, arguing that the US weathered the pandemic and inflation better than many other countries. They say that the slowdown is a sign of an economy returning to a more sustainable pace of growth after the post-pandemic boom. ""Although hiring has slowed, the US job market continues to generate solid job gains and wage growth that is consistently beating inflation,"" the White House Council of Economic Advisors said in a blog.  ",BBC,06/09/2024,"[""Job growth in the US was weaker than expected last month, raising concern that the world's largest economy is starting to stumble under the weight of higher interest rates."", 'Employers added 142,000 jobs in August, less than the roughly 160,000 analysts had forecast, the Labor Department said.', 'It also said job gains in the previous two months were lower than initially estimated.', 'However, the unemployment rate fell back, dropping to 4.2% from 4.3% in July.', 'The report is one of the most important gauges of the US economy and comes at a critical time, as voters weigh presidential candidates for the November election and the US central bank debates its first cut to interest rates in four years.', 'Analysts said the latest figures kept the Federal Reserve on track for a rate cut at its meeting this month, but would do little to resolve questions about the direction of the US economy or how big a cut it should make. ""', 'Rarely has there been such a make or break number – unfortunately, today’s jobs report doesn’t entirely resolve the recession debate,"" said Seema Shah, chief global strategist at Principal Asset Management.', 'Soaring prices in 2022 prompted the Federal Reserve to raise its key lending rate to 5.3%, a roughly 20-year high.', 'Faced with higher borrowing costs for homes, cars and other debt, the economy has slowed, helping to ease pressures that were fuelling inflation, but adding to market jitters.', 'As inflation has subsided, falling to 2.9% in July, the Fed is now under pressure to cut rates and ward off further economic slowing.', 'The job gains in August, although below estimates, were higher than July, when a slowdown sparked fears and prompted several days of stock market turmoil.', 'Construction and health care firms led the hiring last month, while manufacturers and retailers got rid of roles.', 'Ms Shah said the data in Friday\'s report was mixed, but contained enough worrying signs that the Fed should make a bigger cut. ""', 'On balance, with inflation pressures subdued, there is no reason for the Fed not to err on the side of caution and frontload rate cuts,"" she said.', 'But others said the gains were just steady enough to warrant a 0.25 percentage point cut, as markets have long predicted - though it might be a sign of more cuts than expected in the months ahead.', 'The Fed\'s decision would be ""close run"", said Paul Ashworth, chief North America economist for Capital Economics. ""', 'The labour market is clearly experiencing a marked slowdown,"" he said, adding that the latest figures were ""overall still consistent with an economy experiencing a soft landing rather than plummeting into recession"".', 'The concerns about the economy are a key issue in the US election.', 'Polls suggest that a majority of Americans already believe the US is experiencing a recession, despite solid 2.5% growth last year.', 'Donald Trump has claimed that the economy is headed for a ""crash"" and his campaign quickly seized on the latest figures to attack vice president Kamala Harris, issuing a press release titled ""warning lights flash as Kamala\'s economy keeps weakening"".', 'Democrats have defended their record, arguing that the US weathered the pandemic and inflation better than many other countries.', 'They say that the slowdown is a sign of an economy returning to a more sustainable pace of growth after the post-pandemic boom. ""', 'Although hiring has slowed, the US job market continues to generate solid job gains and wage growth that is consistently beating inflation,"" the White House Council of Economic Advisors said in a blog.']",-0.1079773123597194,"Construction and health care firms led the hiring last month, while manufacturers and retailers got rid of roles.","Donald Trump has claimed that the economy is headed for a ""crash"" and his campaign quickly seized on the latest figures to attack vice president Kamala Harris, issuing a press release titled ""warning lights flash as Kamala's economy keeps weakening"".",0.0427924289422876,"Although hiring has slowed, the US job market continues to generate solid job gains and wage growth that is consistently beating inflation,"" the White House Council of Economic Advisors said in a blog.","Job growth in the US was weaker than expected last month, raising concern that the world's largest economy is starting to stumble under the weight of higher interest rates.",2024-09-07
Reliance-Disney: A mega merger aims to reshape India's entertainment landscape,https://www.bbc.co.uk/news/articles/c3d9ymnkz44o,2024-09-05T22:29:55.079Z,"Imagine binge-watching The Bear, Succession, Deadpool and reality show Bigg Boss all on one platform - an entertainment bonanza  could be just around the corner for Indians if a blockbuster streaming merger goes through as expected. The deal, which brings together the media assets of India's largest conglomerate Reliance Industries and entertainment giant Walt Disney, has sparked both excitement and concerns over potential monopolistic dominance in the Indian entertainment and advertising industries. The $8.5bn (£6.5bn) merger aims to create India's largest entertainment company, potentially capturing 40% of the TV market, reaching 750 million viewers across 120 channels, and dominating the advertising sector. This gives Disney a stronger foothold in the challenging Indian market while supporting Reliance's expansion efforts. It also pits the new entertainment behemoth against popular rivals such as Netflix, Amazon Prime Video, Sony and 50-odd other streaming platforms. Consider the reach of this new entertainment giant: Disney's Star India operates more than 70 TV channels in eight languages, while Reliance's Viacom18 runs 38 channels in eight languages. Both own major streaming platforms - Jio Cinema and Hotstar - and film studios. Their influence is further amplified by owning the broadcasting rights to a significant number of India's sports events, including the hugely popular Indian Premier League cricket tournament. In a cricket-obsessed nation, this is a prime business position. The merged entity is estimated to control 75-80% of the Indian sports streaming market across both linear TV and digital platforms, according to Elara Capital, a global investment and advisory firm.  Their dominance in this sector, especially cricket, means that Reliance and Disney will command a substantial share of the overall advertisement market. It showcases “strong growth in an industry where sports is a key driver of viewership on both TV and digital platforms”, says Karan Taurani, an analyst at Elara Capital, who calls it a ""large media juggernaut"". Though the merger promises to offer consumers diverse content, critics wonder if it puts too much power in the hands of one player. “The emergence of a giant in the market… with the next competitor struggling with market share in a single digit, would make any competition agency sit up and take notice,” says KK Sharma, who formerly headed the merger control division of the Competition Commission of India (CCI). This is why, analysts say, India’s competition watchdog scrutinised the agreement before approving the deal with a caveat that makes it “subject to the compliance of voluntary modifications"". The companies have not made these “voluntary modifications” public yet, but reports say that the two companies have pledged to not raise advertising rates excessively while streaming cricket matches. The deal hinges on these assurances, Mr Sharma adds, because the CCI ""retains its authority to even divide the enterprise - if the dominant enterprise becomes a threat to competition in the market”. In an increasingly competitive but expanding Indian streaming market, both Disney and Reliance have a lot to gain from the deal, which allows them a chance to consolidate their pole position. But experts warn that it may also mean a potential drop in the business earnings of smaller players. ""The Indian market values bundling and is price-sensitive. [Subscribing to] this combined entity can offer a comprehensive package including [access to] web series, movies, sports, original content, and a global catalogue,"" says Mr Taurani. And if the combined company can also leverage the large telecom subscriber base of Reliance Jio, other streaming companies may find it hard to raise prices, he adds. The Reliance Group has a tried-and-tested business strategy that has allowed it to thrive in the price-sensitive Indian market: it offered cheap mobile data when it launched Jio in 2016, and its JioCinema streaming subscription is available for as little as 29 rupees ($0.35; $0.26) a month. From this deal too, Reliance chairman Mukesh Ambani has promised “unparalleled content at affordable prices”. ""Other streaming platforms will be worried about the cost of content and the cost of programming. Will they be forced to drop prices?"" says media and entertainment industry specialist Vanita Kohli-Khandekar. She says that the Reliance strategy of offering things at throwaway prices usually ""destroys value"" for competitors. Streaming competitors might be easier to handle but the new company will also face stiff challenge from other rivals with deep pockets, such as Google, Meta and Amazon, who have been trying to expand in India. These global tech giants have ""played a pivotal role in expanding India’s video market, now estimated to be worth $8.8bn in revenue for content owners"", according to a report by research firm Media Partners Asia. In 2022-23, Google's YouTube alone had an 88% share in India's premium video-on-demand (VOD) market. So the new Reliance-Disney behemoth will hope to dominate not just news, movies and sports, but also redirect digital advertising revenues from these big firms to its own coffers.  “Now, it’s an even fight,” says Ms Kohli-Khandekar. “Some 80% of digital revenues go to Google and Meta, so you have to have scale, and finally, you have a company that can take on some of the large global majors operating in India."" But she warns that while the new entity might have scale and heft, it will also need to deliver quality with quantity - if, for instance, the streaming market becomes more dependent on views rather than subscriptions, ""programming quality will be good only on one or two apps"", she says. “That is something I would watch out for.” ",BBC,05/09/2024,"['Imagine binge-watching The Bear, Succession, Deadpool and reality show Bigg Boss all on one platform - an entertainment bonanza could be just around the corner for Indians if a blockbuster streaming merger goes through as expected.', ""The deal, which brings together the media assets of India's largest conglomerate Reliance Industries and entertainment giant Walt Disney, has sparked both excitement and concerns over potential monopolistic dominance in the Indian entertainment and advertising industries."", ""The $8.5bn (£6.5bn) merger aims to create India's largest entertainment company, potentially capturing 40% of the TV market, reaching 750 million viewers across 120 channels, and dominating the advertising sector."", ""This gives Disney a stronger foothold in the challenging Indian market while supporting Reliance's expansion efforts."", 'It also pits the new entertainment behemoth against popular rivals such as Netflix, Amazon Prime Video, Sony and 50-odd other streaming platforms.', ""Consider the reach of this new entertainment giant: Disney's Star India operates more than 70 TV channels in eight languages, while Reliance's Viacom18 runs 38 channels in eight languages."", 'Both own major streaming platforms - Jio Cinema and Hotstar - and film studios.', ""Their influence is further amplified by owning the broadcasting rights to a significant number of India's sports events, including the hugely popular Indian Premier League cricket tournament."", 'In a cricket-obsessed nation, this is a prime business position.', 'The merged entity is estimated to control 75-80% of the Indian sports streaming market across both linear TV and digital platforms, according to Elara Capital, a global investment and advisory firm.', 'Their dominance in this sector, especially cricket, means that Reliance and Disney will command a substantial share of the overall advertisement market.', 'It showcases “strong growth in an industry where sports is a key driver of viewership on both TV and digital platforms”, says Karan Taurani, an analyst at Elara Capital, who calls it a ""large media juggernaut"".', 'Though the merger promises to offer consumers diverse content, critics wonder if it puts too much power in the hands of one player. “', 'The emergence of a giant in the market… with the next competitor struggling with market share in a single digit, would make any competition agency sit up and take notice,” says KK Sharma, who formerly headed the merger control division of the Competition Commission of India (CCI).', 'This is why, analysts say, India’s competition watchdog scrutinised the agreement before approving the deal with a caveat that makes it “subject to the compliance of voluntary modifications"".', 'The companies have not made these “voluntary modifications” public yet, but reports say that the two companies have pledged to not raise advertising rates excessively while streaming cricket matches.', 'The deal hinges on these assurances, Mr Sharma adds, because the CCI ""retains its authority to even divide the enterprise - if the dominant enterprise becomes a threat to competition in the market”.', 'In an increasingly competitive but expanding Indian streaming market, both Disney and Reliance have a lot to gain from the deal, which allows them a chance to consolidate their pole position.', 'But experts warn that it may also mean a potential drop in the business earnings of smaller players. ""', 'The Indian market values bundling and is price-sensitive. [', 'Subscribing to] this combined entity can offer a comprehensive package including [access to] web series, movies, sports, original content, and a global catalogue,"" says Mr Taurani.', 'And if the combined company can also leverage the large telecom subscriber base of Reliance Jio, other streaming companies may find it hard to raise prices, he adds.', 'The Reliance Group has a tried-and-tested business strategy that has allowed it to thrive in the price-sensitive Indian market: it offered cheap mobile data when it launched Jio in 2016, and its JioCinema streaming subscription is available for as little as 29 rupees ($0.35; $0.26) a month.', 'From this deal too, Reliance chairman Mukesh Ambani has promised “unparalleled content at affordable prices”. ""', 'Other streaming platforms will be worried about the cost of content and the cost of programming.', 'Will they be forced to drop prices?""', 'says media and entertainment industry specialist Vanita Kohli-Khandekar.', 'She says that the Reliance strategy of offering things at throwaway prices usually ""destroys value"" for competitors.', 'Streaming competitors might be easier to handle but the new company will also face stiff challenge from other rivals with deep pockets, such as Google, Meta and Amazon, who have been trying to expand in India.', 'These global tech giants have ""played a pivotal role in expanding India’s video market, now estimated to be worth $8.8bn in revenue for content owners"", according to a report by research firm Media Partners Asia.', ""In 2022-23, Google's YouTube alone had an 88% share in India's premium video-on-demand (VOD) market."", 'So the new Reliance-Disney behemoth will hope to dominate not just news, movies and sports, but also redirect digital advertising revenues from these big firms to its own coffers. “', 'Now, it’s an even fight,” says Ms Kohli-Khandekar. “', 'Some 80% of digital revenues go to Google and Meta, so you have to have scale, and finally, you have a company that can take on some of the large global majors operating in India.""', 'But she warns that while the new entity might have scale and heft, it will also need to deliver quality with quantity - if, for instance, the streaming market becomes more dependent on views rather than subscriptions, ""programming quality will be good only on one or two apps"", she says. “', 'That is something I would watch out for.”']",0.2466432420036214,"The deal, which brings together the media assets of India's largest conglomerate Reliance Industries and entertainment giant Walt Disney, has sparked both excitement and concerns over potential monopolistic dominance in the Indian entertainment and advertising industries.","Will they be forced to drop prices?""",0.5805960856378078,"It showcases “strong growth in an industry where sports is a key driver of viewership on both TV and digital platforms”, says Karan Taurani, an analyst at Elara Capital, who calls it a ""large media juggernaut"".","But experts warn that it may also mean a potential drop in the business earnings of smaller players. """,2024-09-07
China-Africa summit: President Xi Jinping pledges greener future,https://www.bbc.co.uk/news/articles/cy0r74j7j1wo,2024-09-07T00:19:22.063Z,"Pulling power. That is what China still has across Africa. While the influence of others on the continent is questioned - for instance, France and the rest of the EU are being shunned by the Sahelian military juntas, and Russia’s mercenary-security “offer” is regarded with deep mistrust by pro-Western African governments - China has navigated a middle way. Delegations from more than 50 states from across the African continent decided it was worth making the trip to Beijing for the latest China-Africa summit - known as the Forum on China-Africa Co-operation (Focac) - this week. Dozens of leaders turned up - as well as UN chief António Guterres. Alongside veterans such as Congo-Brazzaville strongman Denis Sassou-Nguesso, this was a first such gathering for the new Senegalese head of state Bassirou Diomaye Faye - rewarded with a front-row place next to President Xi Jinping in a family photo of leaders and their spouses. For African governments resentful of the pressure to take sides in international disputes, China now appears as a refreshingly reliable partner, ready to collaborate without discrimination both with the allies of Moscow and with civilian-ruled states that are closer to Europe and the US. Beijing certainly strikes a hard bargain in pursuit of its economic self-interest and need for natural raw materials, in return for development support, especially the construction of heavy infrastructure. It is regularly accused of inducing African countries to take on too much debt, and was initially slow to join the international effort to alleviate the crushing repayment burden weighing upon some countries. Even now, it refuses to grant outright debt cancellations. Complaints that China reserves too many skilled construction roles for its own workers, at the expense of training Africans, are commonplace. The growing presence of Chinese traders has triggered resentments among some traditionally predominant commercial communities. But for many African governments these are quibbles. What they appreciate in an increasingly polarised world is Beijing’s non-partisan readiness to remain strongly engaged pretty much everywhere, without political strings. Of course, it is the Chinese construction of big-ticket transport projects, which international development institutions and Western commercial investors so often treat with caution, that attracts the most attention. The July 2023 coup in Niger has not dissuaded the Chinese from completing a 2,000km (1,200-mile) pipeline to deliver the country’s growing oil output to an export terminal in Benin. In Guinea, also under military rule, the China-based Winning Consortium is well advanced in the construction of a 600km railway to the coast. This will run from one of the world’s largest iron ore deposits at Simandou, a scheme for which successive Guinean governments had struggled to secure international donor support. And this week’s Focac summit brought a continuation of this strategy, with the announcement of a further 360bn yuan ($50.7bn; £36.6bn) in funding, for the next three years. But this time there is a difference, with a heavy summit focus on the green energy transition, including investment in manufacturing in Africa, particularly electric vehicles. That is important in both practical and symbolic terms for a continent that has famously lagged far behind Asia in developing sophisticated industries. But the summit also brought promises of support for other types of green projects, with Mr Xi declaring a readiness to launch 30 clean energy projects and to co-operate in the nuclear sector. That latter hint touches on a sore point for African commentators resentful of the fact that France has for decades mined Niger’s uranium to supply its own nuclear power sector without proposing generation projects for West Africa. China is also active in the Nigerien uranium mining sector. But amid the intensely complex technical and security challenges of the nuclear sector, it remains to be seen whether the Chinese president’s promise will really amount to more than comforting warm words. Moreover, the Focac summit skated around some of the more sensitive and contentious environmental issues - such as the regular accusations that big Chinese vessels engage in over-fishing, leaving little for the local artisanal boats to catch. Tactfully, Sierra Leone’s Fisheries Minister Princess Dugba preferred to focus on praising the government there for its construction of a new fishing port. Meanwhile Mr Xi sought to perpetuate China’s self-presentation as a fellow member of the “global south”, pointing out that his country and Africa together account for a third of the world’s population. The summit adopted a Beijing Declaration on building ""a shared future in the new era"" and the Beijing Action Plan for 2025-2027. Calling on Chinese contractors to return to Africa now that disruptive Covid-era curbs were gone, Mr Xi talked of a tripling of infrastructure schemes, the creation of one million jobs and co-operation across a range of sectors. But it is not entirely clear what the promised 360bn yuan in financing - an apparent bid to promote the international profile of the Chinese currency - will amount to in concrete terms. The president said that 210bn yuan ($29.6bn) would be provided through credit lines, while there would be 70bn yuan ($9.9bn) in business investments. He also announced $280m in military and food aid - but for an entire continent that is a marginal sum, in contrast to the big-budget economic funding. It remains to be seen how that new financing is distributed - and whether it is managed in a way that avoids pushing some countries back into unsustainable debt. Over the past 10-15 years Chinese lending to African countries desperate to press forward with the construction of infrastructure was widely blamed for helping to push them back into a debt crisis barely two decades after they benefitted from international debt-forgiveness schemes. In 2016, the peak year, $30bn in Chinese lending to Africa was announced. Projects were often financed by China Eximbank on terms that were usually kept confidential but were almost certainly much more expensive than funding from the soft credit windows of institutions like the International Monetary Fund, the World Bank and the African Development Bank, or the grant aid provided by many Western government donors. However, defenders of China’s approach could quite reasonably point out that it was frequently willing to finance and build projects, and accept levels of risk, in circumstances where other partners were not willing to tread or commit resources on the necessary scale. And to some extent, a natural division of labour evolved, where China funded and built heavy infrastructure, while Western donors and the big development institutions financed the equally essential “soft” investments - in health and education, skills training, government systems, food security, rural resilience and so on. As the scale of the new financial pressures weighing upon many countries became clear, particularly amid the global economic slowdown caused by the pandemic, the G20 countries set up the Common Framework, to get indebted countries back on to a sustainable track. China did join in the effort to restructure developing countries’ repayment burdens. But critics accused it of not doing enough. Now, several years on, this week’s Focac summit suggests the picture may be poised for a further evolution. Just as, two decades ago, China began to fill a role in infrastructure development that Africa’s traditional donors could no longer adequately fill, Beijing now has ambitions to become a key partner for the continent in new hi-tech industry and green technology on a scale that many European and North American companies are unwilling or unable to contemplate. While Western investment in Africa, particularly in sub-Saharan countries, continues to be dominated largely by mining, oil, gas and agriculture, and Russia focuses on security services for favoured regimes, Beijing talks of a broader economic vision. However, the question is whether, beyond Mr Xi’s rhetoric, this will amount to a real diversification into new sectors such as green industry.  Beyond a few niche prestige projects - will the traditional focus on big infrastructure continue to predominate? It is not yet clear if the China-Africa relationship is poised for a fundamental change. Paul Melly is a consulting fellow with the Africa Programme at Chatham House in London. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,07/09/2024,"['Pulling power.', 'That is what China still has across Africa.', 'While the influence of others on the continent is questioned - for instance, France and the rest of the EU are being shunned by the Sahelian military juntas, and Russia’s mercenary-security “offer” is regarded with deep mistrust by pro-Western African governments - China has navigated a middle way.', 'Delegations from more than 50 states from across the African continent decided it was worth making the trip to Beijing for the latest China-Africa summit - known as the Forum on China-Africa Co-operation (Focac) - this week.', 'Dozens of leaders turned up - as well as UN chief António Guterres.', 'Alongside veterans such as Congo-Brazzaville strongman Denis Sassou-Nguesso, this was a first such gathering for the new Senegalese head of state Bassirou Diomaye Faye - rewarded with a front-row place next to President Xi Jinping in a family photo of leaders and their spouses.', 'For African governments resentful of the pressure to take sides in international disputes, China now appears as a refreshingly reliable partner, ready to collaborate without discrimination both with the allies of Moscow and with civilian-ruled states that are closer to Europe and the US.', 'Beijing certainly strikes a hard bargain in pursuit of its economic self-interest and need for natural raw materials, in return for development support, especially the construction of heavy infrastructure.', 'It is regularly accused of inducing African countries to take on too much debt, and was initially slow to join the international effort to alleviate the crushing repayment burden weighing upon some countries.', 'Even now, it refuses to grant outright debt cancellations.', 'Complaints that China reserves too many skilled construction roles for its own workers, at the expense of training Africans, are commonplace.', 'The growing presence of Chinese traders has triggered resentments among some traditionally predominant commercial communities.', 'But for many African governments these are quibbles.', 'What they appreciate in an increasingly polarised world is Beijing’s non-partisan readiness to remain strongly engaged pretty much everywhere, without political strings.', 'Of course, it is the Chinese construction of big-ticket transport projects, which international development institutions and Western commercial investors so often treat with caution, that attracts the most attention.', 'The July 2023 coup in Niger has not dissuaded the Chinese from completing a 2,000km (1,200-mile) pipeline to deliver the country’s growing oil output to an export terminal in Benin.', 'In Guinea, also under military rule, the China-based Winning Consortium is well advanced in the construction of a 600km railway to the coast.', 'This will run from one of the world’s largest iron ore deposits at Simandou, a scheme for which successive Guinean governments had struggled to secure international donor support.', 'And this week’s Focac summit brought a continuation of this strategy, with the announcement of a further 360bn yuan ($50.7bn; £36.6bn) in funding, for the next three years.', 'But this time there is a difference, with a heavy summit focus on the green energy transition, including investment in manufacturing in Africa, particularly electric vehicles.', 'That is important in both practical and symbolic terms for a continent that has famously lagged far behind Asia in developing sophisticated industries.', 'But the summit also brought promises of support for other types of green projects, with Mr Xi declaring a readiness to launch 30 clean energy projects and to co-operate in the nuclear sector.', 'That latter hint touches on a sore point for African commentators resentful of the fact that France has for decades mined Niger’s uranium to supply its own nuclear power sector without proposing generation projects for West Africa.', 'China is also active in the Nigerien uranium mining sector.', 'But amid the intensely complex technical and security challenges of the nuclear sector, it remains to be seen whether the Chinese president’s promise will really amount to more than comforting warm words.', 'Moreover, the Focac summit skated around some of the more sensitive and contentious environmental issues - such as the regular accusations that big Chinese vessels engage in over-fishing, leaving little for the local artisanal boats to catch.', 'Tactfully, Sierra Leone’s Fisheries Minister Princess Dugba preferred to focus on praising the government there for its construction of a new fishing port.', 'Meanwhile Mr Xi sought to perpetuate China’s self-presentation as a fellow member of the “global south”, pointing out that his country and Africa together account for a third of the world’s population.', 'The summit adopted a Beijing Declaration on building ""a shared future in the new era"" and the Beijing Action Plan for 2025-2027.', 'Calling on Chinese contractors to return to Africa now that disruptive Covid-era curbs were gone, Mr Xi talked of a tripling of infrastructure schemes, the creation of one million jobs and co-operation across a range of sectors.', 'But it is not entirely clear what the promised 360bn yuan in financing - an apparent bid to promote the international profile of the Chinese currency - will amount to in concrete terms.', 'The president said that 210bn yuan ($29.6bn) would be provided through credit lines, while there would be 70bn yuan ($9.9bn) in business investments.', 'He also announced $280m in military and food aid - but for an entire continent that is a marginal sum, in contrast to the big-budget economic funding.', 'It remains to be seen how that new financing is distributed - and whether it is managed in a way that avoids pushing some countries back into unsustainable debt.', 'Over the past 10-15 years Chinese lending to African countries desperate to press forward with the construction of infrastructure was widely blamed for helping to push them back into a debt crisis barely two decades after they benefitted from international debt-forgiveness schemes.', 'In 2016, the peak year, $30bn in Chinese lending to Africa was announced.', 'Projects were often financed by China Eximbank on terms that were usually kept confidential but were almost certainly much more expensive than funding from the soft credit windows of institutions like the International Monetary Fund, the World Bank and the African Development Bank, or the grant aid provided by many Western government donors.', 'However, defenders of China’s approach could quite reasonably point out that it was frequently willing to finance and build projects, and accept levels of risk, in circumstances where other partners were not willing to tread or commit resources on the necessary scale.', 'And to some extent, a natural division of labour evolved, where China funded and built heavy infrastructure, while Western donors and the big development institutions financed the equally essential “soft” investments - in health and education, skills training, government systems, food security, rural resilience and so on.', 'As the scale of the new financial pressures weighing upon many countries became clear, particularly amid the global economic slowdown caused by the pandemic, the G20 countries set up the Common Framework, to get indebted countries back on to a sustainable track.', 'China did join in the effort to restructure developing countries’ repayment burdens.', 'But critics accused it of not doing enough.', 'Now, several years on, this week’s Focac summit suggests the picture may be poised for a further evolution.', 'Just as, two decades ago, China began to fill a role in infrastructure development that Africa’s traditional donors could no longer adequately fill, Beijing now has ambitions to become a key partner for the continent in new hi-tech industry and green technology on a scale that many European and North American companies are unwilling or unable to contemplate.', 'While Western investment in Africa, particularly in sub-Saharan countries, continues to be dominated largely by mining, oil, gas and agriculture, and Russia focuses on security services for favoured regimes, Beijing talks of a broader economic vision.', 'However, the question is whether, beyond Mr Xi’s rhetoric, this will amount to a real diversification into new sectors such as green industry.', 'Beyond a few niche prestige projects - will the traditional focus on big infrastructure continue to predominate?', 'It is not yet clear if the China-Africa relationship is poised for a fundamental change.', 'Paul Melly is a consulting fellow with the Africa Programme at Chatham House in London.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",0.151095459328555,"But the summit also brought promises of support for other types of green projects, with Mr Xi declaring a readiness to launch 30 clean energy projects and to co-operate in the nuclear sector.",Over the past 10-15 years Chinese lending to African countries desperate to press forward with the construction of infrastructure was widely blamed for helping to push them back into a debt crisis barely two decades after they benefitted from international debt-forgiveness schemes.,0.0316663616233401,"But the summit also brought promises of support for other types of green projects, with Mr Xi declaring a readiness to launch 30 clean energy projects and to co-operate in the nuclear sector.","This will run from one of the world’s largest iron ore deposits at Simandou, a scheme for which successive Guinean governments had struggled to secure international donor support.",2024-09-07
John Lewis brings back 'never knowingly undersold' price pledge,https://www.bbc.co.uk/news/articles/c62r9371jddo,2024-09-05T12:02:25.685Z,"Retailer John Lewis is bringing back its ""never knowingly undersold"" price pledge from Monday, two years after abandoning it. It will also apply to online sales for the first time, whereas it previously only applied to in-store shopping, and will use AI to match the prices of 25 top retailers. The department store chain has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores. It swung back to profit earlier this year, but is expected to continue shedding jobs as it seeks to revive its fortunes. The decision by John Lewis' new managing director Peter Ruis to restore the price pledge marks a change of direction from his predecessor. ""When we removed the price promise, people automatically assumed that all prices went up... that wasn't necessarily the case,"" said Mr Ruis. Mr Ruis said the pledge had not been ""fit for purpose"" in 2022, with staff relying on pencils, spreadsheets, and trips to other shops to keep track of rivals' prices. There was ""confusion"" about how the century-old price pledge worked, he said, adding that it was based too much on a ""pre-web world"" where customers were local people. His predecessor Pippa Wicks, who ended the pledge, said it at the time that it ""doesn't fit with how customers shop today as more purchases are made online"". However, Mr Ruis said improvements in computing and artificial intelligence made the pledge more feasible. The new version of the policy will only apply to branded products, with software tracking prices from competitors, including Marks & Spencer, House of Fraser, AO.com and technology products on Amazon. Analyst Catherine Shuttleworth said the initial decision to scrap the pledge in a cost of living crisis was something ""a lot of people were scratching their heads over"". She told the BBC the return of the price promise is a win for customers, but it is ""impossible to predict"" how much it will cost the retailer or whether it will help it win back customers. ""The challenge will be how easy shoppers find it to use it,"" she said. Mr Ruis did not give a figure for the cost of reintroducing the pledge when asked by reporters on Thursday. Bringing it back was one of his priorities after he joined in January, the retail veteran said. His appointment this year is his third stint at John Lewis, having previously been a director and a senior buyer at the retailer as well as chief executive of Jigsaw and Anthropologie. The news comes as the High Street struggles to recover from the double-whammy of a pandemic and the rise of online shopping, with data from PwC revealing a net loss of 5,000 stores last year. Rival department store chain Marks & Spencer has been axing 110 shops as part of a major overhaul, while Debenhams closed its final shop in 2021. Debenhams has since been reborn as an online-only brand. This is an increasingly common trend, with collapsed retailers Topshop, Cath Kidson, TM Lewin and several others also re-emerging as websites after collapsing as physical chains. Topshop currently trades as part of the Asos website. However, on Thursday morning, Asos revealed plans to sell 75% of its stake in Topshop for £135m. The new joint venture intends to relaunch TopShop.com as a standalone website within six months of the deal's completion. Additional reporting by Emer Moreau ",BBC,05/09/2024,"['Retailer John Lewis is bringing back its ""never knowingly undersold"" price pledge from Monday, two years after abandoning it.', 'It will also apply to online sales for the first time, whereas it previously only applied to in-store shopping, and will use AI to match the prices of 25 top retailers.', 'The department store chain has been trying to win back customers after a tough few years that has seen it cut jobs and close several stores.', 'It swung back to profit earlier this year, but is expected to continue shedding jobs as it seeks to revive its fortunes.', 'The decision by John Lewis\' new managing director Peter Ruis to restore the price pledge marks a change of direction from his predecessor. ""', 'When we removed the price promise, people automatically assumed that all prices went up... that wasn\'t necessarily the case,"" said Mr Ruis.', 'Mr Ruis said the pledge had not been ""fit for purpose"" in 2022, with staff relying on pencils, spreadsheets, and trips to other shops to keep track of rivals\' prices.', 'There was ""confusion"" about how the century-old price pledge worked, he said, adding that it was based too much on a ""pre-web world"" where customers were local people.', 'His predecessor Pippa Wicks, who ended the pledge, said it at the time that it ""doesn\'t fit with how customers shop today as more purchases are made online"".', 'However, Mr Ruis said improvements in computing and artificial intelligence made the pledge more feasible.', 'The new version of the policy will only apply to branded products, with software tracking prices from competitors, including Marks & Spencer, House of Fraser, AO.com and technology products on Amazon.', 'Analyst Catherine Shuttleworth said the initial decision to scrap the pledge in a cost of living crisis was something ""a lot of people were scratching their heads over"".', 'She told the BBC the return of the price promise is a win for customers, but it is ""impossible to predict"" how much it will cost the retailer or whether it will help it win back customers. ""', 'The challenge will be how easy shoppers find it to use it,"" she said.', 'Mr Ruis did not give a figure for the cost of reintroducing the pledge when asked by reporters on Thursday.', 'Bringing it back was one of his priorities after he joined in January, the retail veteran said.', 'His appointment this year is his third stint at John Lewis, having previously been a director and a senior buyer at the retailer as well as chief executive of Jigsaw and Anthropologie.', 'The news comes as the High Street struggles to recover from the double-whammy of a pandemic and the rise of online shopping, with data from PwC revealing a net loss of 5,000 stores last year.', 'Rival department store chain Marks & Spencer has been axing 110 shops as part of a major overhaul, while Debenhams closed its final shop in 2021.', 'Debenhams has since been reborn as an online-only brand.', 'This is an increasingly common trend, with collapsed retailers Topshop, Cath Kidson, TM Lewin and several others also re-emerging as websites after collapsing as physical chains.', 'Topshop currently trades as part of the Asos website.', ""However, on Thursday morning, Asos revealed plans to sell 75% of its stake in Topshop for £135m. The new joint venture intends to relaunch TopShop.com as a standalone website within six months of the deal's completion."", 'Additional reporting by Emer Moreau']",0.0807328049079914,"She told the BBC the return of the price promise is a win for customers, but it is ""impossible to predict"" how much it will cost the retailer or whether it will help it win back customers. ""","Analyst Catherine Shuttleworth said the initial decision to scrap the pledge in a cost of living crisis was something ""a lot of people were scratching their heads over"".",0.0738595290617509,"It swung back to profit earlier this year, but is expected to continue shedding jobs as it seeks to revive its fortunes.","The news comes as the High Street struggles to recover from the double-whammy of a pandemic and the rise of online shopping, with data from PwC revealing a net loss of 5,000 stores last year.",2024-09-07
"Soaring sports team values create new pressure for owners on taxes, succession",https://www.cnbc.com/2024/09/03/soaring-sports-team-values-pressure-owners-on-taxes-succession.html,2024-09-05T15:01:42+0000,"Sports team owners benefiting from soaring team values are also facing new pressure from two of the oldest certainties in American wealth: death and taxes.With the average age of team owners rising, and team values skyrocketing into the billions, owners and leagues are increasingly focused on how to ensure smooth ownership transitions to the next generation of buyers. While today's owners have highly sophisticated tax and succession plans, even the best plans can blow up over family disputes or unexpected tax changes.""The people who bought sports teams a long time ago have now found that a large portion, if not a vast majority, of their long-term estate is now the value of the team,"" said Stephen Amdur, co-leader of mergers and acquisitions and private equity practices at Pillsbury Winthrop Shaw Pittman, who advises many billionaire team owners. ""They're thinking a lot about who is going to hold it for the next generation and what they're going to do with it.""Succession and taxes have become especially important in the National Football League, where the average age of team owners is now over 72 and team values are all surging. The average NFL team is now worth $6.49 billion, and no team is valued at less than $5.25 billion, according to CNBC's Official 2024 NFL Team Valuations. The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. NFL owners face one of two painful choices: They can sell the team while they're alive, which can create massive capital gains tax bills, or they can pass the team to their families, which can trigger estate taxes or prolonged family battles for control.Former Denver Broncos owner Pat Bowlen created a detailed succession and tax plan for the team a decade before his death in 2019. Yet a bitter dispute among family members, both before and after he died, led the team to be sold in 2022 to Walmart heir Rob Walton for $4.65 billion.Tennessee Titans founder Bud Adams, who died in October 2013, had divided ownership of the team among three branches of his family, which he thought would keep the peace. Instead, the split created a highly public battle over control, leading to an eventual deal within the family. Amy Adams Strunk, Bud's daughter, is now controlling owner of the team.Longtime New Orleans Saints owner Tom Benson touched off years of litigation when he removed his daughter and two grandchildren from his estate and passed ownership of the NFL team and the National Basketball Association's New Orleans Pelicans to his wife Gayle when he died in 2018. She still maintains control of the Saints.And perhaps the most poignant cautionary tale in the NFL is the legendary Miami Dolphins owner Joe Robbie, who left the team to his wife and nine children at the time of his death in 1990. A family feud and estate taxes of more than $45 million forced the family to sell a majority of the team in 1994.Under current U.S. tax law, estates over $13.6 million for individuals or $27.2 million for couples are subject to a tax of 40%. Since teams in the NFL and NBA are now worth billions, all team owners could potentially be subject to hundreds of millions of dollars in taxes without proper planning. Another wrinkle: It's unclear whether the estate tax rates would change in 2025, when the current levels are set to expire. So owners have to be planning for the potential for more punitive estate taxes in the coming years.Trust and estate attorneys say today's team owners have a much broader array of tools at their disposal to minimize the tax impact of succession. One of the most popular is the family limited partnership, which makes family members minority stakeholders and leaves the primary owner, as the general partner, with control. By dividing up ownership, the partnership can lower the value of assets (and therefore of the taxable estate) of the general partner.Owners can also split ownership among family members through individual trusts, as Chicago Bears owner George ""Papa Bear"" Halas Sr. did with his 13 grandchildren. They can also transfer an interest in the team into an irrevocable trust through a partnership or an LLC.""Owners are spending more time on the front end thinking about long-term estate planning to ensure as tax-efficient an outcome as possible,"" Amdur said.That's assuming the team stays in the family, of course. While owners often hope to pass their passion and financial commitment to a team on to their children, the next generations often have different interests or financial goals, which could mean offloading some team ownership.And there's now a fresh pool of prospective buyers.The NFL last week voted to allow select private equity firms to buy minority stakes in teams, giving owners and their families a chance to draw down cash that they could then reinvest in their teams or invest in nonsports assets to better diversify – all while keeping control.""I think it's an appropriate thing to give the teams that liquidity to reinvest in the game and to their teams,"" NFL Commissioner Roger Goodell said in making the announcement.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['Sports team owners benefiting from soaring team values are also facing new pressure from two of the oldest certainties in American wealth: death and taxes.', 'With the average age of team owners rising, and team values skyrocketing into the billions, owners and leagues are increasingly focused on how to ensure smooth ownership transitions to the next generation of buyers.', ""While today's owners have highly sophisticated tax and succession plans, even the best plans can blow up over family disputes or unexpected tax changes."", '""The people who bought sports teams a long time ago have now found that a large portion, if not a vast majority, of their long-term estate is now the value of the team,"" said Stephen Amdur, co-leader of mergers and acquisitions and private equity practices at Pillsbury Winthrop Shaw Pittman, who advises many billionaire team owners. ""', ""They're thinking a lot about who is going to hold it for the next generation and what they're going to do with it."", '""Succession and taxes have become especially important in the National Football League, where the average age of team owners is now over 72 and team values are all surging.', ""The average NFL team is now worth $6.49 billion, and no team is valued at less than $5.25 billion, according toCNBC's Official 2024 NFL Team Valuations."", 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""NFL owners face one of two painful choices: They can sell the team while they're alive, which can create massive capital gains tax bills, or they can pass the team to their families, which can trigger estate taxes or prolonged family battles for control."", 'Former Denver Broncos owner Pat Bowlen created a detailed succession and tax plan for the team a decade before his death in 2019.', 'Yet a bitter dispute among family members, both before and after he died, led the team to be sold in 2022 to Walmart heir Rob Walton for $4.65 billion.', 'Tennessee Titans founder Bud Adams, who died in October 2013, had divided ownership of the team among three branches of his family, which he thought would keep the peace.', 'Instead, the split created a highly public battle over control, leading to an eventual deal within the family.', ""Amy Adams Strunk, Bud's daughter, is now controlling owner of the team."", ""Longtime New Orleans Saints owner Tom Benson touched off years of litigation when he removed his daughter and two grandchildren from his estate and passed ownership of the NFL team and the National Basketball Association's New Orleans Pelicans to his wife Gayle when he died in 2018."", 'She still maintains control of the Saints.', 'And perhaps the most poignant cautionary tale in the NFL is the legendary Miami Dolphins owner Joe Robbie, who left the team to his wife and nine children at the time of his death in 1990.', 'A family feud and estate taxes of more than $45 million forced the family to sell a majority of the team in 1994.Under current U.S. tax law, estates over $13.6 million for individuals or $27.2 million for couples are subject to a tax of 40%.', 'Since teams in the NFL and NBA are now worth billions, all team owners could potentially be subject to hundreds of millions of dollars in taxes without proper planning.', ""Another wrinkle: It's unclear whether the estate tax rates would change in 2025, when the current levels are set to expire."", 'So owners have to be planning for the potential for more punitive estate taxes in the coming years.', ""Trust and estate attorneys say today's team owners have a much broader array of tools at their disposal to minimize the tax impact of succession."", 'One of the most popular is the family limited partnership, which makes family members minority stakeholders and leaves the primary owner, as the general partner, with control.', 'By dividing up ownership, the partnership can lower the value of assets (and therefore of the taxable estate) of the general partner.', 'Owners can also split ownership among family members through individual trusts, as Chicago Bears owner George ""Papa Bear"" Halas Sr.', 'did with his 13 grandchildren.', 'They can also transfer an interest in the team into an irrevocable trust through a partnership or an LLC.""Owners are spending more time on the front end thinking about long-term estate planning to ensure as tax-efficient an outcome as possible,"" Amdur said.', ""That's assuming the team stays in the family, of course."", 'While owners often hope to pass their passion and financial commitment to a team on to their children, the next generations often have different interests or financial goals, which could mean offloading some team ownership.', ""And there's now a fresh pool of prospective buyers."", 'The NFL last week voted to allow select private equity firms to buy minority stakes in teams, giving owners and their families a chance to draw down cash that they could then reinvest in their teams or invest in nonsports assets to better diversify – all while keeping control.', '""I think it\'s an appropriate thing to give the teams that liquidity to reinvest in the game and to their teams,"" NFL Commissioner Roger Goodell said in making the announcement.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation,click here.']",0.1534881187885498,"They can also transfer an interest in the team into an irrevocable trust through a partnership or an LLC.""Owners are spending more time on the front end thinking about long-term estate planning to ensure as tax-efficient an outcome as possible,"" Amdur said.","Yet a bitter dispute among family members, both before and after he died, led the team to be sold in 2022 to Walmart heir Rob Walton for $4.65 billion.",-0.2031536027789116,"""Succession and taxes have become especially important in the National Football League, where the average age of team owners is now over 72 and team values are all surging.","By dividing up ownership, the partnership can lower the value of assets (and therefore of the taxable estate) of the general partner.",2024-09-07
Beyond Meat to launch new steak alternative as it focuses on health,https://www.cnbc.com/2024/09/04/beyond-meat-to-launch-new-steak-alternative-as-it-focuses-on-health.html,2024-09-06T22:21:39+0000,"In this articleBeyond Meat will introduce a whole-muscle steak alternative as part of its pivot to win over health-conscious consumers.CEO Ethan Brown said on Wednesday that the rollout will likely include a partnership with a restaurant chain known for serving healthier food, a departure from its prior strategy of teaming up with fast-food chains such as Dunkin' and McDonald's.More than six months ago, Beyond announced a turnaround strategy that included cutting costs, hiking prices and discontinuing the jerky product it made through a joint venture with PepsiCo. To revive slumping sales, the company's marketing has focused on the health benefits of eating a plant-based diet through partnerships with organizations such as the American Cancer Society and influencer deals with college athletes. While health has always been a part of Beyond's pitch to consumers, the company used to put more emphasis on climate change, too.In recent months, Brown has blamed some of the plant-based meat industry's woes on misinformation from the meat industry and cattle farmers, such as skepticism about plant-based meat's processing.Beyond already sells plant-based steak tips, but the new product mimics the texture of a filet with mycelium, the rootlike part of fungi. Brown envisions the steak alternative as a substitute for chicken, topping salads and stuffing burritos as a source of protein.""The focus on this has been a very small number of ingredients, very high protein, very low saturated fat,"" he said.The company is also rolling out reformulated versions of its Beyond Burger and Beyond Chicken to grocery stores. The new products have short ingredients lists, in the hopes of winning over customers who previously thought plant-based meat was too processed.Beyond declined to share any details on the timing of the launches for its latest steak or chicken options.Beyond's market value once topped $14 billion, fueling broader investment into plant-based meat and a flood of competitors.But these days, the company has a market cap under $400 million, reflecting investors' concerns about the health of the business and the industry's struggling sales. Its stock has lost a third of its value in 2024.In the second quarter, Beyond reported net sales of $93.2 million, down 8.8% from the year-ago period and a 37% tumble from its second quarter in 2021.After Beyond went public five years ago, its stock soared as more consumers bought its plant-based meat at grocery stores and fast-food restaurants such as Dunkin'. The Covid-19 pandemic further boosted sales as lockdowns encouraged more at-home cooking — but the lift did not last.Buzzy partnerships with restaurant giants such as McDonald's and Yum Brands did not lead to permanent menu items in the U.S., although Beyond has had more success with the chains' European markets. Its joint venture with PepsiCo led to a single product, its now-discontinued jerky that weighed on its margins for several quarters.At the same time, the broader category started struggling. Consumers lost interest in trying plant-based meat, often complaining about the taste or concerns about its processing.Sales of plant-based foods, which includes milk, meat, egg and butter alternatives, rose just 1% to $8.1 billion last year, according to data from the Plant Based Foods Association. The milk alternatives segment accounts for roughly a quarter of the category's total retail sales, followed by plant-based meat.As consumers' tastes shifted away, investors also lost interest.Kellogg mulled spinning off or selling its plant-based business in a broader three-part split of the company, but ultimately opted to keep it part of Kellanova, its snacking spinoff that Mars is buying. Impossible Foods has been rumored to be considering an initial public offering since 2021, but the company's CEO said earlier this year that it could sell or go public in the next three years, a much longer time horizon.However, Beyond has no plans to sell itself, Brown told CNBC.",CNBC,06/09/2024,"['In this articleBeyond Meat will introduce a whole-muscle steak alternative as part of its pivot to win over health-conscious consumers.', ""CEO Ethan Brown said on Wednesday that the rollout will likely include a partnership with a restaurant chain known for serving healthier food, a departure from its prior strategy of teaming up with fast-food chains such as Dunkin' and McDonald's."", 'More than six months ago, Beyond announced a turnaround strategy that included cutting costs, hiking prices and discontinuing the jerky product it made through a joint venture with PepsiCo.', ""To revive slumping sales, the company's marketing has focused on the health benefits of eating a plant-based diet through partnerships with organizations such as the American Cancer Society and influencer deals with college athletes."", ""While health has always been a part of Beyond's pitch to consumers, the company used to put more emphasis on climate change, too."", ""In recent months, Brown has blamed some of the plant-based meat industry's woes on misinformation from the meat industry and cattle farmers, such as skepticism about plant-based meat's processing."", 'Beyond already sells plant-based steak tips, but the new product mimics the texture of a filet with mycelium, the rootlike part of fungi.', 'Brown envisions the steak alternative as a substitute for chicken, topping salads and stuffing burritos as a source of protein.', '""The focus on this has been a very small number of ingredients, very high protein, very low saturated fat,"" he said.', 'The company is also rolling out reformulated versions of its Beyond Burger and Beyond Chicken to grocery stores.', 'The new products have short ingredients lists, in the hopes of winning over customers who previously thought plant-based meat was too processed.', 'Beyond declined to share any details on the timing of the launches for its latest steak or chicken options.', ""Beyond's market value once topped $14 billion, fueling broader investment into plant-based meat and a flood of competitors."", ""But these days, the company has a market cap under $400 million, reflecting investors' concerns about the health of the business and the industry's struggling sales."", ""Its stock has lost a third of its value in 2024.In the second quarter, Beyond reported net sales of $93.2 million, down 8.8% from the year-ago period and a 37% tumble from its second quarter in 2021.After Beyond went public five years ago, its stock soared as more consumers bought its plant-based meat at grocery stores and fast-food restaurants such as Dunkin'."", 'The Covid-19 pandemic further boosted sales as lockdowns encouraged more at-home cooking — but the lift did not last.', ""Buzzy partnerships with restaurant giants such as McDonald's and Yum Brands did not lead to permanent menu items in the U.S., although Beyond has had more success with the chains' European markets."", 'Its joint venture with PepsiCo led to a single product, its now-discontinued jerky that weighed on its margins for several quarters.', 'At the same time, the broader category started struggling.', 'Consumers lost interest in trying plant-based meat, often complaining about the taste or concerns about its processing.', 'Sales of plant-based foods, which includes milk, meat, egg and butter alternatives, rose just 1% to $8.1 billion last year, according to data from the Plant Based Foods Association.', ""The milk alternatives segment accounts for roughly a quarter of the category's total retail sales, followed by plant-based meat."", ""As consumers' tastes shifted away, investors also lost interest."", 'Kellogg mulled spinning off or selling its plant-based business in a broader three-part split of the company, but ultimately opted to keep it part of Kellanova, its snacking spinoff that Mars is buying.', ""Impossible Foods has been rumored to be considering an initial public offering since 2021, but the company's CEO said earlier this year that it could sell or go public in the next three years, a much longer time horizon."", 'However, Beyond has no plans to sell itself, Brown told CNBC.']",0.0357042816918562,"The new products have short ingredients lists, in the hopes of winning over customers who previously thought plant-based meat was too processed.","In recent months, Brown has blamed some of the plant-based meat industry's woes on misinformation from the meat industry and cattle farmers, such as skepticism about plant-based meat's processing.",0.0044979325362614,"Sales of plant-based foods, which includes milk, meat, egg and butter alternatives, rose just 1% to $8.1 billion last year, according to data from the Plant Based Foods Association.","Its stock has lost a third of its value in 2024.In the second quarter, Beyond reported net sales of $93.2 million, down 8.8% from the year-ago period and a 37% tumble from its second quarter in 2021.After Beyond went public five years ago, its stock soared as more consumers bought its plant-based meat at grocery stores and fast-food restaurants such as Dunkin'.",2024-09-07
Boeing Starliner spacecraft lands back on Earth,https://www.bbc.co.uk/news/articles/cx29wzk4r19o,2024-09-06T16:02:30.488Z,"Boeing's Starliner spacecraft has completed its journey back to Earth - but the astronauts it was supposed to be carrying remain behind on the International Space Station. The empty craft travelled in autonomous mode after undocking from the orbiting lab. The capsule, which suffered technical problems after it launched with Nasa's Butch Wilmore and Suni Williams on board, was deemed too risky to take the astronauts home. They will instead return in a SpaceX Crew Dragon, but not until February - extending an eight-day stay on the ISS to eight months.  After Starliner's return, a Nasa spokesman said he was pleased at the successful landing but wished it could have gone as originally planned.  The flight back lasted six hours. After it re-entered the Earth’s atmosphere parachutes were used to slow its descent at the White Sands Space Harbor in New Mexico on Saturday at 23:01 local time (05:01 GMT). Nasa said earlier that Butch and Suni were in good spirits and in regular contact with their families. Steve Stich, Nasa’s commercial crew programme manager, said both astronauts were passionate about their jobs. “They understand the importance now of moving on and... getting the vehicle back safely.” This was the first test flight for Boeing’s Starliner spacecraft with astronauts on board. But it was plagued with problems soon after it blasted off from Cape Canaveral in Florida on 5 June. The capsule experienced leaks of helium, which pushes fuel into the propulsion system, and several of its thrusters did not work properly. Engineers at Boeing and Nasa spent months trying to understand these technical issues, but in late August the US space agency decided that Starliner was not safe enough to bring the astronauts home. In a news briefing following the landing, Steve Stich said: ""From a human perspective, all of us feel happy about the successful landing, but then there's a piece of us - all of us - that wish it would have been the way we had planned it.  ""We had planned to have the mission land with Butch and Suni on board."" He added there was ""clearly work to do"", and that it would take ""a little time"" to determine what will come next. The briefing panel consisted only of Nasa officials. Missing, were two Boeing representatives who were supposed to be present. When quizzed on the absence, Nasa official Joel Montalbano said Boeing decided to ""defer to Nasa"" to represent the mission. Instead, Boeing released a statement ""to recognize the work the Starliner teams did to ensure a successful and safe undocking, deorbit, re-entry and landing"". It said Boeing will ""review the data and determine the next steps"" forward for the programme. Mr Stich previously admitted there was “tension in the room” between Boeing and Nasa while the decision not to bring the astronauts home on Starliner was being made, with Boeing arguing that their spacecraft could safely return with the pair on board. “The Nasa team, due to the uncertainty and the modelling, could not get comfortable with that,” he said. The plan to use rival company SpaceX has brought with it a significant delay to the astronauts’ return. The extra time is to allow SpaceX to launch its next vehicle, with lift off scheduled for the end of September. It was supposed to have four astronauts on board, but instead it will travel with two.  This leaves room for Butch and Suni to join them in the vehicle to return to Earth at the end of its planned stay next February. Dana Weigel, manager of the International Space Station, said that the astronauts were adapting well to their extended mission. Both have previously completed two long-duration stays in space. She said the pair were undertaking the exercise programmes needed to stay healthy in the weightless environment. And she added that they now had all of the gear they needed for their unplanned eight-month stay. “When we first sent them up, they were borrowing a lot of our generic clothing that we have on board, and we have now switched some of those things out,” she said. She explained that a resupply mission in July had delivered “specific crew preference items” that the pair had requested. “So they actually have all of the standard expedition gear at this point that any other crew member would be able to select. And we’ve got another cargo vehicle coming up, so we’ll send up anything else that they need for the back-end half of their mission on that flight.” The issues with Starliner have no doubt been a blow to Boeing, which is suffering from financial losses as it struggles to repair its reputation following recent in-flight incidents and two fatal accidents five years ago. After so many problems, a trouble-free landing will be a welcome outcome for the company - and for Nasa. ”We'll go through a couple months of post-flight analysis,” said Steve Stich. “There are teams starting to look at what we do to get the vehicle fully certified in the future.” The US space agency has emphasised its commitment to Boeing’s spacecraft  - having two American companies to take astronauts to space has been a key goal for Nasa for some time. When their space shuttle fleet was retired in 2011, the US spent a decade relying solely on Russia’s Soyuz spacecraft to transport its crew and cargo - a situation Nasa admitted was far from ideal. So in 2014, Boeing and SpaceX were awarded contracts to provide commercial space flights for Nasa astronauts - Boeing’s was worth $4.2bn (£3.2bn) while SpaceX received $2.6bn (£2bn). So far SpaceX has sent nine crewed flights to space for Nasa, as well as some commercial missions, but this was Boeing’s first attempt at a crewed mission. Boeing’s Starliner had already been delayed for several years because of setbacks in the spacecraft's development and two previous uncrewed flights in 2019 and 2022 also suffered technical problems. But Nasa administrator Bill Nelson says he is 100% certain it would fly with a crew onboard again. ",BBC,06/09/2024,"[""Boeing's Starliner spacecraft has completed its journey back to Earth - but the astronauts it was supposed to be carrying remain behind on the International Space Station."", 'The empty craft travelled in autonomous mode after undocking from the orbiting lab.', ""The capsule, which suffered technical problems after it launched with Nasa's Butch Wilmore and Suni Williams on board, was deemed too risky to take the astronauts home."", 'They will instead return in a SpaceX Crew Dragon, but not until February - extending an eight-day stay on the ISS to eight months.', ""After Starliner's return, a Nasa spokesman said he was pleased at the successful landing but wished it could have gone as originally planned."", 'The flight back lasted six hours.', 'After it re-entered the Earth’s atmosphere parachutes were used to slow its descent at the White Sands Space Harbor in New Mexico on Saturday at 23:01 local time (05:01 GMT).', 'Nasa said earlier that Butch and Suni were in good spirits and in regular contact with their families.', 'Steve Stich, Nasa’s commercial crew programme manager, said both astronauts were passionate about their jobs. “', 'They understand the importance now of moving on and... getting the vehicle back safely.”', 'This was the first test flight for Boeing’s Starliner spacecraft with astronauts on board.', 'But it was plagued with problems soon after it blasted off from Cape Canaveral in Florida on 5 June.', 'The capsule experienced leaks of helium, which pushes fuel into the propulsion system, and several of its thrusters did not work properly.', 'Engineers at Boeing and Nasa spent months trying to understand these technical issues, but in late August the US space agency decided that Starliner was not safe enough to bring the astronauts home.', 'In a news briefing following the landing, Steve Stich said: ""From a human perspective, all of us feel happy about the successful landing, but then there\'s a piece of us - all of us - that wish it would have been the way we had planned it. ""', 'We had planned to have the mission land with Butch and Suni on board.""', 'He added there was ""clearly work to do"", and that it would take ""a little time"" to determine what will come next.', 'The briefing panel consisted only of Nasa officials.', 'Missing, were two Boeing representatives who were supposed to be present.', 'When quizzed on the absence, Nasa official Joel Montalbano said Boeing decided to ""defer to Nasa"" to represent the mission.', 'Instead, Boeing released a statement ""to recognize the work the Starliner teams did to ensure a successful and safe undocking, deorbit, re-entry and landing"".', 'It said Boeing will ""review the data and determine the next steps"" forward for the programme.', 'Mr Stich previously admitted there was “tension in the room” between Boeing and Nasa while the decision not to bring the astronauts home on Starliner was being made, with Boeing arguing that their spacecraft could safely return with the pair on board. “', 'The Nasa team, due to the uncertainty and the modelling, could not get comfortable with that,” he said.', 'The plan to use rival company SpaceX has brought with it a significant delay to the astronauts’ return.', 'The extra time is to allow SpaceX to launch its next vehicle, with lift off scheduled for the end of September.', 'It was supposed to have four astronauts on board, but instead it will travel with two.', 'This leaves room for Butch and Suni to join them in the vehicle to return to Earth at the end of its planned stay next February.', 'Dana Weigel, manager of the International Space Station, said that the astronauts were adapting well to their extended mission.', 'Both have previously completed two long-duration stays in space.', 'She said the pair were undertaking the exercise programmes needed to stay healthy in the weightless environment.', 'And she added that they now had all of the gear they needed for their unplanned eight-month stay. “', 'When we first sent them up, they were borrowing a lot of our generic clothing that we have on board, and we have now switched some of those things out,” she said.', 'She explained that a resupply mission in July had delivered “specific crew preference items” that the pair had requested. “', 'So they actually have all of the standard expedition gear at this point that any other crew member would be able to select.', 'And we’ve got another cargo vehicle coming up, so we’ll send up anything else that they need for the back-end half of their mission on that flight.”', 'The issues with Starliner have no doubt been a blow to Boeing, which is suffering from financial losses as it struggles to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.', 'After so many problems, a trouble-free landing will be a welcome outcome for the company - and for Nasa. ”', ""We'll go through a couple months of post-flight analysis,” said Steve Stich. “"", 'There are teams starting to look at what we do to get the vehicle fully certified in the future.”', 'The US space agency has emphasised its commitment to Boeing’s spacecraft - having two American companies to take astronauts to space has been a key goal for Nasa for some time.', 'When their space shuttle fleet was retired in 2011, the US spent a decade relying solely on Russia’s Soyuz spacecraft to transport its crew and cargo - a situation Nasa admitted was far from ideal.', 'So in 2014, Boeing and SpaceX were awarded contracts to provide commercial space flights for Nasa astronauts - Boeing’s was worth $4.2bn (£3.2bn) while SpaceX received $2.6bn (£2bn).', 'So far SpaceX has sent nine crewed flights to space for Nasa, as well as some commercial missions, but this was Boeing’s first attempt at a crewed mission.', ""Boeing’s Starliner had already been delayed for several years because of setbacks in the spacecraft's development and two previous uncrewed flights in 2019 and 2022 also suffered technical problems."", 'But Nasa administrator Bill Nelson says he is 100% certain it would fly with a crew onboard again.']",0.0529245138502741,"Instead, Boeing released a statement ""to recognize the work the Starliner teams did to ensure a successful and safe undocking, deorbit, re-entry and landing"".","The issues with Starliner have no doubt been a blow to Boeing, which is suffering from financial losses as it struggles to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.",-0.0373534183753164,"After so many problems, a trouble-free landing will be a welcome outcome for the company - and for Nasa. ”","The issues with Starliner have no doubt been a blow to Boeing, which is suffering from financial losses as it struggles to repair its reputation following recent in-flight incidents and two fatal accidents five years ago.",2024-09-07
Gemma Collins warns about pensions in parody face cream advert,https://www.bbc.co.uk/news/articles/cj356e30mjmo,2024-09-06T05:41:07.598Z,"Reality TV personality Gemma Collins said checking her pension situation was a top priority after admitting not paying it enough attention before. The Only Way Is Essex (Towie) star, 43, said the issue had not felt important as her retirement had ""always felt like such a long way off"". ""To be honest, I hadn't previously given much thought to my retirement and the money I might need for it,"" she said. Collins features in a parody face cream advert as part of a new campaign about the importance of saving for later in life. In a short film, she urges people to prioritise the issue over concerns about wrinkles and ageing. ""There's a more important pot to think about. I'm talking about your pension pot,"" she tells viewers. The Pension Attention campaign has been devised by a group of financial companies, who surveyed 2,000 people and found 57% had purchased anti-ageing products in the past year. In comparison, 23% of respondents had organised their finances for later in life. Collins added: ""I don't want to be hustling forever and working 24/7 on the trot.  ""If you can do one thing today, then just have a look at your pension. It's going to be top of my list now."" Follow Essex news on BBC Sounds, Facebook, Instagram and X. ",BBC,06/09/2024,"['Reality TV personality Gemma Collins said checking her pension situation was a top priority after admitting not paying it enough attention before.', 'The Only Way Is Essex (Towie) star, 43, said the issue had not felt important as her retirement had ""always felt like such a long way off"". ""', 'To be honest, I hadn\'t previously given much thought to my retirement and the money I might need for it,"" she said.', 'Collins features in a parody face cream advert as part of a new campaign about the importance of saving for later in life.', 'In a short film, she urges people to prioritise the issue over concerns about wrinkles and ageing. ""', ""There's a more important pot to think about."", 'I\'m talking about your pension pot,"" she tells viewers.', 'The Pension Attention campaign has been devised by a group of financial companies, who surveyed 2,000 people and found 57% had purchased anti-ageing products in the past year.', 'In comparison, 23% of respondents had organised their finances for later in life.', 'Collins added: ""I don\'t want to be hustling forever and working 24/7 on the trot. ""', 'If you can do one thing today, then just have a look at your pension.', 'It\'s going to be top of my list now.""', 'Follow Essex news on BBC Sounds, Facebook, Instagram and X.']",0.1180936753710023,"To be honest, I hadn't previously given much thought to my retirement and the money I might need for it,"" she said.","The Pension Attention campaign has been devised by a group of financial companies, who surveyed 2,000 people and found 57% had purchased anti-ageing products in the past year.",-0.7599493861198425,,"The Only Way Is Essex (Towie) star, 43, said the issue had not felt important as her retirement had ""always felt like such a long way off"". """,2024-09-07
The Cowboys are worth $11 billion. Here's how Dallas went from losing $1 million a month to topping the NFL in value,https://www.cnbc.com/2024/09/05/dallas-cowboys-most-valuable-nfl-team.html,2024-09-05T19:40:19+0000,"When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.Back then, there were plenty of empty seats and suites at Texas Stadium. The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.And he did.Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday.The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings. The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list.On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson. In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.By 1992, the Cowboys won the Super Bowl. The team won again in 1993 and then in 1995 with Barry Switzer as the coach.The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday.Jones also innovated quickly off the field. He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money. Jones became the first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL. He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league. In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.Sponsorship agreements have been a huge boon to the Cowboys. This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances.The value of the Cowboys' sponsorship deals has ballooned over the years. The Cowboys moved into their new stadium in 2009. In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year. By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events. The busier it is, the more money he makes. Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city.And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.Even outside football, the stadium is rarely vacant. This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders. Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners.Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995. But there is no doubt he created the economic blueprint for an NFL team. The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.', 'Back then, there were plenty of empty seats and suites at Texas Stadium.', 'The oilman had borrowed every nickel he could to buy the Cowboys, so he had to act fast — both on the field and off it — to make the team profitable.', 'And he did.', ""Thirty-five years later, the Cowboys are worth a staggering $11 billion, $3 billion more than any other team in the National Football League, according to CNBC's Official 2024 NFL Team Valuations unveiled Thursday."", ""The Cowboys generated $1.2 billion in revenue in 2023, nearly $400 million more than the Los Angeles Rams, who were second in the league in revenue, according to CNBC's rankings."", ""The Cowboys are the most profitable in the NFL, posting EBITDA of $550 million last season, $300 million more than the New England Patriots, the second-most profitable NFL team, according to CNBC's list."", 'On the path to profits, Jones made a series of bold moves that have set new standards for league ownership and delivered a massive return on his investment.', 'When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.', 'In 1989, Jones traded his best player, Herschel Walker, in a deal that landed the Cowboys four players and several draft picks that would yield players such as Emmitt Smith and Darren Woodson.', 'By 1992, the Cowboys won the Super Bowl.', 'The team won again in 1993 and then in 1995 with Barry Switzer as the coach.', ""The Cowboys are one of the most popular teams to bet on via the DraftKings platform, even though Texas doesn't yet allow sports betting, so the app can't take wager within the state borders, DraftKings CEO Jason Robins told CNBC Thursday."", 'Jones also innovated quickly off the field.', 'He knew that while revenue from sponsorship deals with the NFL was split evenly among the teams, he could keep all stadium sponsorship money.', ""Jones becamethe first NFL owner to get his own sponsorship deals at Texas Stadium, the Cowboys' former home, in 1995.He targeted brands such as American Express and Pepsi to be stadium sponsors — at the time, their respective rivals Visa and Coca-Cola had deals with the NFL."", 'He also went after Nike, which did not have a deal with NFL Properties, the licensing arm of the league.', 'In 1995, Jones signed a 10-year, $40 million deal with Pepsi-Cola and made a $2.5 million a year, 10-year deal with Nike.', 'Sponsorship agreements have been a huge boon to the Cowboys.', ""This year, the franchise could hit $250 million in sponsorship revenue, at least $50 million more than any other team, according to people familiar with the teams' finances."", ""The value of the Cowboys' sponsorship deals has ballooned over the years."", 'The Cowboys moved into their new stadium in 2009.', 'In 2013, the building was renamed AT&T Stadium when Jones inked a long-term deal worth about $20 million a year.', 'By 2021, Jones had announced a 10-year, $200 million extension of a deal with Molson Coors.', 'The city of Arlington owns AT&T Stadium, but Jones has operating rights, meaning he receives the revenue from the events.', 'The busier it is, the more money he makes.', ""Jones also has the right to purchase AT&T Stadium for just $10 at any point until the Cowboys' lease expires in 2039, according to a person familiar with the team's agreement with the city."", 'And although the Cowboys have not been to the Super Bowl in 29 years, they are a perennial playoff team, and seats and suites are almost always full.', 'Even outside football, the stadium is rarely vacant.', 'This year, Jones will host Monster Jam; a professional boxing match with Mike Tyson; the Big 12 college football championship game; high school football; and Professional Bull Riders.', ""Like with stadium sponsorships, Jones does not have to share any of this money with the league's other 31 owners."", 'Jones, who is also the general manager of the Cowboys, gets plenty of criticism for not getting back to the Super Bowl since 1995.', 'But there is no doubt he created the economic blueprint for an NFL team.', 'The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.209903516485154,"By 1992, the Cowboys won the Super Bowl.","When Jones took over in 1989, he immediately fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson.",0.6667503501687732,"The Cowboys, at $11 billion, are up 73-fold from the price Jones paid for the team to today, versus just an 18-fold increase in the S&P 500 during the same period.","When Jerry Jones plunked down $150 million to buy the Dallas Cowboys in 1989, the team was losing $1 million a month, according to Jones.",2024-09-07
7-Eleven owner rejects $38.7bn buyout offer from rival,https://www.bbc.co.uk/news/articles/cz9w74dwkgno,2024-09-06T02:37:54.357Z,"The Japanese owner of convenience store chain 7-Eleven has rejected a $38bn (£29.2bn) takeover bid from Canadian rival Alimentation Couche-Tard. In a letter addressed to the prospective buyer, Seven & i Holdings said the Circle K owner's offer ""grossly"" undervalued the company and was fraught with regulatory risk. The 7-Eleven owner added, however, that it remains open to negotiations and ready to consider a better proposal. If successful the buyout would create a 100,000-strong global convenience store giant. Stephen Dacus, the chair of the Seven & i board considering the deal, said in a letter that the proposal was ""opportunistically timed"". The proposal, Mr Dacus added, ""grossly undervalues"" the Japanese retail giant and its potential to generate more value for shareholders. Alimentation Couche-Tard (ACT), which is based in Quebec, runs around 17,000 shops across North America, Europe and Asia under the Circle K and Couche-Tard brands. The initial offer by the prospective buyer valued Seven & i at $14.86 per share. That's more than 20% above its share price before the offer was announced. The offer came when the Japanese yen is significantly weaker than the US dollar, making Seven & i more affordable to foreign buyers. In rejecting the offer, Seven & i also flagged up ""multiple and significant challenges"" a deal would face from US competition regulators. 7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories. ACT's footprint in the US and Canada would more than double to about 20,000 sites were a deal to go ahead. A Japanese company of this size has never been bought by a foreign firm. Historically, companies from Japan were more likely to buy overseas businesses. ""Japan needs to protect its national assets... and Seven & i is a major asset, so expect this to be a long drawn-out process of negotiation,"" said the head of strategy at Astris Advisory Japan, Neil Newman. ""If it succeeds... then it would show that Japan is open for business and welcomes foreign investment.""  Last year, the Japanese government issued new guidelines on mergers and acquisitions calling on companies not to reject credible takeover offers without sincere consideration. ACT did not immediately respond to a BBC News request for comment. ",BBC,06/09/2024,"['The Japanese owner of convenience store chain 7-Eleven has rejected a $38bn (£29.2bn) takeover bid from Canadian rival Alimentation Couche-Tard.', 'In a letter addressed to the prospective buyer, Seven & i Holdings said the Circle K owner\'s offer ""grossly"" undervalued the company and was fraught with regulatory risk.', 'The 7-Eleven owner added, however, that it remains open to negotiations and ready to consider a better proposal.', 'If successful the buyout would create a 100,000-strong global convenience store giant.', 'Stephen Dacus, the chair of the Seven & i board considering the deal, said in a letter that the proposal was ""opportunistically timed"".', 'The proposal, Mr Dacus added, ""grossly undervalues"" the Japanese retail giant and its potential to generate more value for shareholders.', 'Alimentation Couche-Tard (ACT), which is based in Quebec, runs around 17,000 shops across North America, Europe and Asia under the Circle K and Couche-Tard brands.', 'The initial offer by the prospective buyer valued Seven & i at $14.86 per share.', ""That's more than 20% above its share price before the offer was announced."", 'The offer came when the Japanese yen is significantly weaker than the US dollar, making Seven & i more affordable to foreign buyers.', 'In rejecting the offer, Seven & i also flagged up ""multiple and significant challenges"" a deal would face from US competition regulators.', ""7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories."", ""ACT's footprint in the US and Canada would more than double to about 20,000 sites were a deal to go ahead."", 'A Japanese company of this size has never been bought by a foreign firm.', 'Historically, companies from Japan were more likely to buy overseas businesses. ""', 'Japan needs to protect its national assets... and Seven & i is a major asset, so expect this to be a long drawn-out process of negotiation,"" said the head of strategy at Astris Advisory Japan, Neil Newman. ""', 'If it succeeds... then it would show that Japan is open for business and welcomes foreign investment.""', 'Last year, the Japanese government issued new guidelines on mergers and acquisitions calling on companies not to reject credible takeover offers without sincere consideration.', 'ACT did not immediately respond to a BBC News request for comment.']",0.0840591610949618,"If successful the buyout would create a 100,000-strong global convenience store giant.","Alimentation Couche-Tard (ACT), which is based in Quebec, runs around 17,000 shops across North America, Europe and Asia under the Circle K and Couche-Tard brands.",0.0370995104312896,"ACT's footprint in the US and Canada would more than double to about 20,000 sites were a deal to go ahead.","In a letter addressed to the prospective buyer, Seven & i Holdings said the Circle K owner's offer ""grossly"" undervalued the company and was fraught with regulatory risk.",2024-09-07
"House prices in the UK hit two-year high, says Halifax",https://www.bbc.co.uk/news/articles/cr4091rzy2wo,2024-09-06T06:41:51.972Z,"House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK's largest mortgage lender has said. Halifax said prices last month were up 4.3% compared to last year, taking the average cost of a UK property to £292,505. The lender, which is owned by Lloyds Banking Group, said that buyers have been boosted after the Bank of England reduced interest rates at the beginning of August, in the first cut for four years. House prices are now ""just shy"" of the record reached in June 2022 when they hit  £293,507.  But Halifax's head of mortgages Amanda Bryden, said: ""While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs."" Despite a cut in UK interest rates, at 5% they remain at their highest since 2008 when the economy was on the cusp of the global financial crisis and some major banks faced collapse.  Sarah Coles, head of personal finance at Hargreaves Lansdown, said that while   home loan deals improved following the rate cut - with the average two-year fixed rate mortgage falling from 5.77% to 5.54% - there ""wasn’t a seismic shift"". The Bank of England is forecast to cut interest rates again this year though it is not clear when. The Bank's next meeting is on Thursday, 19 September.    Ms Bryden said: ""With market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.” House prices rose by 0.3% in August, the Halifax said, compared to 0.9% in July.  Annual growth in prices has hit a near two-year high in each of the last two months, its data suggests. But the mortgage lender said this was primarily the result of the weakness of property prices a year ago, rather than particular strength now. Potential first-time buyers would welcome a continued period without runaway prices, as they closely watch deposit requirements and mortgage rates. It said that Northern Ireland continues to experience strong house price growth. In August, it rose by 9.8% compared to last year and the average price of a home is now £201,043. In England, the north west showed the sharpest rise in house prices, up 4% over the last year to sit £232,917. Halifax's figures only take into account buyers with mortgages and do not include those who purchase homes with cash or buy-to-let deals. Cash buyers account for around a third of housing sales. Rival Nationwide also reported monthly and annual growth in property prices edging up in August.  ",BBC,06/09/2024,"[""House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK's largest mortgage lender has said."", 'Halifax said prices last month were up 4.3% compared to last year, taking the average cost of a UK property to £292,505.', 'The lender, which is owned by Lloyds Banking Group, said that buyers have been boosted after the Bank of England reduced interest rates at the beginning of August, in the first cut for four years.', 'House prices are now ""just shy"" of the record reached in June 2022 when they hit £293,507.', 'But Halifax\'s head of mortgages Amanda Bryden, said: ""While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.""', 'Despite a cut in UK interest rates, at 5% they remain at their highest since 2008 when the economy was on the cusp of the global financial crisis and some major banks faced collapse.', 'Sarah Coles, head of personal finance at Hargreaves Lansdown, said that while home loan deals improved following the rate cut - with the average two-year fixed rate mortgage falling from 5.77% to 5.54% - there ""wasn’t a seismic shift"".', 'The Bank of England is forecast to cut interest rates again this year though it is not clear when.', ""The Bank's next meeting is on Thursday, 19 September."", 'Ms Bryden said: ""With market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.”', 'House prices rose by 0.3% in August, the Halifax said, compared to 0.9% in July.', 'Annual growth in prices has hit a near two-year high in each of the last two months, its data suggests.', 'But the mortgage lender said this was primarily the result of the weakness of property prices a year ago, rather than particular strength now.', 'Potential first-time buyers would welcome a continued period without runaway prices, as they closely watch deposit requirements and mortgage rates.', 'It said that Northern Ireland continues to experience strong house price growth.', 'In August, it rose by 9.8% compared to last year and the average price of a home is now £201,043.', 'In England, the north west showed the sharpest rise in house prices, up 4% over the last year to sit £232,917.', ""Halifax's figures only take into account buyers with mortgages and do not include those who purchase homes with cash or buy-to-let deals."", 'Cash buyers account for around a third of housing sales.', 'Rival Nationwide also reported monthly and annual growth in property prices edging up in August.']",0.2065206004539895,"House prices in the UK reached a two-year high in August and the recent interest rate cut has increased confidence among homebuyers, the UK's largest mortgage lender has said.","Despite a cut in UK interest rates, at 5% they remain at their highest since 2008 when the economy was on the cusp of the global financial crisis and some major banks faced collapse.",0.7063270024955273,"In August, it rose by 9.8% compared to last year and the average price of a home is now £201,043.","But the mortgage lender said this was primarily the result of the weakness of property prices a year ago, rather than particular strength now.",2024-09-07
Why this US jobs report matters - and what to watch,https://www.bbc.co.uk/news/articles/clyne60ln20o,2024-09-05T16:15:17.004Z,"If you care about where the US economy is headed, you might want to keep an eye on events on Friday. At 08:30 ET (13.30 BST), the US Labor Department will release the results of its monthly jobs surveys of employers and households. The report is one of the most important gauges of the state of the world's largest economy - and it is coming at a critical time. The US presidential campaign, in which voters have identified the economy as a top concern, is under way. And after several years focused on inflation worries, attention is starting to turn to the job market. Last month, the Labor Department reported the unemployment rate had hit 4.3% in July, up from 3.5% a year earlier, as jobs growth slowed. The news helped to fuel several days of stock market turmoil. If Friday's report shows further cracks forming in the job market that would be bad news for Democrats, undermining the story they have been telling of an economy that is healthy, if slowing, and returning to sustainable growth, after a post-pandemic boom.  How much we should worry is still up for debate.  Such an increase in unemployment often signals an economic recession - but forecasters say that prediction is less certain this time, noting factors like a surge in immigration that have complicated the picture.  Other data suggest the rise in unemployment rate has been driven by more people looking for work, rather than a sharp rise in job cuts.  Friday's report will help to flesh out that puzzle, offering a key piece of evidence as voters' impressions start to cement ahead of the November vote.  Republicans have been keen to point to any bad news – a stock market stumble, lower growth figures, slowing business investment and a dip in hiring – as evidence that a change of leadership in Washington is necessary. Part of what has kept Democrats on the defensive about the economy is the unusual mix of forces at play right now.  The US central bank raised borrowing costs sharply two years ago, responding to prices that were jumping at the fastest rate since the 1980s.  The Federal Reserve said the moves - which brought its key lending rate to a roughly two decade high of 5.3% - would help get inflation under control.  But the way they do that is by discouraging business expansions and other big spending and dampening the pressures pushing up prices.  Put more simply, the Fed is deliberately slowing the economy. That often doesn't end well.  Historically, a big jump in rates typically ends in a recession - and the stock market has been jittery over any signs that the economy is headed for a ""hard landing"". Donald Trump has fanned the fears, for months predicting an economic ""crash"" - especially if his opponent is elected. Polls suggest a majority of Americans have already spent much of the last few years believing the economy is in recession - a downbeat assessment at odds with the country's 2.5% growth last year. Many analysts blame the disconnect on inflation, as households balk at prices that have jumped nearly 20% over four years.  But the urgency of that issue has abated, as wages rise and inflation subsides, dropping to 2.9% in the most recent official reading - the slowest pace since March 2021. That has set the stage for the Fed to lower interest rates for the first time in four years, which could bring further financial relief, leading to lower borrowing costs for mortgages, car loans, credit cards and other forms of debt. Friday's job report will be key to confirming the timing and size of the cut - and if it is actually likely to end up boosting sentiment and helping Democrats, as expected.  For now, most analysts expect a cut of 0.25 percentage points, which would signal an ongoing, orderly slowdown.  If the figures fuel worries about the economy, however, a bigger cut might be in order - though a cut driven by a stuttering economy and Americans losing jobs would hardly prove a benefit to Democrats.  Conversely, booming jobs numbers might make the bank rethink whether the economy is still running too hot and a cut is necessary at all.  That has left the Harris campaign in a peculiar position - hoping for a good jobs report, but not a great one.  In a closely watched speech last month, Federal Reserve chairman Jerome Powell left his options for how big a cut might be on the table.  Friday's jobs report may start closing some doors.  ",BBC,05/09/2024,"['If you care about where the US economy is headed, you might want to keep an eye on events on Friday.', 'At 08:30 ET (13.30 BST), the US Labor Department will release the results of its monthly jobs surveys of employers and households.', ""The report is one of the most important gauges of the state of the world's largest economy - and it is coming at a critical time."", 'The US presidential campaign, in which voters have identified the economy as a top concern, is under way.', 'And after several years focused on inflation worries, attention is starting to turn to the job market.', 'Last month, the Labor Department reported the unemployment rate had hit 4.3% in July, up from 3.5% a year earlier, as jobs growth slowed.', 'The news helped to fuel several days of stock market turmoil.', ""If Friday's report shows further cracks forming in the job market that would be bad news for Democrats, undermining the story they have been telling of an economy that is healthy, if slowing, and returning to sustainable growth, after a post-pandemic boom."", 'How much we should worry is still up for debate.', 'Such an increase in unemployment often signals an economic recession - but forecasters say that prediction is less certain this time, noting factors like a surge in immigration that have complicated the picture.', 'Other data suggest the rise in unemployment rate has been driven by more people looking for work, rather than a sharp rise in job cuts.', ""Friday's report will help to flesh out that puzzle, offering a key piece of evidence as voters' impressions start to cement ahead of the November vote."", 'Republicans have been keen to point to any bad news – a stock market stumble, lower growth figures, slowing business investment and a dip in hiring – as evidence that a change of leadership in Washington is necessary.', 'Part of what has kept Democrats on the defensive about the economy is the unusual mix of forces at play right now.', 'The US central bank raised borrowing costs sharply two years ago, responding to prices that were jumping at the fastest rate since the 1980s.', 'The Federal Reserve said the moves - which brought its key lending rate to a roughly two decade high of 5.3% - would help get inflation under control.', 'But the way they do that is by discouraging business expansions and other big spending and dampening the pressures pushing up prices.', 'Put more simply, the Fed is deliberately slowing the economy.', ""That often doesn't end well."", 'Historically, a big jump in rates typically ends in a recession - and the stock market has been jittery over any signs that the economy is headed for a ""hard landing"".', 'Donald Trump has fanned the fears, for months predicting an economic ""crash"" - especially if his opponent is elected.', ""Polls suggest a majority of Americans have already spent much of the last few years believing the economy is in recession - a downbeat assessment at odds with the country's 2.5% growth last year."", 'Many analysts blame the disconnect on inflation, as households balk at prices that have jumped nearly 20% over four years.', 'But the urgency of that issue has abated, as wages rise and inflation subsides, dropping to 2.9% in the most recent official reading - the slowest pace since March 2021.', 'That has set the stage for the Fed to lower interest rates for the first time in four years, which could bring further financial relief, leading to lower borrowing costs for mortgages, car loans, credit cards and other forms of debt.', ""Friday's job report will be key to confirming the timing and size of the cut - and if it is actually likely to end up boosting sentiment and helping Democrats, as expected."", 'For now, most analysts expect a cut of 0.25 percentage points, which would signal an ongoing, orderly slowdown.', 'If the figures fuel worries about the economy, however, a bigger cut might be in order - though a cut driven by a stuttering economy and Americans losing jobs would hardly prove a benefit to Democrats.', 'Conversely, booming jobs numbers might make the bank rethink whether the economy is still running too hot and a cut is necessary at all.', 'That has left the Harris campaign in a peculiar position - hoping for a good jobs report, but not a great one.', 'In a closely watched speech last month, Federal Reserve chairman Jerome Powell left his options for how big a cut might be on the table.', ""Friday's jobs report may start closing some doors.""]",-0.0807701185323676,"Friday's report will help to flesh out that puzzle, offering a key piece of evidence as voters' impressions start to cement ahead of the November vote.","If the figures fuel worries about the economy, however, a bigger cut might be in order - though a cut driven by a stuttering economy and Americans losing jobs would hardly prove a benefit to Democrats.",-0.4608366437580274,The Federal Reserve said the moves - which brought its key lending rate to a roughly two decade high of 5.3% - would help get inflation under control.,Polls suggest a majority of Americans have already spent much of the last few years believing the economy is in recession - a downbeat assessment at odds with the country's 2.5% growth last year.,2024-09-07
Selena Gomez joins Bloomberg billionaire celebrity rich list,https://www.bbc.co.uk/news/articles/cx2l7v200d1o,2024-09-06T18:17:18.003Z,"Selena Gomez rose to fame as a child star on Barney and the Disney Channel. Her latest role? Billionaire. The 32-year-old actress and singer has amassed a fortune worth $1.3bn, according to Bloomberg, which added the celebrity to its billionaire index on Friday. It said her wealth came mainly from her Rare Beauty make-up company, which she founded five years ago and retains a stake in worth more than $1bn, the publication estimated. The brand's success has made her one of the ""youngest female self-made"" wealthy on the list, alongside the likes of Taylor Swift and Rihanna.  Rare Beauty, known for liquid blush and lip tint that have had viral success on social media, reportedly did net sales of $400m in the 12 months to February.  Gomez has also brought in tens of millions of dollars from endorsement deals with the likes of Louis Vuitton, Coach and Puma, according to Bloomberg.  It said she also took home ""at least"" $6m per season for her Emmy-nominated turn in the Hulu hit ""Only Murders in the Building"", which was recently renewed for a fifth season. Despite her on-screen and musical success - including multiple nominations for Emmy and Grammy Awards - those achievements count for a relatively a small fraction of her wealth, Bloomberg said.  Gomez, born in Texas, has spent nearly three decades in the public eye, where her success has brought scrutiny of her fashion, boyfriends and health travails - including diagnoses of bipolar disorder and the autoimmune disease lupus.  She has written about her family's journey to the US from Mexico, starting with her aunt ""hidden in the back of a truck"" and recording songs in Spanish.  The singer became the most followed woman in the world on Instagram last year.  She counts more than 424 million fans on the platform, ahead of Swift and Kylie Jenner - a dubious distinction for a star who has discussed the platform's negative impact on her mental health and at times deleted it.  On Friday, the account was quiet as word of her latest distinction hit headlines. In an interview with BBC1 nearly a decade ago, Ms Gomez reflected on the longevity of her career, despite her youth.  ""It’s weird it’s almost two decades…am I too old?"" she joked, adding that there was more she wanted to achieve.  ""You know what’s crazy, is that a lot of times I don’t even feel I’ve started,"" she said.  ",BBC,06/09/2024,"['Selena Gomez rose to fame as a child star on Barney and the Disney Channel.', 'Her latest role?', 'Billionaire.', 'The 32-year-old actress and singer has amassed a fortune worth $1.3bn, according to Bloomberg, which added the celebrity to its billionaire index on Friday.', 'It said her wealth came mainly from her Rare Beauty make-up company, which she founded five years ago and retains a stake in worth more than $1bn, the publication estimated.', 'The brand\'s success has made her one of the ""youngest female self-made"" wealthy on the list, alongside the likes of Taylor Swift and Rihanna.', 'Rare Beauty, known for liquid blush and lip tint that have had viral success on social media, reportedly did net sales of $400m in the 12 months to February.', 'Gomez has also brought in tens of millions of dollars from endorsement deals with the likes of Louis Vuitton, Coach and Puma, according to Bloomberg.', 'It said she also took home ""at least"" $6m per season for her Emmy-nominated turn in the Hulu hit ""Only Murders in the Building"", which was recently renewed for a fifth season.', 'Despite her on-screen and musical success - including multiple nominations for Emmy and Grammy Awards - those achievements count for a relatively a small fraction of her wealth, Bloomberg said.', 'Gomez, born in Texas, has spent nearly three decades in the public eye, where her success has brought scrutiny of her fashion, boyfriends and health travails - including diagnoses of bipolar disorder and the autoimmune disease lupus.', 'She has written about her family\'s journey to the US from Mexico, starting with her aunt ""hidden in the back of a truck"" and recording songs in Spanish.', 'The singer became the most followed woman in the world on Instagram last year.', ""She counts more than 424 million fans on the platform, ahead of Swift and Kylie Jenner - a dubious distinction for a star who has discussed the platform's negative impact on her mental health and at times deleted it."", 'On Friday, the account was quiet as word of her latest distinction hit headlines.', 'In an interview with BBC1 nearly a decade ago, Ms Gomez reflected on the longevity of her career, despite her youth. ""', 'It’s weird it’s almost two decades…am I too old?""', 'she joked, adding that there was more she wanted to achieve. ""', 'You know what’s crazy, is that a lot of times I don’t even feel I’ve started,"" she said.']",0.1823443126798546,"Despite her on-screen and musical success - including multiple nominations for Emmy and Grammy Awards - those achievements count for a relatively a small fraction of her wealth, Bloomberg said.","She counts more than 424 million fans on the platform, ahead of Swift and Kylie Jenner - a dubious distinction for a star who has discussed the platform's negative impact on her mental health and at times deleted it.",0.9830325484275818,"The brand's success has made her one of the ""youngest female self-made"" wealthy on the list, alongside the likes of Taylor Swift and Rihanna.",,2024-09-07
NFL season expected to spur record $35 billion in legal sports wagers,https://www.cnbc.com/2024/09/03/nfl-season-expected-sports-betting-projections.html,2024-09-05T15:02:58+0000,"In this articleFootball is back, and it's expected to bring with it record-breaking betting.U.S. adults will wager $35 billion this NFL season, according to projections from the American Gaming Association.That would mark more than 30% growth over the $26.7 billion Americans wagered over the course of last year's season of the National Football League, according to the AGA, and would set a fresh record. Since last NFL season, Maine, North Carolina and Vermont have allowed sports betting operators to launch in their states. And court decisions have permitted Hard Rock International to relaunch sports betting in Florida.Today, sports betting is live and legal in 38 states and Washington, D.C.And yet stocks in the gambling companies aren't following the same growth trajectory. Shares of DraftKings, Penn, Caesars, MGM Resorts and Entain, which jointly own BetMGM, are all negative year to date. Flutter, owner of FanDuel, is up 19%, after listing on the New York Stock Exchange this year. It posted second-quarter earnings that trounced expectations for revenue and profit, giving shares a lift.Churchill Downs is positive on the year and Rush Street Interactive has posted notable gains of 109% year to date.Each of the licensed sportsbooks is working on strategies to claim a bigger share of the action, trying to attract new customers and convince established players to show more brand loyalty.NFL kickoff is an opportunity to launch new and improved technology or innovative wagers that entice players. Sportsbooks tailor their promotions to reach new customers.""The NFL season is our biggest acquisition period of the year,"" said Christian Genetski, president of FanDuel, the nation's leading sportsbook.FanDuel is the only one to partner with YouTube to roll out a ""Sunday Ticket"" offer. Players who wager $5 get a three-week trial to watch out-of-market NFL games with ""Sunday Ticket."" FanDuel hopes allowing fans to watch their favorite teams will lead to more wagering.FanDuel also said it has tweaked its app design and added more bets to its Same Game Parlay. It's upgraded features so fans can wager at ""the speed of sports,"" the company said.With more than 95% of sports wagers now happening online, speed matters. That's especially true when it comes to micro-betting: wagers made on specific plays as the game unfolds.Fanatics, Michael Rubin's e-commerce empire that includes sports merchandise and memorabilia, launched its sportsbook last year in four markets. Since then, Fanatics Sportsbook acquired PointsBet's U.S. operations and technology, which is now fully integrated. And its sportsbook is now live in 22 states.It's a pretty impressive ramp for a newcomer to the industry.Fanatics Sportsbook relies on the existing database of 100 million sports fans for customer acquisition throughout the year and rewards them with products from the merchandise and collectibles businesses.And just before the start of the 2024 football season, Fanatics hosted a blockbuster fan activation called Fanatics Fest NYC where customers could meet athletes and celebrities and celebrate their passion for sports.Fanatics Sportsbook CEO Matt King told CNBC the customer response was effusive.""We've seen incredible positive sentiment and resonance with our proposition of being the most rewarding sportsbook, both in terms of the economic value of what we give back as well as, frankly, the unique things we can do,"" King said.King said unique player rewards build into the crescendo of the sports calendar, what he described as the ""sports equinox"" — that time during the fall when nearly every sport is being played on overlapping schedules.DraftKings said the NFL is its most popular league by both handle and number of bets it accepts.The sportsbook, which recently pulled back on a plan to tax customers in high-tax states, is offering a ""No Touchdown"" prop bet this season, meaning bettors will now be able to wager on whether a top player does not score a touchdown.With its shares off 28% this year and its digital business in the red, there is a spotlight and scrutiny on Penn Entertainment. This is its first full NFL season to show off ESPN Bet, its $2 billion investment on a rebranded sportsbook in partnership with the Disney-owned sports juggernaut. It first launched in November last year, smack in the middle of NFL season.Since then, the platform has grown its customer database to 31 million members, an 80% gain. Penn's leaders are optimistic about its media integration with ESPN.""People are active in our app, and our goal over the next several quarters is to drive higher loyalty and retention and better monetize the significant engagement activity through improved product and expanded offerings,"" Penn CEO Jay Snowden said on an Aug. 8 earnings call.BetMGM just launched the first single wallet for mobile play in Nevada, where customers can transport their accounts from Las Vegas back to their home states. Mobile wallets eliminate the friction of multiple transactions.""Our players can now immerse themselves in the excitement of MGM Resorts' Las Vegas destinations or statewide while seamlessly continuing to place wagers in other BetMGM markets,"" BetMGM CEO Adam Greenblatt said in a statement.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"[""In this articleFootball is back, and it's expected to bring with it record-breaking betting."", 'U.S. adults will wager $35 billion this NFL season, according to projections from the American Gaming Association.', ""That would mark more than 30% growth over the $26.7 billion Americans wagered over the course of last year's season of the National Football League, according to the AGA, and would set a fresh record."", 'Since last NFL season, Maine, North Carolina and Vermont have allowed sports betting operators to launch in their states.', 'And court decisions have permitted Hard Rock International to relaunch sports betting in Florida.', ""Today, sports betting is live and legal in 38 states and Washington, D.C.And yet stocks in the gambling companies aren't following the same growth trajectory."", 'Shares of DraftKings, Penn, Caesars, MGM Resorts and Entain, which jointly own BetMGM, are all negative year to date.', 'Flutter, owner of FanDuel, is up 19%, after listing on the New York Stock Exchange this year.', 'It posted second-quarter earnings that trounced expectations for revenue and profit, giving shares a lift.', 'Churchill Downs is positive on the year and Rush Street Interactive has posted notable gains of 109% year to date.', 'Each of the licensed sportsbooks is working on strategies to claim a bigger share of the action, trying to attract new customers and convince established players to show more brand loyalty.', 'NFL kickoff is an opportunity to launch new and improved technology or innovative wagers that entice players.', 'Sportsbooks tailor their promotions to reach new customers.', '""The NFL season is our biggest acquisition period of the year,"" said Christian Genetski, president of FanDuel, the nation\'s leading sportsbook.', 'FanDuel is the only one to partner with YouTube to roll out a ""Sunday Ticket"" offer.', 'Players who wager $5 get a three-week trial to watch out-of-market NFL games with ""Sunday Ticket.""', 'FanDuel hopes allowing fans to watch their favorite teams will lead to more wagering.', 'FanDuel also said it has tweaked its app design and added more bets to its Same Game Parlay.', 'It\'s upgraded features so fans can wager at ""the speed of sports,"" the company said.', 'With more than 95% of sports wagers now happening online, speed matters.', ""That's especially true when it comes to micro-betting: wagers made on specific plays as the game unfolds."", ""Fanatics, Michael Rubin's e-commerce empire that includes sports merchandise and memorabilia, launched its sportsbook last year in four markets."", ""Since then, Fanatics Sportsbook acquired PointsBet's U.S. operations and technology, which is now fully integrated."", 'And its sportsbook is now live in 22 states.', ""It's a pretty impressive ramp for a newcomer to the industry."", 'Fanatics Sportsbook relies on the existing database of 100 million sports fans for customer acquisition throughout the year and rewards them with products from the merchandise and collectibles businesses.', 'And just before the start of the 2024 football season, Fanatics hosted a blockbuster fan activation called Fanatics Fest NYC where customers could meet athletes and celebrities and celebrate their passion for sports.', 'Fanatics Sportsbook CEO Matt King told CNBC the customer response was effusive.', '""We\'ve seen incredible positive sentiment and resonance with our proposition of being the most rewarding sportsbook, both in terms of the economic value of what we give back as well as, frankly, the unique things we can do,"" King said.', 'King said unique player rewards build into the crescendo of the sports calendar, what he described as the ""sports equinox"" — that time during the fall when nearly every sport is being played on overlapping schedules.', 'DraftKings said the NFL is its most popular league by both handle and number of bets it accepts.', 'The sportsbook, which recently pulled back on a plan to tax customers in high-tax states, is offering a ""No Touchdown"" prop bet this season, meaning bettors will now be able to wager on whether a top player does not score a touchdown.', 'With its shares off 28% this year and its digital business in the red, there is a spotlight and scrutiny on Penn Entertainment.', 'This is its first full NFL season to show off ESPN Bet, its $2 billion investment on a rebranded sportsbook in partnership with the Disney-owned sports juggernaut.', 'It first launched in November last year, smack in the middle of NFL season.', 'Since then, the platform has grown its customer database to 31 million members, an 80% gain.', 'Penn\'s leaders are optimistic about its media integration with ESPN.""People are active in our app, and our goal over the next several quarters is to drive higher loyalty and retention and better monetize the significant engagement activity through improved product and expanded offerings,"" Penn CEO Jay Snowden said on an Aug. 8 earnings call.', 'BetMGM just launched the first single wallet for mobile play in Nevada, where customers can transport their accounts from Las Vegas back to their home states.', 'Mobile wallets eliminate the friction of multiple transactions.', '""Our players can now immerse themselves in the excitement of MGM Resorts\' Las Vegas destinations or statewide while seamlessly continuing to place wagers in other BetMGM markets,"" BetMGM CEO Adam Greenblatt said in a statement.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation,click here.']",0.3187152398508673,"Penn's leaders are optimistic about its media integration with ESPN.""People are active in our app, and our goal over the next several quarters is to drive higher loyalty and retention and better monetize the significant engagement activity through improved product and expanded offerings,"" Penn CEO Jay Snowden said on an Aug. 8 earnings call.","Shares of DraftKings, Penn, Caesars, MGM Resorts and Entain, which jointly own BetMGM, are all negative year to date.",0.8641489744186401,"Flutter, owner of FanDuel, is up 19%, after listing on the New York Stock Exchange this year.","With its shares off 28% this year and its digital business in the red, there is a spotlight and scrutiny on Penn Entertainment.",2024-09-07
Private equity will be able to invest in the NFL but won't have much say in team decisions,https://www.cnbc.com/2024/09/05/nfl-private-equity-how-investing-in-teams-will-work.html,2024-09-05T14:30:39+0000,"The National Football League is opening its gates to private equity investors — but it is limiting their involvement in the league for now.Last week, NFL team owners voted to allow an initial group of private equity firms to acquire up to a 10% stake of a franchise. Still, the investors are meant to take silent roles in the U.S.' most exclusive professional sports club.The vote followed extended discussions, and the NFL had the benefit of seeing how private equity ownership played out in other major U.S. leagues, which have allowed it since 2019.""It really means big sports is an investment class right now,"" Bain Capital co-chair Steve Pagliuca said on CNBC last week. ""This isn't a case where private equity is going to come in and have influence on the franchise.""Many teams will likely welcome private equity's deep pockets, industry experts said. The funding could go toward stadium upgrades and construction. It could also help to cushion the skyrocketing valuations of teams, worth an average of $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations.While the league and its owners will welcome private equity cash, it will not give the firms a full seat at the table.NFL teams have traditionally been owned by families — sometimes for multiple generations — and high net worth individuals. Purchase prices for franchises have skyrocketed in recent years, as the Washington Commanders sold for $6.25 billion in 2023, the Denver Broncos changed hands for a price of $6.2 billion in 2022 and the Carolina Panthers sold in 2018 for $2.275 billion.""The problem is that not many people can afford a team anymore. How many families have that much money?"" said Shirin Malkani, co-chair of the sports industry group at Perkins Coie. ""So there is a liquidity problem if you don't let more entities into the market as buyers. It will ultimately help valuations. This is a no-brainer.""For team-owning families facing estate taxes, offloading a stake to private equity also opens up breathing room.""You can use this additional liquidity to go in any direction. That 10% from private equity represents an opportunity but not a requirement,"" said Anthony Mulrain, co-chair of law firm Holland & Knight's sports industry team, adding that having access to private equity funds allows them to make those payments.The NFL is the last major U.S. sports league to allow private equity to take a stake in its teams, and the league was likely observing them closely.Since 2019, the National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer have begun to allow private equity ownership of up to 30% of teams.""The NFL has been very thoughtful in its approach,"" said Michael Considine, a partner at Kirkland & Ellis who leads the law firm's pro sports efforts. ""Just like in every other league that has created rules around institutional capital, these rules are created to protect the integrity of the game.""Under the NFL's rules, each fund or consortium will be able to do deals with up to six teams. The minimum hold period for their investments would be six years.The league has also informally told owners and the investment firms that it intends to take a percentage of private equity profits on future sales of ownership stakes, CNBC previously reported. No other league takes a percentage of the so-called carry — a fund's investment profits that managers typically receive as compensation.""We thought that a minimal, and it's very minimal — the number hasn't been finalized yet — sharing of the profits is equitable and the private equity groups agreed,"" said Cleveland Browns owner Jimmy Haslam on CNBC.Private equity has been eager to take stakes in sports as team valuations rise, mainly due to ballooning media rights deals. But the industry will have little to do with the teams beyond supplying funding.As investors, private equity firms often take management and board roles. The playbook for sports is different, especially in the U.S., where firms do not get much control over operations and team personnel.While pro sports teams, especially in the NFL, tend to be a recession-proof investment, the limited partners that deploy their capital into private equity funds could still face some challenges.Private equity investments typically have a set duration — it can range from three to seven years in many cases — and an expected return. Investments in sports teams do not offer a clear exit or a path to control, nor do they typically allow governance, which may chafe against some limited partner requirements in funds, said some private equity investors who preferred not to be named due to their investments.""These ownership interests are basically those of a silent partner, so nothing changes for the team. It's business as usual,"" said Holland & Knight's Mulrain.""But many private equity firms make investments of two things: cash and human capital. So there may be some management ingenuity where the investors whisper into the owners' ears when it comes to connectivity of the franchise and other businesses,"" Mulrain added.The NFL's reluctance to allow private equity investment shows not only in how long it took, but also in the short list of investors initially approved to enter the mix.Collectively, these investors have $2 trillion in assets and intend to commit $12 billion of capital to be raised, inclusive of leverage, over time, CNBC previously reported.The approved funds each have a track record of investing in sports, as well as a large amount of money at their disposal.The three individual firms that were given approval to invest in NFL teams have amassed a deep bench of investments in a short time period.While Ares Management is a behemoth across the board as an investor, it officially planted its flag in sports in 2022 when it raised a $3.7 billion fund dedicated exclusively to sports and media. The fund also has an advisory board consisting of former players and sports and media executives. The firm has already been part of various transactions involving either equity or debt, in teams including European soccer's Atletico de Madrid, MLB's San Diego Padres and the NHL's Ottawa Senators, among others.One of the newer investors on the approved list, Arctos Partners, has a deep bench of team investments that put it among the likely NFL investors as league discussions occurred, according to people familiar with the matter.Founded in 2019, the firm closed its second sports-focused fund earlier this year, totaling $4.1 billion in commitments. This was a quick follow-up to its first fund, which had closed with more than $3 billion in assets under management.In that time, Arctos has acquired roughly two dozen stakes in sports and e-sports teams, including the NBA's Golden State Warriors, MLB's Los Angeles Dodgers and MLS' Real Salt Lake. It also owns stakes in Harris Blitzer Sports & Entertainment, the owner of the NHL's New Jersey Devils and NBA's Philadelphia 76ers, along with Fenway Sports Group, parent of the MLB's Boston Red Sox and NHL's Pittsburgh Penguins.Arctos also owns a stake in the NHL's Tampa Bay Lightning, which is up for sale. Arctos is expected to exit its stake as part of the process, according to a person familiar with the matter.Arctos would be the only firm approved to invest in equity across each of the five most-popular major North American sports leagues, pending final approval.Sixth Street Partners, another firm among the initial circle of investors that can take a stake in NFL teams, invests across various industries, but has been quickly growing its footprint in media and sports. The firm has invested in the NWSL's Bay F.C., the NBA's San Antonio Spurs and Spanish soccer's Real Madrid, as well as media rights in F.C. Barcelona.In addition to these three firms, a consortium made up of Dynasty Equity, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin, is able to acquire stakes in teams.The investors declined to comment beyond earlier statements released after the NFL vote.Clarification: Sixth Street Partners has invested in media rights for the Spanish club F.C. Barcelona.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['The National Football League is opening its gates to private equity investors — but it is limiting their involvement in the league for now.', 'Last week, NFL team owners voted to allow an initial group of private equity firms to acquire up to a 10% stake of a franchise.', ""Still, the investors are meant to take silent roles in the U.S.' most exclusive professional sports club."", 'The vote followed extended discussions, and the NFL had the benefit of seeing how private equity ownership played out in other major U.S. leagues, which have allowed it since 2019.""It really means big sports is an investment class right now,"" Bain Capital co-chair Steve Pagliuca said on CNBC last week. ""', ""This isn't a case where private equity is going to come in and have influence on the franchise."", '""Many teams will likely welcome private equity\'s deep pockets, industry experts said.', 'The funding could go toward stadium upgrades and construction.', ""It could also help to cushion the skyrocketing valuations of teams, worth an average of $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations."", 'While the league and its owners will welcome private equity cash, it will not give the firms a full seat at the table.', 'NFL teams have traditionally been owned by families — sometimes for multiple generations — and high net worth individuals.', 'Purchase prices for franchises have skyrocketed in recent years, as the Washington Commanders sold for $6.25 billion in 2023, the Denver Broncos changed hands for a price of $6.2 billion in 2022 and the Carolina Panthers sold in 2018 for $2.275 billion.', '""The problem is that not many people can afford a team anymore.', 'How many families have that much money?""', 'said Shirin Malkani, co-chair of the sports industry group at Perkins Coie. ""', ""So there is a liquidity problem if you don't let more entities into the market as buyers."", 'It will ultimately help valuations.', 'This is a no-brainer.', '""For team-owning families facing estate taxes, offloading a stake to private equity also opens up breathing room.', '""You can use this additional liquidity to go in any direction.', 'That 10% from private equity represents an opportunity but not a requirement,"" said Anthony Mulrain, co-chair of law firm Holland & Knight\'s sports industry team, adding that having access to private equity funds allows them to make those payments.', 'The NFL is the last major U.S. sports league to allow private equity to take a stake in its teams, and the league was likely observing them closely.', 'Since 2019, the National Basketball Association, Major League Baseball, the National Hockey League and Major League Soccer have begun to allow private equity ownership of up to 30% of teams.', '""The NFL has been very thoughtful in its approach,"" said Michael Considine, a partner at Kirkland & Ellis who leads the law firm\'s pro sports efforts. ""', 'Just like in every other league that has created rules around institutional capital, these rules are created to protect the integrity of the game.', '""Under the NFL\'s rules, each fund or consortium will be able to do deals with up to six teams.', 'The minimum hold period for their investments would be six years.', 'The league has also informally told owners and the investment firms that it intends to take a percentage of private equity profits on future sales of ownership stakes, CNBC previously reported.', ""No other league takes a percentage of the so-called carry — a fund's investment profits that managers typically receive as compensation."", '""We thought that a minimal, and it\'s very minimal — the number hasn\'t been finalized yet — sharing of the profits is equitable and the private equity groups agreed,"" said Cleveland Browns owner Jimmy Haslam on CNBC.Private equity has been eager to take stakes in sports as team valuations rise, mainly due to ballooning media rights deals.', 'But the industry will have little to do with the teams beyond supplying funding.', 'As investors, private equity firms often take management and board roles.', 'The playbook for sports is different, especially in the U.S., where firms do not get much control over operations and team personnel.', 'While pro sports teams, especially in the NFL, tend to be a recession-proof investment, the limited partners that deploy their capital into private equity funds could still face some challenges.', 'Private equity investments typically have a set duration — it can range from three to seven years in many cases — and an expected return.', 'Investments in sports teams do not offer a clear exit or a path to control, nor do they typically allow governance, which may chafe against some limited partner requirements in funds, said some private equity investors who preferred not to be named due to their investments.', '""These ownership interests are basically those of a silent partner, so nothing changes for the team.', 'It\'s business as usual,"" said Holland & Knight\'s Mulrain.', '""But many private equity firms make investments of two things: cash and human capital.', 'So there may be some management ingenuity where the investors whisper into the owners\' ears when it comes to connectivity of the franchise and other businesses,"" Mulrain added.', ""The NFL's reluctance to allow private equity investment shows not only in how long it took, but also in the short list of investors initially approved to enter the mix."", 'Collectively, these investors have $2 trillion in assets and intend to commit $12 billion of capital to be raised, inclusive of leverage, over time, CNBC previously reported.', 'The approved funds each have a track record of investing in sports, as well as a large amount of money at their disposal.', 'The three individual firms that were given approval to invest in NFL teams have amassed a deep bench of investments in a short time period.', 'While Ares Management is a behemoth across the board as an investor, it officially planted its flag in sports in 2022 when it raised a $3.7 billion fund dedicated exclusively to sports and media.', 'The fund also has an advisory board consisting of former players and sports and media executives.', ""The firm has already been part of various transactions involving either equity or debt, in teams including European soccer's Atletico de Madrid, MLB's San Diego Padres and the NHL's Ottawa Senators, among others."", 'One of the newer investors on the approved list, Arctos Partners, has a deep bench of team investments that put it among the likely NFL investors as league discussions occurred, according to people familiar with the matter.', 'Founded in 2019, the firm closed its second sports-focused fund earlier this year, totaling $4.1 billion in commitments.', 'This was a quick follow-up to its first fund, which had closed with more than $3 billion in assets under management.', ""In that time, Arctos has acquired roughly two dozen stakes in sports and e-sports teams, including the NBA's Golden State Warriors, MLB's Los Angeles Dodgers and MLS' Real Salt Lake."", ""It also owns stakes in Harris Blitzer Sports & Entertainment, the owner of the NHL's New Jersey Devils and NBA's Philadelphia 76ers, along with Fenway Sports Group, parent of the MLB's Boston Red Sox and NHL's Pittsburgh Penguins."", ""Arctos also owns a stake in the NHL's Tampa Bay Lightning, which is up for sale."", 'Arctos is expected to exit its stake as part of the process, according to a person familiar with the matter.', 'Arctos would be the only firm approved to invest in equity across each of the five most-popular major North American sports leagues, pending final approval.', 'Sixth Street Partners, another firm among the initial circle of investors that can take a stake in NFL teams, invests across various industries, but has been quickly growing its footprint in media and sports.', ""The firm has invested in the NWSL's Bay F.C., the NBA's San Antonio Spurs and Spanish soccer's Real Madrid, as well as media rights in F.C. Barcelona."", 'In addition to these three firms, a consortium made up of Dynasty Equity, Carlyle Group, CVC Capital Partners and Ludis, a platform founded by investor and former NFL running back Curtis Martin, is able to acquire stakes in teams.', 'The investors declined to comment beyond earlier statements released after the NFL vote.', 'Clarification: Sixth Street Partners has invested in media rights for the Spanish club F.C. Barcelona.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation,click here.']",0.1670765853832247,"Just like in every other league that has created rules around institutional capital, these rules are created to protect the integrity of the game.","While pro sports teams, especially in the NFL, tend to be a recession-proof investment, the limited partners that deploy their capital into private equity funds could still face some challenges.",0.409456410578319,"Sixth Street Partners, another firm among the initial circle of investors that can take a stake in NFL teams, invests across various industries, but has been quickly growing its footprint in media and sports.","While pro sports teams, especially in the NFL, tend to be a recession-proof investment, the limited partners that deploy their capital into private equity funds could still face some challenges.",2024-09-07
Dick's Sporting Goods blows past earnings estimates but issues cautious guidance ahead of 2024 election,https://www.cnbc.com/2024/09/04/dicks-sporting-goods-dks-earnings-q2-2024.html,2024-09-04T14:02:27+0000,"In this articleDick's Sporting Goods on Wednesday blew past Wall Street's earnings estimates in its fiscal second quarter and while the retailer did raise its full-year guidance as a result, the new outlook fell flat up against expectations. The sporting goods store comes behind a string of other retailers that issued muted or cautious guidance for the back half of the fiscal year as companies prepare for the presidential election in November and what some fear could lead to a slowdown in consumer spending. Here's how Dick's did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $362 million, or $4.37 per share, compared with $244 million, or $2.82 per share, a year earlier. Sales rose to $3.47 billion, up about 8% from $3.22 billion a year earlier. Comparable sales climbed 4.5% -- ahead of the 3.6% that analysts had expected, according to StreetAccount.In a statement, CEO Lauren Hobart said comparable sales were driven by both transactions and tickets -- indicating more people are coming to Dick's stores and spending more while they're there.For fiscal 2024, Dick's is now expecting diluted earnings per share to be between $13.55 and $13.90, up from previous guidance of $13.35 to $13.75 per share. At the midpoint, Dick's only raised its earnings guidance by about 18 cents, even though its fiscal second-quarter earnings came in 54 cents higher than expected. At the low end, Dick's earnings guidance falls a bit short of the $13.79 that analysts had expected, according to LSEG. Dick's maintained its sales guidance of $13.1 billion to $13.2 billion, which also fell flat compared with the $13.24 billion that analysts were looking for, according to LSEG. The company did raise its projections for comparable sales growth and is now expecting them to grow between 2.5% and 3.5%, up from previous guidance of 2% to 3%. The high end of the guidance is ahead of the 3% growth that analysts had expected, according to StreetAccount. Last week, the company disclosed in a securities filing that it was the victim of a cyberattack and ""certain confidential information"" was breached. Dick's said that it activated its ""cybersecurity response plan"" as a result and engaged with external experts to investigate and isolate the threat.In its filing, Dick's said it didn't have any knowledge of the breach disrupting business operations and based on the information it had, it didn't believe the incident was material.This time last year, Dick's shocked investors when it said that theft – along with aggressive markdowns for languishing inventory – would impact its full-year profit expectations, sending its stock down 24%. At the time, profits were down about 23% but given Wednesday's earnings beat, it appears as if those woes are now behind the company. A number of other retailers – including Target and Walmart – said over the last couple of weeks that shrink, or lost inventory from a range of factors including theft and damage, had moderated. One of the top issues that retailers said they were facing throughout 2023, shrink appears to be in the rearview mirror for some after making investments into operations, technology and a reduction in the use of self-checkout machines. Over the last few weeks, a range of retailers put out second-quarter numbers that beat expectations but issued guidance for the last two quarters of 2024 that were either muted or poor compared with the company's performance. Retailers have been bracing themselves for the upcoming election in November and the impact it could have on consumer spending. Beyond the election, there's also uncertainties tied to the Federal Reserve's expected rate cut and the impact that could have on discretionary spending. Dick's is slated to discuss its results with analysts and share more insights on its guidance at 8 a.m. ET.",CNBC,04/09/2024,"[""In this articleDick's Sporting Goods on Wednesday blew past Wall Street's earnings estimates in its fiscal second quarter and while the retailer did raise its full-year guidance as a result, the new outlook fell flat up against expectations."", 'The sporting goods store comes behind a string of other retailers that issued muted or cautious guidance for the back half of the fiscal year as companies prepare for the presidential election in November and what some fear could lead to a slowdown in consumer spending.', ""Here's how Dick's did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 3 was $362 million, or $4.37 per share, compared with $244 million, or $2.82 per share, a year earlier."", 'Sales rose to $3.47 billion, up about 8% from $3.22 billion a year earlier.', 'Comparable sales climbed 4.5% -- ahead of the 3.6% that analysts had expected, according to StreetAccount.', ""In a statement, CEO Lauren Hobart said comparable sales were driven by both transactions and tickets -- indicating more people are coming to Dick's stores and spending more while they're there."", ""For fiscal 2024, Dick's is now expecting diluted earnings per share to be between $13.55 and $13.90, up from previous guidance of $13.35 to $13.75 per share."", ""At the midpoint, Dick's only raised its earnings guidance by about 18 cents, even though its fiscal second-quarter earnings came in 54 cents higher than expected."", ""At the low end, Dick's earnings guidance falls a bit short of the $13.79 that analysts had expected, according to LSEG.Dick's maintained its sales guidance of $13.1 billion to $13.2 billion, which also fell flat compared with the $13.24 billion that analysts were looking for, according to LSEG."", 'The company did raise its projections for comparable sales growth and is now expecting them to grow between 2.5% and 3.5%, up from previous guidance of 2% to 3%.', 'The high end of the guidance is ahead of the 3% growth that analysts had expected, according to StreetAccount.', 'Last week, the company disclosed in a securities filing that it was the victim of a cyberattack and ""certain confidential information"" was breached.', 'Dick\'s said that it activated its ""cybersecurity response plan"" as a result and engaged with external experts to investigate and isolate the threat.', ""In its filing, Dick's said it didn't have any knowledge of the breach disrupting business operations and based on the information it had, it didn't believe the incident was material."", ""This time last year, Dick's shocked investors when it said that theft – along with aggressive markdowns for languishing inventory – would impact its full-year profit expectations, sending its stock down 24%."", ""At the time, profits were down about 23% but given Wednesday's earnings beat, it appears as if those woes are now behind the company."", 'A number of other retailers – including Target and Walmart – said over the last couple of weeks that shrink, or lost inventory from a range of factors including theft and damage, had moderated.', 'One of the top issues that retailers said they were facing throughout 2023, shrink appears to be in the rearview mirror for some after making investments into operations, technology and a reduction in the use of self-checkout machines.', ""Over the last few weeks, a range of retailers put out second-quarter numbers that beat expectations but issued guidance for the last two quarters of 2024 that were either muted or poor compared with the company's performance."", 'Retailers have been bracing themselves for the upcoming election in November and the impact it could have on consumer spending.', ""Beyond the election, there's also uncertainties tied to the Federal Reserve's expected rate cut and the impact that could have on discretionary spending."", ""Dick's is slated to discuss its results with analysts and share more insights on its guidance at 8 a.m. ET.""]",-0.2350122458325688,"The company did raise its projections for comparable sales growth and is now expecting them to grow between 2.5% and 3.5%, up from previous guidance of 2% to 3%.","Dick's said that it activated its ""cybersecurity response plan"" as a result and engaged with external experts to investigate and isolate the threat.",0.2481533102691173,"For fiscal 2024, Dick's is now expecting diluted earnings per share to be between $13.55 and $13.90, up from previous guidance of $13.35 to $13.75 per share.","In this articleDick's Sporting Goods on Wednesday blew past Wall Street's earnings estimates in its fiscal second quarter and while the retailer did raise its full-year guidance as a result, the new outlook fell flat up against expectations.",2024-09-07
Airplane engines are in short supply. The business of fixing older ones is booming,https://www.cnbc.com/2024/09/04/airplane-engines-repairs.html,2024-09-04T13:40:53+0000,"In this articleTULSA, Okla. — Parts and labor shortages. Delayed deliveries of new airplanes from Boeing and Airbus. An engine recall. Premature repairs. It's all piling up, and aircraft engine shops around the world are overflowing. As travelers boarded planes in record numbers this summer, airline executives waited anxiously for repairs and overhauls of their engines.The repair and overhaul of engines has swelled from a $31 billion business before the pandemic to $58 billion this year, according to Alton Aviation Consultancy. It's a cash cow for engine makers like GE Aerospace and the hundreds of smaller specialists that service GE engines, and others made by Pratt & Whitney and Rolls-Royce.American Airlines' solution is to do more of the work itself.""We just have one customer and that's American Airlines doing our work,"" American's chief operating officer, David Seymour, said. ""We can control our own destiny in that area.""At its bustling engine shop at the airline's 3.3 million-square-foot maintenance facility at Tulsa International Airport, the largest such space in the world, American is on track to increase its overhauls roughly 60% from 2023 to more than 16 engines a month this year. That's up from five a month in 2022. It's added some 200 jobs there, as well more equipment like cranes to hang the 2-ton engines during overhauls.The work focuses on CFM56 engines, made by a joint venture of GE and France's Safran. They power American's older Boeing 737 workhorse jetliners and many Airbus A320s. Those narrow-body airplanes make up the majority of American's mainline fleet of more than 960 aircraft, according to an annual company securities filing.""I can get these engines overhauled and through the shop in less than 60 days versus [outside] shops nowadays [are] 120 to 150 days, in some cases north of 200 days,"" COO Seymour said.Much of the bottleneck in engine repairs stems from the industry's rocky emergence from the pandemic, when companies shed thousands of skilled workers. Airlines that delayed maintenance during the travel slump then raced to get airplanes into shape to fly when demand snapped back, but faced worker and experience shortages and shortfalls of key items from engine components to aircraft seats.Meanwhile, Airbus and Boeing are behind on deliveries of new, more fuel-efficient airplanes, forcing carriers, including American, to hold on to older jetliners longer than they planned.Airbus this summer reduced its aircraft delivery forecast and announced cost cuts as it grapples with supply chain issues and late-arriving landing gear and engines.""I would also call it the surprise factor for 2024,"" Airbus CFO Thomas Toepfer said on a July 30 earnings call.In addition to supply chain issues, Boeing aircraft have been delayed as the company navigates a safety crisis after a door panel blew out from one of its 737 Max planes midair at the start of the year.With many engines needing overhauls about every 7,000 flights, keeping older airplanes longer means more routine maintenance and revamps, adding to demand when they're due to come into the shop. Those weekslong overhauls are exhaustive: They can cost $5 million apiece and can go for double that for wide-body airplanes, according to Kevin Michaels, a managing director at AeroDynamic Advisory.At American's shop in Tulsa, workers remove hundreds of parts, replacing life-limited components and cleaning and inspecting others, which includes spraying them down with a a fluorescent penetrant so defects can be seen under a black light.But key parts are hard to find and they must be flawless. Plus, they're costly. The dozens of engine compressor blades can go for $30,000 a pop.On top of that, some newer engines — which run hotter, take in more air and burn less fuel than older types — are coming into engine shops earlier than expected, frustrating airline CEOs.""There's no business which can digest not using the key assets to generate revenue,"" said AirBaltic CEO Martin Gauss.The Riga, Latvia-based carrier, an Airbus A220 customer, had to lease planes in recent years to make up for its grounded jets.""Unfortunately, passengers are not happy when they can't fly on new aircraft,"" he said. ""It is an issue which will be over one day. We thought it would be over by now. I would give it another two years and then we are through it.""There's another problem that's clogging up engine shops: A Pratt & Whitney engine recall of some of its narrow-body engines. In light of the ongoing issues, some low-cost airlines, including JetBlue Airways and Spirit Airlines, are deferring new jet deliveries to try to save money.""It's kind of a wicked brew that's had a significant impact on the engine supply chain,"" said AeroDynamic Advisory's Michaels.The high demand for engine overhauls has been lucrative for engine suppliers, which make billions from maintaining engines they sell with new airplanes.GE Aerospace brought in $11.7 billion from engine maintenance, repairs and overhaul in the first half of 2024, making up 65% of its revenue.""When it comes to engines, it's a razor-razor blade business,"" said Michaels, describing how buying shavers in a drug store can mean repeat business for replacement blades for years. ""So the money is made in the aftermarket on the engine business.""GE Aerospace, which became an independent company in April, said in July that it will invest $1 billion to upgrade its engine shops around the world over the next five years.For many airlines, there aren't many alternatives to costly engine overhauls with demand on the rise for replacement engines, especially if the carrier has one type of aircraft or a model that only has one supplier.Rental rates for engines that match up with both old and new planes have skyrocketed. For example, a CFM56 engine used on the Boeing 737-800 was going for $96,000 a month up from $78,000 in 2017, according to aviation data firm IBA.Both Pratt & Whitney and CFM engines that power the newer Airbus A320neo airplanes, meanwhile, have logged lease rates of $127,000 per month, up from $80,000 and $85,000, respectively, in 2017, IBA said.Leasing firms like AerCap and Avolon have been snatching up spare engines because of the high demand.It is still difficult to get into an engine shop, however.Delta Air Lines, like American, overhauls, repairs and maintains its own engines. It also does work for other airlines, but CEO Ed Bastian says the shop is full.""If you're not on an existing contract, you're not getting in,"" he said in an interview in July. ""It would be easier to get into a Taylor Swift concert.""",CNBC,04/09/2024,"['In this articleTULSA, Okla. — Parts and labor shortages.', 'Delayed deliveries of new airplanes from Boeing and Airbus.', 'An engine recall.', 'Premature repairs.', ""It's all piling up, and aircraft engine shops around the world are overflowing."", 'As travelers boarded planes in record numbers this summer, airline executives waited anxiously for repairs and overhauls of their engines.', 'The repair and overhaul of engines has swelled from a $31 billion business before the pandemic to $58 billion this year, according to Alton Aviation Consultancy.', ""It's a cash cow for engine makers like GE Aerospace and the hundreds of smaller specialists that service GE engines, and others made by Pratt & Whitney and Rolls-Royce."", ""American Airlines' solution is to do more of the work itself."", '""We just have one customer and that\'s American Airlines doing our work,"" American\'s chief operating officer, David Seymour, said. ""', 'We can control our own destiny in that area.', '""At its bustling engine shop at the airline\'s 3.3 million-square-foot maintenance facility at Tulsa International Airport, the largest such space in the world, American is on track to increase its overhauls roughly 60% from 2023 to more than 16 engines a month this year.', ""That's up from five a month in 2022."", ""It's added some 200 jobs there, as well more equipment like cranes to hang the 2-ton engines during overhauls."", ""The work focuses on CFM56 engines, made by a joint venture of GE and France's Safran."", ""They power American's older Boeing 737 workhorse jetliners and many Airbus A320s."", ""Those narrow-body airplanes make up the majority of American's mainline fleet of more than 960 aircraft, according to an annual company securities filing."", '""I can get these engines overhauled and through the shop in less than 60 days versus [outside] shops nowadays [are] 120 to 150 days, in some cases north of 200 days,"" COO Seymour said.', ""Much of the bottleneck in engine repairs stems from the industry's rocky emergence from the pandemic, when companies shed thousands of skilled workers."", 'Airlines that delayed maintenance during the travel slump then raced to get airplanes into shape to fly when demand snapped back, but faced worker and experience shortages and shortfalls of key items from engine components to aircraft seats.', 'Meanwhile, Airbus and Boeing are behind on deliveries of new, more fuel-efficient airplanes, forcing carriers, including American, to hold on to older jetliners longer than they planned.', 'Airbus this summer reduced its aircraft delivery forecast and announced cost cuts as it grapples with supply chain issues and late-arriving landing gear and engines.', '""I would also call it the surprise factor for 2024,"" Airbus CFO Thomas Toepfer said on a July 30 earnings call.', 'In addition to supply chain issues, Boeing aircraft have been delayed as the company navigates a safety crisis after a door panel blew out from one of its 737 Max planes midair at the start of the year.', ""With many engines needing overhauls about every 7,000 flights, keeping older airplanes longer means more routine maintenance and revamps, adding to demand when they're due to come into the shop."", 'Those weekslong overhauls are exhaustive: They can cost $5 million apiece and can go for double that for wide-body airplanes, according to Kevin Michaels, a managing director at AeroDynamic Advisory.', ""At American's shop in Tulsa, workers remove hundreds of parts, replacing life-limited components and cleaning and inspecting others, which includes spraying them down with a a fluorescent penetrant so defects can be seen under a black light."", 'But key parts are hard to find and they must be flawless.', ""Plus, they're costly."", 'The dozens of engine compressor blades can go for $30,000 a pop.', 'On top of that, some newer engines — which run hotter, take in more air and burn less fuel than older types — are coming into engine shops earlier than expected, frustrating airline CEOs.', '""There\'s no business which can digest not using the key assets to generate revenue,"" said AirBaltic CEO Martin Gauss.', 'The Riga, Latvia-based carrier, an Airbus A220 customer, had to lease planes in recent years to make up for its grounded jets.', '""Unfortunately, passengers are not happy when they can\'t fly on new aircraft,"" he said. ""', 'It is an issue which will be over one day.', 'We thought it would be over by now.', 'I would give it another two years and then we are through it.', '""There\'s another problem that\'s clogging up engine shops: A Pratt & Whitney engine recall of some of its narrow-body engines.', 'In light of the ongoing issues, some low-cost airlines, including JetBlue Airways and Spirit Airlines, are deferring new jet deliveries to try to save money.', '""It\'s kind of a wicked brew that\'s had a significant impact on the engine supply chain,"" said AeroDynamic Advisory\'s Michaels.', 'The high demand for engine overhauls has been lucrative for engine suppliers, which make billions from maintaining engines they sell with new airplanes.', 'GE Aerospace brought in $11.7 billion from engine maintenance, repairs and overhaul in the first half of 2024, making up 65% of its revenue.', '""When it comes to engines, it\'s a razor-razor blade business,"" said Michaels, describing how buying shavers in a drug store can mean repeat business for replacement blades for years. ""', 'So the money is made in the aftermarket on the engine business.', '""GE Aerospace, which became an independent company in April, said in July that it will invest $1 billion to upgrade its engine shops around the world over the next five years.', ""For many airlines, there aren't many alternatives to costly engine overhauls with demand on the rise for replacement engines, especially if the carrier has one type of aircraft or a model that only has one supplier."", 'Rental rates for engines that match up with both old and new planes have skyrocketed.', 'For example, a CFM56 engine used on the Boeing 737-800 was going for $96,000 a month up from $78,000 in 2017, according to aviation data firm IBA.Both Pratt & Whitney and CFM engines that power the newer Airbus A320neo airplanes, meanwhile, have logged lease rates of $127,000 per month, up from $80,000 and $85,000, respectively, in 2017, IBA said.', 'Leasing firms like AerCap and Avolon have been snatching up spare engines because of the high demand.', 'It is still difficult to get into an engine shop, however.', 'Delta Air Lines, like American,overhauls, repairs and maintains its own engines.', 'It also does work for other airlines, but CEO Ed Bastian says the shop is full.', '""If you\'re not on an existing contract, you\'re not getting in,"" he said in an interview in July. ""', 'It would be easier to get into a Taylor Swift concert.""']",0.0055038849409215,"It's added some 200 jobs there, as well more equipment like cranes to hang the 2-ton engines during overhauls.","""Unfortunately, passengers are not happy when they can't fly on new aircraft,"" he said. """,0.0945639176802201,"For example, a CFM56 engine used on the Boeing 737-800 was going for $96,000 a month up from $78,000 in 2017, according to aviation data firm IBA.Both Pratt & Whitney and CFM engines that power the newer Airbus A320neo airplanes, meanwhile, have logged lease rates of $127,000 per month, up from $80,000 and $85,000, respectively, in 2017, IBA said.","Airlines that delayed maintenance during the travel slump then raced to get airplanes into shape to fly when demand snapped back, but faced worker and experience shortages and shortfalls of key items from engine components to aircraft seats.",2024-09-07
Molson Coors pumps the brakes on DEI practices,https://www.cnbc.com/2024/09/04/molson-coors-pumps-the-brakes-on-dei-practices.html,2024-09-04T18:27:54+0000,"In this articleMolson Coors is the latest addition to a growing list of companies reversing their diversity, equity and inclusion policies.In an internal memo sent Wednesday and obtained by CNBC, Molson Coors executives said the company will be getting rid of supplier diversity quotas, adding that they can be ""complicated and influenced by factors outside of [the company's] control.""But the brewer has said it will continue to make sure its suppliers are representative of the company's diverse consumer base.""We are ensuring our executive incentives are tied to business performance and do not include aspirational representation goals beginning next year,"" company executives wrote in the memo.Molson Coors also said it is developing ""the next evolution"" of its company trainings, which will focus on key business objectives instead of its previously DEI-based training programs that the company said all current U.S. employees have already participated in.Molson Coors will rebrand its Employee Resource Groups as Business Resource Groups, while seemingly maintaining the existing function of the groups, and will cease participation in any voluntary ""best of"" third-party company rankings in the U.S., which includes the Human Rights Campaign's Corporate Equality Index that ranks companies based on corporate equality measures for LGBTQ+ individuals. The brewer had scored a perfect 100 points previously.""This will not impact the benefits we provide our employees, nor will it change or diminish our commitment to fostering a strong culture where every one of our employees knows they are welcome at our bar,"" the company said.Molson Coors will also ensure all corporate charitable giving programs are focused on supporting ""core business goals"" such as alcohol responsibility, disaster relief efforts and promoting access to higher education. The company had raised more than $700,000 nationally for LGBTQ+-focused organizations through its ""Tap Into Change"" program since 2011 and sponsored Pride festivals.Although conservative activist Robby Starbuck characterized the moves as preemptive changes in response to his probe into the company's DEI practices one week ago, Molson Coors says in its memo that the decision ""has been in process since March.""Molson Coors' decision comes after a wave of retailers over the summer took a step back in their DEI efforts.Rural retailer Tractor Supply started the trend when it severed ties with the LGBTQ+ advocacy group Human Rights Campaign and retired previous DEI targets like boosting the number of employees of color at the managerial level. Companies like Harley-Davidson and Lowe's followed suit. Most recently, Ford executives highlighted plans to slash supplier diversity quotas and cut the company's relationship with the HRC's metric.Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges. Although the reversal of affirmative action concerns academic institutions and has no legal bearing on corporate initiatives, companies are concerned that the growing anti-DEI sentiment will bleed into corporate America.",CNBC,04/09/2024,"['In this articleMolson Coors is the latest addition to a growing list of companies reversing their diversity, equity and inclusion policies.', 'In an internal memo sent Wednesday and obtained by CNBC, Molson Coors executives said the company will be getting rid of supplier diversity quotas, adding that they can be ""complicated and influenced by factors outside of [the company\'s] control.', '""But the brewer has said it will continue to make sure its suppliers are representative of the company\'s diverse consumer base.', '""We are ensuring our executive incentives are tied to business performance and do not include aspirational representation goals beginning next year,"" company executives wrote in the memo.', 'Molson Coors also said it is developing ""the next evolution"" of its company trainings, which will focus on key business objectives instead of its previously DEI-based training programs that the company said all current U.S. employees have already participated in.', 'Molson Coors will rebrand its Employee Resource Groups as Business Resource Groups, while seemingly maintaining the existing function of the groups, and will cease participation in any voluntary ""best of"" third-party company rankings in the U.S., which includes the Human Rights Campaign\'s Corporate Equality Index that ranks companies based on corporate equality measures for LGBTQ+ individuals.', 'The brewer had scored a perfect 100 points previously.', '""This will not impact the benefits we provide our employees, nor will it change or diminish our commitment to fostering a strong culture where every one of our employees knows they are welcome at our bar,"" the company said.', 'Molson Coors will also ensure all corporate charitable giving programs are focused on supporting ""core business goals"" such as alcohol responsibility, disaster relief efforts and promoting access to higher education.', 'The company had raised more than $700,000 nationally for LGBTQ+-focused organizations through its ""Tap Into Change"" program since 2011 and sponsored Pride festivals.', 'Although conservative activist Robby Starbuck characterized the moves as preemptive changes in response to his probe into the company\'s DEI practices one week ago, Molson Coors says in its memo that the decision ""has been in process since March.', '""Molson Coors\' decision comes after a wave of retailers over the summer took a step back in their DEI efforts.', 'Rural retailer Tractor Supply started the trend when it severed ties with the LGBTQ+ advocacy group Human Rights Campaign and retired previous DEI targets like boosting the number of employees of color at the managerial level.', ""Companies like Harley-Davidson and Lowe's followed suit."", ""Most recently, Ford executives highlighted plans to slash supplier diversity quotas and cut the company's relationship with the HRC's metric."", 'Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges.', 'Although the reversal of affirmative action concerns academic institutions and has no legal bearing on corporate initiatives, companies are concerned that the growing anti-DEI sentiment will bleed into corporate America.']",0.2932752293492378,"Molson Coors will also ensure all corporate charitable giving programs are focused on supporting ""core business goals"" such as alcohol responsibility, disaster relief efforts and promoting access to higher education.","Most recently, Ford executives highlighted plans to slash supplier diversity quotas and cut the company's relationship with the HRC's metric.",-0.1092087200709751,"Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges.","Most recently, Ford executives highlighted plans to slash supplier diversity quotas and cut the company's relationship with the HRC's metric.",2024-09-07
Why the LA Rams are worth $2 billion more than the LA Chargers,https://www.cnbc.com/2024/09/05/los-angeles-rams-vs-chargers-value.html,2024-09-05T19:40:12+0000,"There is a $2 billion gulf growing in Los Angeles.The National Football League's Los Angeles Rams, No. 2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion.While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance. It comes down to stadium economics.Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion. Kroenke owns and operates the stadium. The Chargers, owned by the Spanos family, are just tenants.The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter. That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.The mega tour was a boon for several NFL teams last year. A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023. The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals. But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink. The Rams would keep 100% of that revenue.The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season.It is a unique revenue share structure in the NFL. The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list. That is a significantly smaller margin than the LA teams.Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No. 1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances.The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team.Of course, building your own stadium does not come without risk. SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis. He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise. Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.The Spanos family hasn't done too badly, though. The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million. Similar to the Rams, the Chargers had to pay a $550 million relocation fee. Including the fee, the value of the team has increased 81-fold since August 1984. Over the same span, the S&P 500 is up 53-fold.In stock market parlance, think of the Rams as a growth stock and the Chargers as a dividend play.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['There is a $2 billion gulf growing in Los Angeles.', ""The National Football League's Los Angeles Rams, No."", ""2 on CNBC's Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion."", ""While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance."", 'It comes down to stadium economics.', 'Both teams play in SoFi Stadium, which Rams owner Stanley Kroenke financed to the tune of more than $5 billion.', 'Kroenke owns and operates the stadium.', 'The Chargers, owned by the Spanos family, are just tenants.', ""The Rams get about 85% of the stadium's revenue from luxury suites and sponsorships, as well as all the revenue from non-NFL events, according to a person familiar with the matter."", 'That leaves about 15% of suite and sponsorship revenue for the Chargers — and no money from non-NFL events.', 'That means, for example, when pop star Taylor Swift sold out six nights at SoFi Stadium in August 2023 during her Eras Tour, the Chargers got no piece of the pie.', 'The mega tour was a boon for several NFL teams last year.', 'A person familiar with the matter told CNBC that a particular stop on the Eras Tour netted $4 million in revenue per show for the hosting stadium.', ""Stadium economics count a lot in the pecking order of NFL valuations because $13.68 billion, or 67%, of the league's $20.47 billion in revenue was shared equally among the 32 teams in 2023."", 'The vast majority of that $13.68 billion comes from national media rights plus sponsorship and licensing deals.', 'But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.', 'On top of the six Swift concerts, SoFi Stadium also hosted performances last year by Beyoncé, Ed Sheeran, Metallica and Pink.', 'The Rams would keep 100% of that revenue.', ""The franchise also gets to keep the full $625 million of SoFi's stadium naming rights, which last 20 years through the 2039 season."", 'It is a unique revenue share structure in the NFL.', ""The only other franchises to share a stadium, the New York Giants and the New York Jets, split stadium revenue down the middle, according to CNBC sources, and are just about $500 million apart in overall franchise value, according to CNBC's 2024 list."", 'That is a significantly smaller margin than the LA teams.', 'Last year, the Rams were second in the NFL in sponsorship revenue, behind only the Dallas Cowboys, who are No.', ""1 in overall value on CNBC's 2024 list and are fast approaching $250 million in sponsorship revenue, according to a person familiar with the team's finances."", ""The Rams' sponsorship revenue came in under $200 million last year, according to a person familiar with that team."", 'Of course, building your own stadium does not come without risk.', 'SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.', 'When Kroenke bought the Rams for $750 million in 2010, the team was in St. Louis.', 'He moved the franchise to Los Angeles for the 2016 season at a huge expense: Kroenke had to pay the league a relocation fee of $550 million and an additional $571 million settlement fee related to a lawsuit the city of St. Louis filed over the decision to bolt to California.', ""Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise."", 'Since moving to Los Angeles, the Rams have made the playoffs five times and have been to the Super Bowl twice, capturing the Lombardi Trophy in 2021.The Chargers, who moved to Los Angeles in 2017, have made it to the playoffs just twice since and have never advanced beyond the divisional round.', ""The Spanos family hasn't done too badly, though."", 'The late Alex Spanos purchased the then-San Diego Chargers in 1984 for $72 million.', 'Similar to the Rams, the Chargers had to pay a $550 million relocation fee.', 'Including the fee, the value of the team has increased 81-fold since August 1984.', 'Over the same span, the S&P 500 is up 53-fold.', 'In stock market parlance, think of the Rams as agrowth stock and the Chargers as a dividend play.', ""Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan."", 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation, click here.']",0.1076777153846915,"While the Rams have a recent Super Bowl to their name and the Chargers don't, the gap in value is about much more than team performance.","SoFi Stadium cost more than $5 billion — the most of any stadium in the world — and the Rams have $3.5 billion of debt, by far the most in the NFL.But the risk appears to have paid off.",0.4015174095447247,"Still, including that combined $1.12 billion in fees, Kroenke's investment in the Rams is up more than four-fold since he took control of the franchise.","But teams do not share revenue from stadium suites, hospitality and sponsorships — and that is where some franchises can pull away in value.",2024-09-07
The Kansas City Chiefs are the NFL’s current dynasty — here's why they are worth less than teams that regularly miss the playoffs,https://www.cnbc.com/2024/09/06/kansas-city-chiefs-valuation-playoffs-super-bowl.html,2024-09-06T16:47:17+0000,"The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations.That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019. But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect.The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games. For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis. The Chiefs tallied $590 million in revenue last season.Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses. The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets. Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams. Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.The Chiefs can't follow that playbook, at least for now. The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority. That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do. On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer.Chiefs ownership had planned to revamp Arrowhead Stadium. But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation. Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031. Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run. A number of factors drive ticket sales, but having a better record is one way to boost prices. The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista. Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year. The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.",CNBC,06/09/2024,"['The NFL team that has won three of the last five Super Bowls is worth less than the organizations with the two longest playoff droughts in the league.', ""The Kansas City Chiefs, the NFL's current dynasty, are only the 18th most valuable team in the league at $6.07 billion, according to CNBC's Official 2024 NFL Team Valuations."", ""That puts the franchise well below the $7.35 billion New York Jets, who have not made the playoffs since the 2010 season, and a few slots behind the $6.2 billion Denver Broncos, who have not played in the postseason since the 2015 season and are 1-9 against the Chiefs since 2019.But making the playoffs, and even dominating them, doesn't generate as much value-driving revenue for a team as you might expect."", ""The bulk of a team's revenue in a given season comes from the ballooning media rights fees that the NFL charges for its games."", ""For the 2023 season, each team took in an average of more than $350 million from the league in media rights fees, well over half of annual revenue for the majority of NFL teams, according to CNBC's reporting and data analysis."", 'The Chiefs tallied $590 million in revenue last season.', 'Additionally, most of the revenue from postseason ticket sales goes to the league to cover expenses.', 'The home team receives a stipend, but hosting playoff games, which the Chiefs have done 10 times in the last five years, does not do much for the ticket sales that a team actually pockets.', 'Contrast that with leagues like the NBA and NHL, where clubs receive a much bigger cut of playoff ticket revenue.', 'Stadium ownership and operating rights are also a lucrative source of revenue for NFL teams.', 'Dallas Cowboys owner Jerry Jones created the blueprint for reeling in huge sums not shared with the rest of the league, and a crucial part of that comes from sponsorship deals and nonfootball events at AT&T Stadium, which Jones has the operating rights to.', ""The Chiefs can't follow that playbook, at least for now."", 'The team is a tenant of Arrowhead Stadium and pays rent to the Jackson County Sports Complex Authority.', ""That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do."", ""On top of that, Arrowhead Stadium is more than 50 years old, so it does not have the expansive sponsorship and advertising opportunities that newer venues like the Las Vegas Raiders' Allegiant Stadium and Los Angeles Rams' SoFi Stadium offer."", 'Chiefs ownership had planned to revamp Arrowhead Stadium.', 'But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.', ""Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run."", 'A number of factors drive ticket sales, but having a better record is one way to boost prices.', ""The Chiefs' average ticket cost was $131.81 for a game in the 2023 season, well above the $120.94 league average, according to Statista."", 'Perennial playoff teams can also be more attractive to sponsors because they can almost guarantee that thousands of additional people will be in their stadiums every year.', 'The Chiefs played in the first NFL game of the season Thursday, defeating the Baltimore Ravens 27-20.']",0.2209811471168885,"Chiefs leaders have set a deadline for the end of 2024 to decide what to do when the team's leasing agreement with the Jackson County Sports Complex Authority expires in 2031.Even so, postseason appearances and success can still boost a team's finances — just not necessarily in the year of a given playoff run.","But earlier this year, Jackson County, Missouri, voters rejected the proposed sales tax extension that would have been used to finance the renovation.",0.2318344339728355,"A number of factors drive ticket sales, but having a better record is one way to boost prices.",That means the Lamar Hunt family-owned Chiefs can't capitalize on nonfootball revenue like the Cowboys and the Los Angeles Rams do.,2024-09-07
"Family offices are about to surpass hedge funds, with $5.4 trillion in assets by 2030",https://www.cnbc.com/2024/09/05/family-offices-hedge-funds-5-trillion-assets.html,2024-09-05T18:48:59+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Family offices are expected to add more than $2 trillion in assets by 2030, as an increase in wealth concentration and a revolution in wealth management drive rapid growth in new family offices.The number of single-family offices — the in-house investment and service firms of families typically worth $100 million or more — is expected to rise from 8,000 to 10,720 by 2030, according to a report from Deloitte Private. Their assets are expected to grow even faster, topping $5.4 trillion by 2030, up from $3.1 trillion today and more than doubling since 2019.In total, the wealth of families with family offices is expected to top $9.5 trillion in 2030, according to the report — more than doubling over the decade.""The growth has been explosive,"" said Rebecca Gooch, global head of insights for Deloitte Private. ""It's really the past decade that has seen an acceleration in growth in family offices.""The rise of family offices is remaking the wealth management industry and creating a powerful new force in the financial landscape. Projected to have more assets than hedge funds in the coming years, family offices have become the new stars of fundraising, with venture capital firms, private equity interests and private companies all competing to capture a slice of their rising wealth.The growth is being driven by two broader economic forces. Increasingly, wealth is growing fastest at the top of the pyramid, as technology and globalization create winner-take-all markets and outsized rewards for tech entrepreneurs. The number of Americans worth $30 million or more grew 7.5% in 2023, to 90,700, while their fortunes surged to $7.4 trillion, according to CapGemini.The population of centimillionaires — those worth $100 million or more — has more than doubled over the past 20 years to over 28,000, according to Henley & Partners and New World Wealth. There are now an estimated 2,700 billionaires in the world, according to Forbes, more than 2.5 times the number in 2010.At the same time, the ultra-wealthy are changing the way they manage their investments and financial lives. Rather than handing over their fortunes to a single private bank or wealth management firm, today's mega-wealthy are opting to create single-family offices to better represent their interests and long-term goals. Family offices are seen as offering more privacy, more customization and more tailored programs for the next generation of the family.""They want a team that's entirely dedicated to them, 24 hours a day,"" Gooch said. ""Not only with investing, but in all the different areas of their life.""After the financial crisis, wealthy families also want advisors that represent the family's best interests, rather than private bank or wealth management advisors incentivized by the need to sell product.""There are some organizations that don't have products to pitch, but a lot of them do,"" said Eric Johnson, Deloitte's private wealth leader and family office tax leader. ""And, lo and behold, if you engage them, what you're going to have to buy is kind of what they're selling, which might not be the best for the family."" More than two-thirds of family offices have been created since 2000, according to Deloitte. The largest number (41%) were founded by the original wealth creators, while 30% serve the second generation (inheritors) and 19% serve the third generation.North America is leading the family office revolution. Family office wealth in North America is expected to grow by 258% between 2019 and 2030, compared with 208% in the Asia-Pacific region. North America's 3,180 single-family offices are expected to balloon to 4,190 by 2030, accounting for about 40% of the world's total. Asia-Pacific has about 2,290 family offices today, expected to grow to 3,200 by 2030.The total wealth held by families with family offices in North America has more than doubled since 2019, to $2.4 trillion. It's expected to reach $4 trillion by 2030, according to Deloitte.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. That $5 trillion pool of capital globally has touched off a feeding frenzy on Wall Street to help family offices manage their money. From Goldman Sachs and Morgan Stanley to UBS, J.P. Morgan Private Bank, Citi Private Bank, and myriad trust companies and multifamily offices, traditional wealth-management firms are poaching family office specialists and launching new family office teams to better target the growth.Accounting firms, tax attorneys, consulting firms and tech companies are also waking up to the power of family offices, which can now more easily outsource parts of their business to keep costs lower.""There is a whole new arena of companies that benefit from this ecosystem,"" Gooch said.As they expand in both size and number, family offices are also becoming more institutionalized. Rather than two- or three-person shops focused on basic portfolios and arranging family travel, today's family offices are more like boutique investment firms. The average family office has a staff of 15 people managing $2 billion, according to Deloitte.Family offices are also changing how they invest. Instead of the old-school 60-40 stock and bond portfolios, family offices are shifting their money to alternative assets, including private equity, venture capital, real estate and private credit.Family offices now have 46% of their total portfolio in alternative investments, according to the J.P. Morgan Private Bank Global Family Office Report. The largest amount is in private equity, at 19%. Aside from investing in private equity funds, more family offices are doing direct deals, where they invest directly in a private company.A survey by BNY Wealth found that 62% of family offices made at least six direct investments last year, and 71% plan to make the same number of direct deals this year.Private equity giants like Blackstone, KKR and Carlyle are building out their private wealth teams to better target family offices. Deal-makers for private companies are also discovering family offices, which can buy equity stakes or entire companies. Since family offices have long time horizons, preferring to invest for decades or even generations, they're seen as more ""patient capital"" compared with private equity firms or venture capital.""Family offices can be very solid, strong partners to invest with,"" Gooch said. ""I think a lot of the private companies are very grateful for their long-term patient capital and their dedication to this space.""To support their growing assets and responsibilities, family offices are on a hiring spree. Fully 40% of family offices plan to hire more staff this year, according to Deloitte. More than a third (36%) say they plan to increase the number of services they provide to the family, or increase the number of family members served. More than a third (34%) are also increasing their reliance on outsourcing, Deloitte notes.Deloitte said the biggest trends for family offices in the coming years will be the continued move toward ""institutionalization"" — with more professional management, governance and technology. More than a quarter of family offices now have multiple ""branches"" to serve different parts of the family, often in other countries.And with the great wealth transfer expected to shift trillions of dollars to spouses and the next generation, more women and inheritors will start running family offices in the coming years. The average age of family office principals in the Deloitte survey was 68 years old, and 4 in 10 family offices will go through a succession process in the next decade.While women represent 10% of the wealth holders for those with $100 million or more, they control 15% of the world's family offices, according to the survey.""On a like-for-like basis with men, women are somewhat more likely to become the principal of the family office,"" Gooch said. ""Family offices can really focus on key stages of life, like retirement or legacy planning. And making sure the next generation is prepared.""",CNBC,05/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'Family offices are expected to add more than $2 trillion in assets by 2030, as an increase in wealth concentration and a revolution in wealth management drive rapid growth in new family offices.', 'The number of single-family offices — the in-house investment and service firms of families typically worth $100 million or more — is expected to rise from 8,000 to 10,720 by 2030, according to a report from Deloitte Private.', 'Their assets are expected to grow even faster, topping $5.4 trillion by 2030, up from $3.1 trillion today and more than doubling since 2019.In total, the wealth of families with family offices is expected to top $9.5 trillion in 2030, according to the report — more than doubling over the decade.', '""The growth has been explosive,"" said Rebecca Gooch, global head of insights for Deloitte Private. ""', ""It's really the past decade that has seen an acceleration in growth in family offices."", '""The rise of family offices is remaking the wealth management industry and creating a powerful new force in the financial landscape.', 'Projected to have more assets than hedge funds in the coming years, family offices have become the new stars of fundraising, with venture capital firms, private equity interests and private companies all competing to capture a slice of their rising wealth.', 'The growth is being driven by two broader economic forces.', 'Increasingly, wealth is growing fastest at the top of the pyramid, as technology and globalization create winner-take-all markets and outsized rewards for tech entrepreneurs.', 'The number of Americans worth $30 million or more grew 7.5% in 2023, to 90,700, while their fortunes surged to $7.4 trillion, according to CapGemini.', 'The population of centimillionaires — those worth $100 million or more — has more than doubled over the past 20 years to over 28,000, according to Henley & Partners and New World Wealth.', 'There are now an estimated 2,700 billionaires in the world, according to Forbes, more than 2.5 times the number in 2010.At the same time, the ultra-wealthy are changing the way they manage their investments and financial lives.', ""Rather than handing over their fortunes to a single private bank or wealth management firm, today's mega-wealthy are opting to create single-family offices to better represent their interests and long-term goals."", 'Family offices are seen as offering more privacy, more customization and more tailored programs for the next generation of the family.', '""They want a team that\'s entirely dedicated to them, 24 hours a day,"" Gooch said. ""', 'Not only with investing, but in all the different areas of their life.', '""After the financial crisis, wealthy families also want advisors that represent the family\'s best interests, rather than private bank or wealth management advisors incentivized by the need to sell product.', '""There are some organizations that don\'t have products to pitch, but a lot of them do,"" said Eric Johnson, Deloitte\'s private wealth leader and family office tax leader. ""', ""And, lo and behold, if you engage them, what you're going to have to buy is kind of what they're selling, which might not be the best for the family."", '""More than two-thirds of family offices have been created since 2000, according to Deloitte.', 'The largest number (41%) were founded by the original wealth creators, while 30% serve the second generation (inheritors) and 19% serve the third generation.', 'North America is leading the family office revolution.', 'Family office wealth in North America is expected to grow by 258% between 2019 and 2030, compared with 208% in the Asia-Pacific region.', ""North America's 3,180 single-family offices are expected to balloon to 4,190 by 2030, accounting for about 40% of the world's total."", 'Asia-Pacific has about 2,290 family offices today, expected to grow to 3,200 by 2030.The total wealth held by families with family offices in North America has more than doubled since 2019, to $2.4 trillion.', ""It's expected to reach $4 trillion by 2030, according to Deloitte."", 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'That $5 trillion pool of capital globally has touched off a feeding frenzy on Wall Street to help family offices manage their money.', 'From Goldman Sachs and Morgan Stanley to UBS, J.P. Morgan Private Bank, Citi Private Bank, and myriad trust companies and multifamily offices, traditional wealth-management firms are poaching family office specialists and launching new family office teams to better target the growth.', 'Accounting firms, tax attorneys, consulting firms and tech companies are also waking up to the power of family offices, which can now more easily outsource parts of their business to keep costs lower.', '""There is a whole new arena of companies that benefit from this ecosystem,"" Gooch said.', 'As they expand in both size and number, family offices are also becoming more institutionalized.', ""Rather than two- or three-person shops focused on basic portfolios and arranging family travel, today's family offices are more like boutique investment firms."", 'The average family office has a staff of 15 people managing $2 billion, according to Deloitte.', 'Family offices are also changing how they invest.', 'Instead of the old-school 60-40 stock and bond portfolios, family offices are shifting their money to alternative assets, including private equity, venture capital, real estate and private credit.', 'Family offices now have 46% of their total portfolio in alternative investments, according to the J.P. Morgan Private Bank Global Family Office Report.', 'The largest amount is in private equity, at 19%.', 'Aside from investing in private equity funds, more family offices are doing direct deals, where they invest directly in a private company.', 'A survey by BNY Wealth found that 62% of family offices made at least six direct investments last year, and 71% plan to make the same number of direct deals this year.', 'Private equity giants like Blackstone, KKR and Carlyle are building out their private wealth teams to better target family offices.', 'Deal-makers for private companies are also discovering family offices, which can buy equity stakes or entire companies.', 'Since family offices have long time horizons, preferring to invest for decades or even generations, they\'re seen as more ""patient capital"" compared with private equity firms or venture capital.', '""Family offices can be very solid, strong partners to invest with,"" Gooch said. ""', 'I think a lot of the private companies are very grateful for their long-term patient capital and their dedication to this space.', '""To support their growing assets and responsibilities, family offices are on a hiring spree.', 'Fully 40% of family offices plan to hire more staff this year, according to Deloitte.', 'More than a third (36%) say they plan to increase the number of services they provide to the family, or increase the number of family members served.', 'More than a third (34%) are also increasing their reliance on outsourcing, Deloitte notes.', 'Deloitte said the biggest trends for family offices in the coming years will be the continued move toward ""institutionalization"" — with more professional management, governance and technology.', 'More than a quarter of family offices now have multiple ""branches"" to serve different parts of the family, often in other countries.', 'And with the great wealth transfer expected to shift trillions of dollars to spouses and the next generation, more women and inheritors will start running family offices in the coming years.', 'The average age of family office principals in the Deloitte survey was 68 years old, and 4 in 10 family offices will go through a succession process in the next decade.', ""While women represent 10% of the wealth holders for those with $100 million or more, they control 15% of the world's family offices, according to the survey."", '""On a like-for-like basis with men, women are somewhat more likely to become the principal of the family office,"" Gooch said. ""', 'Family offices can really focus on key stages of life, like retirement or legacy planning.', 'And making sure the next generation is prepared.""']",0.3917588613488496,"Increasingly, wealth is growing fastest at the top of the pyramid, as technology and globalization create winner-take-all markets and outsized rewards for tech entrepreneurs.",,0.886439805939084,"Family office wealth in North America is expected to grow by 258% between 2019 and 2030, compared with 208% in the Asia-Pacific region.","More than a third (34%) are also increasing their reliance on outsourcing, Deloitte notes.",2024-09-07
NFL's next big media rights payday is years off — and subject to a shifting industry,https://www.cnbc.com/2024/09/04/nfl-media-rights-media-landscape.html,2024-09-05T14:56:31+0000,"In 2021, the National Football League signed an 11-year, $111 billion media rights deal. In July, the National Basketball Association signed an 11-year, $77 billion deal of its own.What's next? Well, not much all that soon.While Ultimate Fighting Championship and Formula 1 have deals expiring in 2025, the vast majority of major college and professional sports have recently signed long-term media rights deals with U.S. TV networks and streamers.Welcome to the sports media rights doldrums. Or, the calm before the storm.The NFL can opt out of its current deal with all of its media partners — except Disney, which has a slightly different deal structure — after the 2028-29 season. By that time, driven by the pace of change among the largest media companies, the entire landscape could be significantly different than it is today, dramatically altering how much revenue leagues generate and who is paying.""Anyone telling you with any degree of certainty the NFL is going to opt out or not is bananas,"" said Daniel Cohen, executive vice president of global media rights consulting at Octagon. ""There's so much you can't predict even two years out, never mind six.""The NFL's opt-out decision, while years away, is the next potential tectonic shift that will influence the balance of power in media. It's possible the NFL could choose to end deals with longtime Sunday afternoon media providers such as Fox and Paramount Global's CBS in favor of streamers, such as Apple, Amazon, Google's YouTube or even Netflix.It will also be a significant driver of future NFL team valuations. The average NFL team is now worth $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations. Given the current state of media, with Paramount Global agreeing to merge with Skydance Media by mid-2025, Warner Bros. Discovery actively looking for partners to build scale and share the cost of content, and Netflix jumping into live sports with its acquisition of Christmas Day NFL games, the potential bidders for games in four to five years could be dramatically different than today. That will determine how much of an increase the NFL may get on its next rights deal.""There probably will be companies that don't exist today that will merge to create new competitive bidders,"" said former CBS Sports President Neal Pilson, who founded sports media consulting firm Pilson Communications. ""Other deals, like the NBA, are a data point, but the NFL is its own marketplace. The programming is the honey. It's all driven by the popularity of the NFL.""Another determination of how much sports media rights deals will escalate in the future will be the state of the dwindling pay TV bundle. There have been 4 million pay TV customer losses this year to date, ""a mindboggling total for just six months,"" according to a recent MoffettNathanson report.Live sports has long been the glue holding the bundle together, and a majority of viewership still comes from traditional TV versus streaming.The economics of the bundle — still a cash cow for content providers like Disney and Comcast's NBCUniversal — have driven rights increases for decades. Meanwhile, streaming has yet to turn a profit for most media companies.Traditionally, the reach of broadcast networks, particularly in rural areas that still don't have consistent high-speed internet, has caused the NFL to value Fox, Disney, NBCUniversal and CBS — all of which own broadcast networks. Most NFL games air on national broadcasters.The NBA has also replaced its partnership with Warner Bros. Discovery, which doesn't own a broadcast network, with NBCUniversal, which does.But four years from now, it's possible the ongoing shift to streaming, combined with Big Tech's deeper pockets, will convince the NFL to view broadcasting as anachronistic rather than essential.On the other hand, if streamers become the sole distributors of sports, they'll have all the market power, which could stifle valuations.""If you put all your eggs in the streaming parties' baskets, and if legacy media is hobbled to the point they can't pay for media rights anymore, then you're giving streamers a lot of market power,"" said Shirin Malkani, co-chair of the sports industry group at Perkins Coie.Bank of America recently put together a chart of recent media rights deals and their estimated values. Some of the numbers are slightly different than reported figures.The National Hockey League's deal with its media partners lasts through the 2027-28 season.Major League Baseball's deal is up in 2028 — and will likely be shaped more by the expiration of the players' collective bargaining agreement in 2026 than the state of the media industry. Still, the vastly changing regional sports business, on top of the traditional TV landscape, could make MLB a litmus test for the rights deals that follow.The PGA Tour's media deal runs through 2030. NBCUniversal owns the Winter Olympics until 2030 and the Summer Olympics until 2032. NASCAR signed a contract late last year with media carriers until 2031. ESPN locked up the College Football Playoffs until 2031. Apple inked a deal for Major League Soccer until 2032.The long-term nature of these deals has given the current media ecosystem some certainty. That's a benefit for the leagues, media companies and pay TV providers, who all rely on the consistency of cash flow.""My advice to clients is that if you're in a deal that feels fair right now, or that is analytically fair to good, don't go searching for something great,"" said Octagon's Cohen, who represents several professional sports leagues in their media deals. ""Things will keep evolving over the next six years, so it's best to hold onto a good deal.""Disclosure: Comcast's NBCUniversal is the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom's Game Plan. This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment. For more information and to request an invitation, click here.",CNBC,05/09/2024,"['In 2021, the National Football League signed an 11-year, $111 billion media rights deal.', 'In July, the National Basketball Association signed an 11-year, $77 billion deal of its own.', ""What's next?"", 'Well, not much all that soon.', 'While Ultimate Fighting Championship and Formula 1 have deals expiring in 2025, the vast majority of major college and professional sports have recently signed long-term media rights deals with U.S. TV networks and streamers.', 'Welcome to the sports media rights doldrums.', 'Or, the calm before the storm.', 'The NFL can opt out of its current deal with all of its media partners — except Disney, which has a slightly different deal structure — after the 2028-29 season.', 'By that time, driven by the pace of change among the largest media companies, the entire landscape could be significantly different than it is today, dramatically altering how much revenue leagues generate and who is paying.', '""Anyone telling you with any degree of certainty the NFL is going to opt out or not is bananas,"" said Daniel Cohen, executive vice president of global media rights consulting at Octagon. ""', ""There's so much you can't predict even two years out, never mind six."", '""The NFL\'s opt-out decision, while years away, is the next potential tectonic shift that will influence the balance of power in media.', ""It's possible the NFL could choose to end deals with longtime Sunday afternoon media providers such as Fox and Paramount Global's CBS in favor of streamers, such as Apple, Amazon, Google's YouTube or even Netflix."", 'It will also be a significant driver of future NFL team valuations.', ""The average NFL team is now worth $6.49 billion, according toCNBC's Official 2024 NFL Team Valuations."", 'Given the current state of media, with Paramount Global agreeing to merge with Skydance Media by mid-2025, Warner Bros. Discovery actively looking for partners to build scale and share the cost of content, and Netflix jumping into live sports with its acquisition of Christmas Day NFL games, the potential bidders for games in four to five years could be dramatically different than today.', 'That will determine how much of an increase the NFL may get on its next rights deal.', '""There probably will be companies that don\'t exist today that will merge to create new competitive bidders,"" said former CBS Sports President Neal Pilson, who founded sports media consulting firm Pilson Communications. ""', 'Other deals, like the NBA, are a data point, but the NFL is its own marketplace.', 'The programming is the honey.', 'It\'s all driven by the popularity of the NFL.""Another determination of how much sports media rights deals will escalate in the future will be the state of the dwindling pay TV bundle.', 'There have been 4 million pay TV customer losses this year to date, ""a mindboggling total for just six months,"" according to a recent MoffettNathanson report.', 'Live sports has long been the glue holding the bundle together, and a majority of viewership still comes from traditional TV versus streaming.', ""The economics of the bundle — still a cash cow for content providers like Disney and Comcast's NBCUniversal — have driven rights increases for decades."", 'Meanwhile, streaming has yet to turn a profit for most media companies.', ""Traditionally, the reach of broadcast networks, particularly in rural areas that still don't have consistent high-speed internet, has caused the NFL to value Fox, Disney, NBCUniversal and CBS — all of which own broadcast networks."", 'Most NFL games air on national broadcasters.', ""The NBA has also replaced its partnership with Warner Bros. Discovery, which doesn't own a broadcast network, with NBCUniversal, which does."", ""But four years from now, it's possible the ongoing shift to streaming, combined with Big Tech's deeper pockets, will convince the NFL to view broadcasting as anachronistic rather than essential."", ""On the other hand, if streamers become the sole distributors of sports, they'll have all the market power, which could stifle valuations."", '""If you put all your eggs in the streaming parties\' baskets, and if legacy media is hobbled to the point they can\'t pay for media rights anymore, then you\'re giving streamers a lot of market power,"" said Shirin Malkani, co-chair of the sports industry group at Perkins Coie.', 'Bank of America recently put together a chart of recent media rights deals and their estimated values.', 'Some of the numbers are slightly different than reported figures.', ""The National Hockey League's deal with its media partners lasts through the 2027-28 season."", ""Major League Baseball's deal is up in 2028 — and will likely be shaped more by the expiration of the players' collective bargaining agreement in 2026 than the state of the media industry."", 'Still, the vastly changing regional sports business, on top of the traditional TV landscape, could make MLB a litmus test for the rights deals that follow.', ""The PGA Tour's media deal runs through 2030."", 'NBCUniversal owns the Winter Olympics until 2030 and the Summer Olympics until 2032.', 'NASCAR signed a contract late last year with media carriers until 2031.', 'ESPN locked up the College Football Playoffs until 2031.', 'Apple inked a deal for Major League Soccer until 2032.The long-term nature of these deals has given the current media ecosystem some certainty.', ""That's a benefit for the leagues, media companies and pay TV providers, who all rely on the consistency of cash flow."", '""My advice to clients is that if you\'re in a deal that feels fair right now, or that is analytically fair to good, don\'t go searching for something great,"" said Octagon\'s Cohen, who represents several professional sports leagues in their media deals. ""', ""Things will keep evolving over the next six years, so it's best to hold onto a good deal."", '""Disclosure: Comcast\'s NBCUniversal is the parent company of CNBC.Join us on Sept. 10 in Los Angeles for CNBC x Boardroom\'s Game Plan.', 'This high-powered event brings together industry leaders, visionaries and influencers, along with executives and investors to explore the dynamic intersection of business, sports, music and entertainment.', 'For more information and to request an invitation,click here.']",0.2311039213172913,"""My advice to clients is that if you're in a deal that feels fair right now, or that is analytically fair to good, don't go searching for something great,"" said Octagon's Cohen, who represents several professional sports leagues in their media deals. ""","There have been 4 million pay TV customer losses this year to date, ""a mindboggling total for just six months,"" according to a recent MoffettNathanson report.",0.4257981936136881,The economics of the bundle — still a cash cow for content providers like Disney and Comcast's NBCUniversal — have driven rights increases for decades.,"There have been 4 million pay TV customer losses this year to date, ""a mindboggling total for just six months,"" according to a recent MoffettNathanson report.",2024-09-07