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
Energy price cap: People urged to read meter as bills rise,https://www.bbc.co.uk/news/articles/c7v6l26v585o,2024-09-30T23:03:31.139Z,"Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect. A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717. Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate. It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners. Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem. It is set every three months and affects the price paid for each unit of gas and electricity. Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user. The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill. By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate. Those with operational smart meters have the reading taken automatically. Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system. The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.  The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. It affects those on default, variable tariffs, not those who have fixed a price for a set period. That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.  Some households have built up debt to their suppliers. Ofgem said nearly £3.7bn is owed collectively. Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further."" James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[The price rise] is a big disappointment. You feel it inside,"" he said. ""You can be big and proud and say I can manage, and make that bit of extra money. But when you take everything else we are being put through, it is just that bit too much."" Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February. For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits. The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners. While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out. Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January. Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy. Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers. The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need. In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it. The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,30/09/2024,"['Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect.', 'A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717.', 'Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.', 'It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.', 'Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem.', 'It is set every three months and affects the price paid for each unit of gas and electricity.', 'Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.', 'The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill.', 'By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate.', 'Those with operational smart meters have the reading taken automatically.', 'Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system.', 'The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.', 'The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'It affects those on default, variable tariffs, not those who have fixed a price for a set period.', 'That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.', 'Some households have built up debt to their suppliers.', 'Ofgem said nearly £3.7bn is owed collectively.', 'Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further.""', 'James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[', 'The price rise] is a big disappointment.', 'You feel it inside,"" he said. ""', 'You can be big and proud and say I can manage, and make that bit of extra money.', 'But when you take everything else we are being put through, it is just that bit too much.""', 'Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February.', 'For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits.', 'The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out.', 'Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January.', 'Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.', 'Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers.', ""The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need."", 'In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it.', 'The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.1123342265505845,"Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.",The price rise] is a big disappointment.,0.0570179939270019,"Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.","Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.",2024-10-02
Aston Martin and Stellantis shares slump after profit warnings,https://www.bbc.co.uk/news/articles/c9qvy913012o,2024-09-30T12:43:28.522Z,"Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year. The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China. The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning. Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings. Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities. Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region. However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.  It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models. As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.  Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations. Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.  But he added that he was “even more convinced than before” about the brand’s potential for growth. Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook. The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.  It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad. As a result, it said it expects its profit margins to be significantly lower than previously thought this year.  The announcement sent its shares tumbling. By lunchtime on Monday, the price was down more than 14%. The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.  On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history. Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks. Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets. According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains. Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe. According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023. The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany. On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China. The measures are designed to protect local producers from unfair competition. The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.  But the plan is controversial, and has received a mixed reception from manufacturers. ",BBC,30/09/2024,"[""Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year."", 'The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China.', 'The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.', 'Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings.', 'Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities.', 'Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region.', 'However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.', 'It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models.', 'As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.', 'Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations.', 'Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.', 'But he added that he was “even more convinced than before” about the brand’s potential for growth.', 'Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook.', 'The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.', 'It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.', 'As a result, it said it expects its profit margins to be significantly lower than previously thought this year.', 'The announcement sent its shares tumbling.', 'By lunchtime on Monday, the price was down more than 14%.', 'The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.', 'On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history.', 'Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks.', 'Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets.', 'According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “', 'German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains.', 'Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe.', 'According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023.', 'The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany.', 'On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China.', 'The measures are designed to protect local producers from unfair competition.', 'The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.', 'But the plan is controversial, and has received a mixed reception from manufacturers.']",0.037036244295243,But he added that he was “even more convinced than before” about the brand’s potential for growth.,"The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.",-0.7676948606967926,"It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.","The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.",2024-10-02
Kolkata trams: Iconic Indian city landmark faces extinction,https://www.bbc.co.uk/news/articles/ckgn4mzn224o,2024-10-01T23:30:25.439Z,"Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop. In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides. Sandip Roy reports. In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia. Melbourne and Kolkata boast two of the oldest operational tramways in the world. Melbourne’s trams date back to 1885. Kolkata’s first tram, a horse-drawn one, started in 1873.  That’s where the similarities end. Melbourne's tram system is going strong despite the government once attempting to get rid of them. The system has been upgraded and some trams are solar-powered.  Kolkata’s trams have been steadily declining over the years. From 52 routes in the 1970s, down to 25 in 2015 and now to just three.  The tram cars rattle and wheeze, having not been updated in years. Even the signs inside have not changed. “Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”. Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route. But a dogged group of tram activists is fighting back. “It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years.  “More than 400 cities run tram systems. Cities that dismantled their tramways are rebuilding  them at great expense in places like Sydney and Helsinki and all over France. Hong Kong runs trams at high frequency on narrow streets,” he says. But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened. Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”  Both those cities once had trams. Mumbai had double-decker ones. Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars. In a way they have become emblematic of the city itself.  The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre. But just as London has its iconic red double-decker buses, Kolkata has its trams. The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to. They are a familiar sight in films made in the state. “I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.  Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work. Here, the tram stands in for the city itself,  both its dreams and the daily grind.  In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “A Kolkata film means they have to show a tram.” Trams are very much part of the history of the city and its sense of itself.  In 1902, Calcutta as it was known then, became the first Asian city with electric trams. Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968. The cars were built by companies with names like Burn Standard and Jessop.  And it wasn't just a transportation system. The tram lines knit the city together. When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy.  “My own father helped save some people from a mob,” says tram driver Gopal Ram. ""Tram workers were like a family. It didn’t matter if you were Hindu or Muslim.”  Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days. His grandfather Mahavir and father Jagannath worked for the trams as well. Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams. In some ways, the mystery is that Kolkata’s trams have survived this long.  “In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth.  “Now they are making a comeback. The light rail in many cities in the United States is just a newer version of trams. It’s sad that we had it all the time and are neglecting it instead of improving it.”  Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.  Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas. In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them.  “I protested,” says Mr Bhattacharyya. “If trams went, I felt my whole existence was threatened. I did exhibitions, slide shows, brought in foreign experts. The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ” Recently, activists have been trying to use culture to save trams.  Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea. Art students paint the trams and local bands perform in the streetcars.  Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival.  “Tramjatra helped expose younger people to trams too,” says Shi.  One north Kolkata tram route was reopened recently. The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum. When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.  But now he seems to have forgotten that pledge. The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system. Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government. The tram depots also sit on valuable real estate the government can sell.  But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action. Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time. Perhaps because it too senses what trams mean for the city, he says.  ""Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams. It’s heart-breaking to think we could be losing one of them.” ",BBC,01/10/2024,"['Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop.', 'In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides.', 'Sandip Roy reports.', 'In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.', 'Melbourne and Kolkata boast two of the oldest operational tramways in the world.', 'Melbourne’s trams date back to 1885.', 'Kolkata’s first tram, a horse-drawn one, started in 1873.', 'That’s where the similarities end.', ""Melbourne's tram system is going strong despite the government once attempting to get rid of them."", 'The system has been upgraded and some trams are solar-powered.', 'Kolkata’s trams have been steadily declining over the years.', 'From 52 routes in the 1970s, down to 25 in 2015 and now to just three.', 'The tram cars rattle and wheeze, having not been updated in years.', 'Even the signs inside have not changed. “', 'Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”.', 'Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route.', 'But a dogged group of tram activists is fighting back. “', ""It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years. “"", 'More than 400 cities run tram systems.', 'Cities that dismantled their tramways are rebuilding them at great expense in places like Sydney and Helsinki and all over France.', 'Hong Kong runs trams at high frequency on narrow streets,” he says.', 'But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened.', 'Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”', 'Both those cities once had trams.', 'Mumbai had double-decker ones.', 'Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars.', 'In a way they have become emblematic of the city itself.', 'The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre.', 'But just as London has its iconic red double-decker buses, Kolkata has its trams.', 'The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to.', 'They are a familiar sight in films made in the state. “', 'I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.', ""Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work."", 'Here, the tram stands in for the city itself, both its dreams and the daily grind.', 'In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “', 'Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “', 'A Kolkata film means they have to show a tram.”', 'Trams are very much part of the history of the city and its sense of itself.', 'In 1902, Calcutta as it was known then, became the first Asian city with electric trams.', 'Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968.', 'The cars were built by companies with names like Burn Standard and Jessop.', ""And it wasn't just a transportation system."", 'The tram lines knit the city together.', 'When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy. “', 'My own father helped save some people from a mob,” says tram driver Gopal Ram. ""', 'Tram workers were like a family.', 'It didn’t matter if you were Hindu or Muslim.”', 'Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days.', 'His grandfather Mahavir and father Jagannath worked for the trams as well.', 'Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams.', 'In some ways, the mystery is that Kolkata’s trams have survived this long. “', 'In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth. “', 'Now they are making a comeback.', 'The light rail in many cities in the United States is just a newer version of trams.', 'It’s sad that we had it all the time and are neglecting it instead of improving it.”', 'Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.', 'Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas.', 'In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them. “', 'I protested,” says Mr Bhattacharyya. “', 'If trams went, I felt my whole existence was threatened.', 'I did exhibitions, slide shows, brought in foreign experts.', 'The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”', 'Recently, activists have been trying to use culture to save trams.', 'Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea.', 'Art students paint the trams and local bands perform in the streetcars.', 'Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival. “', 'Tramjatra helped expose younger people to trams too,” says Shi.', 'One north Kolkata tram route was reopened recently.', 'The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum.', 'When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.', 'But now he seems to have forgotten that pledge.', 'The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system.', 'Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.', 'The tram depots also sit on valuable real estate the government can sell.', ""But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action."", 'Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time.', 'Perhaps because it too senses what trams mean for the city, he says. ""', 'Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams.', 'It’s heart-breaking to think we could be losing one of them.”']",0.1143630946943061,"In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.",The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”,-0.3470679338161762,Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.,Kolkata’s trams have been steadily declining over the years.,2024-10-02
Workers must keep all tips from customers under new law,https://www.bbc.co.uk/news/articles/czj9mxnyezdo,2024-09-30T23:01:15.422Z,"Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card. More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.  If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal. It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most. Under the new law, all tips must be passed to employees by the end of the following month from when they were received. Workers will still need to pay tax on their tips, as was the law previously. Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""I'm delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""There's such high turnover in these professions. What happened in my experience was that they said: 'If you don't hand over your 3%, then we won't employ you anymore.'"" Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme. Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff. However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""There are going to be some casualties because of this law,"" she said. Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth. She is a waitress and gets tips, but he does not. Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash."" Tom added: ""I'm the fryer and I don't get the tips. I get paid a little extra. The tips are for their service - it's not for the business."" Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""We have jars with everybody's name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar."" Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out. Staff can now request a breakdown of how tips are being distributed every three months. However, Mr Moyes said the question of ""fairness"" is not clear cut. ""Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true? There isn't any guidance on that,"" he said.   Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"". The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday. It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses. Opinions vary on how much customers should tip. According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK. It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that. Tipping in bars and pubs is not expected. However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard."" ",BBC,30/09/2024,"['Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card.', 'More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.', 'If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal.', 'It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most.', 'Under the new law, all tips must be passed to employees by the end of the following month from when they were received.', 'Workers will still need to pay tax on their tips, as was the law previously.', 'Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""', 'I\'m delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""', ""There's such high turnover in these professions."", 'What happened in my experience was that they said: \'If you don\'t hand over your 3%, then we won\'t employ you anymore.\'""', 'Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""', ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme."", 'Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff.', 'However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""', 'There are going to be some casualties because of this law,"" she said.', ""Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth."", 'She is a waitress and gets tips, but he does not.', 'Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash.""', 'Tom added: ""I\'m the fryer and I don\'t get the tips.', 'I get paid a little extra.', 'The tips are for their service - it\'s not for the business.""', 'Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""', 'We have jars with everybody\'s name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""', 'If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar.""', 'Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out.', 'Staff can now request a breakdown of how tips are being distributed every three months.', 'However, Mr Moyes said the question of ""fairness"" is not clear cut. ""', 'Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true?', 'There isn\'t any guidance on that,"" he said.', 'Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".', ""The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday."", 'It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses.', 'Opinions vary on how much customers should tip.', 'According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK.', 'It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that.', 'Tipping in bars and pubs is not expected.', 'However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""', 'Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""', 'This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard.""']",0.1498799206343021,"Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth.","Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".",0.4230172208377293,"These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme.",There's such high turnover in these professions.,2024-10-02
California governor Gavin Newsom vetoes landmark AI safety bill,https://www.bbc.co.uk/news/articles/cj9jwyr3kgeo,2024-09-30T01:53:19.595Z,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies. The proposed legislation would have imposed some of the first regulations on AI in the US.  Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state. Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.  The bill would have required the most advanced AI models to undergo safety testing. It would have forced developers to ensure their technology included a so-called ""kill switch"". This would allow organisations to isolate and effectively switch off an AI system if it became a threat. It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems. The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added. At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology. Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI. California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI. The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry.  Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way."" Efforts by Congress to impose safeguards on AI have stalled. OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology. Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added. ",BBC,30/09/2024,"['The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.', 'The proposed legislation would have imposed some of the first regulations on AI in the US.', 'Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.', 'Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.', 'The bill would have required the most advanced AI models to undergo safety testing.', 'It would have forced developers to ensure their technology included a so-called ""kill switch"".', 'This would allow organisations to isolate and effectively switch off an AI system if it became a threat.', 'It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems.', 'The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""', 'Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added.', 'At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology.', 'Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI.', ""California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI."", ""The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry."", 'Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way.""', 'Efforts by Congress to impose safeguards on AI have stalled.', 'OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology.', 'Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""', 'Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.']",0.0493610676296589,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.","It would have forced developers to ensure their technology included a so-called ""kill switch"".",-0.5947219133377075,"Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.",Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.,2024-10-02
Money paid to sperm donors rises as UK faces shortage,https://www.bbc.co.uk/news/articles/cm24vd6ldypo,2024-09-30T23:05:00.434Z,"Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit. The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today. It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation. Sperm donation can involve visiting a clinic once a week for three to six months. The UK fertility regulator acknowledged a shortage of egg and sperm donors. But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old. One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""I'm a married gay man and we adopted our son so we didn't have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""Going through the adoption process, you meet a lot of straight couples who have had fertility problems. So I wanted to help and give someone a chance to start a family, whether it's someone with fertility problems, a lesbian couple or a single person."" It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.  The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said. Joseph said he was happy with the new compensation rate of £45 per clinic visit. He added: ""I think it's difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive."" But there are groups who are concerned about the rise in compensation. Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""Donations cannot be called altruistic while money is exchanged,"" she said. ""Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals. If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others."" One way to tackle a sperm shortage is by importing it. The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark. Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"". She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors. Ms Nel also believes the narrative is changing surrounding the typical sperm donor. Sperm donors in the UK generally need to be between the ages of 18 and 45. ""Maybe 20 years ago it was students but I think now it's a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""I think the type of person that actually ends up becoming a donor is someone that is more aware of what they're doing, it's not your typical student just looking for an easy way to make money."" The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"". One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored. It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18. ",BBC,30/09/2024,"['Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit.', 'The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today.', 'It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation.', 'Sperm donation can involve visiting a clinic once a week for three to six months.', 'The UK fertility regulator acknowledged a shortage of egg and sperm donors.', 'But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old.', 'One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""', 'I\'m a married gay man and we adopted our son so we didn\'t have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""', 'Going through the adoption process, you meet a lot of straight couples who have had fertility problems.', 'So I wanted to help and give someone a chance to start a family, whether it\'s someone with fertility problems, a lesbian couple or a single person.""', 'It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.', 'The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""', 'Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""', 'Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said.', 'Joseph said he was happy with the new compensation rate of £45 per clinic visit.', 'He added: ""I think it\'s difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive.""', 'But there are groups who are concerned about the rise in compensation.', 'Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""', 'Donations cannot be called altruistic while money is exchanged,"" she said. ""', 'Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals.', 'If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others.""', 'One way to tackle a sperm shortage is by importing it.', 'The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark.', 'Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".', 'She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors.', 'Ms Nel also believes the narrative is changing surrounding the typical sperm donor.', 'Sperm donors in the UK generally need to be between the ages of 18 and 45. ""', 'Maybe 20 years ago it was students but I think now it\'s a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""', 'I think the type of person that actually ends up becoming a donor is someone that is more aware of what they\'re doing, it\'s not your typical student just looking for an easy way to make money.""', 'The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"".', 'One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored.', 'It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18.']",0.033041129324383,"One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",0.0359157919883728,"It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",2024-10-02
Trademark dispute emerges over Tiger Woods' new logo,https://www.cnbc.com/2024/09/26/trademark-dispute-emerges-over-tiger-woods-new-logo-.html,2024-09-26T20:11:28+0000,"Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute.Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire's long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create. SDR's application should be denied,"" the court filing said.TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.""Sun Day Red was launched in May, following Woods' 27-year partnership with Nike.The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously.""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""Our products have been extremely well received.""A spokesman for Woods declined to comment on the matter.Woods and the Sun Day Red team will have 40 days to file an answer on the notice.The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC. It is unlikely to affect future production of the line, though, he said.""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there's a resolution that might be had,"" Gerben said.He expects the case to settle before it gets close to a trial.""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""",CNBC,26/09/2024,"[""Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute."", 'Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire\'s design into their own branding.', '""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire\'s long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create.', 'SDR\'s application should be denied,"" the court filing said.', 'TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.', '""Sun Day Red was launched in May, following Woods\' 27-year partnership with Nike.', ""The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously."", '""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""', 'Our products have been extremely well received.', '""A spokesman for Woods declined to comment on the matter.', 'Woods and the Sun Day Red team will have 40 days to file an answer on the notice.', 'The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC.', 'It is unlikely to affect future production of the line, though, he said.', '""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there\'s a resolution that might be had,"" Gerben said.', 'He expects the case to settle before it gets close to a trial.', '""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""', 'Because in order for Tiger and TaylorMade to get this trademark registered there, you\'re gonna have to win this case.""']",0.1124615410016196,"Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""","SDR's application should be denied,"" the court filing said.",0.2565224170684814,"""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""","Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.",2024-10-02
Union boss on US ports strike: 'I'm not playing games',https://www.bbc.co.uk/news/articles/c78d442v3e6o,2024-10-01T18:35:13.924Z,"Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said. Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""We're going to fight for it and we're going to win or this port will never open up again,"" he said. ""I'm not playing games here."" Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy. President Joe Biden has so far rebuffed calls by some of country's biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation.  ""It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said.  ""Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits."" Republican presidential candidate Donald Trump also backed the striking port workers. ""American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement. The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas. The ports are estimated by experts to handle more than a third of the US's imports and exports. Disruption could lead to delays on goods deliveries for businesses and consumers. The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages. Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.  USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.  The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.  However, the ILA's Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike. He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract. The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.   ""I'm going to fight for it because those greedy companies are making billions of dollars and they don't want to share,"" he said. ""I want my members taken care of for the rest of their lives and that's why we're out here."" If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world.  ""We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,""  said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""The disruption is going to be massive if the strike lasts,"" she said. Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""It's going to interfere with the proper functioning of the flow of goods,"" he told the BBC. Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said. Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike. But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded. He said he was most worried about potential delays for special-order bridal gowns for November and December weddings.  ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us. That's a hard thing to explain to a potential bride,"" he said. About 75% of his merchandise is routed through east coast ports, he added. He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""I think it's beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can't be done to open this things back up."" ",BBC,01/10/2024,"['Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said.', 'Harold Daggett, head of the International Longshoremen\'s Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""', 'We\'re going to fight for it and we\'re going to win or this port will never open up again,"" he said. ""', 'I\'m not playing games here.""', 'Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.', 'President Joe Biden has so far rebuffed calls by some of country\'s biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation. ""', 'It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""', 'Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits.""', 'Republican presidential candidate Donald Trump also backed the striking port workers. ""', 'American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement.', ""The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas."", ""The ports are estimated by experts to handle more than a third of the US's imports and exports."", 'Disruption could lead to delays on goods deliveries for businesses and consumers.', 'The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages.', 'Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.', 'USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.', 'The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""', 'We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.', 'However, the ILA\'s Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike.', 'He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ""', 'I\'m going to fight for it because those greedy companies are making billions of dollars and they don\'t want to share,"" he said. ""', 'I want my members taken care of for the rest of their lives and that\'s why we\'re out here.""', 'If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. ""', 'We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,"" said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""', 'The disruption is going to be massive if the strike lasts,"" she said.', 'Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""', 'It\'s going to interfere with the proper functioning of the flow of goods,"" he told the BBC.', 'Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said.', ""Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike."", 'But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded.', 'He said he was most worried about potential delays for special-order bridal gowns for November and December weddings. ""', ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us."", 'That\'s a hard thing to explain to a potential bride,"" he said.', 'About 75% of his merchandise is routed through east coast ports, he added.', 'He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""', 'I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""', 'I think it\'s beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can\'t be done to open this things back up.""']",0.0899861931710234,"Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""","Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.",-0.124877218157053,"It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""","If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. """,2024-10-02
Surat: The world’s diamond polishing capital feels the Ukraine-Russia war impact,https://www.bbc.co.uk/news/articles/c1e866ypp1zo,2024-09-30T01:04:21.952Z,"Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May. The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed. Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank. Tank died by suicide in August. The last few years have been tough for India’s recession-hit diamond industry. Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers. The city has 15 big polishing units with an annual turnover of more than $100m (£75m). India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024. The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts. Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses. The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn. The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown. The BBC could not independently verify this figure. Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading  manufacturer. India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets. In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries. After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes. Traders in Surat echo that. ""India is at the low end of the value chain of the diamond industry. The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah. Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business. The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP). He said the police were investigating the suicide cases attributed to job losses. ""The government is ready to provide all possible help to polishers, traders and businessmen,” he said. But the families of at least nine workers, who recently took their lives, said they had received little help from the government. The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them. But bigger players are impacted too. Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason. In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help. But there have been others who couldn’t get help in time. Vaishali Patel, 38, lost her husband Nitin two years back. The polishing unit he worked for had laid off a majority of its staff because of a lack of business. Brokers and traders too are facing the brunt. “We have been sitting idle for days. There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers. Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market. Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise. Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless. Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""This too shall pass,"" he says. ",BBC,30/09/2024,"['Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May.', 'The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed.', 'Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘', 'He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank.', 'Tank died by suicide in August.', 'The last few years have been tough for India’s recession-hit diamond industry.', 'Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers.', 'The city has 15 big polishing units with an annual turnover of more than $100m (£75m).', 'India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024.', 'The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.', 'Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses.', 'The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn.', 'The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.', 'The BBC could not independently verify this figure.', 'Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “', 'The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading manufacturer.', 'India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets.', 'In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries.', 'After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes.', 'Traders in Surat echo that. ""', 'India is at the low end of the value chain of the diamond industry.', 'The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah.', 'Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business.', ""The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “"", ""The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP)."", 'He said the police were investigating the suicide cases attributed to job losses. ""', 'The government is ready to provide all possible help to polishers, traders and businessmen,” he said.', 'But the families of at least nine workers, who recently took their lives, said they had received little help from the government.', 'The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them.', 'But bigger players are impacted too.', 'Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason.', ""In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help."", 'But there have been others who couldn’t get help in time.', 'Vaishali Patel, 38, lost her husband Nitin two years back.', 'The polishing unit he worked for had laid off a majority of its staff because of a lack of business.', 'Brokers and traders too are facing the brunt. “', 'We have been sitting idle for days.', 'There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers.', 'Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market.', 'Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.', 'Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless.', 'Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""', 'This too shall pass,"" he says.']",-0.0924295648266793,Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.,"The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.",-0.6563723584016165,"Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""","The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.",2024-10-02
Ex-Harrods director won't take job as Fenwick boss,https://www.bbc.co.uk/news/articles/cq5ejjnp812o,2024-10-01T23:05:04.351Z,"A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned. Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed. It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods. Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment. A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role. The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.  On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods. About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position."" No reason for the decision has been given. Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK. It closed its branch on Bond Street in London earlier this year.  Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.  The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm. He is still listed as chief executive of Morleys on the LinkedIn social networking site. He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003. There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults.   Al Fayed died last year aged 94. Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.  In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.  It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017. The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation.  Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.  He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour. ",BBC,01/10/2024,"['A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned.', 'Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed.', 'It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.', 'Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment.', 'A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role.', 'The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.', ""On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods."", 'About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position.""', 'No reason for the decision has been given.', 'Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.', 'It closed its branch on Bond Street in London earlier this year.', 'Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.', 'The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm.', 'He is still listed as chief executive of Morleys on the LinkedIn social networking site.', 'He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003.', ""There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults."", 'Al Fayed died last year aged 94.', 'Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.', 'In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.', 'It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017.', ""The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation."", 'Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.', 'He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour.']",-0.1559910863863216,"Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.",It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.,,,,2024-10-02
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-02
More staff and new equipment for Coventry aluminium firm awarded £6m,https://www.bbc.co.uk/news/articles/cn0exr4r4reo,2024-10-02T05:09:33.212Z,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network. Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components. It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly. Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said. A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme. Funds will also work to move away from aluminium that has been directly mined. Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.  ",BBC,02/10/2024,"['An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.', 'Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components.', 'It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly.', 'Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said.', 'A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme.', 'Funds will also work to move away from aluminium that has been directly mined.', 'Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way.', 'Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.']",0.3319146891112798,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,0.9984492361545564,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,2024-10-02
Datacentre construction: Worker shortage hampers boom,https://www.bbc.co.uk/news/articles/c24pvm8ly18o,2024-09-30T23:06:24.749Z,"If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.” The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school. He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres. This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"". And those clients are central to today’s technology landscape. Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services. Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment. Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them. Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year. In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE. But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.” Just finding enough land or power for new datacentres is a problem. Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on. But the industry is also struggling to find the people to build them. “There's just not enough skilled construction workers to go around,” says Dame Dawn. For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors. Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “It is very, very fast. It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “I've done commercial premises, I've worked in universities,” he explains. But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.” Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios. Operators will have strict timeframes to complete a datacentre build or upgrade. At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example. This can mean long days for Datalec’s teams, or even running shifts overnight. If the demands are high, the rewards are significant too. Experienced electrical installers can make six figure salaries. Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand. The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years. Many are concerned that the construction workforce is greying. Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.” One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades. Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"". But there are more choices to tempt young people now, he suggests, including software development or other technology careers. Or indeed being an influencer on the very platforms run out of the datacentres. Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s. Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.” However, Schneider Electric is changing its ratio of graduates to apprentices. “We’ve doubled our intake of apprentices,” says Mr Yeeles. The entire industry must rethink how it recruits younger people, he adds. “My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience. And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”. Schneider Electric, for example, has launched a sustainability apprenticeship program. Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “In terms of a purpose, we're serving the whole population,” she says. “And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.” But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life. As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer. And they look up at the sky.” ",BBC,30/09/2024,"['If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.”', 'The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school.', 'He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres.', 'This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"".', 'And those clients are central to today’s technology landscape.', 'Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services.', 'Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment.', 'Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them.', 'Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year.', 'In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.', 'But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.”', 'Just finding enough land or power for new datacentres is a problem.', 'Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.', 'But the industry is also struggling to find the people to build them. “', ""There's just not enough skilled construction workers to go around,” says Dame Dawn."", 'For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors.', 'Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “', 'It is very, very fast.', ""It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “"", ""I've done commercial premises, I've worked in universities,” he explains."", 'But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.”', 'Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios.', 'Operators will have strict timeframes to complete a datacentre build or upgrade.', 'At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example.', 'This can mean long days for Datalec’s teams, or even running shifts overnight.', 'If the demands are high, the rewards are significant too.', 'Experienced electrical installers can make six figure salaries.', 'Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand.', 'The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years.', 'Many are concerned that the construction workforce is greying.', ""Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.”"", 'One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.', 'Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"".', 'But there are more choices to tempt young people now, he suggests, including software development or other technology careers.', 'Or indeed being an influencer on the very platforms run out of the datacentres.', 'Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s.', 'Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.”', 'However, Schneider Electric is changing its ratio of graduates to apprentices. “', 'We’ve doubled our intake of apprentices,” says Mr Yeeles.', 'The entire industry must rethink how it recruits younger people, he adds. “', 'My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience.', 'And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”.', 'Schneider Electric, for example, has launched a sustainability apprenticeship program.', 'Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “', ""In terms of a purpose, we're serving the whole population,” she says. “"", ""And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.”"", 'But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life.', 'As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer.', 'And they look up at the sky.”']",0.1447031489096326,"Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.",But the industry is also struggling to find the people to build them. “,0.1520353463979867,"In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.",One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.,2024-10-02
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-02
US ports strike causes first shutdown in almost 50 years,https://www.bbc.co.uk/news/articles/c3vkdp3rx17o,2024-09-30T18:13:29.842Z,"Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas. The action marks the first such shutdown in almost 50 years. President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act. Talks have been stalled for months and the current contract between parties expired on Monday. The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly."" The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators. On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options. Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation. USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table. Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience. Workers also receive other benefits, such as bonuses connected to container trade.  Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.  The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear. The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.  Time-sensitive imports, such as food, are likely to be among the goods first impacted. The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau. Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit. Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""I don't think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues. More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher. She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs. That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added. The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time. The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks. The strike risks putting President Biden in a tricky spot.  US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue. In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union. The US Chamber of Commerce business group has called on President Biden to take action. ""Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group. The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump last year. Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University. But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.   Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union's image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers' concerns about cost-of living and automation. ""As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don't think they will be swayed by public opinion in any meaningful way,"" he said.  ""What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer."" ",BBC,30/09/2024,"['Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas."", 'The action marks the first such shutdown in almost 50 years.', 'President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.', 'Talks have been stalled for months and the current contract between parties expired on Monday.', 'The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""', 'The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly.""', 'The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.', ""On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options."", 'Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.', 'USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.', ""Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience."", 'Workers also receive other benefits, such as bonuses connected to container trade.', 'Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.', 'The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries.', 'It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.', 'The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.', 'Time-sensitive imports, such as food, are likely to be among the goods first impacted.', 'The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.', 'Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said.', 'Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.', 'Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""', 'I don\'t think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.', 'More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.', 'She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""', 'This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.', 'That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added.', 'The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time.', 'The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.', 'The strike risks putting President Biden in a tricky spot.', 'US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.', 'In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union.', 'The US Chamber of Commerce business group has called on President Biden to take action. ""', 'Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021.', 'It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group.', ""The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago."", 'He met with Donald Trump last year.', 'Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.', 'But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors.', 'A related civil suit remains unresolved.', 'Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union\'s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers\' concerns about cost-of living and automation. ""', 'As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don\'t think they will be swayed by public opinion in any meaningful way,"" he said. ""', 'What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.""']",-0.0917301619336249,"On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options.","It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.",-0.4163661077618599,"Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.","More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.",2024-10-02
Mulberry: Mike Ashley's Frasers Group makes offer for handbag maker,https://www.bbc.co.uk/news/articles/c9qvy25dq40o,2024-09-30T11:27:44.837Z,"Mike Ashley's Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand's future. Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances. Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.  As it made its offer, Frasers said it had only been made aware of Mulberry's plan to raise additional funds “immediately prior to its announcement”. ""Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said. Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry's auditor in its annual report, published on Friday, which noted there was  ""material uncertainty related to going concern"". It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration."" Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company.  ""However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year."" Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss. In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before. Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%. Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"". ",BBC,30/09/2024,"['Mike Ashley\'s Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand\'s future.', ""Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances."", 'Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.', 'As it made its offer, Frasers said it had only been made aware of Mulberry\'s plan to raise additional funds “immediately prior to its announcement”. ""', 'Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said.', 'Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry\'s auditor in its annual report, published on Friday, which noted there was ""material uncertainty related to going concern"".', 'It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""', 'Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""', 'Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company. ""', 'However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""', 'Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.', 'In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before.', 'Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%.', 'Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"".']",-0.0349462717349051,"It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""","Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. """,-0.8131950931115584,"Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.","However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""",2024-10-02
Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-10-02
"Post Office scandal payouts won't be done by March, says minister",https://www.bbc.co.uk/news/articles/cp3wvdlq7pwo,2024-10-01T23:06:11.872Z,"Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"". It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year. Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office. Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""I think we will have made substantial progress by next summer."" But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"". Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again."" Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts. It has been described as the biggest miscarriage of justice in British legal history. Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods. Some died while waiting for justice. Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019. Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case. The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since. Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers. A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024. Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress.  ""We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""There are four compensation schemes in place, two of which the government runs, and two of which the post office runs. I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""My message...to him [Sir Alan] is keep holding our feet to the fire."" ",BBC,01/10/2024,"['Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"".', 'It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year.', 'Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office.', 'Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""', 'I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""', 'I think we will have made substantial progress by next summer.""', 'But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"".', 'Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""', 'They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again.""', 'Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts.', 'It has been described as the biggest miscarriage of justice in British legal history.', 'Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.', 'Some died while waiting for justice.', 'Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019.', 'Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case.', 'The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since.', 'Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers.', 'A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024.', 'Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""', 'We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""', 'There are four compensation schemes in place, two of which the government runs, and two of which the post office runs.', 'I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""', 'My message...to him [Sir Alan] is keep holding our feet to the fire.""']",-0.052868849603408,"Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""","Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.",-0.3736910711635243,"I think we will have made substantial progress by next summer.""","I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" """,2024-10-02
New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-10-02
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-02
BBC's Frank Gardner forced to crawl to toilet on plane,https://www.bbc.co.uk/news/articles/c7490n4rnkpo,2024-10-01T12:18:42.169Z,"On a flight from Warsaw back to London on Monday I had to crawl on the floor of the plane in order to reach the toilet. I have been paralysed ever since I was shot by al-Qaeda gunmen in Saudi Arabia 20 years ago. My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading. I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison. In this instance it was humiliating to have to shuffle along the floor of an aircraft in front of other passengers in my suit. Polish Airlines LOT, which flies in and out of Heathrow, said it was not its policy to have onboard aisle chairs. This is unacceptable for disabled passengers, since these devices are smaller than a pram, and can easily fold up to fit into a cupboard or an overhead locker.  British Airways, Easyjet, and every other airline I have flown with recently all have them on board as standard. This shouldn't be difficult to fix in my opinion. This ‘policy’ is surely wrong - it needs to be changed without delay. This is 2024, not 1970, and I find it extraordinary that an airline is allowed to fly in and out of British airports with a policy that effectively says ‘if you can’t walk, you can’t go to the toilet on our planes’. In a statement to the BBC, Polish Airlines LOT said it was ""deeply sorry for the distressing experience"", and that it ""sincerely apologises for the inconvenience and discomfort caused by the lack of an onboard wheelchair"". It said that due to ""limited space"" its short-haul flights do not have onboard wheelchairs, but that the airline understands ""the importance of accessibility"" and is ""actively testing solutions to equip our short-haul aircraft with onboard wheelchairs in the near future"". I’m afraid I don’t accept this as I flew with the airline in May from Tallinn to London, and the same thing happened there. In fact, its ground staff were really quite uncompromising and dismissed the idea that the plane should have this facility. The Polish cabin staff on Monday’s flight, however, were fantastic. They were embarrassed, apologetic and as helpful as they could be. They encouraged me to complain about this as they could see how wrong it was. I experienced something similar 12 years ago on Kenya Airways. After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline. I am surprised at having to raise this again. The UK rightly makes a big deal about disability rights. Television presenter and campaigner Sophie Morgan is doing a fantastic job of raising awareness in this area, even meeting President Biden to discuss it.  But it is shameful that disabled passengers flying out of British airports should still be so discriminated against in this way. ",BBC,01/10/2024,"['On a flight from Warsaw back to London on Monday I had to crawl on the floor of the plane in order to reach the toilet.', 'I have been paralysed ever since I was shot by al-Qaeda gunmen in Saudi Arabia 20 years ago.', 'My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading.', 'I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison.', 'In this instance it was humiliating to have to shuffle along the floor of an aircraft in front of other passengers in my suit.', 'Polish Airlines LOT, which flies in and out of Heathrow, said it was not its policy to have onboard aisle chairs.', 'This is unacceptable for disabled passengers, since these devices are smaller than a pram, and can easily fold up to fit into a cupboard or an overhead locker.', 'British Airways, Easyjet, and every other airline I have flown with recently all have them on board as standard.', ""This shouldn't be difficult to fix in my opinion."", 'This ‘policy’ is surely wrong - it needs to be changed without delay.', 'This is 2024, not 1970, and I find it extraordinary that an airline is allowed to fly in and out of British airports with a policy that effectively says ‘if you can’t walk, you can’t go to the toilet on our planes’.', 'In a statement to the BBC, Polish Airlines LOT said it was ""deeply sorry for the distressing experience"", and that it ""sincerely apologises for the inconvenience and discomfort caused by the lack of an onboard wheelchair"".', 'It said that due to ""limited space"" its short-haul flights do not have onboard wheelchairs, but that the airline understands ""the importance of accessibility"" and is ""actively testing solutions to equip our short-haul aircraft with onboard wheelchairs in the near future"".', 'I’m afraid I don’t accept this as I flew with the airline in May from Tallinn to London, and the same thing happened there.', 'In fact, its ground staff were really quite uncompromising and dismissed the idea that the plane should have this facility.', 'The Polish cabin staff on Monday’s flight, however, were fantastic.', 'They were embarrassed, apologetic and as helpful as they could be.', 'They encouraged me to complain about this as they could see how wrong it was.', 'I experienced something similar 12 years ago on Kenya Airways.', 'After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.', 'I am surprised at having to raise this again.', 'The UK rightly makes a big deal about disability rights.', 'Television presenter and campaigner Sophie Morgan is doing a fantastic job of raising awareness in this area, even meeting President Biden to discuss it.', 'But it is shameful that disabled passengers flying out of British airports should still be so discriminated against in this way.']",0.0091200448520645,"After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.","I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison.",0.0412885149319966,"After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.","My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading.",2024-10-02
Chancellor Rachel Reeves says she needs to raise £20bn. How might she do it?,https://www.bbc.co.uk/news/articles/ced0553gdzzo,2024-10-02T10:11:03.292Z,"You’re the chancellor. You want around £20bn of extra tax revenue each year. So how should you go about finding it? We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money. There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year. Now, whether that really is a newly discovered black hole is a matter of dispute. Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending. So if you were in her position, how might you go about raising it? Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake. This figure is somewhat arbitrary. In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time. And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond. In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well. So a lot will change by 30 October. How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas. Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax. Together, they represent two-thirds of the total cash that the government receives. However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges. So for our purposes, such tax rises are clearly verboten. That is a significant constraint. Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance. One way of raising money would simply be to reverse that cut and take us back to where we were before last November. So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing. But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at. One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs). But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “It might bring in a few billion, it’s not going to give you £20bn.” Another route is through inheritance tax. But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates. Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes. However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates. When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions. At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings. And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary. Between them, these perks cost the exchequer about £50bn a year. Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker. It is an area ripe for reform. Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago. A left-of-centre chancellor will be keen on the potential revenue to be found here. Now it has to be said, when it comes to squeezing more tax out of a population,  there are two broad approaches a chancellor can take. We might call them the expedient and the economic. The expedient is to search for places where you can raise money with a minimum of squealing. On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners. The economic approach is slightly different. It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways. In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions. On this account, you need to have a vision for how all the pieces of the tax system interact. “Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible. And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do. The basic principle is that people should pay tax once - not twice - on pensions. So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old. Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out. Judged against these principles of neutrality, our current system is a bit of a mess. Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out. That’s not logical. Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that. You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking. And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic. Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “The question is how far, how fast does she go?” he says.  “Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?” I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible? It’s possible, of course, that there could be important tax changes other than those I’ve talked about. More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats). It may be a step too far for this Budget, even if it’s one that many economists find appealing. An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms. It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four. Another way of looking at it is that would keep NHS England going for about 40 days a year. Or putting it another way, £20bn is less than 1% of our annual national income. And it’s about 1.7% of total government spending. It’s not revolutionary, but nor is it nothing. And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes. BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,02/10/2024,"['You’re the chancellor.', 'You want around £20bn of extra tax revenue each year.', 'So how should you go about finding it?', 'We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money.', 'There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.', 'Now, whether that really is a newly discovered black hole is a matter of dispute.', 'Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending.', 'So if you were in her position, how might you go about raising it?', 'Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake.', 'This figure is somewhat arbitrary.', ""In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time."", 'And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond.', 'In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well.', 'So a lot will change by 30 October.', 'How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas.', 'Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax.', 'Together, they represent two-thirds of the total cash that the government receives.', 'However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges.', 'So for our purposes, such tax rises are clearly verboten.', 'That is a significant constraint.', 'Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance.', 'One way of raising money would simply be to reverse that cut and take us back to where we were before last November.', 'So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing.', 'But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at.', 'One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).', 'But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “', 'It might bring in a few billion, it’s not going to give you £20bn.”', 'Another route is through inheritance tax.', 'But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates.', 'Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes.', 'However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates.', 'When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions.', 'At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings.', 'And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary.', 'Between them, these perks cost the exchequer about £50bn a year.', 'Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker.', 'It is an area ripe for reform.', 'Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago.', 'A left-of-centre chancellor will be keen on the potential revenue to be found here.', 'Now it has to be said, when it comes to squeezing more tax out of a population, there are two broad approaches a chancellor can take.', 'We might call them the expedient and the economic.', 'The expedient is to search for places where you can raise money with a minimum of squealing.', 'On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners.', 'The economic approach is slightly different.', 'It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways.', 'In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.', 'On this account, you need to have a vision for how all the pieces of the tax system interact. “', 'Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible.', 'And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do.', 'The basic principle is that people should pay tax once - not twice - on pensions.', 'So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old.', 'Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out.', 'Judged against these principles of neutrality, our current system is a bit of a mess.', 'Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out.', 'That’s not logical.', 'Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that.', 'You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking.', 'And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic.', 'Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “', 'The question is how far, how fast does she go?”', 'he says. “', 'Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?”', 'I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible?', 'It’s possible, of course, that there could be important tax changes other than those I’ve talked about.', 'More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats).', 'It may be a step too far for this Budget, even if it’s one that many economists find appealing.', 'An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.', 'It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four.', 'Another way of looking at it is that would keep NHS England going for about 40 days a year.', 'Or putting it another way, £20bn is less than 1% of our annual national income.', 'And it’s about 1.7% of total government spending.', 'It’s not revolutionary, but nor is it nothing.', 'And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes.', 'BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",0.0949456303972857,"One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).","In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.",0.0452926913897196,"An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.","There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.",2024-10-02
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1484142111167556,"Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0644681208273943,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-02
"Irish budget repeats 'boom-to-bust' mistakes, watchdog warns",https://www.bbc.co.uk/news/articles/c4g5wdlnwp9o,2024-10-02T06:47:25.917Z,"The Irish government is repeating past economic mistakes by pumping money into an already strong economy, a budget watchdog has warned. On Tuesday, Finance Minister Jack Chambers announced a budget package of spending increases and tax cuts. The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit. It added that the country needs ""a more serious vision that delivers on the economy's needs without repeating the boom-to-bust pattern of its past"". The council said the budget again breaches the government’s own rule that spending should not increase by more than 5% a year. It calculates that spending will increase by more than 9% this year and just under 6% next year. It said the cumulative breaches of the net spending rule since 2022 are ""substantial"" with total spending at least €12.5bn (£10.4bn) above what the rule would have allowed by 2025. The criticism was anticipated by the government with the public spending minister using his budget day speech to justify the rule breaches. Paschal Donohoe said that given the challenges of inflation and the pandemic, ""the 5% anchor was simply not appropriate to cover the growth and expansion of services our country needed"". He added: ""Our strategy was the right one. We made essential adjustments to it, depending on the particular set of challenges we were facing. ""Not to do so would have meant not being able to protect and provide for our people during times of great need."" ",BBC,02/10/2024,"['The Irish government is repeating past economic mistakes by pumping money into an already strong economy, a budget watchdog has warned.', 'On Tuesday, Finance Minister Jack Chambers announced a budget package of spending increases and tax cuts.', 'The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.', 'It added that the country needs ""a more serious vision that delivers on the economy\'s needs without repeating the boom-to-bust pattern of its past"".', 'The council said the budget again breaches the government’s own rule that spending should not increase by more than 5% a year.', 'It calculates that spending will increase by more than 9% this year and just under 6% next year.', 'It said the cumulative breaches of the net spending rule since 2022 are ""substantial"" with total spending at least €12.5bn (£10.4bn) above what the rule would have allowed by 2025.', 'The criticism was anticipated by the government with the public spending minister using his budget day speech to justify the rule breaches.', 'Paschal Donohoe said that given the challenges of inflation and the pandemic, ""the 5% anchor was simply not appropriate to cover the growth and expansion of services our country needed"".', 'He added: ""Our strategy was the right one.', 'We made essential adjustments to it, depending on the particular set of challenges we were facing. ""', 'Not to do so would have meant not being able to protect and provide for our people during times of great need.""']",0.0264244531896449,"Not to do so would have meant not being able to protect and provide for our people during times of great need.""",The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.,-0.317730360560947,It calculates that spending will increase by more than 9% this year and just under 6% next year.,The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.,2024-10-02
Irish budget: Personal tax cuts and cost-of-living help announced,https://www.bbc.co.uk/news/articles/c77x6g8rxgjo,2024-10-01T05:28:17.129Z,"The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget. There is growing speculation that the election will be held before Christmas. Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple. The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure. Further details of how it will be spent will be laid out early next year. Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added. The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn. Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year. Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported. Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing.  ""People see through the spin,"" he added. ""Your job is not to spend money; it's to get results."" ""Homeownership has collapsed under Fine Gael for young people,"" he added. The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy. The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually. Inflation in Ireland has fallen to below 2% as international energy prices have moderated. However there are some signs of growing, locally generated inflation in sectors like hospitality. The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.  However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing. The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin. Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months. ",BBC,01/10/2024,"['The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget.', 'There is growing speculation that the election will be held before Christmas.', 'Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple.', 'The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure.', 'Further details of how it will be spent will be laid out early next year.', 'Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""', 'Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added.', 'The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn.', 'Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.', 'Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported.', 'Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing. ""', 'People see through the spin,"" he added. ""', 'Your job is not to spend money; it\'s to get results."" ""', 'Homeownership has collapsed under Fine Gael for young people,"" he added.', 'The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.', 'The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually.', 'Inflation in Ireland has fallen to below 2% as international energy prices have moderated.', 'However there are some signs of growing, locally generated inflation in sectors like hospitality.', 'The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.', 'However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing.', 'The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin.', 'Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.']",0.1159864332363131,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,"The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.",-0.0483902653058369,Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,2024-10-02
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-02
Post Office scandal: Second IT system Capture 'likely' to have caused shortfalls,https://www.bbc.co.uk/news/articles/cx24pzpgy0eo,2024-09-30T15:20:18.799Z,"An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found. A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts. Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.  Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system. Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"". Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation."" The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"". Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts. The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice. But Monday's report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office's information technology team. ""We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said. Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said. Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe. The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.  In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said. Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use."" Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total. But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""There needs to be fast action on these failings, faster than we have seen before."" Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s. It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period. Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet. The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December. Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system. ",BBC,30/09/2024,"['An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found.', 'A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts.', 'Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.', 'Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system.', 'Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"".', 'Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation.""', 'The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts.', ""The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice."", 'But Monday\'s report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office\'s information technology team. ""', 'We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.', 'Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""', 'The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said.', 'Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe.', 'The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.', 'In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said.', 'Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""', 'Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""', 'A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use.""', 'Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total.', 'But Mr Hudgell said the report\'s findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""', 'We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""', 'There needs to be fast action on these failings, faster than we have seen before.""', 'Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s.', 'It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period.', 'Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet.', 'The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December.', 'Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system.']",-0.142586103036914,"The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".","We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. """,-0.5888237086209384,"But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""","We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.",2024-10-02
"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-10-02
U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-10-02
Microsoft: 'ever present' personal AI assistants are coming,https://www.bbc.co.uk/news/articles/czj9vmnlv9zo,2024-10-01T13:59:49.714Z,"Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman. Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added. Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping. But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do. For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities. Mr Suleyman argued that many people’s privacy expectations have changed over time. He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “Most people love that feature,” he said. “Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.” He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.  Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology. But some research suggests people are not consistently using it. A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day. Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “Maybe this is different to the smartphone,” he said. “Nearly 90% of the planet has a smartphone. Maybe that will be different. Maybe 50% will reject [AI tools}.” But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks. He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it. He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “The idea that this could be a bubble is utterly beyond me.” Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper. It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity. The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session. Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it. In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it. It will be re-launched in November with additional security measures. ",BBC,01/10/2024,"[""Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman."", 'Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “', 'I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added.', 'Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping.', 'But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.', 'For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities.', 'Mr Suleyman argued that many people’s privacy expectations have changed over time.', 'He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “', 'Most people love that feature,” he said. “', 'Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.”', 'He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.', 'Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology.', 'But some research suggests people are not consistently using it.', 'A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day.', 'Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “', 'Maybe this is different to the smartphone,” he said. “', 'Nearly 90% of the planet has a smartphone.', 'Maybe that will be different.', 'Maybe 50% will reject [AI tools}.”', 'But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.', 'He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it.', 'He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “', 'We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “', 'The idea that this could be a bubble is utterly beyond me.”', 'Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.', 'It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity.', 'The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session.', 'Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it.', 'In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it.', 'It will be re-launched in November with additional security measures.']",0.2086285614375073,"But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.","Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.",-0.2069584280252456,"But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.",Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “,2024-10-02
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+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.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.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. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""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.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', '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.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-10-02
"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-10-02
ScotRail's full timetable to return next Monday,https://www.bbc.co.uk/news/articles/c4glk63n0rlo,2024-10-01T10:24:10.912Z,"ScotRail will be restoring its full timetable from Monday 7 October. Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers. But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April. Peak time rail fares returned to train services in Scotland on 27 September. Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday.  ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers."" The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working. Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing. The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations. They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services. STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure."" He added that scrapping peak fares permanently was essential for a just and sustainable future. Imogen Dow, Friends of the Earth Scotland's head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “We urgently need to move as many journeys as possible from cars to sustainable transport.  ""Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic."" The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers. A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions. There was no official overtime ban. Drivers simply said they could not do overtime. They are contractually allowed to do this as overtime at the company is entirely voluntary. Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right. It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022. It continues to recruit 160 a year. Their training takes about 18 months and, inevitably, some drivers replace others who have left. Substantially reducing the company’s dependence on overtime will not be a quick process. But if the company wants to ensure that  informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers. ",BBC,01/10/2024,"['ScotRail will be restoring its full timetable from Monday 7 October.', 'Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers.', 'But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.', 'Peak time rail fares returned to train services in Scotland on 27 September.', 'Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""', 'The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working.', 'Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing.', 'The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations.', 'They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services.', 'STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""', 'This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""', 'If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure.""', 'He added that scrapping peak fares permanently was essential for a just and sustainable future.', 'Imogen Dow, Friends of the Earth Scotland\'s head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “', 'We urgently need to move as many journeys as possible from cars to sustainable transport. ""', 'Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic.""', 'The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers.', 'A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions.', 'There was no official overtime ban.', 'Drivers simply said they could not do overtime.', 'They are contractually allowed to do this as overtime at the company is entirely voluntary.', 'Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right.', 'It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022.', 'It continues to recruit 160 a year.', 'Their training takes about 18 months and, inevitably, some drivers replace others who have left.', 'Substantially reducing the company’s dependence on overtime will not be a quick process.', 'But if the company wants to ensure that informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers.']",0.0010924567715917,"He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""",There was no official overtime ban.,0.1078088100139911,"But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.","STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. """,2024-10-02
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-10-02
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-02
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-02
"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T19:36:38+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.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. While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', '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.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3842526494714203,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-10-02
Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-10-02
"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-10-02
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-02
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-02
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-02
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-02
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-02
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.', ""Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-02
"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-10-02
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-02
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-02
Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-10-02
"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-10-02
Union boss on US ports strike: 'I'm not playing games',https://www.bbc.co.uk/news/articles/c78d442v3e6o,2024-10-01T18:35:13.924Z,"Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said. Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""We're going to fight for it and we're going to win or this port will never open up again,"" he said. ""I'm not playing games here."" Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy. President Joe Biden has so far rebuffed calls by some of country's biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation.  ""It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said.  ""Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits."" The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas. The ports are estimated by experts to handle more than a third of the US's imports and exports. Disruption could lead to delays on goods deliveries for businesses and consumers. The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages. Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.  USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.  The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.  However, the ILA's Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike. He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract. The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.   ""I'm going to fight for it because those greedy companies are making billions of dollars and they don't want to share,"" he said. ""I want my members taken care of for the rest of their lives and that's why we're out here."" If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world.  ""We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,""  said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""The disruption is going to be massive if the strike lasts,"" she said. Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""It's going to interfere with the proper functioning of the flow of goods,"" he told the BBC. Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said. Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike. But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded. He said he was most worried about potential delivery days for special-order bridal gowns for November and December weddings.  ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us. That's a hard thing to explain to a potential bride,"" he said. About 75% of his merchandise is routed through east coast ports, he added. He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""I think it's beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can't be done to open this things back up."" ",BBC,01/10/2024,"['Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said.', 'Harold Daggett, head of the International Longshoremen\'s Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""', 'We\'re going to fight for it and we\'re going to win or this port will never open up again,"" he said. ""', 'I\'m not playing games here.""', 'Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.', 'President Joe Biden has so far rebuffed calls by some of country\'s biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation. ""', 'It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""', 'Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits.""', ""The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas."", ""The ports are estimated by experts to handle more than a third of the US's imports and exports."", 'Disruption could lead to delays on goods deliveries for businesses and consumers.', 'The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages.', 'Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.', 'USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.', 'The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""', 'We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.', 'However, the ILA\'s Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike.', 'He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ""', 'I\'m going to fight for it because those greedy companies are making billions of dollars and they don\'t want to share,"" he said. ""', 'I want my members taken care of for the rest of their lives and that\'s why we\'re out here.""', 'If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. ""', 'We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,"" said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""', 'The disruption is going to be massive if the strike lasts,"" she said.', 'Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""', 'It\'s going to interfere with the proper functioning of the flow of goods,"" he told the BBC.', 'Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said.', ""Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike."", 'But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded.', 'He said he was most worried about potential delivery days for special-order bridal gowns for November and December weddings. ""', ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us."", 'That\'s a hard thing to explain to a potential bride,"" he said.', 'About 75% of his merchandise is routed through east coast ports, he added.', 'He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""', 'I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""', 'I think it\'s beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can\'t be done to open this things back up.""']",0.08224909935848,"Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""","Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.",-0.1982956131299336,"It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""","If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. """,2024-10-01
Post Office scandal: Second IT system Capture 'likely' to have caused shortfalls,https://www.bbc.co.uk/news/articles/cx24pzpgy0eo,2024-09-30T15:20:18.799Z,"An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found. A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts. Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.  Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system. Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"". Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation."" The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"". Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts. The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice. But Monday's report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office's information technology team. ""We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said. Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said. Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe. The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.  In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said. Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use."" Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total. But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""There needs to be fast action on these failings, faster than we have seen before."" Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s. It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period. Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet. The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December. Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system. ",BBC,30/09/2024,"['An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found.', 'A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts.', 'Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.', 'Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system.', 'Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"".', 'Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation.""', 'The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts.', ""The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice."", 'But Monday\'s report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office\'s information technology team. ""', 'We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.', 'Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""', 'The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said.', 'Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe.', 'The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.', 'In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said.', 'Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""', 'Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""', 'A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use.""', 'Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total.', 'But Mr Hudgell said the report\'s findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""', 'We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""', 'There needs to be fast action on these failings, faster than we have seen before.""', 'Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s.', 'It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period.', 'Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet.', 'The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December.', 'Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system.']",-0.142586103036914,"The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".","We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. """,-0.5888237086209384,"But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""","We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.",2024-10-01
US ports strike causes first shutdown in almost 50 years,https://www.bbc.co.uk/news/articles/c3vkdp3rx17o,2024-09-30T18:13:29.842Z,"Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas. The action marks the first such shutdown in almost 50 years. President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act. Talks have been stalled for months and the current contract between parties expired on Monday. The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly."" The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators. On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options. Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation. USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table. Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience. Workers also receive other benefits, such as bonuses connected to container trade.  Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.  The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear. The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.  Time-sensitive imports, such as food, are likely to be among the goods first impacted. The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau. Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit. Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""I don't think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues. More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher. She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs. That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added. The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time. The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks. The strike risks putting President Biden in a tricky spot.  US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue. In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union. The US Chamber of Commerce business group has called on President Biden to take action. ""Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group. The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump in July. Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University. But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.   Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union's image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers' concerns about cost-of living and automation. ""As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don't think they will be swayed by public opinion in any meaningful way,"" he said.  ""What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer."" ",BBC,30/09/2024,"['Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas."", 'The action marks the first such shutdown in almost 50 years.', 'President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.', 'Talks have been stalled for months and the current contract between parties expired on Monday.', 'The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""', 'The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly.""', 'The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.', ""On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options."", 'Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.', 'USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.', ""Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience."", 'Workers also receive other benefits, such as bonuses connected to container trade.', 'Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.', 'The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries.', 'It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.', 'The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.', 'Time-sensitive imports, such as food, are likely to be among the goods first impacted.', 'The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.', 'Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said.', 'Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.', 'Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""', 'I don\'t think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.', 'More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.', 'She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""', 'This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.', 'That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added.', 'The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time.', 'The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.', 'The strike risks putting President Biden in a tricky spot.', 'US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.', 'In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union.', 'The US Chamber of Commerce business group has called on President Biden to take action. ""', 'Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021.', 'It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group.', ""The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago."", 'He met with Donald Trump in July.', 'Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.', 'But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors.', 'A related civil suit remains unresolved.', 'Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union\'s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers\' concerns about cost-of living and automation. ""', 'As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don\'t think they will be swayed by public opinion in any meaningful way,"" he said. ""', 'What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.""']",-0.0917301619336249,"On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options.","It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.",-0.4163661077618599,"Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.","More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.",2024-10-01
Ex-Harrods director won't take job as Fenwick boss,https://www.bbc.co.uk/news/articles/cq5ejjnp812o,2024-10-01T23:05:04.351Z,"Nigel Blow, a long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start in the role this month, the BBC has learned. Mr Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed. It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods. Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment. A day after contacting Fenwick, however, the BBC was told he would not be taking up the post. The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.  On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods. About 24 hours later, Fenwick told the BBC: ""In July 2024, we announced that we would be appointing Nigel Blow as CEO of Fenwick. Nigel Blow has informed us that he will no longer be taking up this position."" No reason for the decision has been given. Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK. It closed its branch on Bond Street in London earlier this year.  Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.  The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm. He is still listed as chief executive of Morleys on the LinkedIn social networking site. He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003. There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults.   Al Fayed died last year aged 94. Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.  In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.  It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017. The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation.  Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.  He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour. ",BBC,01/10/2024,"['Nigel Blow, a long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start in the role this month, the BBC has learned.', 'Mr Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed.', 'It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.', 'Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment.', 'A day after contacting Fenwick, however, the BBC was told he would not be taking up the post.', 'The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.', ""On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods."", 'About 24 hours later, Fenwick told the BBC: ""In July 2024, we announced that we would be appointing Nigel Blow as CEO of Fenwick.', 'Nigel Blow has informed us that he will no longer be taking up this position.""', 'No reason for the decision has been given.', 'Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.', 'It closed its branch on Bond Street in London earlier this year.', 'Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.', 'The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm.', 'He is still listed as chief executive of Morleys on the LinkedIn social networking site.', 'He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003.', ""There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults."", 'Al Fayed died last year aged 94.', 'Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.', 'In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.', 'It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017.', ""The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation."", 'Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.', 'He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour.']",-0.1371598671952168,"Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.",It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.,,,,2024-10-01
McDonald’s and supermarkets failed to spot slavery,https://www.bbc.co.uk/news/articles/c2kdg84zj4wo,2024-09-29T23:03:41.876Z,"Signs that modern slavery victims were being forced to work at a McDonald’s branch and a factory supplying bread products to major supermarkets were missed for years, the BBC has found. A gang forced 16 victims to work at either the fast-food restaurant or the factory - which supplied Asda, Co-op, M&S, Sainsbury’s, Tesco and Waitrose. Well-established signs of slavery, including paying the wages of four men into one bank account, were missed while the victims from the Czech Republic were exploited over more than four years. McDonald’s UK said it had improved systems for spotting “potential risks”, while the British Retail Consortium said its members would learn from the case. Six members of a family-run human trafficking network from the Czech Republic have been convicted in two criminal trials, which were delayed by the Covid pandemic. Reporting restrictions have prevented coverage of much of the case, but BBC England can now reveal the full scale of the gang’s crimes - and the missed opportunities to stop them. Nine victims were forced to work at the McDonald’s branch in Caxton, Cambridgeshire. Nine worked at the pitta bread company, with factories in Hoddesdon in Hertfordshire and Tottenham in north London, which made supermarket own-brand products. There were 16 victims in total across both sites, as two worked at both McDonald’s and the factory.  The victims - who were all vulnerable, most having experienced homelessness or addiction - earned at least the legal minimum wage, but nearly all of their pay was stolen by the gang. While they lived on a few pounds a day in cramped accommodation - including a leaking shed and an unheated caravan - police discovered their work was funding luxury cars, gold jewellery and a property in the Czech Republic for the gang. On several occasions, victims escaped and fled home only to be tracked down and trafficked back to the UK. The exploitation ended in October 2019 after victims contacted police in the Czech Republic, who then tipped off their British counterparts. But warning signs had been missed for at least four years, the BBC has discovered by reviewing legal documents from the gang’s trial and interviewing three victims.  The undetected red flags include: “It really concerns me that so many red flags were missed, and that maybe the companies didn’t do enough to protect vulnerable workers,” said Dame Sara Thornton, the former independent anti-slavery commissioner, who reviewed the BBC’s findings. Det Sgt Chris Acourt, who led the Cambridgeshire Police investigation, said there were “massive opportunities” that were missed to detect the slavery and alert authorities sooner. “Ultimately, we could have been in a situation to end that exploitation much earlier had we been made aware,” he said. Slavery on the High Street For seven years, vulnerable victims of trafficking were forced to make food for major high street chains. How did their exploitation go undetected for so long? Watch now on BBC iPlayer (UK Only) Like many of the victims, Pavel - who has waived his legal right to anonymity - was homeless in the Czech Republic when he was approached by the gang in 2016. He says he was lured in with the false promise of a well-paid job in the UK, where he could at the time work legally. But the reality of what he experienced has left lasting scars, he said. “You can’t undo the damage to my mental health, it will always live with me.” He was given just a few pounds a day in cash by his exploiters, despite working 70-hour weeks at the McDonald’s branch, he said. The gang - led by brothers Ernest and Zdenek Drevenak - confiscated the passports of all their victims and controlled them through fear and violence, police found. “We were afraid,” Pavel said. “If we were to escape and go home, [Ernest Drevenak] has a lot of friends in our town, half the town were his mates.”   The gang “treated their victims like livestock” feeding them just enough “to keep them going”, according to the Met’s Det Insp Melanie Lillywhite. She said victims were controlled by “invisible handcuffs” - monitored by CCTV, prevented from using phones or the internet and unable to speak English. “They really were cut off from the outside world,” she said. While the gang has been convicted in court, Pavel believes McDonald’s also shares some responsibility. “I do feel partially exploited by McDonald’s because they didn’t act,” he said. “I thought if I was working for McDonalds, that they would be a little bit more cautious, that they will notice it.” Two former colleagues told the BBC the extreme hours the men worked - and the impact it had on them - was plain to see.  Like most McDonald’s, the Caxton outlet - on the A428 - is a franchise, which means an independent business pays the fast-food giant to allow it to run the restaurant. While victims worked there between 2015 and 2019, it was run by two different franchise-holders. We contacted both, but they did not respond. McDonald’s UK declined our offer of an interview, but provided a statement on behalf of the corporation and its franchisees. It said the current franchisee - Ahmet Mustafa - had only been “exposed to the full depth of these horrific, complex and sophisticated crimes” in the course of his co-operating with police and the prosecution. The company said it cares “deeply” about all employees and promised that - working with franchisees - it would “play our part alongside government, NGOs [Non-governmental organisations] and wider society to help combat the evils of modern slavery”. It also said it commissioned an independent review in October 2023 and had taken action to improve its ability to “detect and deter potential risks, such as: shared bank accounts, excessive working hours, and reviewing the use of interpreters in interviews”. The bakery company - Speciality Flatbread Ltd - ceased trading and went into administration in 2022. None of the supermarkets detected the slavery while victims worked at the factory between 2012 and 2019. Dame Sara said she would have expected the retailers to be doing “pretty thorough due diligence”, adding that they normally “take much greater care about their own brand products because that’s their reputation that’s on the line”. Sainsbury’s said it stopped using the company as an own-brand supplier in 2016. The others only stopped sometime after police rescued the victims in 2019. Asda told the BBC it was “disappointed that a historic case has been found in our supply chain”, adding that it would “review every case identified and act upon the learnings”. It said it had made three site visits, but focused solely on food safety, and had stopped using the factory in 2020. Tesco said inspections - supported by information from anti-slavery charity Unseen - “revealed concerning working practices” and the company “ceased all orders from the supplier” in 2020. Waitrose said it pulled out in 2021 after its audits led to “concerns about factory standards and working conditions”. The Co-op said it made “a number” of unannounced inspections, including worker interviews, but found no signs of modern slavery, adding that the company “actively work to tackle the shocking issue… both in the UK and abroad”. M&S said it suspended and delisted the company in 2020 after it “became aware of potential breaches of ethical labour standards via the modern slavery helpline”. The British Retail Consortium said workers’ welfare was “fundamental” to retailers, who it said acted quickly when concerns are raised. “Nonetheless, it is important that the retail industry learns from cases like this to continually strengthen due diligence,” it said.  Speciality Flatbreads’ director Andrew Charalambous did not respond to written requests for comment, but in a phone call from the BBC said he had supported the police and prosecution, adding that the company had been “thoroughly audited by top law firms” and “everything we were doing was legal”. He added: “From our perspective we didn’t break the law in any way, having said that, yes, maybe you’re right in that maybe there were certain telltale signs or things like that, but that would have been for the HR department who were dealing with it on the front line.” The Modern Slavery Act requires larger companies - including McDonald’s and the supermarkets, but not the factory - to publish annual statements outlining what they will do to tackle the issue. Former Prime Minister Baroness Theresa May, who introduced the act as home secretary in 2015, accepted the law failed to protect victims in this case, and believes it needs to be “beefed up”. The former PM - who now leads the Global Commission on Modern Slavery and Human Trafficking - said the case was “frankly shocking” and shows “large companies not properly looking into their supply chains”. She said the global commission was reviewing what new laws are needed “to ensure action is being taken by companies”. Responding to the case, the government said it would “set out next steps on the issue of modern slavery in due course”. It said it was “committed to tackling all forms of modern slavery” and would “pursue gangs and employers with every lever at our disposal while ensuring that victims are provided with the support they need”.  Additional reporting by Mary O'Reilly and Maria Jevstafjeva  Details of organisations offering support for victims of modern slavery are available at bbc.co.uk/actionline ",BBC,29/09/2024,"['Signs that modern slavery victims were being forced to work at a McDonald’s branch and a factory supplying bread products to major supermarkets were missed for years, the BBC has found.', 'A gang forced 16 victims to work at either the fast-food restaurant or the factory - which supplied Asda, Co-op, M&S, Sainsbury’s, Tesco and Waitrose.', 'Well-established signs of slavery, including paying the wages of four men into one bank account, were missed while the victims from the Czech Republic were exploited over more than four years.', 'McDonald’s UK said it had improved systems for spotting “potential risks”, while the British Retail Consortium said its members would learn from the case.', 'Six members of a family-run human trafficking network from the Czech Republic have been convicted in two criminal trials, which were delayed by the Covid pandemic.', 'Reporting restrictions have prevented coverage of much of the case, but BBC England can now reveal the full scale of the gang’s crimes - and the missed opportunities to stop them.', 'Nine victims were forced to work at the McDonald’s branch in Caxton, Cambridgeshire.', 'Nine worked at the pitta bread company, with factories in Hoddesdon in Hertfordshire and Tottenham in north London, which made supermarket own-brand products.', 'There were 16 victims in total across both sites, as two worked at both McDonald’s and the factory.', 'The victims - who were all vulnerable, most having experienced homelessness or addiction - earned at least the legal minimum wage, but nearly all of their pay was stolen by the gang.', 'While they lived on a few pounds a day in cramped accommodation - including a leaking shed and an unheated caravan - police discovered their work was funding luxury cars, gold jewellery and a property in the Czech Republic for the gang.', 'On several occasions, victims escaped and fled home only to be tracked down and trafficked back to the UK.', 'The exploitation ended in October 2019 after victims contacted police in the Czech Republic, who then tipped off their British counterparts.', 'But warning signs had been missed for at least four years, the BBC has discovered by reviewing legal documents from the gang’s trial and interviewing three victims.', 'The undetected red flags include: “It really concerns me that so many red flags were missed, and that maybe the companies didn’t do enough to protect vulnerable workers,” said Dame Sara Thornton, the former independent anti-slavery commissioner, who reviewed the BBC’s findings.', 'Det Sgt Chris Acourt, who led the Cambridgeshire Police investigation, said there were “massive opportunities” that were missed to detect the slavery and alert authorities sooner. “', 'Ultimately, we could have been in a situation to end that exploitation much earlier had we been made aware,” he said.', 'Slavery on the High Street For seven years, vulnerable victims of trafficking were forced to make food for major high street chains.', 'How did their exploitation go undetected for so long?', 'Watch now on BBC iPlayer (UK Only) Like many of the victims, Pavel - who has waived his legal right to anonymity - was homeless in the Czech Republic when he was approached by the gang in 2016.', 'He says he was lured in with the false promise of a well-paid job in the UK, where he could at the time work legally.', 'But the reality of what he experienced has left lasting scars, he said. “', 'You can’t undo the damage to my mental health, it will always live with me.”', 'He was given just a few pounds a day in cash by his exploiters, despite working 70-hour weeks at the McDonald’s branch, he said.', 'The gang - led by brothers Ernest and Zdenek Drevenak - confiscated the passports of all their victims and controlled them through fear and violence, police found. “', 'We were afraid,” Pavel said. “', 'If we were to escape and go home, [Ernest Drevenak] has a lot of friends in our town, half the town were his mates.”', 'The gang “treated their victims like livestock” feeding them just enough “to keep them going”, according to the Met’s Det Insp Melanie Lillywhite.', 'She said victims were controlled by “invisible handcuffs” - monitored by CCTV, prevented from using phones or the internet and unable to speak English. “', 'They really were cut off from the outside world,” she said.', 'While the gang has been convicted in court, Pavel believes McDonald’s also shares some responsibility. “', 'I do feel partially exploited by McDonald’s because they didn’t act,” he said. “', 'I thought if I was working for McDonalds, that they would be a little bit more cautious, that they will notice it.”', 'Two former colleagues told the BBC the extreme hours the men worked - and the impact it had on them - was plain to see.', 'Like most McDonald’s, the Caxton outlet - on the A428 - is a franchise, which means an independent business pays the fast-food giant to allow it to run the restaurant.', 'While victims worked there between 2015 and 2019, it was run by two different franchise-holders.', 'We contacted both, but they did not respond.', 'McDonald’s UK declined our offer of an interview, but provided a statement on behalf of the corporation and its franchisees.', 'It said the current franchisee - Ahmet Mustafa - had only been “exposed to the full depth of these horrific, complex and sophisticated crimes” in the course of his co-operating with police and the prosecution.', 'The company said it cares “deeply” about all employees and promised that - working with franchisees - it would “play our part alongside government, NGOs [Non-governmental organisations] and wider society to help combat the evils of modern slavery”.', 'It also said it commissioned an independent review in October 2023 and had taken action to improve its ability to “detect and deter potential risks, such as: shared bank accounts, excessive working hours, and reviewing the use of interpreters in interviews”.', 'The bakery company - Speciality Flatbread Ltd - ceased trading and went into administration in 2022.', 'None of the supermarkets detected the slavery while victims worked at the factory between 2012 and 2019.', 'Dame Sara said she would have expected the retailers to be doing “pretty thorough due diligence”, adding that they normally “take much greater care about their own brand products because that’s their reputation that’s on the line”.', 'Sainsbury’s said it stopped using the company as an own-brand supplier in 2016.', 'The others only stopped sometime after police rescued the victims in 2019.', 'Asda told the BBC it was “disappointed that a historic case has been found in our supply chain”, adding that it would “review every case identified and act upon the learnings”.', 'It said it had made three site visits, but focused solely on food safety, and had stopped using the factory in 2020.', 'Tesco said inspections - supported by information from anti-slavery charity Unseen - “revealed concerning working practices” and the company “ceased all orders from the supplier” in 2020.', 'Waitrose said it pulled out in 2021 after its audits led to “concerns about factory standards and working conditions”.', 'The Co-op said it made “a number” of unannounced inspections, including worker interviews, but found no signs of modern slavery, adding that the company “actively work to tackle the shocking issue… both in the UK and abroad”.', 'M&S said it suspended and delisted the company in 2020 after it “became aware of potential breaches of ethical labour standards via the modern slavery helpline”.', 'The British Retail Consortium said workers’ welfare was “fundamental” to retailers, who it said acted quickly when concerns are raised. “', 'Nonetheless, it is important that the retail industry learns from cases like this to continually strengthen due diligence,” it said.', 'Speciality Flatbreads’ director Andrew Charalambous did not respond to written requests for comment, but in a phone call from the BBC said he had supported the police and prosecution, adding that the company had been “thoroughly audited by top law firms” and “everything we were doing was legal”.', 'He added: “From our perspective we didn’t break the law in any way, having said that, yes, maybe you’re right in that maybe there were certain telltale signs or things like that, but that would have been for the HR department who were dealing with it on the front line.”', 'The Modern Slavery Act requires larger companies - including McDonald’s and the supermarkets, but not the factory - to publish annual statements outlining what they will do to tackle the issue.', 'Former Prime Minister Baroness Theresa May, who introduced the act as home secretary in 2015, accepted the law failed to protect victims in this case, and believes it needs to be “beefed up”.', 'The former PM - who now leads the Global Commission on Modern Slavery and Human Trafficking - said the case was “frankly shocking” and shows “large companies not properly looking into their supply chains”.', 'She said the global commission was reviewing what new laws are needed “to ensure action is being taken by companies”.', 'Responding to the case, the government said it would “set out next steps on the issue of modern slavery in due course”.', 'It said it was “committed to tackling all forms of modern slavery” and would “pursue gangs and employers with every lever at our disposal while ensuring that victims are provided with the support they need”.', ""Additional reporting by Mary O'Reilly and Maria Jevstafjeva Details of organisations offering support for victims of modern slavery are available at bbc.co.uk/actionline""]",-0.2049928694608886,"Dame Sara said she would have expected the retailers to be doing “pretty thorough due diligence”, adding that they normally “take much greater care about their own brand products because that’s their reputation that’s on the line”.","Signs that modern slavery victims were being forced to work at a McDonald’s branch and a factory supplying bread products to major supermarkets were missed for years, the BBC has found.",-0.3555685917536417,"McDonald’s UK said it had improved systems for spotting “potential risks”, while the British Retail Consortium said its members would learn from the case.",Waitrose said it pulled out in 2021 after its audits led to “concerns about factory standards and working conditions”.,2024-10-01
"House price growth at near two-year high, says Nationwide",https://www.bbc.co.uk/news/articles/c4g9dx5y4vro,2024-09-30T06:24:23.965Z,"UK house prices in September rose by 3.2% compared with a year ago - the fastest rate for nearly two years, according to Nationwide. The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase. It said rising incomes and mortgage rate cuts were improving affordability for buyers. Separate data from the Bank of England also showed mortgage approvals at their highest level for two years. The average UK house price in September was £266,094, Nationwide said. The building society’s data, which is based on its own mortgage lending, showed that UK prices rose by 0.7% in September compared with the previous month. August had recorded a slight fall on the monthly measure. “Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters,” said Nationwide’s chief economist, Robert Gardner. “These trends have helped to improve affordability for prospective buyers.” However, he said that while activity in the housing market and prices had picked up, they remained subdued compared with historical standards. Amy Reynolds, head of sales at estate agency Antony Roberts, said: “While sellers may be encouraged by these price rises, we find if a property is too highly priced, applicants don’t waste their time and view. “So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level."" The latest survey comes as competition has intensified between lenders in recent months. Brokers say that providers have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. Nationwide, which is the UK's largest building society, recently announced new borrowers could request a mortgage up to six times their total income with a 5% deposit, but it would only be available for those taking out a five or 10-year fixed-rate deal. Other lenders have also been lowering the rates of interest they charge. However, the cost of a mortgage deposit, as well as the monthly repayments, remain major hurdles for potential first-time buyers. House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited. But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up. In a further sign of increased activity, figures from the Bank of England show that lenders have approved the highest number of mortgages for house purchases since just before the mini-budget during the premiership of Liz Truss. They approved 64,900 mortgages for house purchases in August, up from 62,500 in July. This was the highest since August 2022 and more than analysts had expected. House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited. But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up. Nationwide said that terraced homes had seen the biggest price increases in the past year, up 3.5% on average. Semi-detached houses and flats saw increases of 2.8% and 2.7% respectively, with detached houses up 1.7%. However, larger homes had shot up in price during the so-called race for space during the Covid pandemic. The Nationwide survey only takes into account buyers with mortgages and does not include those who purchase homes with cash or buy-to-let deals. Cash buyers account for around a third of housing sales. Rival lender, the Halifax, will publish its house price index for September in the coming days. ",BBC,30/09/2024,"['UK house prices in September rose by 3.2% compared with a year ago - the fastest rate for nearly two years, according to Nationwide.', 'The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase.', 'It said rising incomes and mortgage rate cuts were improving affordability for buyers.', 'Separate data from the Bank of England also showed mortgage approvals at their highest level for two years.', 'The average UK house price in September was £266,094, Nationwide said.', 'The building society’s data, which is based on its own mortgage lending, showed that UK prices rose by 0.7% in September compared with the previous month.', 'August had recorded a slight fall on the monthly measure. “', 'Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters,” said Nationwide’s chief economist, Robert Gardner. “', 'These trends have helped to improve affordability for prospective buyers.”', 'However, he said that while activity in the housing market and prices had picked up, they remained subdued compared with historical standards.', 'Amy Reynolds, head of sales at estate agency Antony Roberts, said: “While sellers may be encouraged by these price rises, we find if a property is too highly priced, applicants don’t waste their time and view. “', 'So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level.""', 'The latest survey comes as competition has intensified between lenders in recent months.', 'Brokers say that providers have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', ""Nationwide, which is the UK's largest building society, recently announced new borrowers could request a mortgage up to six times their total income with a 5% deposit, but it would only be available for those taking out a five or 10-year fixed-rate deal."", 'Other lenders have also been lowering the rates of interest they charge.', 'However, the cost of a mortgage deposit, as well as the monthly repayments, remain major hurdles for potential first-time buyers.', 'House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.', 'But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up.', 'In a further sign of increased activity, figures from the Bank of England show that lenders have approved the highest number of mortgages for house purchases since just before the mini-budget during the premiership of Liz Truss.', 'They approved 64,900 mortgages for house purchases in August, up from 62,500 in July.', 'This was the highest since August 2022 and more than analysts had expected.', 'House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.', 'But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up.', 'Nationwide said that terraced homes had seen the biggest price increases in the past year, up 3.5% on average.', 'Semi-detached houses and flats saw increases of 2.8% and 2.7% respectively, with detached houses up 1.7%.', 'However, larger homes had shot up in price during the so-called race for space during the Covid pandemic.', 'The Nationwide survey only takes into account buyers with mortgages and does not include those who purchase homes with cash or buy-to-let deals.', 'Cash buyers account for around a third of housing sales.', 'Rival lender, the Halifax, will publish its house price index for September in the coming days.']",0.1762784201908416,"So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level.""","House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.",0.6468681422146884,"The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase.",August had recorded a slight fall on the monthly measure. “,2024-10-01
Surat: The world’s diamond polishing capital feels the Ukraine-Russia war impact,https://www.bbc.co.uk/news/articles/c1e866ypp1zo,2024-09-30T01:04:21.952Z,"Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May. The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed. Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank. Tank died by suicide in August. The last few years have been tough for India’s recession-hit diamond industry. Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers. The city has 15 big polishing units with an annual turnover of more than $100m (£75m). India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024. The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts. Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses. The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn. The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown. The BBC could not independently verify this figure. Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading  manufacturer. India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets. In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries. After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes. Traders in Surat echo that. ""India is at the low end of the value chain of the diamond industry. The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah. Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business. The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP). He said the police were investigating the suicide cases attributed to job losses. ""The government is ready to provide all possible help to polishers, traders and businessmen,” he said. But the families of at least nine workers, who recently took their lives, said they had received little help from the government. The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them. But bigger players are impacted too. Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason. In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help. But there have been others who couldn’t get help in time. Vaishali Patel, 38, lost her husband Nitin two years back. The polishing unit he worked for had laid off a majority of its staff because of a lack of business. Brokers and traders too are facing the brunt. “We have been sitting idle for days. There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers. Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market. Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise. Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless. Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""This too shall pass,"" he says. ",BBC,30/09/2024,"['Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May.', 'The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed.', 'Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘', 'He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank.', 'Tank died by suicide in August.', 'The last few years have been tough for India’s recession-hit diamond industry.', 'Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers.', 'The city has 15 big polishing units with an annual turnover of more than $100m (£75m).', 'India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024.', 'The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.', 'Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses.', 'The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn.', 'The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.', 'The BBC could not independently verify this figure.', 'Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “', 'The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading manufacturer.', 'India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets.', 'In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries.', 'After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes.', 'Traders in Surat echo that. ""', 'India is at the low end of the value chain of the diamond industry.', 'The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah.', 'Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business.', ""The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “"", ""The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP)."", 'He said the police were investigating the suicide cases attributed to job losses. ""', 'The government is ready to provide all possible help to polishers, traders and businessmen,” he said.', 'But the families of at least nine workers, who recently took their lives, said they had received little help from the government.', 'The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them.', 'But bigger players are impacted too.', 'Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason.', ""In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help."", 'But there have been others who couldn’t get help in time.', 'Vaishali Patel, 38, lost her husband Nitin two years back.', 'The polishing unit he worked for had laid off a majority of its staff because of a lack of business.', 'Brokers and traders too are facing the brunt. “', 'We have been sitting idle for days.', 'There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers.', 'Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market.', 'Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.', 'Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless.', 'Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""', 'This too shall pass,"" he says.']",-0.0924295648266793,Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.,"The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.",-0.6563723584016165,"Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""","The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.",2024-10-01
Microsoft: 'ever present' personal AI assistants are coming,https://www.bbc.co.uk/news/articles/czj9vmnlv9zo,2024-10-01T13:59:49.714Z,"Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman. Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added. Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping. But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do. For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities. Mr Suleyman argued that many people’s privacy expectations have changed over time. He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “Most people love that feature,” he said. “Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.” He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.  Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology. But some research suggests people are not consistently using it. A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day. Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “Maybe this is different to the smartphone,” he said. “Nearly 90% of the planet has a smartphone. Maybe that will be different. Maybe 50% will reject [AI tools}.” But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks. He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it. He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “The idea that this could be a bubble is utterly beyond me.” Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper. It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity. The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session. Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it. In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it. It will be re-launched in November with additional security measures. ",BBC,01/10/2024,"[""Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman."", 'Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “', 'I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added.', 'Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping.', 'But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.', 'For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities.', 'Mr Suleyman argued that many people’s privacy expectations have changed over time.', 'He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “', 'Most people love that feature,” he said. “', 'Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.”', 'He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.', 'Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology.', 'But some research suggests people are not consistently using it.', 'A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day.', 'Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “', 'Maybe this is different to the smartphone,” he said. “', 'Nearly 90% of the planet has a smartphone.', 'Maybe that will be different.', 'Maybe 50% will reject [AI tools}.”', 'But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.', 'He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it.', 'He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “', 'We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “', 'The idea that this could be a bubble is utterly beyond me.”', 'Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.', 'It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity.', 'The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session.', 'Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it.', 'In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it.', 'It will be re-launched in November with additional security measures.']",0.2086285614375073,"But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.","Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.",-0.2069584280252456,"But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.",Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “,2024-10-01
Xi Jinping is worried about the economy - what do Chinese people think?,https://www.bbc.co.uk/news/articles/c3e95lny0x9o,2024-09-30T22:04:09.597Z,"China’s sputtering economy has its worried leaders pulling out all the stops.  They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week. On Monday, Xi himself spoke of ""potential dangers"" and being ""well-prepared"" to overcome grave challenges, which many believe was a reference to the economy.    What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored. But two new pieces of research offer some insight. The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about their prospects. The second is a record of protests, both physical and online, that noted a rise in incidents driven by economic grievances. Although far from complete, the picture neverthless provides a rare glimpse into the current economic climate, and how Chinese people feel about their future. Beyond the crisis in real estate, steep public debt and rising unemployment have hit savings and spending. The world’s second-largest economy may miss its own growth target - 5% - this year. That is sobering for the Chinese Communist Party. Explosive growth turned China into a global power, and stable prosperity was the carrot offered by a repressive regime that would never loosen its grip on the stick. The slowdown hit as the pandemic ended, partly driven by three years of sudden and complete lockdowns, which strangled economic activity. And that contrast between the years before and after the pandemic is evident in the research by American professors Martin Whyte of Harvard University, Scott Rozelle of Stanford University's Center on China's Economy and Stanford masters student Michael Alisky. They conducted their surveys in 2004 and 2009, before Xi Jinping became China’s leader, and during his rule in 2014 and 2023. The sample sizes varied, ranging between 3,000 and 7,500. In 2004, nearly 60% of the respondents said their families’ economic situation had improved over the past five years - and just as many of them felt optimistic about the next five years.  The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying  things had improved, while 68.8% and 73% were hopeful about the future.  However in 2023, only 38.8% felt life had got better for their families. And less than half - about 47% - believed things would improve over the next five years. Meanwhile, the proportion of those who felt pessimistic about the future rose, from just 2.3% in 2004 to 16% in 2023. While the surveys were of a nationally representative sample aged 20 to 60, getting access to a broad range of opinions is a challenge in authoritarian China.  Respondents were from 26 Chinese provinces and administrative regions. The 2023 surveys excluded Xinjiang and parts of Tibet - Mr Whyte said it was “a combination of extra costs due to remote locations and political sensitivity”. Home to ethnic minorities, these tightly controlled areas in the north-west have long bristled under Beijing's rule.  Those who were not willing to speak their minds did not participate in the survey, the researchers said. Those who did shared their views when they were told it was for academic purposes, and would remain confidential.   Their anxieties are reflected in the choices that are being made by many young Chinese people. With unemployment on the rise, millions of college graduates have been forced to accept low-wage jobs, while others have embraced a “lie flat” attitude, pushing back against relentless work. Still others have opted to be “full-time children”, returning home to their parents because they cannot find a job, or are burnt out. Analysts believe China’s iron-fisted management of Covid-19 played a big role in undoing people’s optimism. “[It] was a turning point for many… It reminded everyone of how authoritarian the state was. People felt policed like never before,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added. Moxi, 38, was one of them. He left his job as a psychiatrist and moved to Dali, a lakeside city in southwestern China now popular with young people who want a break from high-pressure jobs. ""When I was still a psychiatrist, I didn't even have the time or energy to think about where my life was heading,"" he told the BBC. ""There was no room for optimism or pessimism. It was just work."" Work, however, no longer seems to signal a promising future, according to the survey. In 2004, 2009 and 2014, more than six in 10 respondents agreed that ""effort is always rewarded"" in China. Those who disagreed hovered around 15%. Come 2023, the sentiment flipped. Only 28.3% believed that their hard work would pay off, while a third of them disagreed. The disagreement was strongest among lower-income families, who earned less than 50,000 yuan ($6,989; £5,442) a year. Chinese people are often told that the years spent studying and chasing degrees will be rewarded with financial success. Part of this expectation has been shaped by a tumultuous history, where people gritted their teeth through the pain of wars and famine, and plodded on. Chinese leaders, too, have touted such a work ethic. Xi's Chinese Dream, for example, echoes the American Dream, where hard work and talent pay off. He has urged young people to ""eat bitterness"", a Chinese phrase for enduring hardship. But in 2023, a majority of the respondents in the Whyte and Rozelle study believed people were rich because of the privilege afforded by their families and connections. A decade earlier, respondents had attributed wealth to ability, talent, a good education and hard work. This is despite Xi’s signature “common prosperity” policy aimed at narrowing the wealth gap, although critics say it has only resulted in a crackdown on businesses.  There are other indicators of discontent, such as an 18% rise in protests in the second quarter of 2024, compared with the same period last year, according to the China Dissent Monitor (CDM). The study defines protests as any instance when people voice grievances or advance their interests in ways that are in contention with authority - this could happen physically or online. Such episodes, however small, are still telling in China, where even lone protesters are swiftly tracked down and detained. A least three in four cases are due to economic grievances, said Kevin Slaten, one of the CDM study's four editors. Starting in June 2022, the group has documented nearly 6,400 such events so far. They saw a rise in protests led by rural residents and blue-collar workers over land grabs and low wages, but also noted middle-class citizens organising because of the real estate crisis. Protests by homeowners and construction workers made up 44% of the cases across more than 370 cities. ""This does not immediately mean China’s economy is imploding,” Mr Slaten was quick to stress.  Although, he added, ""it is difficult to predict"" how such ""dissent may accelerate if the economy keeps getting worse"".  Chinese leaders are certainly concerned. Between August 2023 and Janaury 2024, Beijing stopped releasing youth unemployment figures after they hit a record high. At one point, officials coined the term ""slow employment"" to describe those who were taking time to find a job - a separate category, they said, from the jobless.  Censors have been cracking down on any source of financial frustration - vocal online posts are promptly scrubbed, while influencers have been blocked on social media for flaunting luxurious tastes. State media has defended the bans as part of the effort to create a “civilised, healthy and harmonious” environment. More alarming perhaps are reports last week that a top economist, Zhu Hengpeng, has been detained for critcising Xi's handling of the economy.  The Communist Party tries to control the narrative by “shaping what information people have access to, or what is perceived as negative”, Mr Slaten said. CDM’s research shows that, despite the level of state control, discontent has fuelled protests - and that will worry Beijing. In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies. Whyte, Rozelle and Alisky don't think their findings suggest “popular anger about… inequality is likely to explode in a social volcano of protest."" But the economic slowdown has begun to ""undermine"" the legitimacy the Party has built up through ""decades of sustained economic growth and improved living standards"", they write. The pandemic still haunts many Chinese people, said Yun Zhou, a sociology professor at the University of Michigan. Beijing’s “stringent yet mercurial responses” during the pandemic have heightened people’s insecurity about the future.  And this is particularly visceral among marginalised groups, she added, such as women caught in a “severely discriminatory” labour market and rural residents who have long been excluded from welfare coverage. Under China’s contentious “hukou” system of household registration, migrant workers in cities are not allowed to use public services, such as enrolling their children in government-run schools. But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams. Moxi is relieved to have found a slower pace of life in Dali. “The number of patients who came to me for depression and anxiety disorders only increased as the economy boomed,"" he said, recalling his past work as a psychiatrist.  ""There’s a big difference between China doing well, and Chinese people doing well.""  Whyte, Rozelle and Alisky’s research is based on four sets of academic surveys conducted between 2004 and 2023. In-person surveys were conducted together with colleagues at Peking University's Research Center on Contemporary China (RCCC) in 2004, 2009 and 2014. Participants ranged in age from 18-70 and came from 29 provinces. Tibet and Xingiang were excluded. In 2023, three rounds of online surveys, at the end of the second, third and fourth quarters, were conducted by the Survey and Research Centre for China Household Finance (CHFS) at Southwestern University of Finance and Economics in Chengdu, China. Participants ranged in age from 20-60. The same questions were used in all surveys. To make responses comparable across all four years, the researchers excluded participants aged 18-19 and 61-70 and reweighted all answers to be nationally representative. All surveys contain a margin of error. The study has been accepted for publication by The China Journal and is expected to be published in 2025. Researchers for the China Dissent Monitor (CDM) have collected data on “dissent events” across China since June 2022 from a variety of non-government sources including news reports, social media platforms operating in the country and civil society organisations. Dissent events are defined as instances where a person or persons use public and non-official means of expressing their dissatisfaction. Each event is highly visible and also subject to or at risk of government response, through physical repression or censorship. These can include viral social media posts, demonstrations, banner drops and strikes, among others. Many events are difficult to independently verify. Charts by Pilar Tomas of the BBC News Data Journalism Team ",BBC,30/09/2024,"['China’s sputtering economy has its worried leaders pulling out all the stops.', 'They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week.', 'On Monday, Xi himself spoke of ""potential dangers"" and being ""well-prepared"" to overcome grave challenges, which many believe was a reference to the economy.', 'What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored.', 'But two new pieces of research offer some insight.', 'The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about their prospects.', 'The second is a record of protests, both physical and online, that noted a rise in incidents driven by economic grievances.', 'Although far from complete, the picture neverthless provides a rare glimpse into the current economic climate, and how Chinese people feel about their future.', 'Beyond the crisis in real estate, steep public debt and rising unemployment have hit savings and spending.', 'The world’s second-largest economy may miss its own growth target - 5% - this year.', 'That is sobering for the Chinese Communist Party.', 'Explosive growth turned China into a global power, and stable prosperity was the carrot offered by a repressive regime that would never loosen its grip on the stick.', 'The slowdown hit as the pandemic ended, partly driven by three years of sudden and complete lockdowns, which strangled economic activity.', ""And that contrast between the years before and after the pandemic is evident in the research by American professors Martin Whyte of Harvard University, Scott Rozelle of Stanford University's Center on China's Economy and Stanford masters student Michael Alisky."", 'They conducted their surveys in 2004 and 2009, before Xi Jinping became China’s leader, and during his rule in 2014 and 2023.', 'The sample sizes varied, ranging between 3,000 and 7,500.', 'In 2004, nearly 60% of the respondents said their families’ economic situation had improved over the past five years - and just as many of them felt optimistic about the next five years.', 'The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying things had improved, while 68.8% and 73% were hopeful about the future.', 'However in 2023, only 38.8% felt life had got better for their families.', 'And less than half - about 47% - believed things would improve over the next five years.', 'Meanwhile, the proportion of those who felt pessimistic about the future rose, from just 2.3% in 2004 to 16% in 2023.', 'While the surveys were of a nationally representative sample aged 20 to 60, getting access to a broad range of opinions is a challenge in authoritarian China.', 'Respondents were from 26 Chinese provinces and administrative regions.', 'The 2023 surveys excluded Xinjiang and parts of Tibet - Mr Whyte said it was “a combination of extra costs due to remote locations and political sensitivity”.', ""Home to ethnic minorities, these tightly controlled areas in the north-west have long bristled under Beijing's rule."", 'Those who were not willing to speak their minds did not participate in the survey, the researchers said.', 'Those who did shared their views when they were told it was for academic purposes, and would remain confidential.', 'Their anxieties are reflected in the choices that are being made by many young Chinese people.', 'With unemployment on the rise, millions of college graduates have been forced to accept low-wage jobs, while others have embraced a “lie flat” attitude, pushing back against relentless work.', 'Still others have opted to be “full-time children”, returning home to their parents because they cannot find a job, or are burnt out.', 'Analysts believe China’s iron-fisted management of Covid-19 played a big role in undoing people’s optimism. “[', 'It] was a turning point for many… It reminded everyone of how authoritarian the state was.', 'People felt policed like never before,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added.', 'Moxi, 38, was one of them.', 'He left his job as a psychiatrist and moved to Dali, a lakeside city in southwestern China now popular with young people who want a break from high-pressure jobs. ""', 'When I was still a psychiatrist, I didn\'t even have the time or energy to think about where my life was heading,"" he told the BBC. ""', 'There was no room for optimism or pessimism.', 'It was just work.""', 'Work, however, no longer seems to signal a promising future, according to the survey.', 'In 2004, 2009 and 2014, more than six in 10 respondents agreed that ""effort is always rewarded"" in China.', 'Those who disagreed hovered around 15%.', 'Come 2023, the sentiment flipped.', 'Only 28.3% believed that their hard work would pay off, while a third of them disagreed.', 'The disagreement was strongest among lower-income families, who earned less than 50,000 yuan ($6,989; £5,442) a year.', 'Chinese people are often told that the years spent studying and chasing degrees will be rewarded with financial success.', 'Part of this expectation has been shaped by a tumultuous history, where people gritted their teeth through the pain of wars and famine, and plodded on.', 'Chinese leaders, too, have touted such a work ethic.', ""Xi's Chinese Dream, for example, echoes the American Dream, where hard work and talent pay off."", 'He has urged young people to ""eat bitterness"", a Chinese phrase for enduring hardship.', 'But in 2023, a majority of the respondents in the Whyte and Rozelle study believed people were rich because of the privilege afforded by their families and connections.', 'A decade earlier, respondents had attributed wealth to ability, talent, a good education and hard work.', 'This is despite Xi’s signature “common prosperity” policy aimed at narrowing the wealth gap, although critics say it has only resulted in a crackdown on businesses.', 'There are other indicators of discontent, such as an 18% rise in protests in the second quarter of 2024, compared with the same period last year, according to the China Dissent Monitor (CDM).', 'The study defines protests as any instance when people voice grievances or advance their interests in ways that are in contention with authority - this could happen physically or online.', 'Such episodes, however small, are still telling in China, where even lone protesters are swiftly tracked down and detained.', ""A least three in four cases are due to economic grievances, said Kevin Slaten, one of the CDM study's four editors."", 'Starting in June 2022, the group has documented nearly 6,400 such events so far.', 'They saw a rise in protests led by rural residents and blue-collar workers over land grabs and low wages, but also noted middle-class citizens organising because of the real estate crisis.', 'Protests by homeowners and construction workers made up 44% of the cases across more than 370 cities. ""', 'This does not immediately mean China’s economy is imploding,” Mr Slaten was quick to stress.', 'Although, he added, ""it is difficult to predict"" how such ""dissent may accelerate if the economy keeps getting worse"".', 'Chinese leaders are certainly concerned.', 'Between August 2023 and Janaury 2024, Beijing stopped releasing youth unemployment figures after they hit a record high.', 'At one point, officials coined the term ""slow employment"" to describe those who were taking time to find a job - a separate category, they said, from the jobless.', 'Censors have been cracking down on any source of financial frustration - vocal online posts are promptly scrubbed, while influencers have been blocked on social media for flaunting luxurious tastes.', 'State media has defended the bans as part of the effort to create a “civilised, healthy and harmonious” environment.', ""More alarming perhaps are reports last week that a top economist, Zhu Hengpeng, has been detained for critcising Xi's handling of the economy."", 'The Communist Party tries to control the narrative by “shaping what information people have access to, or what is perceived as negative”, Mr Slaten said.', 'CDM’s research shows that, despite the level of state control, discontent has fuelled protests - and that will worry Beijing.', 'In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies.', 'Whyte, Rozelle and Alisky don\'t think their findings suggest “popular anger about… inequality is likely to explode in a social volcano of protest.""', 'But the economic slowdown has begun to ""undermine"" the legitimacy the Party has built up through ""decades of sustained economic growth and improved living standards"", they write.', 'The pandemic still haunts many Chinese people, said Yun Zhou, a sociology professor at the University of Michigan.', 'Beijing’s “stringent yet mercurial responses” during the pandemic have heightened people’s insecurity about the future.', 'And this is particularly visceral among marginalised groups, she added, such as women caught in a “severely discriminatory” labour market and rural residents who have long been excluded from welfare coverage.', 'Under China’s contentious “hukou” system of household registration, migrant workers in cities are not allowed to use public services, such as enrolling their children in government-run schools.', 'But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams.', 'Moxi is relieved to have found a slower pace of life in Dali. “', 'The number of patients who came to me for depression and anxiety disorders only increased as the economy boomed,"" he said, recalling his past work as a psychiatrist. ""', 'There’s a big difference between China doing well, and Chinese people doing well.""', 'Whyte, Rozelle and Alisky’s research is based on four sets of academic surveys conducted between 2004 and 2023.', ""In-person surveys were conducted together with colleagues at Peking University's Research Center on Contemporary China (RCCC) in 2004, 2009 and 2014."", 'Participants ranged in age from 18-70 and came from 29 provinces.', 'Tibet and Xingiang were excluded.', 'In 2023, three rounds of online surveys, at the end of the second, third and fourth quarters, were conducted by the Survey and Research Centre for China Household Finance (CHFS) at Southwestern University of Finance and Economics in Chengdu, China.', 'Participants ranged in age from 20-60.', 'The same questions were used in all surveys.', 'To make responses comparable across all four years, the researchers excluded participants aged 18-19 and 61-70 and reweighted all answers to be nationally representative.', 'All surveys contain a margin of error.', 'The study has been accepted for publication by The China Journal and is expected to be published in 2025.', 'Researchers for the China Dissent Monitor (CDM) have collected data on “dissent events” across China since June 2022 from a variety of non-government sources including news reports, social media platforms operating in the country and civil society organisations.', 'Dissent events are defined as instances where a person or persons use public and non-official means of expressing their dissatisfaction.', 'Each event is highly visible and also subject to or at risk of government response, through physical repression or censorship.', 'These can include viral social media posts, demonstrations, banner drops and strikes, among others.', 'Many events are difficult to independently verify.', 'Charts by Pilar Tomas of the BBC News Data Journalism Team']",-0.0697944178015535,"But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams.","In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies.",0.1014069889982541,"The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying things had improved, while 68.8% and 73% were hopeful about the future.","Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added.",2024-10-01
China is part of the US election - but only from one candidate,https://www.bbc.co.uk/news/articles/ckgvr9kgkqyo,2024-09-27T00:02:39.560Z,"The US and China are the two largest economies in the world. They have the two most powerful militaries in the world. The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century. But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years. According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month. In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times. And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator. He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations -  should he return to the White House.  He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry. He has warned China not to attempt to replace the US dollar as the world’s reserve currency. And he has blamed the Chinese government for the Covid pandemic. Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers. The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office. Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.  Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate. Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event. Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity. But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable. On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China. The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory. Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear. The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”. The forum ended up being a more open-ended conversation about the threat of China, full stop. The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods. While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China. At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?” he asked. “We’re fighting China, but would you mind selling us some steel?” Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative. He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “They go after our local and state politicians; they go after our manufacturing,” he said. “There is no question they are looking to, at some point, leverage that investment and activity.” Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November. If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry. Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point. According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.  In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president. Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%. That could in part explain Harris’s seeming lack of interest in talking about China. In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat.  After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it. As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election. Both Trump and Harris will be hard-pressed to win the White House without it in their column. Polls currently show the two candidates in a dead heat there. “The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.” Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,27/09/2024,"['The US and China are the two largest economies in the world.', 'They have the two most powerful militaries in the world.', 'The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century.', 'But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years.', 'According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month.', 'In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times.', 'And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator.', 'He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations - should he return to the White House.', 'He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry.', 'He has warned China not to attempt to replace the US dollar as the world’s reserve currency.', 'And he has blamed the Chinese government for the Covid pandemic.', 'Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers.', 'The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.', 'Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.', 'Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate.', 'Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “', 'I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event.', 'Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity.', 'But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable.', 'On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China.', 'The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory.', 'Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.', ""The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”."", 'The forum ended up being a more open-ended conversation about the threat of China, full stop.', 'The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods.', 'While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China.', 'At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “', 'If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?”', 'he asked. “', 'We’re fighting China, but would you mind selling us some steel?”', 'Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative.', 'He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “', 'They go after our local and state politicians; they go after our manufacturing,” he said. “', 'There is no question they are looking to, at some point, leverage that investment and activity.”', 'Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November.', 'If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry.', 'Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point.', 'According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.', 'In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president.', 'Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%.', 'That could in part explain Harris’s seeming lack of interest in talking about China.', ""In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat."", 'After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it.', 'As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election.', 'Both Trump and Harris will be hard-pressed to win the White House without it in their column.', 'Polls currently show the two candidates in a dead heat there. “', ""The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “"", ""If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.”"", 'Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.0314908949034017,"Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.","The forum ended up being a more open-ended conversation about the threat of China, full stop.",-0.3562305450439453,"The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.",Both Trump and Harris will be hard-pressed to win the White House without it in their column.,2024-10-01
Flight etiquette: How to avoid a row over reclining plane seats,https://www.bbc.co.uk/news/articles/c869178wqzno,2024-09-28T23:47:30.470Z,"A lot of us have been there, locked in a metal cylinder flying at more than 500mph (804km/h), gritting our teeth about the armrest the person to the left is hogging. Or the person next to the window who keeps getting up to go to the toilet, or the person in front who has suddenly put their seat back, squashing your knees. With roughly half of the UK's households flying once a year, how people behave on planes is an ongoing bugbear. And this week a Hong Kong couple were banned by Cathay Pacific after tensions flared over a reclined seat. So how can we avoid getting in our fellow travellers' bad books? Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees. A 2023 survey by Skyscanner into the issue indicated that 40% of people in the UK find it annoying, but a YouGov survey earlier this year suggested that only a quarter of Americans view it as unacceptable. Whatever the percentage, reclining seats ""really are a problem"", according to Charmaine Davies, a former flight attendant. She says cabin crew sometimes have to step in to stop anger boiling over between passengers. The basic problem is how airlines cram seats onto planes, with passengers having less space than they did in the past, according to Prof Jim Salzman of University of California, Los Angeles.  ""[The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place."" William Hanson, an etiquette coach and author, says it's a matter of choosing your time to recline your seat, which you shouldn't do during a meal. Check whether the person behind is leaning on the table, or using a laptop - and recline slowly. If in doubt just talk to your fellow passenger, he says. Don't expect them to be a mind reader. Another gripe linked to the amount of space people have on planes is double armrest hogging. Mary, a flight attendant for a major US airline, says she is often given a middle seat between ""two guys with both their arms on armrests"" when she's being transferred for work and doesn't have a choice of seat. Nearly a third of UK airline passengers found this annoying in 2023, the Skyscanner survey suggested. Mary has had ""a tussle with elbows"", she says, but has a strategy for reclaiming the space. ""I wait until they reach for a drink and take the armrest. One [guy] kept trying to push my arm, and I just had to give him a look: 'We're not doing that today.'"" To resolve any tension, Mr Hanson says people should get used to the idea of having ""elbow rests"" rather than armrests, and share them. Many of us will be familiar with the dilemma of being in a window seat and needing to go to the toilet, but the person next to you has fallen asleep.  Do you nudge them to wake them up, or climb over them? More than half of Americans responding to the YouGov survey said climbing over someone to go to the toilet was unacceptable. Mr Hanson says he normally has an aisle seat, and before going to sleep he tells the passenger next to him it's fine to wake him up or hop over if they need to. If sitting in the middle or window seat, you should just gently let the passenger in the aisle seat know you need to get past them - but be aware you might not speak the same language, he advises. If a passenger has been drinking alcohol, it can make them need to go to the toilet more often too. Zoe, a former flight attendant with Virgin Atlantic, was on a flight to Ibiza on a different carrier where many of the passengers had been drinking in the airport bar beforehand, she says. As soon as the flight took off and the seatbelt light went off, ""everybody stood up"" and started queuing for the toilet. Some got ""quite aggressive"", she says, leading to the cabin crew turning the seatbelt signs back on, forcing everybody to sit down. Unfortunately, one passenger really couldn't wait so had to ""have a wee in a carrier bag"". ""He put some swimming shorts in there first to soak it up,"" says Zoe. About a third of Brits find people standing up as soon as the plane lands annoying, the Skyscanner survey indicated. ""Just stay in your seat,"" says former flight attendant Ms Davies. ""There's no point jumping up because you're not going anywhere."" It normally takes the ground crew several minutes to either hook up the passenger boarding bridge or put boarding stairs in place. Even after that, if you have checked baggage, you're going to need to wait for it to get to the carousel, she says, ""no matter how quickly you get off the plane"". Mr Hanson says that in etiquette terms, there's nothing wrong with wanting to get up to stretch your legs, and perhaps people just want to get off because they are unconsciously a bit scared of being on a plane. But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"". Other air passenger pet hates include people jumping queues, using phones or other devices without headphones, draping long hair over the backs of seats, and taking shoes or socks off on a plane. If you become aware the flight attendants are using spray to ""spritz"" the aircraft near you, you may want to put some socks or deodorant on, Mary says, as cabin crew won't say anything directly. But with air travel continuing to grow, how can we get on with other passengers on planes? The key is everyone being considerate, Mr Hanson says. ""If you don't want to temper your behaviour to get along with other people then there's something wrong with you, to be blunt."" ",BBC,28/09/2024,"['A lot of us have been there, locked in a metal cylinder flying at more than 500mph (804km/h), gritting our teeth about the armrest the person to the left is hogging.', 'Or the person next to the window who keeps getting up to go to the toilet, or the person in front who has suddenly put their seat back, squashing your knees.', ""With roughly half of the UK's households flying once a year, how people behave on planes is an ongoing bugbear."", 'And this week a Hong Kong couple were banned by Cathay Pacific after tensions flared over a reclined seat.', ""So how can we avoid getting in our fellow travellers' bad books?"", 'Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees.', 'A 2023 survey by Skyscanner into the issue indicated that 40% of people in the UK find it annoying, but a YouGov survey earlier this year suggested that only a quarter of Americans view it as unacceptable.', 'Whatever the percentage, reclining seats ""really are a problem"", according to Charmaine Davies, a former flight attendant.', 'She says cabin crew sometimes have to step in to stop anger boiling over between passengers.', 'The basic problem is how airlines cram seats onto planes, with passengers having less space than they did in the past, according to Prof Jim Salzman of University of California, Los Angeles. ""[', 'The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place.""', ""William Hanson, an etiquette coach and author, says it's a matter of choosing your time to recline your seat, which you shouldn't do during a meal."", 'Check whether the person behind is leaning on the table, or using a laptop - and recline slowly.', 'If in doubt just talk to your fellow passenger, he says.', ""Don't expect them to be a mind reader."", 'Another gripe linked to the amount of space people have on planes is double armrest hogging.', 'Mary, a flight attendant for a major US airline, says she is often given a middle seat between ""two guys with both their arms on armrests"" when she\'s being transferred for work and doesn\'t have a choice of seat.', 'Nearly a third of UK airline passengers found this annoying in 2023, the Skyscanner survey suggested.', 'Mary has had ""a tussle with elbows"", she says, but has a strategy for reclaiming the space. ""', 'I wait until they reach for a drink and take the armrest.', 'One [guy] kept trying to push my arm, and I just had to give him a look: \'We\'re not doing that today.\'""', 'To resolve any tension, Mr Hanson says people should get used to the idea of having ""elbow rests"" rather than armrests, and share them.', 'Many of us will be familiar with the dilemma of being in a window seat and needing to go to the toilet, but the person next to you has fallen asleep.', 'Do you nudge them to wake them up, or climb over them?', 'More than half of Americans responding to the YouGov survey said climbing over someone to go to the toilet was unacceptable.', ""Mr Hanson says he normally has an aisle seat, and before going to sleep he tells the passenger next to him it's fine to wake him up or hop over if they need to."", 'If sitting in the middle or window seat, you should just gently let the passenger in the aisle seat know you need to get past them - but be aware you might not speak the same language, he advises.', 'If a passenger has been drinking alcohol, it can make them need to go to the toilet more often too.', 'Zoe, a former flight attendant with Virgin Atlantic, was on a flight to Ibiza on a different carrier where many of the passengers had been drinking in the airport bar beforehand, she says.', 'As soon as the flight took off and the seatbelt light went off, ""everybody stood up"" and started queuing for the toilet.', 'Some got ""quite aggressive"", she says, leading to the cabin crew turning the seatbelt signs back on, forcing everybody to sit down.', 'Unfortunately, one passenger really couldn\'t wait so had to ""have a wee in a carrier bag"". ""', 'He put some swimming shorts in there first to soak it up,"" says Zoe.', 'About a third of Brits find people standing up as soon as the plane lands annoying, the Skyscanner survey indicated. ""', 'Just stay in your seat,"" says former flight attendant Ms Davies. ""', 'There\'s no point jumping up because you\'re not going anywhere.""', 'It normally takes the ground crew several minutes to either hook up the passenger boarding bridge or put boarding stairs in place.', 'Even after that, if you have checked baggage, you\'re going to need to wait for it to get to the carousel, she says, ""no matter how quickly you get off the plane"".', ""Mr Hanson says that in etiquette terms, there's nothing wrong with wanting to get up to stretch your legs, and perhaps people just want to get off because they are unconsciously a bit scared of being on a plane."", 'But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"".', 'Other air passenger pet hates include people jumping queues, using phones or other devices without headphones, draping long hair over the backs of seats, and taking shoes or socks off on a plane.', 'If you become aware the flight attendants are using spray to ""spritz"" the aircraft near you, you may want to put some socks or deodorant on, Mary says, as cabin crew won\'t say anything directly.', 'But with air travel continuing to grow, how can we get on with other passengers on planes?', 'The key is everyone being considerate, Mr Hanson says. ""', 'If you don\'t want to temper your behaviour to get along with other people then there\'s something wrong with you, to be blunt.""']",-0.1647194154363452,"But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"".","The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place.""",-0.6347399950027466,"But with air travel continuing to grow, how can we get on with other passengers on planes?",Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees.,2024-10-01
Energy price cap: People urged to read meter as bills rise,https://www.bbc.co.uk/news/articles/c7v6l26v585o,2024-09-30T23:03:31.139Z,"Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect. A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717. Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate. It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners. Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem. It is set every three months and affects the price paid for each unit of gas and electricity. Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user. The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill. By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate. Those with operational smart meters have the reading taken automatically. Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system. The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.  The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. It affects those on default, variable tariffs, not those who have fixed a price for a set period. That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.  Some households have built up debt to their suppliers. Ofgem said nearly £3.7bn is owed collectively. Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further."" James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[The price rise] is a big disappointment. You feel it inside,"" he said. ""You can be big and proud and say I can manage, and make that bit of extra money. But when you take everything else we are being put through, it is just that bit too much."" Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February. For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits. The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners. While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out. Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January. Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy. Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers. The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need. In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it. The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,30/09/2024,"['Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect.', 'A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717.', 'Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.', 'It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.', 'Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem.', 'It is set every three months and affects the price paid for each unit of gas and electricity.', 'Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.', 'The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill.', 'By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate.', 'Those with operational smart meters have the reading taken automatically.', 'Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system.', 'The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.', 'The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'It affects those on default, variable tariffs, not those who have fixed a price for a set period.', 'That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.', 'Some households have built up debt to their suppliers.', 'Ofgem said nearly £3.7bn is owed collectively.', 'Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further.""', 'James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[', 'The price rise] is a big disappointment.', 'You feel it inside,"" he said. ""', 'You can be big and proud and say I can manage, and make that bit of extra money.', 'But when you take everything else we are being put through, it is just that bit too much.""', 'Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February.', 'For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits.', 'The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out.', 'Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January.', 'Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.', 'Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers.', ""The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need."", 'In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it.', 'The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.1123342265505845,"Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.",The price rise] is a big disappointment.,0.0570179939270019,"Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.","Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.",2024-10-01
"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-10-01
Mulberry: Mike Ashley's Frasers Group makes offer for handbag maker,https://www.bbc.co.uk/news/articles/c9qvy25dq40o,2024-09-30T11:27:44.837Z,"Mike Ashley's Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand's future. Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances. Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.  As it made its offer, Frasers said it had only been made aware of Mulberry's plan to raise additional funds “immediately prior to its announcement”. ""Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said. Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry's auditor in its annual report, published on Friday, which noted there was  ""material uncertainty related to going concern"". It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration."" Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company.  ""However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year."" Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss. In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before. Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%. Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"". ",BBC,30/09/2024,"['Mike Ashley\'s Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand\'s future.', ""Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances."", 'Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.', 'As it made its offer, Frasers said it had only been made aware of Mulberry\'s plan to raise additional funds “immediately prior to its announcement”. ""', 'Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said.', 'Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry\'s auditor in its annual report, published on Friday, which noted there was ""material uncertainty related to going concern"".', 'It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""', 'Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""', 'Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company. ""', 'However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""', 'Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.', 'In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before.', 'Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%.', 'Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"".']",-0.0349462717349051,"It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""","Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. """,-0.8131950931115584,"Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.","However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""",2024-10-01
"Hollywood industry in crisis after strikes, streaming wars",https://www.bbc.co.uk/news/articles/cj6er83ene6o,2024-09-28T23:18:00.143Z,"Michael Fortin was at the heart of Hollywood’s golden age of streaming. The actor and aerial cinematographer turned his hobby of flying drones into a profitable business in 2012 just as the streaming wars were taking off. For a decade, he was flying high above film sets, creating sleek aerial shots for movies and TV shows on Netflix, Amazon and Disney. Now he’s on the verge of becoming homeless - again. He was evicted from the Huntington Beach home he shared with his wife and two young children and now is being booted from the Las Vegas apartment they moved to because they could no longer afford to live in Southern California. “We were saving to buy a house, we had money, we had done things the right way,” he says. “Two years ago, I didn't worry about going out to dinner with my wife and kids and spending 200 bucks."" “Now I worry about going out and spending $5 on a value meal at McDonald's.” For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu. But the good times ground to a halt in May 2023, when Hollywood’s writers went on strike. The strikes lasted multiple months and marked the first time since the 1960s that both writers and actors joined forces - effectively shutting down Hollywood production. But rather than roaring back, in the one year since the strikes ended, production has fizzled. Projects have been cancelled and production was cut across the city as jobs have dried up, with layoffs at many studios - most recently at Paramount. It had a second round of layoffs this week, as the storied movie company moves to cut 15% of its workforce ahead of a merger with the production company Skydance. Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working. As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022. Globally, there was a 20% decline over that period, according to ProdPro, which tracks TV and film productions. That means fewer new movies and binge-worthy shows for us. But experts say the streaming boom wasn’t sustainable. And studios are trying to figure out how to be profitable in a new world when people don’t pay for cable TV funded by commercials. “The air has come out of the content bubble,” says Matthew Belloni, the founder of Puck News, which covers the entertainment industry. “Crisis is a good word. I try not to be alarmist, but crisis is what people are feeling.” Part of the boom was fuelled by Wall Street, where tech giants like Netflix saw record growth and studios, like Paramount, saw their share prices soar for adding their own streaming service offers. “It caused an overheating of the content market. There were 600 scripted live action series airing just a few years ago and then the stock market stopped rewarding that,” Mr Belloni says. “Netflix crashed – all the other companies crashed. Netflix has since recovered – but the others are really struggling to get to profitability.” And along with the streaming bubble bursting, some productions are also being lured away from California by attractive tax incentives in other states and countries. Los Angeles leaders are so concerned about the slowdown that Mayor Karen Bass created a task force last month to consider new incentives for film production in Hollywood. “The entertainment industry is critical to the economic vitality of the Los Angeles region,” Bass said announcing the plan, explaining it is a “cornerstone” of the city’s economy and supplies hundreds of thousands of jobs. Recent data shows the entertainment industry contributes over $115bn (£86bn) annually to the region's economy, with an employment base of over 681,000 people, the mayor said. The writers' and actors' strikes lasted for months and resulted in union contracts that offer more money and protections against artificial intelligence. Duncan Crabtree-Ireland, the chief negotiator with the Screen Actors Guild union, told the BBC that some consolidation in Hollywood was inevitable. He says he is optimistic that production will be ramping up soon. “What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections. Hollywood “always thinks it’s in crisis,” he says. “It is a town that constantly faces technological innovation - all kinds of change - which is part of the magic. Part of keeping content fresh is everyone having the idea that things don't always have to be the way they've been.” Mr Fortin’s drone company was operating nearly every day before the strikes. Now he’s flown the drones just 22 days in the year since the strikes ended. And as an actor - he often plays tough guys - he has worked just 10 days. He used to work as a background actor to get by, but the pay barely covers the gas money to get to Los Angeles from Las Vegas. “It was a great wave, and it crashed,” Mr Fortin said after a day flying his drones on the AppleTV+ show Platonic - his first gig with drones since April. “Things are coming in little by little,” he says in his van before driving back to Las Vegas for a court hearing to fight his eviction order. “Hollywood gave me everything,” he says. “But it feels like the industry has turned its back on lots of people, not just me.” ",BBC,28/09/2024,"['Michael Fortin was at the heart of Hollywood’s golden age of streaming.', 'The actor and aerial cinematographer turned his hobby of flying drones into a profitable business in 2012 just as the streaming wars were taking off.', 'For a decade, he was flying high above film sets, creating sleek aerial shots for movies and TV shows on Netflix, Amazon and Disney.', 'Now he’s on the verge of becoming homeless - again.', 'He was evicted from the Huntington Beach home he shared with his wife and two young children and now is being booted from the Las Vegas apartment they moved to because they could no longer afford to live in Southern California. “', 'We were saving to buy a house, we had money, we had done things the right way,” he says. “', 'Two years ago, I didn\'t worry about going out to dinner with my wife and kids and spending 200 bucks."" “', ""Now I worry about going out and spending $5 on a value meal at McDonald's.”"", 'For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu.', 'But the good times ground to a halt in May 2023, when Hollywood’s writers went on strike.', 'The strikes lasted multiple months and marked the first time since the 1960s that both writers and actors joined forces - effectively shutting down Hollywood production.', 'But rather than roaring back, in the one year since the strikes ended, production has fizzled.', 'Projects have been cancelled and production was cut across the city as jobs have dried up, with layoffs at many studios - most recently at Paramount.', 'It had a second round of layoffs this week, as the storied movie company moves to cut 15% of its workforce ahead of a merger with the production company Skydance.', 'Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working.', 'As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022.', 'Globally, there was a 20% decline over that period, according to ProdPro, which tracks TV and film productions.', 'That means fewer new movies and binge-worthy shows for us.', 'But experts say the streaming boom wasn’t sustainable.', 'And studios are trying to figure out how to be profitable in a new world when people don’t pay for cable TV funded by commercials. “', 'The air has come out of the content bubble,” says Matthew Belloni, the founder of Puck News, which covers the entertainment industry. “', 'Crisis is a good word.', 'I try not to be alarmist, but crisis is what people are feeling.”', 'Part of the boom was fuelled by Wall Street, where tech giants like Netflix saw record growth and studios, like Paramount, saw their share prices soar for adding their own streaming service offers. “', 'It caused an overheating of the content market.', 'There were 600 scripted live action series airing just a few years ago and then the stock market stopped rewarding that,” Mr Belloni says. “', 'Netflix crashed – all the other companies crashed.', 'Netflix has since recovered – but the others are really struggling to get to profitability.”', 'And along with the streaming bubble bursting, some productions are also being lured away from California by attractive tax incentives in other states and countries.', 'Los Angeles leaders are so concerned about the slowdown that Mayor Karen Bass created a task force last month to consider new incentives for film production in Hollywood. “', 'The entertainment industry is critical to the economic vitality of the Los Angeles region,” Bass said announcing the plan, explaining it is a “cornerstone” of the city’s economy and supplies hundreds of thousands of jobs.', ""Recent data shows the entertainment industry contributes over $115bn (£86bn) annually to the region's economy, with an employment base of over 681,000 people, the mayor said."", ""The writers' and actors' strikes lasted for months and resulted in union contracts that offer more money and protections against artificial intelligence."", 'Duncan Crabtree-Ireland, the chief negotiator with the Screen Actors Guild union, told the BBC that some consolidation in Hollywood was inevitable.', 'He says he is optimistic that production will be ramping up soon. “', 'What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections.', 'Hollywood “always thinks it’s in crisis,” he says. “', 'It is a town that constantly faces technological innovation - all kinds of change - which is part of the magic.', ""Part of keeping content fresh is everyone having the idea that things don't always have to be the way they've been.”"", 'Mr Fortin’s drone company was operating nearly every day before the strikes.', 'Now he’s flown the drones just 22 days in the year since the strikes ended.', 'And as an actor - he often plays tough guys - he has worked just 10 days.', 'He used to work as a background actor to get by, but the pay barely covers the gas money to get to Los Angeles from Las Vegas. “', 'It was a great wave, and it crashed,” Mr Fortin said after a day flying his drones on the AppleTV+ show Platonic - his first gig with drones since April. “', 'Things are coming in little by little,” he says in his van before driving back to Las Vegas for a court hearing to fight his eviction order. “', 'Hollywood gave me everything,” he says. “', 'But it feels like the industry has turned its back on lots of people, not just me.”']",0.0890726223178653,"What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections.","I try not to be alarmist, but crisis is what people are feeling.”",-0.2616177564081938,"For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu.","As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022.",2024-10-01
"Sub-postmasters won't get payouts by March, says minister",https://www.bbc.co.uk/news/articles/cp3wvdlq7pwo,2024-10-01T23:06:11.872Z,"Sub-postmasters impacted by the Horizon IT scandal will not all receive compensation payments by March next year, the government's Post Office minister has said. Gareth Thomas said it would be ""difficult"" to achieve such a deadline, after calls from former sub-postmaster and campaigner Sir Alan Bates. Sir Alan urged the government to set a March 2025 deadline to pay financial redress for all the sub-postmasters involved in the initial legal action against the Post Office which uncovered the scandal. Thomas said he agreed with Sir Alan that faster progress on compensation payments to all victims was needed. ""I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast, adding: ""I think we will have made substantial progress by next summer."" Sir Alan has been heavily critical of the length of time it is taking for victims of what has been described as the biggest miscarriage of justice in British legal history to receive financial redress. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts. Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods. Some died while waiting for justice. Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019. Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case. The government went on to set up a specific compensation fund involved in the Group Litigation Order (GLO) to give these sub-postmasters the redress like others affected, but progress has been slow. Last month, Sir Alan said the Department for Business appeared to be trying to get away with paying out as little as possible to victims while maximising the income for the legal firms involved. He questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers. A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024. Sir Alan said said the March deadline was needed for the GLO redress as it was three years since that particular compensation scheme was announced. Post Office minister Thomas, who was appointed following Labour's general election victory, told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress.  ""We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""There are four compensation schemes in place, two of which the government runs, and two of which the post office runs. I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" Deadlines for payments have previously been ruled out for fear that some sub-postmasters might be timed out of claiming compensation. There isn't a single compensation scheme for sub-postmasters to apply to and eligibility is dependant on the circumstances of an individual's case. The four main schemes are aimed at groups of victims who had different experiences of the scandal. According to the latest government figures, external, 201 of the eligible 492 sub-postmasters in the GLO scheme have received their payments in full. Of the hundreds of members of the GLO group, 63 had criminal convictions and therefore are not eligible for this scheme but they are eligible for other compensation - depending on how their convictions are being overturned. Sir Alan has said he would be prepared to go back to court if ""excuses"" were made around further delays to financial redress, adding he would be meeting with new law firms to discuss the matter. Thomas, the Post Office minister said: ""My message...to him [Sir Alan] is keep holding our feet to the fire."" ",BBC,01/10/2024,"[""Sub-postmasters impacted by the Horizon IT scandal will not all receive compensation payments by March next year, the government's Post Office minister has said."", 'Gareth Thomas said it would be ""difficult"" to achieve such a deadline, after calls from former sub-postmaster and campaigner Sir Alan Bates.', 'Sir Alan urged the government to set a March 2025 deadline to pay financial redress for all the sub-postmasters involved in the initial legal action against the Post Office which uncovered the scandal.', 'Thomas said he agreed with Sir Alan that faster progress on compensation payments to all victims was needed. ""', 'I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast, adding: ""I think we will have made substantial progress by next summer.""', 'Sir Alan has been heavily critical of the length of time it is taking for victims of what has been described as the biggest miscarriage of justice in British legal history to receive financial redress.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts.', 'Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.', 'Some died while waiting for justice.', 'Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019.', 'Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case.', 'The government went on to set up a specific compensation fund involved in the Group Litigation Order (GLO) to give these sub-postmasters the redress like others affected, but progress has been slow.', 'Last month, Sir Alan said the Department for Business appeared to be trying to get away with paying out as little as possible to victims while maximising the income for the legal firms involved.', 'He questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers.', 'A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024.', 'Sir Alan said said the March deadline was needed for the GLO redress as it was three years since that particular compensation scheme was announced.', 'Post Office minister Thomas, who was appointed following Labour\'s general election victory, told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""', 'We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""', 'There are four compensation schemes in place, two of which the government runs, and two of which the post office runs.', 'I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door.""', 'Deadlines for payments have previously been ruled out for fear that some sub-postmasters might be timed out of claiming compensation.', ""There isn't a single compensation scheme for sub-postmasters to apply to and eligibility is dependant on the circumstances of an individual's case."", 'The four main schemes are aimed at groups of victims who had different experiences of the scandal.', 'According to the latest government figures, external, 201 of the eligible 492 sub-postmasters in the GLO scheme have received their payments in full.', 'Of the hundreds of members of the GLO group, 63 had criminal convictions and therefore are not eligible for this scheme but they are eligible for other compensation - depending on how their convictions are being overturned.', 'Sir Alan has said he would be prepared to go back to court if ""excuses"" were made around further delays to financial redress, adding he would be meeting with new law firms to discuss the matter.', 'Thomas, the Post Office minister said: ""My message...to him [Sir Alan] is keep holding our feet to the fire.""']",-0.0747812510995659,"I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast, adding: ""I think we will have made substantial progress by next summer.""","Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.",-0.2798128843307495,"I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast, adding: ""I think we will have made substantial progress by next summer.""","I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door.""",2024-10-01
ScotRail's full timetable to return next Monday,https://www.bbc.co.uk/news/articles/c4glk63n0rlo,2024-10-01T10:24:10.912Z,"ScotRail will be restoring its full timetable from Monday 7 October. Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers. But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April. Peak time rail fares returned to train services in Scotland on 27 September. Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday.  ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers."" The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working. Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing. The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations. They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services. STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure."" He added that scrapping peak fares permanently was essential for a just and sustainable future. Imogen Dow, Friends of the Earth Scotland's head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “We urgently need to move as many journeys as possible from cars to sustainable transport.  ""Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic."" The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers. A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions. There was no official overtime ban. Drivers simply said they could not do overtime. They are contractually allowed to do this as overtime at the company is entirely voluntary. Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right. It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022. It continues to recruit 160 a year. Their training takes about 18 months and, inevitably, some drivers replace others who have left. Substantially reducing the company’s dependence on overtime will not be a quick process. But if the company wants to ensure that  informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers. ",BBC,01/10/2024,"['ScotRail will be restoring its full timetable from Monday 7 October.', 'Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers.', 'But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.', 'Peak time rail fares returned to train services in Scotland on 27 September.', 'Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""', 'The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working.', 'Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing.', 'The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations.', 'They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services.', 'STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""', 'This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""', 'If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure.""', 'He added that scrapping peak fares permanently was essential for a just and sustainable future.', 'Imogen Dow, Friends of the Earth Scotland\'s head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “', 'We urgently need to move as many journeys as possible from cars to sustainable transport. ""', 'Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic.""', 'The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers.', 'A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions.', 'There was no official overtime ban.', 'Drivers simply said they could not do overtime.', 'They are contractually allowed to do this as overtime at the company is entirely voluntary.', 'Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right.', 'It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022.', 'It continues to recruit 160 a year.', 'Their training takes about 18 months and, inevitably, some drivers replace others who have left.', 'Substantially reducing the company’s dependence on overtime will not be a quick process.', 'But if the company wants to ensure that informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers.']",0.0010924567715917,"He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""",There was no official overtime ban.,0.1078088100139911,"But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.","STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. """,2024-10-01
Workers must keep all tips from customers under new law,https://www.bbc.co.uk/news/articles/czj9mxnyezdo,2024-09-30T23:01:15.422Z,"Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card. More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.  If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal. It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most. Under the new law, all tips must be passed to employees by the end of the following month from when they were received. Workers will still need to pay tax on their tips, as was the law previously. Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""I'm delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""There's such high turnover in these professions. What happened in my experience was that they said: 'If you don't hand over your 3%, then we won't employ you anymore.'"" Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme. Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff. However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""There are going to be some casualties because of this law,"" she said. Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth. She is a waitress and gets tips, but he does not. Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash."" Tom added: ""I'm the fryer and I don't get the tips. I get paid a little extra. The tips are for their service - it's not for the business."" Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""We have jars with everybody's name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar."" Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out. Staff can now request a breakdown of how tips are being distributed every three months. However, Mr Moyes said the question of ""fairness"" is not clear cut. ""Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true? There isn't any guidance on that,"" he said.   Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"". The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday. It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses. Opinions vary on how much customers should tip. According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK. It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that. Tipping in bars and pubs is not expected. However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard."" ",BBC,30/09/2024,"['Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card.', 'More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.', 'If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal.', 'It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most.', 'Under the new law, all tips must be passed to employees by the end of the following month from when they were received.', 'Workers will still need to pay tax on their tips, as was the law previously.', 'Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""', 'I\'m delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""', ""There's such high turnover in these professions."", 'What happened in my experience was that they said: \'If you don\'t hand over your 3%, then we won\'t employ you anymore.\'""', 'Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""', ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme."", 'Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff.', 'However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""', 'There are going to be some casualties because of this law,"" she said.', ""Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth."", 'She is a waitress and gets tips, but he does not.', 'Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash.""', 'Tom added: ""I\'m the fryer and I don\'t get the tips.', 'I get paid a little extra.', 'The tips are for their service - it\'s not for the business.""', 'Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""', 'We have jars with everybody\'s name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""', 'If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar.""', 'Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out.', 'Staff can now request a breakdown of how tips are being distributed every three months.', 'However, Mr Moyes said the question of ""fairness"" is not clear cut. ""', 'Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true?', 'There isn\'t any guidance on that,"" he said.', 'Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".', ""The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday."", 'It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses.', 'Opinions vary on how much customers should tip.', 'According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK.', 'It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that.', 'Tipping in bars and pubs is not expected.', 'However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""', 'Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""', 'This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard.""']",0.1498799206343021,"Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth.","Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".",0.4230172208377293,"These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme.",There's such high turnover in these professions.,2024-10-01
Money paid to sperm donors rises as UK faces shortage,https://www.bbc.co.uk/news/articles/cm24vd6ldypo,2024-09-30T23:05:00.434Z,"Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit. The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today. It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation. Sperm donation can involve visiting a clinic once a week for three to six months. The UK fertility regulator acknowledged a shortage of egg and sperm donors. But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old. One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""I'm a married gay man and we adopted our son so we didn't have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""Going through the adoption process, you meet a lot of straight couples who have had fertility problems. So I wanted to help and give someone a chance to start a family, whether it's someone with fertility problems, a lesbian couple or a single person."" It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.  The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said. Joseph said he was happy with the new compensation rate of £45 per clinic visit. He added: ""I think it's difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive."" But there are groups who are concerned about the rise in compensation. Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""Donations cannot be called altruistic while money is exchanged,"" she said. ""Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals. If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others."" One way to tackle a sperm shortage is by importing it. The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark. Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"". She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors. Ms Nel also believes the narrative is changing surrounding the typical sperm donor. Sperm donors in the UK generally need to be between the ages of 18 and 45. ""Maybe 20 years ago it was students but I think now it's a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""I think the type of person that actually ends up becoming a donor is someone that is more aware of what they're doing, it's not your typical student just looking for an easy way to make money."" The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"". One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored. It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18. ",BBC,30/09/2024,"['Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit.', 'The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today.', 'It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation.', 'Sperm donation can involve visiting a clinic once a week for three to six months.', 'The UK fertility regulator acknowledged a shortage of egg and sperm donors.', 'But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old.', 'One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""', 'I\'m a married gay man and we adopted our son so we didn\'t have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""', 'Going through the adoption process, you meet a lot of straight couples who have had fertility problems.', 'So I wanted to help and give someone a chance to start a family, whether it\'s someone with fertility problems, a lesbian couple or a single person.""', 'It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.', 'The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""', 'Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""', 'Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said.', 'Joseph said he was happy with the new compensation rate of £45 per clinic visit.', 'He added: ""I think it\'s difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive.""', 'But there are groups who are concerned about the rise in compensation.', 'Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""', 'Donations cannot be called altruistic while money is exchanged,"" she said. ""', 'Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals.', 'If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others.""', 'One way to tackle a sperm shortage is by importing it.', 'The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark.', 'Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".', 'She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors.', 'Ms Nel also believes the narrative is changing surrounding the typical sperm donor.', 'Sperm donors in the UK generally need to be between the ages of 18 and 45. ""', 'Maybe 20 years ago it was students but I think now it\'s a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""', 'I think the type of person that actually ends up becoming a donor is someone that is more aware of what they\'re doing, it\'s not your typical student just looking for an easy way to make money.""', 'The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"".', 'One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored.', 'It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18.']",0.033041129324383,"One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",0.0359157919883728,"It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",2024-10-01
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-01
"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T19:36:38+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.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. While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', '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.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3842526494714203,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-10-01
"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-10-01
Trademark dispute emerges over Tiger Woods' new logo,https://www.cnbc.com/2024/09/26/trademark-dispute-emerges-over-tiger-woods-new-logo-.html,2024-09-26T20:11:28+0000,"Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute.Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire's long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create. SDR's application should be denied,"" the court filing said.TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.""Sun Day Red was launched in May, following Woods' 27-year partnership with Nike.The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously.""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""Our products have been extremely well received.""A spokesman for Woods declined to comment on the matter.Woods and the Sun Day Red team will have 40 days to file an answer on the notice.The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC. It is unlikely to affect future production of the line, though, he said.""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there's a resolution that might be had,"" Gerben said.He expects the case to settle before it gets close to a trial.""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""",CNBC,26/09/2024,"[""Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute."", 'Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire\'s design into their own branding.', '""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire\'s long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create.', 'SDR\'s application should be denied,"" the court filing said.', 'TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.', '""Sun Day Red was launched in May, following Woods\' 27-year partnership with Nike.', ""The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously."", '""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""', 'Our products have been extremely well received.', '""A spokesman for Woods declined to comment on the matter.', 'Woods and the Sun Day Red team will have 40 days to file an answer on the notice.', 'The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC.', 'It is unlikely to affect future production of the line, though, he said.', '""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there\'s a resolution that might be had,"" Gerben said.', 'He expects the case to settle before it gets close to a trial.', '""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""', 'Because in order for Tiger and TaylorMade to get this trademark registered there, you\'re gonna have to win this case.""']",0.1124615410016196,"Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""","SDR's application should be denied,"" the court filing said.",0.2565224170684814,"""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""","Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.",2024-10-01
Does Chinese investment benefit or damage Ireland?,https://www.bbc.co.uk/news/articles/cj9je2wnveko,2024-09-29T23:19:06.873Z,"The Irish economy has been increasingly attracting Chinese investment, but does it come with a reputational cost? In 2020, 25 Chinese companies had operations in the Republic of Ireland. By this year the number had jumped to 40. For some this new flood of yuan into the country offers Ireland an opportunity to reduce its reliance on being the European base for US tech giants such as Apple and Alphabet. And it creates additional jobs. But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies. These include Chinese clothing firm Shein, which since May 2023 has had its European headquarters in Dublin. Shein has long been attacked for how the workers who makes its clothes are treated. And earlier this year it had to admit that it found child labour in its supply chain. The Irish government is also in the diplomatically awkward position of luring many of the very Chinese companies that the US has sanctioned. Two cases in point – telecoms firm Huawei and drugs company WuXi Biologics. In May, Ireland’s Minister of State for Trade Promotion, Dara Calleary, welcomed a report celebrating how Huawei was contributing €800m ($889m; £668m) per year to the Irish economy. The firm has three research and development centres in Ireland. This is the same Huawei whose telecoms network equipment the US has banned since 2022 due to concerns over national security. The UK has moved in the same direction, ordering phone networks to remove Huawei components. And mobile phone networks in many Western nations, including Ireland, no longer offer Huawei handsets. Meanwhile, WuXi has, since 2018, invested more than €1bn in a facility in Dundalk, near the border with Northern Ireland. Earlier this month the US House of Representatives passed a bill to restrict US firms’ ability to work with WuXi, again citing national security concerns. The bill now has to go to the US Senate. Ireland’s Industrial Development Authority is the government agency whose mandate is to attract foreign investment into the country. It has three offices in China, and says it seeks “to promote Ireland as a gateway to Europe for Chinese investors”. Another Chinese firm that has its European headquarters in Ireland is social media video app TikTok, which is owned by Beijing-based parent firm ByteDance. And the parent of Chinese online retailer Temu moved its global headquarters from China to Ireland last year. Prominent critics of Ireland rolling out a “green carpet” to Chinse firms include Barry Andrews, one of Ireland's members of the European Parliament. “Human rights and environmental abuses should not be allowed in Irish shopping baskets,” says the Fianna Fáil MEP. He points to a US Congress report from last year, which said there was “an extremely high risk that Temu’s supply chains are contaminated with forced labour”. Temu had told the investigation that it had a “zero-tolerance policy” towards the practice. “One person’s bargain is another’s back-breaking work for poverty wages,” adds Mr Andrews, whose party is part of the current Irish government coalition. Critics also argue that there are substantial differences between US tech firms operating in Ireland and Chinese ones – for example, about openness. For instance, Huawei and WuXi declined an opportunity to be interviewed for this article. Shein provided a spokesperson who was only prepared to speak off the record, then did not reply to follow-up questions. Some leading economists question whether Ireland even needs the few thousand jobs that the Chinese firms provide. “Ireland’s economy has been running at near full employment for the best part of a decade,"" says Dan O'Brien, chief economist at Ireland's Institute of International and European Affairs. Irish unemployment was 4.3% in August 2024, only slightly above its all-time low of 3.90% in October 2020. Economists generally consider an unemployment rate of around 4 to 5% to represent full employment. Mr O’Brien also points to the fact that a fifth of Ireland’s private-sector employment is directly, or indirectly, attributable to foreign direct investment (FDI), according to official figures. He says this is too high. It is so elevated because Ireland has one of the lowest standard corporation tax rates in Europe, at 12.5%. This is the tax that all but the very biggest firms have to pay on their profits. By comparison, the UK rate is 25%. Mr O’Brien says that Ireland’s level of FDI was already too high without the Chinese investment on top. “Given we are already overly dependent on FDI in a world that is at risk of deglobalisation, we don’t need another major source of FDI on top of that from the United States.” He adds EU rules should be “actively used to discourage Chinese FDI” in Ireland. The Irish government tells the BBC that it ""supports the common EU approach to China on de-risking... [but] the government has been clear that de-risking is not decoupling"". Irish Minister for Enterprise, Trade and Employment, Peter Burke adds: “In an era of continuous global uncertainty, Ireland offers a stable and pro-business environment. Multinational companies, including Chinese companies, recognise these opportunities.” Given how much Ireland's economy does depend on FDI, some economists say Chinese investment in Ireland can be seen as a welcome insurance policy in case some US firms pull out. “There is a huge pressure on US tech companies to re-domicile and re-invest in the US,"" says Constantin Gurdgiev, an economist at Trinity College Dublin and the University of Northern Colorado. Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain. Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax. The country has already signed up to Organisation for Economic Co-operation and Development rules, and as a result, this year introduced a 15% corporation tax rate for firms with an annual turnover of more than €750m ($835m; £625m). And earlier this month, the European Court of Justice ruled that Apple had to pay Ireland €13bn in unpaid taxes. It followed after the European Commission accused Ireland of giving Apple illegal tax advantages. Dublin consistently argued against the need for the tax to be paid, but said it would respect the ruling. Dr Gurdgiev adds that Ireland is acting “with some strategic foresight” in courting Beijing. And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye. He argues that this is why the US authorities have been “largely laissez-faire in their approach to chasing tax optimization schemes that Dublin has been developing over decades”. Plus, he says Ireland provides the US, EU and China with a useful “neutral ground” where both US and Chinese tech firms can operate. Dr Gurdgiev adds that by putting itself in such a position, Ireland is playing a “dangerous geopolitical game” for a small economy. However, he says its diplomatic closeness to the US should make its position ""relatively safe"". ",BBC,29/09/2024,"['The Irish economy has been increasingly attracting Chinese investment, but does it come with a reputational cost?', 'In 2020, 25 Chinese companies had operations in the Republic of Ireland.', 'By this year the number had jumped to 40.', 'For some this new flood of yuan into the country offers Ireland an opportunity to reduce its reliance on being the European base for US tech giants such as Apple and Alphabet.', 'And it creates additional jobs.', 'But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies.', 'These include Chinese clothing firm Shein, which since May 2023 has had its European headquarters in Dublin.', 'Shein has long been attacked for how the workers who makes its clothes are treated.', 'And earlier this year it had to admit that it found child labour in its supply chain.', 'The Irish government is also in the diplomatically awkward position of luring many of the very Chinese companies that the US has sanctioned.', 'Two cases in point – telecoms firm Huawei and drugs company WuXi Biologics.', 'In May, Ireland’s Minister of State for Trade Promotion, Dara Calleary, welcomed a report celebrating how Huawei was contributing €800m ($889m; £668m) per year to the Irish economy.', 'The firm has three research and development centres in Ireland.', 'This is the same Huawei whose telecoms network equipment the US has banned since 2022 due to concerns over national security.', 'The UK has moved in the same direction, ordering phone networks to remove Huawei components.', 'And mobile phone networks in many Western nations, including Ireland, no longer offer Huawei handsets.', 'Meanwhile, WuXi has, since 2018, invested more than €1bn in a facility in Dundalk, near the border with Northern Ireland.', 'Earlier this month the US House of Representatives passed a bill to restrict US firms’ ability to work with WuXi, again citing national security concerns.', 'The bill now has to go to the US Senate.', 'Ireland’s Industrial Development Authority is the government agency whose mandate is to attract foreign investment into the country.', 'It has three offices in China, and says it seeks “to promote Ireland as a gateway to Europe for Chinese investors”.', 'Another Chinese firm that has its European headquarters in Ireland is social media video app TikTok, which is owned by Beijing-based parent firm ByteDance.', 'And the parent of Chinese online retailer Temu moved its global headquarters from China to Ireland last year.', ""Prominent critics of Ireland rolling out a “green carpet” to Chinse firms include Barry Andrews, one of Ireland's members of the European Parliament. “"", 'Human rights and environmental abuses should not be allowed in Irish shopping baskets,” says the Fianna Fáil MEP.', 'He points to a US Congress report from last year, which said there was “an extremely high risk that Temu’s supply chains are contaminated with forced labour”.', 'Temu had told the investigation that it had a “zero-tolerance policy” towards the practice. “', 'One person’s bargain is another’s back-breaking work for poverty wages,” adds Mr Andrews, whose party is part of the current Irish government coalition.', 'Critics also argue that there are substantial differences between US tech firms operating in Ireland and Chinese ones – for example, about openness.', 'For instance, Huawei and WuXi declined an opportunity to be interviewed for this article.', 'Shein provided a spokesperson who was only prepared to speak off the record, then did not reply to follow-up questions.', 'Some leading economists question whether Ireland even needs the few thousand jobs that the Chinese firms provide. “', 'Ireland’s economy has been running at near full employment for the best part of a decade,"" says Dan O\'Brien, chief economist at Ireland\'s Institute of International and European Affairs.', 'Irish unemployment was 4.3% in August 2024, only slightly above its all-time low of 3.90% in October 2020.', 'Economists generally consider an unemployment rate of around 4 to 5% to represent full employment.', 'Mr O’Brien also points to the fact that a fifth of Ireland’s private-sector employment is directly, or indirectly, attributable to foreign direct investment (FDI), according to official figures.', 'He says this is too high.', 'It is so elevated because Ireland has one of the lowest standard corporation tax rates in Europe, at 12.5%.', 'This is the tax that all but the very biggest firms have to pay on their profits.', 'By comparison, the UK rate is 25%.', 'Mr O’Brien says that Ireland’s level of FDI was already too high without the Chinese investment on top. “', 'Given we are already overly dependent on FDI in a world that is at risk of deglobalisation, we don’t need another major source of FDI on top of that from the United States.”', 'He adds EU rules should be “actively used to discourage Chinese FDI” in Ireland.', 'The Irish government tells the BBC that it ""supports the common EU approach to China on de-risking... [but] the government has been clear that de-risking is not decoupling"".', 'Irish Minister for Enterprise, Trade and Employment, Peter Burke adds: “In an era of continuous global uncertainty, Ireland offers a stable and pro-business environment.', 'Multinational companies, including Chinese companies, recognise these opportunities.”', ""Given how much Ireland's economy does depend on FDI, some economists say Chinese investment in Ireland can be seen as a welcome insurance policy in case some US firms pull out. “"", 'There is a huge pressure on US tech companies to re-domicile and re-invest in the US,"" says Constantin Gurdgiev, an economist at Trinity College Dublin and the University of Northern Colorado.', 'Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain.', 'Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax.', 'The country has already signed up to Organisation for Economic Co-operation and Development rules, and as a result, this year introduced a 15% corporation tax rate for firms with an annual turnover of more than €750m ($835m; £625m).', 'And earlier this month, the European Court of Justice ruled that Apple had to pay Ireland €13bn in unpaid taxes.', 'It followed after the European Commission accused Ireland of giving Apple illegal tax advantages.', 'Dublin consistently argued against the need for the tax to be paid, but said it would respect the ruling.', 'Dr Gurdgiev adds that Ireland is acting “with some strategic foresight” in courting Beijing.', 'And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye.', 'He argues that this is why the US authorities have been “largely laissez-faire in their approach to chasing tax optimization schemes that Dublin has been developing over decades”.', 'Plus, he says Ireland provides the US, EU and China with a useful “neutral ground” where both US and Chinese tech firms can operate.', 'Dr Gurdgiev adds that by putting itself in such a position, Ireland is playing a “dangerous geopolitical game” for a small economy.', 'However, he says its diplomatic closeness to the US should make its position ""relatively safe"".']",0.0545000257381062,"And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye.","But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies.",0.2086682143034758,"Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain.","Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax.",2024-10-01
Irish budget: Personal tax cuts and cost-of-living help announced,https://www.bbc.co.uk/news/articles/c77x6g8rxgjo,2024-10-01T05:28:17.129Z,"The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget. There is growing speculation that the election will be held before Christmas. Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple. The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure. Further details of how it will be spent will be laid out early next year. Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added. The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn. Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year. Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported. Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing.  ""People see through the spin,"" he added. ""Your job is not to spend money; it's to get results."" ""Homeownership has collapsed under Fine Gael for young people,"" he added. The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy. The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually. Inflation in Ireland has fallen to below 2% as international energy prices have moderated. However there are some signs of growing, locally generated inflation in sectors like hospitality. The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.  However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing. The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin. Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months. ",BBC,01/10/2024,"['The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget.', 'There is growing speculation that the election will be held before Christmas.', 'Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple.', 'The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure.', 'Further details of how it will be spent will be laid out early next year.', 'Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""', 'Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added.', 'The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn.', 'Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.', 'Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported.', 'Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing. ""', 'People see through the spin,"" he added. ""', 'Your job is not to spend money; it\'s to get results."" ""', 'Homeownership has collapsed under Fine Gael for young people,"" he added.', 'The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.', 'The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually.', 'Inflation in Ireland has fallen to below 2% as international energy prices have moderated.', 'However there are some signs of growing, locally generated inflation in sectors like hospitality.', 'The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.', 'However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing.', 'The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin.', 'Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.']",0.1159864332363131,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,"The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.",-0.0483902653058369,Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,2024-10-01
Datacentre construction: Worker shortage hampers boom,https://www.bbc.co.uk/news/articles/c24pvm8ly18o,2024-09-30T23:06:24.749Z,"If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.” The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school. He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres. This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"". And those clients are central to today’s technology landscape. Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services. Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment. Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them. Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year. In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE. But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.” Just finding enough land or power for new datacentres is a problem. Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on. But the industry is also struggling to find the people to build them. “There's just not enough skilled construction workers to go around,” says Dame Dawn. For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors. Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “It is very, very fast. It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “I've done commercial premises, I've worked in universities,” he explains. But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.” Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios. Operators will have strict timeframes to complete a datacentre build or upgrade. At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example. This can mean long days for Datalec’s teams, or even running shifts overnight. If the demands are high, the rewards are significant too. Experienced electrical installers can make six figure salaries. Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand. The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years. Many are concerned that the construction workforce is greying. Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.” One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades. Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"". But there are more choices to tempt young people now, he suggests, including software development or other technology careers. Or indeed being an influencer on the very platforms run out of the datacentres. Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s. Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.” However, Schneider Electric is changing its ratio of graduates to apprentices. “We’ve doubled our intake of apprentices,” says Mr Yeeles. The entire industry must rethink how it recruits younger people, he adds. “My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience. And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”. Schneider Electric, for example, has launched a sustainability apprenticeship program. Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “In terms of a purpose, we're serving the whole population,” she says. “And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.” But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life. As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer. And they look up at the sky.” ",BBC,30/09/2024,"['If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.”', 'The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school.', 'He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres.', 'This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"".', 'And those clients are central to today’s technology landscape.', 'Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services.', 'Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment.', 'Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them.', 'Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year.', 'In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.', 'But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.”', 'Just finding enough land or power for new datacentres is a problem.', 'Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.', 'But the industry is also struggling to find the people to build them. “', ""There's just not enough skilled construction workers to go around,” says Dame Dawn."", 'For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors.', 'Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “', 'It is very, very fast.', ""It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “"", ""I've done commercial premises, I've worked in universities,” he explains."", 'But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.”', 'Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios.', 'Operators will have strict timeframes to complete a datacentre build or upgrade.', 'At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example.', 'This can mean long days for Datalec’s teams, or even running shifts overnight.', 'If the demands are high, the rewards are significant too.', 'Experienced electrical installers can make six figure salaries.', 'Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand.', 'The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years.', 'Many are concerned that the construction workforce is greying.', ""Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.”"", 'One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.', 'Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"".', 'But there are more choices to tempt young people now, he suggests, including software development or other technology careers.', 'Or indeed being an influencer on the very platforms run out of the datacentres.', 'Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s.', 'Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.”', 'However, Schneider Electric is changing its ratio of graduates to apprentices. “', 'We’ve doubled our intake of apprentices,” says Mr Yeeles.', 'The entire industry must rethink how it recruits younger people, he adds. “', 'My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience.', 'And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”.', 'Schneider Electric, for example, has launched a sustainability apprenticeship program.', 'Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “', ""In terms of a purpose, we're serving the whole population,” she says. “"", ""And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.”"", 'But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life.', 'As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer.', 'And they look up at the sky.”']",0.1447031489096326,"Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.",But the industry is also struggling to find the people to build them. “,0.1520353463979867,"In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.",One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.,2024-10-01
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-01
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-01
Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’,https://www.cnbc.com/2024/09/24/doj-accuses-visa-of-debit-network-monopoly-that-impacts-price-of-nearly-everything.html,2024-09-24T22:26:54+0000,"In this articleThe U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything.""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money. They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.Visa called the DOJ suit ""meritless.""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.""Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers.In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid. The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade. A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa's network moat. The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said.""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system.""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.The moves also tamped down innovation, according to the DOJ. Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa's monopoly profits,"" according to the complaint.Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails.A Visa manager was quoted as saying ""we've got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such as creating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.The move comes in the waning months of President Joe Biden's administration, in which regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees.In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No. 4 behind Visa, Mastercard and American Express.Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.",CNBC,24/09/2024,"['In this articleThe U.S. Justice Department on Tuesday sued Visa, the world\'s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.', 'Visa\'s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.', '""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.', '""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""', ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."", '""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.', 'They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.', 'Visa called the DOJ suit ""meritless.', '""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.', '""Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""', 'We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.', '""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.', ""The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers."", 'In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid.', 'The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.', 'In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade.', 'A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.', 'In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa\'s network moat.', ""The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said."", '""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""', ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system."", '""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.', 'The moves also tamped down innovation, according to the DOJ.', 'Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa\'s monopoly profits,"" according to the complaint.', 'Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.', ""For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails."", 'A Visa manager was quoted as saying ""we\'ve got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.', 'Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such ascreating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.', 'The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.', ""The move comes in the waning months of President Joe Biden's administration, in which regulators including theFederal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees."", ""In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No."", '4 behind Visa, Mastercard and American Express.', 'Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.']",0.0758717486273494,"We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.","The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.",0.0686103820800781,"""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.","The moves also tamped down innovation, according to the DOJ.",2024-10-01
"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-10-01
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-01
Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-10-01
Harrods: The red flags when Qatar bought it from Mohamed Al Fayed,https://www.bbc.co.uk/news/articles/ckg2ryxp969o,2024-09-29T05:01:35.212Z,"In 2010 the Gulf state of Qatar bought luxury department store Harrods for £1.5bn, via its sovereign wealth fund, the Qatar Investment Authority. It should have been the jewel in the Qatari crown. However, Harrods now faces serious sexual abuse allegations over the actions of its former boss, Mohamed Al Fayed. Many of these claims were uncovered in a recent BBC investigation, but multiple legal experts have said Qatar either missed or dismissed much of what was already known about Al Fayed at the time of the purchase. This includes a 2008 police investigation into the alleged assault of a 15-year-old girl in a Harrods boardroom. Harrods has told the BBC it is ""utterly appalled"" by the allegations and has apologised to the victims. It now looks as if the scandal could cost the company and its owner millions.  So what, if anything, was known by Qatar about the allegations?  When a company buys another company, the process of looking to see if there are any skeletons in the cupboard is known as due diligence. The buyers will hire advisers who will ask the seller's advisers questions about any issues they should know about. They may also do their own independent research. When the owner is someone like Mohamed Al Fayed, who had several allegations surrounding him at the time of the deal, the buyer's due diligence process should be lengthy. ""I think it would be sensible to ask detailed questions about number of claims, number of complaints - informal or formal - even if not upheld, subject of the complaints even if they were not upheld, number and value of settlements, number of NDAs (non-disclosure agreements),"" says Beth Hale, a partner at law firm CM Murray.  In  ""exceptional cases"" this information might scupper a deal, though she believes it is more likely the buyer would ask the seller to compensate them for any losses that might come from the alleged behaviour. This is what Ms Hale says a business should do if it were buying a company like Harrods in 2024, but she says that 2010 was a different time.  She says this pre-#MeToo era was a ""world away in terms of attitudes and approaches to sexual harassment"". ""Sexual harassment claims did not form as big a part of due diligence then as they do now."" She says it appears that either Qatar's due diligence was ""not adequate"" or that the process did bring up certain claims and it decided to continue in any event, perhaps imagining that they might not end up hurting the company too badly. ""Pre-#MeToo, with a couple of sexual harassment claims, a company might settle them, get an NDA, and move on."" Catriona Watt, partner at Fox & Partners, says it looks as if Qatar may have known about the allegations but went ahead anyway.  ""It seems to me that it wasn't a complete secret. It was probably a calculated risk,"" she says, adding the due diligence process ""depends on the questions you ask"". ""You might say, 'I only want to know about this if it has a value of X,""' she says. Virginia Albert, former marketing professor and current account director at advertising agency DeVito/Verdi, also believes the Qatari government's views on women's rights are relevant. She questions whether it would have considered sexual abuse allegations as something sufficiently serious enough to warrant dropping the deal ""You could argue that brands align with brand values during mergers,"" she says, adding the Gulf state would have considered if its values ""aligned with what they knew, if they knew, about the values of this department store"". Lazard, which represented the Al Fayed Trust during the deal, told the BBC: ""We strongly condemn the behaviour these reports have brought to light."" Harrods and the Qatar Investment Authority did not reply to multiple requests for comment on the due diligence process when the company was bought. In its previous response to the BBC, Harrods said it had been settling claims ""since new information came to light"" last year. Meanwhile, Harrods' managing director Michael Ward said on Thursday: “While it is true that rumours of [Al Fayed's] behaviour circulated in the public domain, no charges or allegations were ever put to me by the police, the [Crown Prosecution Service], internal channels or others. ""Had they been, I would of course have acted immediately."" Credit Suisse, now owned by UBS, represented the Qatar Investment Authority in the deal and declined to comment. Whatever Qatar knew during the deal, the impact of the allegations is likely to be substantial. First, there is the total cost of payments to the survivors of the alleged sexual abuse by Al Fayed, which multiple legal experts have told the BBC could be in the millions, with each individual claim likely to cost the firm a six-figure sum. Harrods has accepted vicarious liability for some of the claims, a legal term meaning it accepts ultimate responsibility for Al Fayed's alleged actions. It could potentially be liable for alleged failings as an employer, including for claims such as negligence or failing to provide a safe working environment, experts predicted. Defending the legal case and hiring an independent investigator to look into the claims are also expected to be six-figure sums. However, the real damage is expected to be reputational.  ""People are going to be really, really pissed,"" says Ms Albert, adding that many will want to see Harrods dealing with the serious allegations from the survivors swiftly and thoroughly. ""There's so much more visibility now than there was."" What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere. She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words. A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods. Did the luxury store protect a billionaire predator? Watch Al Fayed: Predator at Harrods on BBC iPlayer now Listen to World of Secrets, Season 4: Al Fayed, Predator at Harrods on BBC Sounds. If you’re outside the UK, you can listen wherever you get your podcasts. ",BBC,29/09/2024,"['In 2010 the Gulf state of Qatar bought luxury department store Harrods for £1.5bn, via its sovereign wealth fund, the Qatar Investment Authority.', 'It should have been the jewel in the Qatari crown.', 'However, Harrods now faces serious sexual abuse allegations over the actions of its former boss, Mohamed Al Fayed.', 'Many of these claims were uncovered in a recent BBC investigation, but multiple legal experts have said Qatar either missed or dismissed much of what was already known about Al Fayed at the time of the purchase.', 'This includes a 2008 police investigation into the alleged assault of a 15-year-old girl in a Harrods boardroom.', 'Harrods has told the BBC it is ""utterly appalled"" by the allegations and has apologised to the victims.', 'It now looks as if the scandal could cost the company and its owner millions.', 'So what, if anything, was known by Qatar about the allegations?', 'When a company buys another company, the process of looking to see if there are any skeletons in the cupboard is known as due diligence.', ""The buyers will hire advisers who will ask the seller's advisers questions about any issues they should know about."", 'They may also do their own independent research.', 'When the owner is someone like Mohamed Al Fayed, who had several allegations surrounding him at the time of the deal, the buyer\'s due diligence process should be lengthy. ""', 'I think it would be sensible to ask detailed questions about number of claims, number of complaints - informal or formal - even if not upheld, subject of the complaints even if they were not upheld, number and value of settlements, number of NDAs (non-disclosure agreements),"" says Beth Hale, a partner at law firm CM Murray.', 'In ""exceptional cases"" this information might scupper a deal, though she believes it is more likely the buyer would ask the seller to compensate them for any losses that might come from the alleged behaviour.', 'This is what Ms Hale says a business should do if it were buying a company like Harrods in 2024, but she says that 2010 was a different time.', 'She says this pre-#MeToo era was a ""world away in terms of attitudes and approaches to sexual harassment"". ""', 'Sexual harassment claims did not form as big a part of due diligence then as they do now.""', 'She says it appears that either Qatar\'s due diligence was ""not adequate"" or that the process did bring up certain claims and it decided to continue in any event, perhaps imagining that they might not end up hurting the company too badly. ""', 'Pre-#MeToo, with a couple of sexual harassment claims, a company might settle them, get an NDA, and move on.""', 'Catriona Watt, partner at Fox & Partners, says it looks as if Qatar may have known about the allegations but went ahead anyway. ""', ""It seems to me that it wasn't a complete secret."", 'It was probably a calculated risk,"" she says, adding the due diligence process ""depends on the questions you ask"". ""', 'You might say, \'I only want to know about this if it has a value of X,""\' she says.', ""Virginia Albert, former marketing professor and current account director at advertising agency DeVito/Verdi, also believes the Qatari government's views on women's rights are relevant."", 'She questions whether it would have considered sexual abuse allegations as something sufficiently serious enough to warrant dropping the deal ""You could argue that brands align with brand values during mergers,"" she says, adding the Gulf state would have considered if its values ""aligned with what they knew, if they knew, about the values of this department store"".', 'Lazard, which represented the Al Fayed Trust during the deal, told the BBC: ""We strongly condemn the behaviour these reports have brought to light.""', 'Harrods and the Qatar Investment Authority did not reply to multiple requests for comment on the due diligence process when the company was bought.', 'In its previous response to the BBC, Harrods said it had been settling claims ""since new information came to light"" last year.', 'Meanwhile, Harrods\' managing director Michael Ward said on Thursday: “While it is true that rumours of [Al Fayed\'s] behaviour circulated in the public domain, no charges or allegations were ever put to me by the police, the [Crown Prosecution Service], internal channels or others. ""', 'Had they been, I would of course have acted immediately.""', 'Credit Suisse, now owned by UBS, represented the Qatar Investment Authority in the deal and declined to comment.', 'Whatever Qatar knew during the deal, the impact of the allegations is likely to be substantial.', 'First, there is the total cost of payments to the survivors of the alleged sexual abuse by Al Fayed, which multiple legal experts have told the BBC could be in the millions, with each individual claim likely to cost the firm a six-figure sum.', ""Harrods has accepted vicarious liability for some of the claims, a legal term meaning it accepts ultimate responsibility for Al Fayed's alleged actions."", 'It could potentially be liable for alleged failings as an employer, including for claims such as negligence or failing to provide a safe working environment, experts predicted.', 'Defending the legal case and hiring an independent investigator to look into the claims are also expected to be six-figure sums.', 'However, the real damage is expected to be reputational. ""', 'People are going to be really, really pissed,"" says Ms Albert, adding that many will want to see Harrods dealing with the serious allegations from the survivors swiftly and thoroughly. ""', 'There\'s so much more visibility now than there was.""', 'What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.', 'She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words.', 'A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods.', 'Did the luxury store protect a billionaire predator?', 'Watch Al Fayed: Predator at Harrods on BBC iPlayer now Listen to World of Secrets, Season 4: Al Fayed, Predator at Harrods on BBC Sounds.', 'If you’re outside the UK, you can listen wherever you get your podcasts.']",-0.1004745599194774,"What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.","A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods.",-0.5669677158196768,"What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.","She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words.",2024-10-01
Oasis reunion tour ticket seller and promoter bosses get £14.8m,https://www.bbc.co.uk/news/articles/c153lz0vpkqo,2024-09-29T14:00:30.476Z,"The six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis' reunion tour have received a £14.8m total dividend for 2023. The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, according to its accounts for last year, posted on Thursday. The payout, which is unrelated to next year's Oasis tour, comes as band, the competition watchdog, and MPs hit out at a number of companies over the dynamic ticket pricing set for the gigs in the UK and Ireland. The row erupted after fans found they were being asked to pay about £350 for some tickets that were originally advertised as being priced at around £150. SJM declined to comment on the dividend payment. The company also promotes and sold tickets for a range of other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz. The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022. The payout for the six directors was more than double the £7.35m dividend the previous year. The revenue from 2023 does not include fees for promoting Oasis' tour, which experts predict could be substantial. Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that. Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets. The businesses involves companies which all have links to LiveNation, the US multinational which owns Ticketmaster. The other two promoters are MCD Promotions and DF Concerts. In addition, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets. The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had ""concerns over whether buyers were given clear and timely information"". Oasis said they had ""at no time had any awareness that dynamic pricing was going to be used"" in the sale of tickets for the initial dates. Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.  Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337). ",BBC,29/09/2024,"[""The six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis' reunion tour have received a £14.8m total dividend for 2023."", 'The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, according to its accounts for last year, posted on Thursday.', ""The payout, which is unrelated to next year's Oasis tour, comes as band, the competition watchdog, and MPs hit out at a number of companies over the dynamic ticket pricing set for the gigs in the UK and Ireland."", 'The row erupted after fans found they were being asked to pay about £350 for some tickets that were originally advertised as being priced at around £150.', 'SJM declined to comment on the dividend payment.', 'The company also promotes and sold tickets for a range of other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz.', ""The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022."", 'The payout for the six directors was more than double the £7.35m dividend the previous year.', ""The revenue from 2023 does not include fees for promoting Oasis' tour, which experts predict could be substantial."", 'Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that.', 'Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets.', 'The businesses involves companies which all have links to LiveNation, the US multinational which owns Ticketmaster.', 'The other two promoters are MCD Promotions and DF Concerts.', 'In addition, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets.', 'The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had ""concerns over whether buyers were given clear and timely information"".', 'Oasis said they had ""at no time had any awareness that dynamic pricing was going to be used"" in the sale of tickets for the initial dates.', 'Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.', 'Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).']",0.1061383233197465,"Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.",Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).,0.9995575100183488,"The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022.",,2024-10-01
"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-10-01
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-01
California governor Gavin Newsom vetoes landmark AI safety bill,https://www.bbc.co.uk/news/articles/cj9jwyr3kgeo,2024-09-30T01:53:19.595Z,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies. The proposed legislation would have imposed some of the first regulations on AI in the US.  Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state. Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.  The bill would have required the most advanced AI models to undergo safety testing. It would have forced developers to ensure their technology included a so-called ""kill switch"". This would allow organisations to isolate and effectively switch off an AI system if it became a threat. It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems. The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added. At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology. Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI. California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI. The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry.  Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way."" Efforts by Congress to impose safeguards on AI have stalled. OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology. Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added. ",BBC,30/09/2024,"['The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.', 'The proposed legislation would have imposed some of the first regulations on AI in the US.', 'Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.', 'Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.', 'The bill would have required the most advanced AI models to undergo safety testing.', 'It would have forced developers to ensure their technology included a so-called ""kill switch"".', 'This would allow organisations to isolate and effectively switch off an AI system if it became a threat.', 'It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems.', 'The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""', 'Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added.', 'At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology.', 'Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI.', ""California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI."", ""The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry."", 'Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way.""', 'Efforts by Congress to impose safeguards on AI have stalled.', 'OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology.', 'Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""', 'Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.']",0.0493610676296589,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.","It would have forced developers to ensure their technology included a so-called ""kill switch"".",-0.5947219133377075,"Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.",Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.,2024-10-01
U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-10-01
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+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.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.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. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""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.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', '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.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-10-01
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-01
Boeing sweetens labor proposal in 'best and final' offer as strike enters second week,https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html,2024-09-24T19:56:43+0000,"In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union.Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.The International Association of Machinists and Aerospace Workers District 751, the workers' union, said the new offer ""was thrown at us without any discussion.""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch. The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.""However, it said that it will survey members about Boeing's new offer.""We will gather your opinion on whether this offer meets your demands,"" it said.After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March.  The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.Both Boeing and the union said they were disappointed with negotiations last week.""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""We first presented the offer to the union and then transparently shared the details with our employees.""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.",CNBC,24/09/2024,"['In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant\'s aircraft production, entered its second week.', ""The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union."", ""Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%."", ""It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match."", 'The International Association of Machinists and Aerospace Workers District 751, the workers\' union, said the new offer ""was thrown at us without any discussion.', '""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch.', 'The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.', '""However, it said that it will survey members about Boeing\'s new offer.', '""We will gather your opinion on whether this offer meets your demands,"" it said.', ""After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March."", ""The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal."", 'Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.', 'In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.', 'Both Boeing and the union said they were disappointed with negotiations last week.', '""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""', 'We first presented the offer to the union and then transparently shared the details with our employees.', '""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.', 'Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.', 'Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.']",0.0772554422396689,"It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",0.2298987090587615,"Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",2024-10-01
Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-10-01
Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-10-01
'Stop ripping us off': Senate grills Novo Nordisk CEO on weight loss drug pricing,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T21:49:12+0000,"In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would slash prices for the two drugs.But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs. He also committed to sitting down with pharmacy benefit managers – middlemen who negotiate drug rebates with manufacturers on behalf of insurers – to ""collaborate on anything that helps patients get access and affordability.""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices. The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices. ""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""Stop ripping us off.""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S. Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit. There are currently no generic alternatives to Ozempic available in the U.S. Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders.That could undercut Jørgensen's claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk's drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices."" The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions. That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies. But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates.In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly. That's $5 billion more than what Americans spent on all prescription drugs in 2022. Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF. Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether. Many health plans cover GLP-1s for diabetes, but not for weight loss. The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition. The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors. Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.Jørgensen did not explicitly make that commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequences for drug innovation.",CNBC,24/09/2024,"[""In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committeehearingin Washington, D.C., that he would slash prices for the two drugs."", 'But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs.', 'He also committed to sitting down with pharmacy benefit managers– middlemen who negotiate drug rebates with manufacturers on behalf of insurers– to ""collaborate on anything that helps patients get access and affordability.', '""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices.', ""The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices."", '""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""', 'Stop ripping us off.', '""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries.', ""Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee."", 'Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit.', ""There are currently no generic alternatives to Ozempic available in the U.S.Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders."", 'That could undercut Jørgensen\'s claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk\'s drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices.""', 'The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.', 'Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.', '""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions.', 'That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.', 'During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.', 'He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.', '""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.', '""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.', ""In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies."", 'But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.', 'That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.', ""Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop."", ""Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", ""Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates."", 'In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly.', ""That's $5 billion more than what Americans spent on all prescription drugs in 2022.Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF.Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether."", 'Many health plans cover GLP-1s for diabetes, but not for weight loss.', ""The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition."", 'The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.', ""Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors."", 'Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.', 'Jørgensen did not explicitlymakethat commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequencesfordrug innovation.']",-0.0020589544679174,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.",-0.070928688844045,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.",2024-10-01
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-01
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-10-01
New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-10-01
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-01
"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-10-01
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-01
China is part of the US election - but only from one candidate,https://www.bbc.co.uk/news/articles/ckgvr9kgkqyo,2024-09-27T00:02:39.560Z,"The US and China are the two largest economies in the world. They have the two most powerful militaries in the world. The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century. But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years. According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month. In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times. And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator. He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations -  should he return to the White House.  He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry. He has warned China not to attempt to replace the US dollar as the world’s reserve currency. And he has blamed the Chinese government for the Covid pandemic. Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers. The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office. Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.  Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate. Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event. Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity. But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable. On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China. The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory. Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear. The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”. The forum ended up being a more open-ended conversation about the threat of China, full stop. The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods. While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China. At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?” he asked. “We’re fighting China, but would you mind selling us some steel?” Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative. He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “They go after our local and state politicians; they go after our manufacturing,” he said. “There is no question they are looking to, at some point, leverage that investment and activity.” Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November. If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry. Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point. According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.  In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president. Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%. That could in part explain Harris’s seeming lack of interest in talking about China. In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat.  After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it. As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election. Both Trump and Harris will be hard-pressed to win the White House without it in their column. Polls currently show the two candidates in a dead heat there. “The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.” Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,27/09/2024,"['The US and China are the two largest economies in the world.', 'They have the two most powerful militaries in the world.', 'The US-China rivalry, in the view of many international analysts, will be the defining global theme of the 21st Century.', 'But at the moment, only one of the two major party presidential candidates is regularly talking about US-China policy - as he has done consistently for years.', 'According to a review by BBC Verify, Republican presidential nominee Donald Trump has mentioned China 40 times in his five rallies since the presidential debate earlier this month.', 'In just one hour at a town hall forum last week in Michigan, he brought up the country 27 times.', 'And when he talks about China, Trump focuses on matters of tension between the two global powers, painting the country and the world’s second-largest economy, as a kind of economic predator.', 'He has talked about the new tariffs he plans to impose on imports from Chinese companies – and those from other nations - should he return to the White House.', 'He has said he wants to prevent Chinese-made cars from being sold because he believes they will destroy the American auto industry.', 'He has warned China not to attempt to replace the US dollar as the world’s reserve currency.', 'And he has blamed the Chinese government for the Covid pandemic.', 'Many economists question the effectiveness of Trump’s tariff plans and warn that they would ultimately be harmful to US consumers.', 'The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.', 'Trump’s protectionist message is tailored to blue-collar voters in the key industrial Midwest battleground states who have felt the impact of increased competition from Chinese manufacturers.', 'Meanwhile, BBC Verify finds, Democratic presidential nominee Kamala Harris did not mention China at all in her six rallies since the 10 September debate.', 'Although, in a speech on the economy in Pittsburgh, Pennsylvania, on Wednesday afternoon, she made a handful of references to the country. “', 'I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, communities, and companies,” she said at that event.', 'Asked for comment, an aide to the vice-president told the BBC that even if Harris does not talk about China regularly, she has a record of working to counter what they described as China’s efforts to undermine global stability and prosperity.', 'But when it comes to discussing China, the contrast between Trump and Harris on the campaign trail is unmistakable.', 'On Monday afternoon, at a barn in Smithton, a small town in rural western Pennsylvania, Trump sat down with a group of local farmers and ranchers for a roundtable discussion specifically about China.', 'The town may be just an hour outside of Pittsburgh, a Democratic Party urban stronghold, but this was decidedly Republican territory.', 'Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.', ""The topic of the event, hosted by the Protecting America Initiative, a conservative think-tank, was “the Chinese Communist Party's growing threat to the US food supply”."", 'The forum ended up being a more open-ended conversation about the threat of China, full stop.', 'The farmers, ranchers and business executives on the panel complained about having to compete with heavily subsidised Chinese imports and about the low quality of Chinese goods.', 'While the former president didn’t spend much time discussing the perceived dangers of Chinese ownership of US farmland – he instead promised that he would convince Chinese President Xi Jinping to buy more US agriculture exports – he again emphasised that he would use tariffs to shield the American economy from China.', 'At one point, he spoke of the need to protect the US steel industry - in order to prepare for a hypothetical war with China. “', 'If we’re in a war, and we need army tanks and we need ships and we need other things that happen to be made of steel, what are we going to do, go to China and get the steel?”', 'he asked. “', 'We’re fighting China, but would you mind selling us some steel?”', 'Some of the heavier lifting on China during the forum was left to Richard Grenell, a roundtable panelist and senior advisor for the Protecting America Initiative.', 'He warned the country has “quietly but strategically” worked against the US – particularly when Americans were distracted by other global issues. “', 'They go after our local and state politicians; they go after our manufacturing,” he said. “', 'There is no question they are looking to, at some point, leverage that investment and activity.”', 'Grenell, who served as US ambassador to Germany and acting director of national intelligence while Trump was in office, is considered a possible secretary of state - America’s top diplomat - if Trump wins another term in November.', 'If Harris wins, on the other hand, there may not be a significant change from the current Biden administration, even if the current president has frequently deployed sharper rhetoric to describe the US-China rivalry.', 'Since the start of his presidency, Joe Biden has identified China as one of the autocracies competing with the world’s leading democracies in what he describes as a historic global inflection point.', 'According to public opinion surveys, China ranks low on the list of issues American voters care about – dwarfed by the economy, immigration and healthcare.', 'In a recent National Security Action survey of voters in key electoral battleground states, only 14% listed China as the top national security priority for the next president.', 'Immigration led the list at 38%, followed by the wars in Ukraine and Gaza, both at 28%.', 'That could in part explain Harris’s seeming lack of interest in talking about China.', ""In this abbreviated presidential campaign for her, she has a shorter timeframe to define herself in the eyes of voters, so focusing on America's main economic competitor may be less of a priority for the Democrat."", 'After the Trump event in Smithton, Bill Bretz, chair of the local county Republican Party committee, said that while China may not be at the top of voter concerns in Pennsylvania, it was important for Trump to talk about it.', 'As the largest up-for-grabs electoral prize, Pennsylvania is perhaps the pivotal state in the 2024 presidential election.', 'Both Trump and Harris will be hard-pressed to win the White House without it in their column.', 'Polls currently show the two candidates in a dead heat there. “', ""The majority of people have already picked the camp that they're in, but there are those group of people that are undecided,” he said. “"", ""If China is a straw that sways the scale one way or another, I think it's a great thing to bring up.”"", 'Additional reporting by Jake Horton and BBC Verify North America correspondent Anthony Zurcher makes sense of the race for the White House in his weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.0314908949034017,"Cows grazed peacefully on grasslands lined with dozens of “Trump for President signs”, while Trump supporters decorated two donkeys in “Make America Great Again” gear.","The forum ended up being a more open-ended conversation about the threat of China, full stop.",-0.3562305450439453,"The Biden-Harris administration, however, has maintained, and even at times increased, the more narrowly focused tariffs that Trump imposed on China during his first term in office.",Both Trump and Harris will be hard-pressed to win the White House without it in their column.,2024-09-30
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-09-30
Xi Jinping is worried about the economy - what do Chinese people think?,https://www.bbc.co.uk/news/articles/c3e95lny0x9o,2024-09-30T22:04:09.597Z,"China’s sputtering economy has its worried leaders pulling out all the stops.  They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week. On Monday, Xi himself spoke of ""potential dangers"" and being ""well-prepared"" to overcome grave challenges, which many believe was a reference to the economy.    What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored. But two new pieces of research offer some insight. The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about their prospects. The second is a record of protests, both physical and online, that noted a rise in incidents driven by economic grievances. Although far from complete, the picture neverthless provides a rare glimpse into the current economic climate, and how Chinese people feel about their future. Beyond the crisis in real estate, steep public debt and rising unemployment have hit savings and spending. The world’s second-largest economy may miss its own growth target - 5% - this year. That is sobering for the Chinese Communist Party. Explosive growth turned China into a global power, and stable prosperity was the carrot offered by a repressive regime that would never loosen its grip on the stick. The slowdown hit as the pandemic ended, partly driven by three years of sudden and complete lockdowns, which strangled economic activity. And that contrast between the years before and after the pandemic is evident in the research by American professors Martin Whyte of Harvard University, Scott Rozelle of Stanford University's Center on China's Economy and Stanford masters student Michael Alisky. They conducted their surveys in 2004 and 2009, before Xi Jinping became China’s leader, and during his rule in 2014 and 2023. The sample sizes varied, ranging between 3,000 and 7,500. In 2004, nearly 60% of the respondents said their families’ economic situation had improved over the past five years - and just as many of them felt optimistic about the next five years.  The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying  things had improved, while 68.8% and 73% were hopeful about the future.  However in 2023, only 38.8% felt life had got better for their families. And less than half - about 47% - believed things would improve over the next five years. Meanwhile, the proportion of those who felt pessimistic about the future rose, from just 2.3% in 2004 to 16% in 2023. While the surveys were of a nationally representative sample aged 20 to 60, getting access to a broad range of opinions is a challenge in authoritarian China.  Respondents were from 29 Chinese provinces and administrative regions, but Xinjiang and parts of Tibet were excluded - Mr Whyte said it was “a combination of extra costs due to remote locations and political sensitivity”. Home to ethnic minorities, these tightly controlled areas in the north-west have long bristled under Beijing's rule.  Those who were not willing to speak their minds did not participate in the survey, the researchers said. Those who did shared their views when they were told it was for academic purposes, and would remain confidential.   Their anxieties are reflected in the choices that are being made by many young Chinese people. With unemployment on the rise, millions of college graduates have been forced to accept low-wage jobs, while others have embraced a “lie flat” attitude, pushing back against relentless work. Still others have opted to be “full-time children”, returning home to their parents because they cannot find a job, or are burnt out. Analysts believe China’s iron-fisted management of Covid-19 played a big role in undoing people’s optimism. “[It] was a turning point for many… It reminded everyone of how authoritarian the state was. People felt policed like never before,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added. Moxi, 38, was one of them. He left his job as a psychiatrist and moved to Dali, a lakeside city in southwestern China now popular with young people who want a break from high-pressure jobs. ""When I was still a psychiatrist, I didn't even have the time or energy to think about where my life was heading,"" he told the BBC. ""There was no room for optimism or pessimism. It was just work."" Work, however, no longer seems to signal a promising future, according to the survey. In 2004, 2009 and 2014, more than six in 10 respondents agreed that ""effort is always rewarded"" in China. Those who disagreed hovered around 15%. Come 2023, the sentiment flipped. Only 28.3% believed that their hard work would pay off, while a third of them disagreed. The disagreement was strongest among lower-income families, who earned less than 50,000 yuan ($6,989; £5,442) a year. Chinese people are often told that the years spent studying and chasing degrees will be rewarded with financial success. Part of this expectation has been shaped by a tumultuous history, where people gritted their teeth through the pain of wars and famine, and plodded on. Chinese leaders, too, have touted such a work ethic. Xi's Chinese Dream, for example, echoes the American Dream, where hard work and talent pay off. He has urged young people to ""eat bitterness"", a Chinese phrase for enduring hardship. But in 2023, a majority of the respondents in the Whyte and Rozelle study believed people were rich because of the privilege afforded by their families and connections. A decade earlier, respondents had attributed wealth to ability, talent, a good education and hard work. This is despite Xi’s signature “common prosperity” policy aimed at narrowing the wealth gap, although critics say it has only resulted in a crackdown on businesses.  There are other indicators of discontent, such as an 18% rise in protests in the second quarter of 2024, compared with the same period last year, according to the China Dissent Monitor (CDM). The study defines protests as any instance when people voice grievances or advance their interests in ways that are in contention with authority - this could happen physically or online. Such episodes, however small, are still telling in China, where even lone protesters are swiftly tracked down and detained. A least three in four cases are due to economic grievances, said Kevin Slaten, one of the CDM study's four editors. Starting in June 2022, the group has documented nearly 6,400 such events so far. They saw a rise in protests led by rural residents and blue-collar workers over land grabs and low wages, but also noted middle-class citizens organising because of the real estate crisis. Protests by homeowners and construction workers made up 44% of the cases across more than 370 cities. ""This does not immediately mean China’s economy is imploding,” Mr Slaten was quick to stress.  Although, he added, ""it is difficult to predict"" how such ""dissent may accelerate if the economy keeps getting worse"".  Chinese leaders are certainly concerned. Between August 2023 and Janaury 2024, Beijing stopped releasing youth unemployment figures after they hit a record high. At one point, officials coined the term ""slow employment"" to describe those who were taking time to find a job - a separate category, they said, from the jobless.  Censors have been cracking down on any source of financial frustration - vocal online posts are promptly scrubbed, while influencers have been blocked on social media for flaunting luxurious tastes. State media has defended the bans as part of the effort to create a “civilised, healthy and harmonious” environment. More alarming perhaps are reports last week that a top economist, Zhu Hengpeng, has been detained for critcising Xi's handling of the economy.  The Communist Party tries to control the narrative by “shaping what information people have access to, or what is perceived as negative”, Mr Slaten said. CDM’s research shows that, despite the level of state control, discontent has fuelled protests - and that will worry Beijing. In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies. Whyte, Rozelle and Alisky don't think their findings suggest “popular anger about… inequality is likely to explode in a social volcano of protest."" But the economic slowdown has begun to ""undermine"" the legitimacy the Party has built up through ""decades of sustained economic growth and improved living standards"", they write. The pandemic still haunts many Chinese people, said Yun Zhou, a sociology professor at the University of Michigan. Beijing’s “stringent yet mercurial responses” during the pandemic have heightened people’s insecurity about the future.  And this is particularly visceral among marginalised groups, she added, such as women caught in a “severely discriminatory” labour market and rural residents who have long been excluded from welfare coverage. Under China’s contentious “hukou” system of household registration, migrant workers in cities are not allowed to use public services, such as enrolling their children in government-run schools. But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams. Moxi is relieved to have found a slower pace of life in Dali. “The number of patients who came to me for depression and anxiety disorders only increased as the economy boomed,"" he said, recalling his past work as a psychiatrist.  ""There’s a big difference between China doing well, and Chinese people doing well.""  Whyte, Rozelle and Alisky’s research is based on four sets of academic surveys conducted between 2004 and 2023. In-person surveys were conducted together with colleagues at Peking University's Research Center on Contemporary China (RCCC) in 2004, 2009 and 2014. Participants ranged in age from 18-70 and came from 29 provinces. Tibet and Xingiang were excluded. In 2023, three rounds of online surveys, at the end of the second, third and fourth quarters, were conducted by the Survey and Research Centre for China Household Finance (CHFS) at Southwestern University of Finance and Economics in Chengdu, China. Participants ranged in age from 20-60. The same questions were used in all surveys. To make responses comparable across all four years, the researchers excluded participants aged 18-19 and 61-70 and reweighted all answers to be nationally representative. All surveys contain a margin of error. The study has been accepted for publication by The China Journal and is expected to be published in 2025. Researchers for the China Dissent Monitor (CDM) have collected data on “dissent events” across China since June 2022 from a variety of non-government sources including news reports, social media platforms operating in the country and civil society organisations. Dissent events are defined as instances where a person or persons use public and non-official means of expressing their dissatisfaction. Each event is highly visible and also subject to or at risk of government response, through physical repression or censorship. These can include viral social media posts, demonstrations, banner drops and strikes, among others. Many events are difficult to independently verify. Charts by Pilar Tomas of the BBC News Data Journalism Team ",BBC,30/09/2024,"['China’s sputtering economy has its worried leaders pulling out all the stops.', 'They have unveiled stimulus measures, offered rare cash handouts, held a surprise meeting to kickstart growth and tried to shake up an ailing property market with a raft of decisions - they did all of this in the last week.', 'On Monday, Xi himself spoke of ""potential dangers"" and being ""well-prepared"" to overcome grave challenges, which many believe was a reference to the economy.', 'What is less clear is how the slowdown has affected ordinary Chinese people, whose expectations and frustrations are often heavily censored.', 'But two new pieces of research offer some insight.', 'The first, a survey of Chinese attitudes towards the economy, found that people were growing pessimistic and disillusioned about their prospects.', 'The second is a record of protests, both physical and online, that noted a rise in incidents driven by economic grievances.', 'Although far from complete, the picture neverthless provides a rare glimpse into the current economic climate, and how Chinese people feel about their future.', 'Beyond the crisis in real estate, steep public debt and rising unemployment have hit savings and spending.', 'The world’s second-largest economy may miss its own growth target - 5% - this year.', 'That is sobering for the Chinese Communist Party.', 'Explosive growth turned China into a global power, and stable prosperity was the carrot offered by a repressive regime that would never loosen its grip on the stick.', 'The slowdown hit as the pandemic ended, partly driven by three years of sudden and complete lockdowns, which strangled economic activity.', ""And that contrast between the years before and after the pandemic is evident in the research by American professors Martin Whyte of Harvard University, Scott Rozelle of Stanford University's Center on China's Economy and Stanford masters student Michael Alisky."", 'They conducted their surveys in 2004 and 2009, before Xi Jinping became China’s leader, and during his rule in 2014 and 2023.', 'The sample sizes varied, ranging between 3,000 and 7,500.', 'In 2004, nearly 60% of the respondents said their families’ economic situation had improved over the past five years - and just as many of them felt optimistic about the next five years.', 'The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying things had improved, while 68.8% and 73% were hopeful about the future.', 'However in 2023, only 38.8% felt life had got better for their families.', 'And less than half - about 47% - believed things would improve over the next five years.', 'Meanwhile, the proportion of those who felt pessimistic about the future rose, from just 2.3% in 2004 to 16% in 2023.', 'While the surveys were of a nationally representative sample aged 20 to 60, getting access to a broad range of opinions is a challenge in authoritarian China.', 'Respondents were from 29 Chinese provinces and administrative regions, but Xinjiang and parts of Tibet were excluded - Mr Whyte said it was “a combination of extra costs due to remote locations and political sensitivity”.', ""Home to ethnic minorities, these tightly controlled areas in the north-west have long bristled under Beijing's rule."", 'Those who were not willing to speak their minds did not participate in the survey, the researchers said.', 'Those who did shared their views when they were told it was for academic purposes, and would remain confidential.', 'Their anxieties are reflected in the choices that are being made by many young Chinese people.', 'With unemployment on the rise, millions of college graduates have been forced to accept low-wage jobs, while others have embraced a “lie flat” attitude, pushing back against relentless work.', 'Still others have opted to be “full-time children”, returning home to their parents because they cannot find a job, or are burnt out.', 'Analysts believe China’s iron-fisted management of Covid-19 played a big role in undoing people’s optimism. “[', 'It] was a turning point for many… It reminded everyone of how authoritarian the state was.', 'People felt policed like never before,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added.', 'Moxi, 38, was one of them.', 'He left his job as a psychiatrist and moved to Dali, a lakeside city in southwestern China now popular with young people who want a break from high-pressure jobs. ""', 'When I was still a psychiatrist, I didn\'t even have the time or energy to think about where my life was heading,"" he told the BBC. ""', 'There was no room for optimism or pessimism.', 'It was just work.""', 'Work, however, no longer seems to signal a promising future, according to the survey.', 'In 2004, 2009 and 2014, more than six in 10 respondents agreed that ""effort is always rewarded"" in China.', 'Those who disagreed hovered around 15%.', 'Come 2023, the sentiment flipped.', 'Only 28.3% believed that their hard work would pay off, while a third of them disagreed.', 'The disagreement was strongest among lower-income families, who earned less than 50,000 yuan ($6,989; £5,442) a year.', 'Chinese people are often told that the years spent studying and chasing degrees will be rewarded with financial success.', 'Part of this expectation has been shaped by a tumultuous history, where people gritted their teeth through the pain of wars and famine, and plodded on.', 'Chinese leaders, too, have touted such a work ethic.', ""Xi's Chinese Dream, for example, echoes the American Dream, where hard work and talent pay off."", 'He has urged young people to ""eat bitterness"", a Chinese phrase for enduring hardship.', 'But in 2023, a majority of the respondents in the Whyte and Rozelle study believed people were rich because of the privilege afforded by their families and connections.', 'A decade earlier, respondents had attributed wealth to ability, talent, a good education and hard work.', 'This is despite Xi’s signature “common prosperity” policy aimed at narrowing the wealth gap, although critics say it has only resulted in a crackdown on businesses.', 'There are other indicators of discontent, such as an 18% rise in protests in the second quarter of 2024, compared with the same period last year, according to the China Dissent Monitor (CDM).', 'The study defines protests as any instance when people voice grievances or advance their interests in ways that are in contention with authority - this could happen physically or online.', 'Such episodes, however small, are still telling in China, where even lone protesters are swiftly tracked down and detained.', ""A least three in four cases are due to economic grievances, said Kevin Slaten, one of the CDM study's four editors."", 'Starting in June 2022, the group has documented nearly 6,400 such events so far.', 'They saw a rise in protests led by rural residents and blue-collar workers over land grabs and low wages, but also noted middle-class citizens organising because of the real estate crisis.', 'Protests by homeowners and construction workers made up 44% of the cases across more than 370 cities. ""', 'This does not immediately mean China’s economy is imploding,” Mr Slaten was quick to stress.', 'Although, he added, ""it is difficult to predict"" how such ""dissent may accelerate if the economy keeps getting worse"".', 'Chinese leaders are certainly concerned.', 'Between August 2023 and Janaury 2024, Beijing stopped releasing youth unemployment figures after they hit a record high.', 'At one point, officials coined the term ""slow employment"" to describe those who were taking time to find a job - a separate category, they said, from the jobless.', 'Censors have been cracking down on any source of financial frustration - vocal online posts are promptly scrubbed, while influencers have been blocked on social media for flaunting luxurious tastes.', 'State media has defended the bans as part of the effort to create a “civilised, healthy and harmonious” environment.', ""More alarming perhaps are reports last week that a top economist, Zhu Hengpeng, has been detained for critcising Xi's handling of the economy."", 'The Communist Party tries to control the narrative by “shaping what information people have access to, or what is perceived as negative”, Mr Slaten said.', 'CDM’s research shows that, despite the level of state control, discontent has fuelled protests - and that will worry Beijing.', 'In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies.', 'Whyte, Rozelle and Alisky don\'t think their findings suggest “popular anger about… inequality is likely to explode in a social volcano of protest.""', 'But the economic slowdown has begun to ""undermine"" the legitimacy the Party has built up through ""decades of sustained economic growth and improved living standards"", they write.', 'The pandemic still haunts many Chinese people, said Yun Zhou, a sociology professor at the University of Michigan.', 'Beijing’s “stringent yet mercurial responses” during the pandemic have heightened people’s insecurity about the future.', 'And this is particularly visceral among marginalised groups, she added, such as women caught in a “severely discriminatory” labour market and rural residents who have long been excluded from welfare coverage.', 'Under China’s contentious “hukou” system of household registration, migrant workers in cities are not allowed to use public services, such as enrolling their children in government-run schools.', 'But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams.', 'Moxi is relieved to have found a slower pace of life in Dali. “', 'The number of patients who came to me for depression and anxiety disorders only increased as the economy boomed,"" he said, recalling his past work as a psychiatrist. ""', 'There’s a big difference between China doing well, and Chinese people doing well.""', 'Whyte, Rozelle and Alisky’s research is based on four sets of academic surveys conducted between 2004 and 2023.', ""In-person surveys were conducted together with colleagues at Peking University's Research Center on Contemporary China (RCCC) in 2004, 2009 and 2014."", 'Participants ranged in age from 18-70 and came from 29 provinces.', 'Tibet and Xingiang were excluded.', 'In 2023, three rounds of online surveys, at the end of the second, third and fourth quarters, were conducted by the Survey and Research Centre for China Household Finance (CHFS) at Southwestern University of Finance and Economics in Chengdu, China.', 'Participants ranged in age from 20-60.', 'The same questions were used in all surveys.', 'To make responses comparable across all four years, the researchers excluded participants aged 18-19 and 61-70 and reweighted all answers to be nationally representative.', 'All surveys contain a margin of error.', 'The study has been accepted for publication by The China Journal and is expected to be published in 2025.', 'Researchers for the China Dissent Monitor (CDM) have collected data on “dissent events” across China since June 2022 from a variety of non-government sources including news reports, social media platforms operating in the country and civil society organisations.', 'Dissent events are defined as instances where a person or persons use public and non-official means of expressing their dissatisfaction.', 'Each event is highly visible and also subject to or at risk of government response, through physical repression or censorship.', 'These can include viral social media posts, demonstrations, banner drops and strikes, among others.', 'Many events are difficult to independently verify.', 'Charts by Pilar Tomas of the BBC News Data Journalism Team']",-0.0719454800052106,"But young people from cities - like Moxi - have flocked to remote towns, drawn by low rents, picturesque landscapes and greater freedom to chase their dreams.","In November 2022, a deadly fire - which killed at least 10 people who were not allowed to leave the building during a Covid lockdown - brought thousands onto the streets in different parts of China to protest against crushing zero-Covid policies.",0.1227019416525008,"The figures jumped in 2009 and 2014 - with 72.4% and 76.5% respectively saying things had improved, while 68.8% and 73% were hopeful about the future.","Many people were depressed and the subsequent pay cuts ""reinforced the confidence crisis,” he added.",2024-09-30
Energy price cap: People urged to read meter as bills rise,https://www.bbc.co.uk/news/articles/c7v6l26v585o,2024-09-30T23:03:31.139Z,"Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect. A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717. Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate. It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners. Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem. It is set every three months and affects the price paid for each unit of gas and electricity. Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user. The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill. By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate. Those with operational smart meters have the reading taken automatically. Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system. The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.  The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. It affects those on default, variable tariffs, not those who have fixed a price for a set period. That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.  Some households have built up debt to their suppliers. Ofgem said nearly £3.7bn is owed collectively. Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further."" James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[The price rise] is a big disappointment. You feel it inside,"" he said. ""You can be big and proud and say I can manage, and make that bit of extra money. But when you take everything else we are being put through, it is just that bit too much."" Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February. For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits. The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners. While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out. Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January. Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy. Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers. The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need. In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it. The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,30/09/2024,"['Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect.', 'A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717.', 'Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.', 'It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.', 'Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem.', 'It is set every three months and affects the price paid for each unit of gas and electricity.', 'Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.', 'The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill.', 'By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate.', 'Those with operational smart meters have the reading taken automatically.', 'Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system.', 'The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.', 'The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'It affects those on default, variable tariffs, not those who have fixed a price for a set period.', 'That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.', 'Some households have built up debt to their suppliers.', 'Ofgem said nearly £3.7bn is owed collectively.', 'Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further.""', 'James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[', 'The price rise] is a big disappointment.', 'You feel it inside,"" he said. ""', 'You can be big and proud and say I can manage, and make that bit of extra money.', 'But when you take everything else we are being put through, it is just that bit too much.""', 'Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February.', 'For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits.', 'The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out.', 'Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January.', 'Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.', 'Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers.', ""The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need."", 'In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it.', 'The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.1123342265505845,"Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.",The price rise] is a big disappointment.,0.0570179939270019,"Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.","Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.",2024-09-30
Irish budget: Personal tax cuts and cost-of-living help announced,https://www.bbc.co.uk/news/articles/c77x6g8rxgjo,2024-10-01T05:28:17.129Z,"The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget. There is growing speculation that the election will be held before Christmas. Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple. The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure. Further details of how it will be spent will be laid out early next year. Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added. The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn. Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year. Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported. Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing.  ""People see through the spin,"" he added. ""Your job is not to spend money; it's to get results."" ""Homeownership has collapsed under Fine Gael for young people,"" he added. The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy. The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually. Inflation in Ireland has fallen to below 2% as international energy prices have moderated. However there are some signs of growing, locally generated inflation in sectors like hospitality. The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.  However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing. The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin. Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months. ",BBC,01/10/2024,"['The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget.', 'There is growing speculation that the election will be held before Christmas.', 'Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple.', 'The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure.', 'Further details of how it will be spent will be laid out early next year.', 'Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""', 'Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added.', 'The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn.', 'Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.', 'Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported.', 'Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing. ""', 'People see through the spin,"" he added. ""', 'Your job is not to spend money; it\'s to get results."" ""', 'Homeownership has collapsed under Fine Gael for young people,"" he added.', 'The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.', 'The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually.', 'Inflation in Ireland has fallen to below 2% as international energy prices have moderated.', 'However there are some signs of growing, locally generated inflation in sectors like hospitality.', 'The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.', 'However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing.', 'The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin.', 'Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.']",0.1159864332363131,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,"The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.",-0.0483902653058369,Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,2024-09-30
Datacentre construction: Worker shortage hampers boom,https://www.bbc.co.uk/news/articles/c24pvm8ly18o,2024-09-30T23:06:24.749Z,"If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.” The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school. He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres. This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"". And those clients are central to today’s technology landscape. Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services. Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment. Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them. Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year. In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE. But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.” Just finding enough land or power for new datacentres is a problem. Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on. But the industry is also struggling to find the people to build them. “There's just not enough skilled construction workers to go around,” says Dame Dawn. For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors. Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “It is very, very fast. It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “I've done commercial premises, I've worked in universities,” he explains. But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.” Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios. Operators will have strict timeframes to complete a datacentre build or upgrade. At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example. This can mean long days for Datalec’s teams, or even running shifts overnight. If the demands are high, the rewards are significant too. Experienced electrical installers can make six figure salaries. Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand. The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years. Many are concerned that the construction workforce is greying. Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.” One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades. Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"". But there are more choices to tempt young people now, he suggests, including software development or other technology careers. Or indeed being an influencer on the very platforms run out of the datacentres. Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s. Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.” However, Schneider Electric is changing its ratio of graduates to apprentices. “We’ve doubled our intake of apprentices,” says Mr Yeeles. The entire industry must rethink how it recruits younger people, he adds. “My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience. And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”. Schneider Electric, for example, has launched a sustainability apprenticeship program. Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “In terms of a purpose, we're serving the whole population,” she says. “And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.” But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life. As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer. And they look up at the sky.” ",BBC,30/09/2024,"['If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.”', 'The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school.', 'He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres.', 'This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"".', 'And those clients are central to today’s technology landscape.', 'Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services.', 'Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment.', 'Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them.', 'Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year.', 'In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.', 'But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.”', 'Just finding enough land or power for new datacentres is a problem.', 'Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.', 'But the industry is also struggling to find the people to build them. “', ""There's just not enough skilled construction workers to go around,” says Dame Dawn."", 'For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors.', 'Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “', 'It is very, very fast.', ""It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “"", ""I've done commercial premises, I've worked in universities,” he explains."", 'But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.”', 'Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios.', 'Operators will have strict timeframes to complete a datacentre build or upgrade.', 'At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example.', 'This can mean long days for Datalec’s teams, or even running shifts overnight.', 'If the demands are high, the rewards are significant too.', 'Experienced electrical installers can make six figure salaries.', 'Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand.', 'The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years.', 'Many are concerned that the construction workforce is greying.', ""Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.”"", 'One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.', 'Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"".', 'But there are more choices to tempt young people now, he suggests, including software development or other technology careers.', 'Or indeed being an influencer on the very platforms run out of the datacentres.', 'Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s.', 'Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.”', 'However, Schneider Electric is changing its ratio of graduates to apprentices. “', 'We’ve doubled our intake of apprentices,” says Mr Yeeles.', 'The entire industry must rethink how it recruits younger people, he adds. “', 'My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience.', 'And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”.', 'Schneider Electric, for example, has launched a sustainability apprenticeship program.', 'Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “', ""In terms of a purpose, we're serving the whole population,” she says. “"", ""And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.”"", 'But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life.', 'As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer.', 'And they look up at the sky.”']",0.1447031489096326,"Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.",But the industry is also struggling to find the people to build them. “,0.1520353463979867,"In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.",One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.,2024-09-30
Microsoft: 'ever present' personal AI assistants are coming,https://www.bbc.co.uk/news/articles/czj9vmnlv9zo,2024-10-01T13:59:49.714Z,"Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman. Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added. Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping. But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do. For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities. Mr Suleyman argued that many people’s privacy expectations have changed over time. He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “Most people love that feature,” he said. “Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.” He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.  Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology. But some research suggests people are not consistently using it. A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day. Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “Maybe this is different to the smartphone,” he said. “Nearly 90% of the planet has a smartphone. Maybe that will be different. Maybe 50% will reject [AI tools}.” But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks. He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it. He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “The idea that this could be a bubble is utterly beyond me.” Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper. It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity. The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session. Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it. In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it. It will be re-launched in November with additional security measures. ",BBC,01/10/2024,"[""Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman."", 'Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “', 'I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added.', 'Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping.', 'But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.', 'For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities.', 'Mr Suleyman argued that many people’s privacy expectations have changed over time.', 'He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “', 'Most people love that feature,” he said. “', 'Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.”', 'He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.', 'Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology.', 'But some research suggests people are not consistently using it.', 'A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day.', 'Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “', 'Maybe this is different to the smartphone,” he said. “', 'Nearly 90% of the planet has a smartphone.', 'Maybe that will be different.', 'Maybe 50% will reject [AI tools}.”', 'But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.', 'He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it.', 'He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “', 'We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “', 'The idea that this could be a bubble is utterly beyond me.”', 'Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.', 'It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity.', 'The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session.', 'Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it.', 'In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it.', 'It will be re-launched in November with additional security measures.']",0.2086285614375073,"But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.","Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.",-0.2069584280252456,"But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.",Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “,2024-09-30
'Stop ripping us off': Senate grills Novo Nordisk CEO on weight loss drug pricing,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T21:49:12+0000,"In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S. Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., that he would slash prices for the two drugs.But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs. He also committed to sitting down with pharmacy benefit managers – middlemen who negotiate drug rebates with manufacturers on behalf of insurers – to ""collaborate on anything that helps patients get access and affordability.""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices. The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices. ""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""Stop ripping us off.""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S. Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee. Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit. There are currently no generic alternatives to Ozempic available in the U.S. Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders.That could undercut Jørgensen's claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk's drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices."" The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions. That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies. But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates.In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly. That's $5 billion more than what Americans spent on all prescription drugs in 2022. Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF. Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether. Many health plans cover GLP-1s for diabetes, but not for weight loss. The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition. The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors. Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.Jørgensen did not explicitly make that commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequences for drug innovation.",CNBC,24/09/2024,"[""In this articleNovo Nordisk's top executive faced a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen did not explicitly promise lawmakers at a Senate Health, Education, Labor and Pensions Committeehearingin Washington, D.C., that he would slash prices for the two drugs."", 'But Jørgensen said he wants to work with them on policy solutions that will address the ""structural issues"" that drive up prescription drug costs.', 'He also committed to sitting down with pharmacy benefit managers– middlemen who negotiate drug rebates with manufacturers on behalf of insurers– to ""collaborate on anything that helps patients get access and affordability.', '""That pledge came after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, said he received commitments in writing from all of the major PBMs that they would not limit coverage of Wegovy and Ozempic if Novo Nordisk reduced their list prices.', ""The hearing comes roughly five months after Sanders opened an investigation into the Danish drugmaker's pricing practices."", '""All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people all over the world,"" Sanders said during the hearing Tuesday. ""', 'Stop ripping us off.', '""He noted that Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries.', ""Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.Meanwhile, both treatments can cost as little as under $100 for a month's supply in some European countries, according to a release from the committee."", 'Ozempic costs just $59 in Germany, while Wegovy costs $92 in the U.K.Sanders also said last week that the CEOs of major generic pharmaceutical companies have told him that they could sell a version of Ozempic for less than $100 a month at a profit.', ""There are currently no generic alternatives to Ozempic available in the U.S.Major PBMs, including UnitedHealth Group's Optum Rx and CVS' Caremark, and some health plans said $100 monthly list prices for Wegovy and Ozempic would help make those drugs more widely available to patients, according to a release from Sanders."", 'That could undercut Jørgensen\'s claim in his written testimony that PBMs are to blame for the high list prices of Novo Nordisk\'s drugs and ""exercise near-total control over the ability of hundreds of millions of Americans to get the medicines they need at affordable prices.""', 'The company has argued that it needs to be able to pay rebates to those middlemen to get their drugs on formularies, or lists of medications covered by insurance.', 'Jørgensen noted that the written promises that Sanders received from PBMs are ""new information to me,"" but said he understands ""that perhaps the PBMs have changed their minds.', '""Novo Nordisk has argued that it has spent billions to research, develop and expand manufacturing for the treatments and is funneling more money into researching their potential to treat other obesity-related health conditions.', 'That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.', 'During the hearing, Jørgensen said the company has fought to secure public and private insurance coverage for the medications.', 'He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.', '""Jørgensen promised that Novo Nordisk will ""remain engaged and work with this committee on policy solutions to address the structural issues that drive up costs.', '""But Jørgensen contended that lowering prices could have consequences, saying it could lead to less insurance coverage.', ""In his written testimony, Jørgensen said Novo Nordisk's insulin product Levemir was previously available to 90% of U.S. patients through formularies."", 'But insurers began to drop coverage of the insulin after Novo Nordisk cut its list price, leading to only 36% of patients having access.', 'That eventually drove the company to discontinue the insulin, Jørgensen said in his written testimony.', ""Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop."", ""Both drugmakers make GLP-1s, which mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", ""Eli Lilly's weight loss injection Zepbound and diabetes drug Mounjaro similarly cost around $1,000 per month before insurance and other rebates."", 'In a release, the Senate Health Committee said it would cost the U.S. $411 billion per year if half of all Americans took weight loss drugs from Novo Nordisk and Eli Lilly.', ""That's $5 billion more than what Americans spent on all prescription drugs in 2022.Medicare spent $4.6 billion on Ozempic in 2022 alone, according to health policy research organization KFF.Other insurers and employers have implemented strict requirements to control weight loss drug costs, or have dropped coverage of those treatments altogether."", 'Many health plans cover GLP-1s for diabetes, but not for weight loss.', ""The federal Medicare program doesn't pay for weight loss treatments unless they are approved and prescribed for another health condition."", 'The hearing comes as the Biden administration and lawmakers on both sides of the aisle try to rein in health-care costs in the U.S., in part by pressuring the pharmaceutical industry and drug supply chain middlemen.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.', ""Notably, Ozempic will likely be subject to the next round of price negotiations between manufacturers and Medicare — a key provision of President Joe Biden's Inflation Reduction Act that aims to lower costs for seniors."", 'Wall Street analysts say Ozempic will likely be eligible for negotiations by the time the next round of drugs is selected in 2025, for price changes that will go into effect in 2027.Lawmakers asked Novo Nordisk to commit to not suing the federal government if Ozempic and Wegovy are selected for the next round of negotiations.', 'Jørgensen did not explicitlymakethat commitment, noting that the company believes the talks are ""not a fair negotiation, but actually price-setting"" that will have negative consequencesfordrug innovation.']",-0.0020589544679174,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","He also in part blamed the ""complex U.S. healthcare system"" for making it difficult for patients to access affordable prescription drugs, noting that ""no single company alone can solve such vast and complicated policy challenges.",-0.070928688844045,"That investment has extended and improved the lives of millions of Americans, which helps reduce the health-care costs associated with obesity and diabetes, according to written testimony from Jørgensen.","Sanders and other lawmakers, health experts and insurers have warned that the insatiable demand for Novo Nordisk's drugs and similar weight loss and diabetes treatments from rival Eli Lilly could potentially bankrupt the U.S. health-care system unless prices drop.",2024-09-30
Post Office scandal: Second IT system Capture 'likely' to have caused shortfalls,https://www.bbc.co.uk/news/articles/cx24pzpgy0eo,2024-09-30T15:20:18.799Z,"An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found. A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts. Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.  Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system. Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"". Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation."" The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"". Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts. The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice. But Monday's report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office's information technology team. ""We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said. Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said. Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe. The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.  In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said. Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use."" Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total. But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""There needs to be fast action on these failings, faster than we have seen before."" Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s. It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period. Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet. The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December. Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system. ",BBC,30/09/2024,"['An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found.', 'A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts.', 'Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.', 'Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system.', 'Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"".', 'Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation.""', 'The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts.', ""The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice."", 'But Monday\'s report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office\'s information technology team. ""', 'We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.', 'Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""', 'The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said.', 'Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe.', 'The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.', 'In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said.', 'Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""', 'Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""', 'A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use.""', 'Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total.', 'But Mr Hudgell said the report\'s findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""', 'We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""', 'There needs to be fast action on these failings, faster than we have seen before.""', 'Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s.', 'It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period.', 'Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet.', 'The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December.', 'Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system.']",-0.142586103036914,"The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".","We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. """,-0.5888237086209384,"But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""","We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.",2024-09-30
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-09-30
Surat: The world’s diamond polishing capital feels the Ukraine-Russia war impact,https://www.bbc.co.uk/news/articles/c1e866ypp1zo,2024-09-30T01:04:21.952Z,"Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May. The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed. Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank. Tank died by suicide in August. The last few years have been tough for India’s recession-hit diamond industry. Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers. The city has 15 big polishing units with an annual turnover of more than $100m (£75m). India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024. The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts. Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses. The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn. The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown. The BBC could not independently verify this figure. Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading  manufacturer. India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets. In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries. After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes. Traders in Surat echo that. ""India is at the low end of the value chain of the diamond industry. The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah. Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business. The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP). He said the police were investigating the suicide cases attributed to job losses. ""The government is ready to provide all possible help to polishers, traders and businessmen,” he said. But the families of at least nine workers, who recently took their lives, said they had received little help from the government. The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them. But bigger players are impacted too. Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason. In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help. But there have been others who couldn’t get help in time. Vaishali Patel, 38, lost her husband Nitin two years back. The polishing unit he worked for had laid off a majority of its staff because of a lack of business. Brokers and traders too are facing the brunt. “We have been sitting idle for days. There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers. Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market. Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise. Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless. Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""This too shall pass,"" he says. ",BBC,30/09/2024,"['Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May.', 'The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed.', 'Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘', 'He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank.', 'Tank died by suicide in August.', 'The last few years have been tough for India’s recession-hit diamond industry.', 'Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers.', 'The city has 15 big polishing units with an annual turnover of more than $100m (£75m).', 'India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024.', 'The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.', 'Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses.', 'The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn.', 'The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.', 'The BBC could not independently verify this figure.', 'Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “', 'The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading manufacturer.', 'India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets.', 'In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries.', 'After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes.', 'Traders in Surat echo that. ""', 'India is at the low end of the value chain of the diamond industry.', 'The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah.', 'Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business.', ""The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “"", ""The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP)."", 'He said the police were investigating the suicide cases attributed to job losses. ""', 'The government is ready to provide all possible help to polishers, traders and businessmen,” he said.', 'But the families of at least nine workers, who recently took their lives, said they had received little help from the government.', 'The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them.', 'But bigger players are impacted too.', 'Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason.', ""In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help."", 'But there have been others who couldn’t get help in time.', 'Vaishali Patel, 38, lost her husband Nitin two years back.', 'The polishing unit he worked for had laid off a majority of its staff because of a lack of business.', 'Brokers and traders too are facing the brunt. “', 'We have been sitting idle for days.', 'There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers.', 'Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market.', 'Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.', 'Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless.', 'Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""', 'This too shall pass,"" he says.']",-0.0924295648266793,Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.,"The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.",-0.6563723584016165,"Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""","The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.",2024-09-30
Harrods: The red flags when Qatar bought it from Mohamed Al Fayed,https://www.bbc.co.uk/news/articles/ckg2ryxp969o,2024-09-29T05:01:35.212Z,"In 2010 the Gulf state of Qatar bought luxury department store Harrods for £1.5bn, via its sovereign wealth fund, the Qatar Investment Authority. It should have been the jewel in the Qatari crown. However, Harrods now faces serious sexual abuse allegations over the actions of its former boss, Mohamed Al Fayed. Many of these claims were uncovered in a recent BBC investigation, but multiple legal experts have said Qatar either missed or dismissed much of what was already known about Al Fayed at the time of the purchase. This includes a 2008 police investigation into the alleged assault of a 15-year-old girl in a Harrods boardroom. Harrods has told the BBC it is ""utterly appalled"" by the allegations and has apologised to the victims. It now looks as if the scandal could cost the company and its owner millions.  So what, if anything, was known by Qatar about the allegations?  When a company buys another company, the process of looking to see if there are any skeletons in the cupboard is known as due diligence. The buyers will hire advisers who will ask the seller's advisers questions about any issues they should know about. They may also do their own independent research. When the owner is someone like Mohamed Al Fayed, who had several allegations surrounding him at the time of the deal, the buyer's due diligence process should be lengthy. ""I think it would be sensible to ask detailed questions about number of claims, number of complaints - informal or formal - even if not upheld, subject of the complaints even if they were not upheld, number and value of settlements, number of NDAs (non-disclosure agreements),"" says Beth Hale, a partner at law firm CM Murray.  In  ""exceptional cases"" this information might scupper a deal, though she believes it is more likely the buyer would ask the seller to compensate them for any losses that might come from the alleged behaviour. This is what Ms Hale says a business should do if it were buying a company like Harrods in 2024, but she says that 2010 was a different time.  She says this pre-#MeToo era was a ""world away in terms of attitudes and approaches to sexual harassment"". ""Sexual harassment claims did not form as big a part of due diligence then as they do now."" She says it appears that either Qatar's due diligence was ""not adequate"" or that the process did bring up certain claims and it decided to continue in any event, perhaps imagining that they might not end up hurting the company too badly. ""Pre-#MeToo, with a couple of sexual harassment claims, a company might settle them, get an NDA, and move on."" Catriona Watt, partner at Fox & Partners, says it looks as if Qatar may have known about the allegations but went ahead anyway.  ""It seems to me that it wasn't a complete secret. It was probably a calculated risk,"" she says, adding the due diligence process ""depends on the questions you ask"". ""You might say, 'I only want to know about this if it has a value of X,""' she says. Virginia Albert, former marketing professor and current account director at advertising agency DeVito/Verdi, also believes the Qatari government's views on women's rights are relevant. She questions whether it would have considered sexual abuse allegations as something sufficiently serious enough to warrant dropping the deal ""You could argue that brands align with brand values during mergers,"" she says, adding the Gulf state would have considered if its values ""aligned with what they knew, if they knew, about the values of this department store"". Lazard, which represented the Al Fayed Trust during the deal, told the BBC: ""We strongly condemn the behaviour these reports have brought to light."" Harrods and the Qatar Investment Authority did not reply to multiple requests for comment on the due diligence process when the company was bought. In its previous response to the BBC, Harrods said it had been settling claims ""since new information came to light"" last year. Meanwhile, Harrods' managing director Michael Ward said on Thursday: “While it is true that rumours of [Al Fayed's] behaviour circulated in the public domain, no charges or allegations were ever put to me by the police, the [Crown Prosecution Service], internal channels or others. ""Had they been, I would of course have acted immediately."" Credit Suisse, now owned by UBS, represented the Qatar Investment Authority in the deal and declined to comment. Whatever Qatar knew during the deal, the impact of the allegations is likely to be substantial. First, there is the total cost of payments to the survivors of the alleged sexual abuse by Al Fayed, which multiple legal experts have told the BBC could be in the millions, with each individual claim likely to cost the firm a six-figure sum. Harrods has accepted vicarious liability for some of the claims, a legal term meaning it accepts ultimate responsibility for Al Fayed's alleged actions. It could potentially be liable for alleged failings as an employer, including for claims such as negligence or failing to provide a safe working environment, experts predicted. Defending the legal case and hiring an independent investigator to look into the claims are also expected to be six-figure sums. However, the real damage is expected to be reputational.  ""People are going to be really, really pissed,"" says Ms Albert, adding that many will want to see Harrods dealing with the serious allegations from the survivors swiftly and thoroughly. ""There's so much more visibility now than there was."" What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere. She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words. A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods. Did the luxury store protect a billionaire predator? Watch Al Fayed: Predator at Harrods on BBC iPlayer now Listen to World of Secrets, Season 4: Al Fayed, Predator at Harrods on BBC Sounds. If you’re outside the UK, you can listen wherever you get your podcasts. ",BBC,29/09/2024,"['In 2010 the Gulf state of Qatar bought luxury department store Harrods for £1.5bn, via its sovereign wealth fund, the Qatar Investment Authority.', 'It should have been the jewel in the Qatari crown.', 'However, Harrods now faces serious sexual abuse allegations over the actions of its former boss, Mohamed Al Fayed.', 'Many of these claims were uncovered in a recent BBC investigation, but multiple legal experts have said Qatar either missed or dismissed much of what was already known about Al Fayed at the time of the purchase.', 'This includes a 2008 police investigation into the alleged assault of a 15-year-old girl in a Harrods boardroom.', 'Harrods has told the BBC it is ""utterly appalled"" by the allegations and has apologised to the victims.', 'It now looks as if the scandal could cost the company and its owner millions.', 'So what, if anything, was known by Qatar about the allegations?', 'When a company buys another company, the process of looking to see if there are any skeletons in the cupboard is known as due diligence.', ""The buyers will hire advisers who will ask the seller's advisers questions about any issues they should know about."", 'They may also do their own independent research.', 'When the owner is someone like Mohamed Al Fayed, who had several allegations surrounding him at the time of the deal, the buyer\'s due diligence process should be lengthy. ""', 'I think it would be sensible to ask detailed questions about number of claims, number of complaints - informal or formal - even if not upheld, subject of the complaints even if they were not upheld, number and value of settlements, number of NDAs (non-disclosure agreements),"" says Beth Hale, a partner at law firm CM Murray.', 'In ""exceptional cases"" this information might scupper a deal, though she believes it is more likely the buyer would ask the seller to compensate them for any losses that might come from the alleged behaviour.', 'This is what Ms Hale says a business should do if it were buying a company like Harrods in 2024, but she says that 2010 was a different time.', 'She says this pre-#MeToo era was a ""world away in terms of attitudes and approaches to sexual harassment"". ""', 'Sexual harassment claims did not form as big a part of due diligence then as they do now.""', 'She says it appears that either Qatar\'s due diligence was ""not adequate"" or that the process did bring up certain claims and it decided to continue in any event, perhaps imagining that they might not end up hurting the company too badly. ""', 'Pre-#MeToo, with a couple of sexual harassment claims, a company might settle them, get an NDA, and move on.""', 'Catriona Watt, partner at Fox & Partners, says it looks as if Qatar may have known about the allegations but went ahead anyway. ""', ""It seems to me that it wasn't a complete secret."", 'It was probably a calculated risk,"" she says, adding the due diligence process ""depends on the questions you ask"". ""', 'You might say, \'I only want to know about this if it has a value of X,""\' she says.', ""Virginia Albert, former marketing professor and current account director at advertising agency DeVito/Verdi, also believes the Qatari government's views on women's rights are relevant."", 'She questions whether it would have considered sexual abuse allegations as something sufficiently serious enough to warrant dropping the deal ""You could argue that brands align with brand values during mergers,"" she says, adding the Gulf state would have considered if its values ""aligned with what they knew, if they knew, about the values of this department store"".', 'Lazard, which represented the Al Fayed Trust during the deal, told the BBC: ""We strongly condemn the behaviour these reports have brought to light.""', 'Harrods and the Qatar Investment Authority did not reply to multiple requests for comment on the due diligence process when the company was bought.', 'In its previous response to the BBC, Harrods said it had been settling claims ""since new information came to light"" last year.', 'Meanwhile, Harrods\' managing director Michael Ward said on Thursday: “While it is true that rumours of [Al Fayed\'s] behaviour circulated in the public domain, no charges or allegations were ever put to me by the police, the [Crown Prosecution Service], internal channels or others. ""', 'Had they been, I would of course have acted immediately.""', 'Credit Suisse, now owned by UBS, represented the Qatar Investment Authority in the deal and declined to comment.', 'Whatever Qatar knew during the deal, the impact of the allegations is likely to be substantial.', 'First, there is the total cost of payments to the survivors of the alleged sexual abuse by Al Fayed, which multiple legal experts have told the BBC could be in the millions, with each individual claim likely to cost the firm a six-figure sum.', ""Harrods has accepted vicarious liability for some of the claims, a legal term meaning it accepts ultimate responsibility for Al Fayed's alleged actions."", 'It could potentially be liable for alleged failings as an employer, including for claims such as negligence or failing to provide a safe working environment, experts predicted.', 'Defending the legal case and hiring an independent investigator to look into the claims are also expected to be six-figure sums.', 'However, the real damage is expected to be reputational. ""', 'People are going to be really, really pissed,"" says Ms Albert, adding that many will want to see Harrods dealing with the serious allegations from the survivors swiftly and thoroughly. ""', 'There\'s so much more visibility now than there was.""', 'What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.', 'She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words.', 'A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods.', 'Did the luxury store protect a billionaire predator?', 'Watch Al Fayed: Predator at Harrods on BBC iPlayer now Listen to World of Secrets, Season 4: Al Fayed, Predator at Harrods on BBC Sounds.', 'If you’re outside the UK, you can listen wherever you get your podcasts.']",-0.1004745599194774,"What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.","A BBC investigation into allegations of rape and attempted rape by Mohamed Al Fayed, the former owner of Harrods.",-0.5669677158196768,"What might save Harrods, she says, is the loyalty of its long-time shoppers, but the high-price point will make it much easier for casual customers who dislike the way the retailer is perceived to have treated women to go elsewhere.","She predicts boycotts and says the business may struggle to recover unless customers see action, rather than just words.",2024-09-30
Money paid to sperm donors rises as UK faces shortage,https://www.bbc.co.uk/news/articles/cm24vd6ldypo,2024-09-30T23:05:00.434Z,"Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit. The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today. It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation. Sperm donation can involve visiting a clinic once a week for three to six months. The UK fertility regulator acknowledged a shortage of egg and sperm donors. But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old. One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""I'm a married gay man and we adopted our son so we didn't have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""Going through the adoption process, you meet a lot of straight couples who have had fertility problems. So I wanted to help and give someone a chance to start a family, whether it's someone with fertility problems, a lesbian couple or a single person."" It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.  The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said. Joseph said he was happy with the new compensation rate of £45 per clinic visit. He added: ""I think it's difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive."" But there are groups who are concerned about the rise in compensation. Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""Donations cannot be called altruistic while money is exchanged,"" she said. ""Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals. If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others."" One way to tackle a sperm shortage is by importing it. The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark. Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"". She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors. Ms Nel also believes the narrative is changing surrounding the typical sperm donor. Sperm donors in the UK generally need to be between the ages of 18 and 45. ""Maybe 20 years ago it was students but I think now it's a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""I think the type of person that actually ends up becoming a donor is someone that is more aware of what they're doing, it's not your typical student just looking for an easy way to make money."" The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"". One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored. It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18. ",BBC,30/09/2024,"['Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit.', 'The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today.', 'It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation.', 'Sperm donation can involve visiting a clinic once a week for three to six months.', 'The UK fertility regulator acknowledged a shortage of egg and sperm donors.', 'But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old.', 'One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""', 'I\'m a married gay man and we adopted our son so we didn\'t have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""', 'Going through the adoption process, you meet a lot of straight couples who have had fertility problems.', 'So I wanted to help and give someone a chance to start a family, whether it\'s someone with fertility problems, a lesbian couple or a single person.""', 'It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.', 'The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""', 'Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""', 'Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said.', 'Joseph said he was happy with the new compensation rate of £45 per clinic visit.', 'He added: ""I think it\'s difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive.""', 'But there are groups who are concerned about the rise in compensation.', 'Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""', 'Donations cannot be called altruistic while money is exchanged,"" she said. ""', 'Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals.', 'If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others.""', 'One way to tackle a sperm shortage is by importing it.', 'The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark.', 'Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".', 'She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors.', 'Ms Nel also believes the narrative is changing surrounding the typical sperm donor.', 'Sperm donors in the UK generally need to be between the ages of 18 and 45. ""', 'Maybe 20 years ago it was students but I think now it\'s a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""', 'I think the type of person that actually ends up becoming a donor is someone that is more aware of what they\'re doing, it\'s not your typical student just looking for an easy way to make money.""', 'The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"".', 'One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored.', 'It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18.']",0.033041129324383,"One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",0.0359157919883728,"It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",2024-09-30
Does Chinese investment benefit or damage Ireland?,https://www.bbc.co.uk/news/articles/cj9je2wnveko,2024-09-29T23:19:06.873Z,"The Irish economy has been increasingly attracting Chinese investment, but does it come with a reputational cost? In 2020, 25 Chinese companies had operations in the Republic of Ireland. By this year the number had jumped to 40. For some this new flood of yuan into the country offers Ireland an opportunity to reduce its reliance on being the European base for US tech giants such as Apple and Alphabet. And it creates additional jobs. But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies. These include Chinese clothing firm Shein, which since May 2023 has had its European headquarters in Dublin. Shein has long been attacked for how the workers who makes its clothes are treated. And earlier this year it had to admit that it found child labour in its supply chain. The Irish government is also in the diplomatically awkward position of luring many of the very Chinese companies that the US has sanctioned. Two cases in point – telecoms firm Huawei and drugs company WuXi Biologics. In May, Ireland’s Minister of State for Trade Promotion, Dara Calleary, welcomed a report celebrating how Huawei was contributing €800m ($889m; £668m) per year to the Irish economy. The firm has three research and development centres in Ireland. This is the same Huawei whose telecoms network equipment the US has banned since 2022 due to concerns over national security. The UK has moved in the same direction, ordering phone networks to remove Huawei components. And mobile phone networks in many Western nations, including Ireland, no longer offer Huawei handsets. Meanwhile, WuXi has, since 2018, invested more than €1bn in a facility in Dundalk, near the border with Northern Ireland. Earlier this month the US House of Representatives passed a bill to restrict US firms’ ability to work with WuXi, again citing national security concerns. The bill now has to go to the US Senate. Ireland’s Industrial Development Authority is the government agency whose mandate is to attract foreign investment into the country. It has three offices in China, and says it seeks “to promote Ireland as a gateway to Europe for Chinese investors”. Another Chinese firm that has its European headquarters in Ireland is social media video app TikTok, which is owned by Beijing-based parent firm ByteDance. And the parent of Chinese online retailer Temu moved its global headquarters from China to Ireland last year. Prominent critics of Ireland rolling out a “green carpet” to Chinse firms include Barry Andrews, one of Ireland's members of the European Parliament. “Human rights and environmental abuses should not be allowed in Irish shopping baskets,” says the Fianna Fáil MEP. He points to a US Congress report from last year, which said there was “an extremely high risk that Temu’s supply chains are contaminated with forced labour”. Temu had told the investigation that it had a “zero-tolerance policy” towards the practice. “One person’s bargain is another’s back-breaking work for poverty wages,” adds Mr Andrews, whose party is part of the current Irish government coalition. Critics also argue that there are substantial differences between US tech firms operating in Ireland and Chinese ones – for example, about openness. For instance, Huawei and WuXi declined an opportunity to be interviewed for this article. Shein provided a spokesperson who was only prepared to speak off the record, then did not reply to follow-up questions. Some leading economists question whether Ireland even needs the few thousand jobs that the Chinese firms provide. “Ireland’s economy has been running at near full employment for the best part of a decade,"" says Dan O'Brien, chief economist at Ireland's Institute of International and European Affairs. Irish unemployment was 4.3% in August 2024, only slightly above its all-time low of 3.90% in October 2020. Economists generally consider an unemployment rate of around 4 to 5% to represent full employment. Mr O’Brien also points to the fact that a fifth of Ireland’s private-sector employment is directly, or indirectly, attributable to foreign direct investment (FDI), according to official figures. He says this is too high. It is so elevated because Ireland has one of the lowest standard corporation tax rates in Europe, at 12.5%. This is the tax that all but the very biggest firms have to pay on their profits. By comparison, the UK rate is 25%. Mr O’Brien says that Ireland’s level of FDI was already too high without the Chinese investment on top. “Given we are already overly dependent on FDI in a world that is at risk of deglobalisation, we don’t need another major source of FDI on top of that from the United States.” He adds EU rules should be “actively used to discourage Chinese FDI” in Ireland. The Irish government tells the BBC that it ""supports the common EU approach to China on de-risking... [but] the government has been clear that de-risking is not decoupling"". Irish Minister for Enterprise, Trade and Employment, Peter Burke adds: “In an era of continuous global uncertainty, Ireland offers a stable and pro-business environment. Multinational companies, including Chinese companies, recognise these opportunities.” Given how much Ireland's economy does depend on FDI, some economists say Chinese investment in Ireland can be seen as a welcome insurance policy in case some US firms pull out. “There is a huge pressure on US tech companies to re-domicile and re-invest in the US,"" says Constantin Gurdgiev, an economist at Trinity College Dublin and the University of Northern Colorado. Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain. Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax. The country has already signed up to Organisation for Economic Co-operation and Development rules, and as a result, this year introduced a 15% corporation tax rate for firms with an annual turnover of more than €750m ($835m; £625m). And earlier this month, the European Court of Justice ruled that Apple had to pay Ireland €13bn in unpaid taxes. It followed after the European Commission accused Ireland of giving Apple illegal tax advantages. Dublin consistently argued against the need for the tax to be paid, but said it would respect the ruling. Dr Gurdgiev adds that Ireland is acting “with some strategic foresight” in courting Beijing. And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye. He argues that this is why the US authorities have been “largely laissez-faire in their approach to chasing tax optimization schemes that Dublin has been developing over decades”. Plus, he says Ireland provides the US, EU and China with a useful “neutral ground” where both US and Chinese tech firms can operate. Dr Gurdgiev adds that by putting itself in such a position, Ireland is playing a “dangerous geopolitical game” for a small economy. However, he says its diplomatic closeness to the US should make its position ""relatively safe"". ",BBC,29/09/2024,"['The Irish economy has been increasingly attracting Chinese investment, but does it come with a reputational cost?', 'In 2020, 25 Chinese companies had operations in the Republic of Ireland.', 'By this year the number had jumped to 40.', 'For some this new flood of yuan into the country offers Ireland an opportunity to reduce its reliance on being the European base for US tech giants such as Apple and Alphabet.', 'And it creates additional jobs.', 'But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies.', 'These include Chinese clothing firm Shein, which since May 2023 has had its European headquarters in Dublin.', 'Shein has long been attacked for how the workers who makes its clothes are treated.', 'And earlier this year it had to admit that it found child labour in its supply chain.', 'The Irish government is also in the diplomatically awkward position of luring many of the very Chinese companies that the US has sanctioned.', 'Two cases in point – telecoms firm Huawei and drugs company WuXi Biologics.', 'In May, Ireland’s Minister of State for Trade Promotion, Dara Calleary, welcomed a report celebrating how Huawei was contributing €800m ($889m; £668m) per year to the Irish economy.', 'The firm has three research and development centres in Ireland.', 'This is the same Huawei whose telecoms network equipment the US has banned since 2022 due to concerns over national security.', 'The UK has moved in the same direction, ordering phone networks to remove Huawei components.', 'And mobile phone networks in many Western nations, including Ireland, no longer offer Huawei handsets.', 'Meanwhile, WuXi has, since 2018, invested more than €1bn in a facility in Dundalk, near the border with Northern Ireland.', 'Earlier this month the US House of Representatives passed a bill to restrict US firms’ ability to work with WuXi, again citing national security concerns.', 'The bill now has to go to the US Senate.', 'Ireland’s Industrial Development Authority is the government agency whose mandate is to attract foreign investment into the country.', 'It has three offices in China, and says it seeks “to promote Ireland as a gateway to Europe for Chinese investors”.', 'Another Chinese firm that has its European headquarters in Ireland is social media video app TikTok, which is owned by Beijing-based parent firm ByteDance.', 'And the parent of Chinese online retailer Temu moved its global headquarters from China to Ireland last year.', ""Prominent critics of Ireland rolling out a “green carpet” to Chinse firms include Barry Andrews, one of Ireland's members of the European Parliament. “"", 'Human rights and environmental abuses should not be allowed in Irish shopping baskets,” says the Fianna Fáil MEP.', 'He points to a US Congress report from last year, which said there was “an extremely high risk that Temu’s supply chains are contaminated with forced labour”.', 'Temu had told the investigation that it had a “zero-tolerance policy” towards the practice. “', 'One person’s bargain is another’s back-breaking work for poverty wages,” adds Mr Andrews, whose party is part of the current Irish government coalition.', 'Critics also argue that there are substantial differences between US tech firms operating in Ireland and Chinese ones – for example, about openness.', 'For instance, Huawei and WuXi declined an opportunity to be interviewed for this article.', 'Shein provided a spokesperson who was only prepared to speak off the record, then did not reply to follow-up questions.', 'Some leading economists question whether Ireland even needs the few thousand jobs that the Chinese firms provide. “', 'Ireland’s economy has been running at near full employment for the best part of a decade,"" says Dan O\'Brien, chief economist at Ireland\'s Institute of International and European Affairs.', 'Irish unemployment was 4.3% in August 2024, only slightly above its all-time low of 3.90% in October 2020.', 'Economists generally consider an unemployment rate of around 4 to 5% to represent full employment.', 'Mr O’Brien also points to the fact that a fifth of Ireland’s private-sector employment is directly, or indirectly, attributable to foreign direct investment (FDI), according to official figures.', 'He says this is too high.', 'It is so elevated because Ireland has one of the lowest standard corporation tax rates in Europe, at 12.5%.', 'This is the tax that all but the very biggest firms have to pay on their profits.', 'By comparison, the UK rate is 25%.', 'Mr O’Brien says that Ireland’s level of FDI was already too high without the Chinese investment on top. “', 'Given we are already overly dependent on FDI in a world that is at risk of deglobalisation, we don’t need another major source of FDI on top of that from the United States.”', 'He adds EU rules should be “actively used to discourage Chinese FDI” in Ireland.', 'The Irish government tells the BBC that it ""supports the common EU approach to China on de-risking... [but] the government has been clear that de-risking is not decoupling"".', 'Irish Minister for Enterprise, Trade and Employment, Peter Burke adds: “In an era of continuous global uncertainty, Ireland offers a stable and pro-business environment.', 'Multinational companies, including Chinese companies, recognise these opportunities.”', ""Given how much Ireland's economy does depend on FDI, some economists say Chinese investment in Ireland can be seen as a welcome insurance policy in case some US firms pull out. “"", 'There is a huge pressure on US tech companies to re-domicile and re-invest in the US,"" says Constantin Gurdgiev, an economist at Trinity College Dublin and the University of Northern Colorado.', 'Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain.', 'Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax.', 'The country has already signed up to Organisation for Economic Co-operation and Development rules, and as a result, this year introduced a 15% corporation tax rate for firms with an annual turnover of more than €750m ($835m; £625m).', 'And earlier this month, the European Court of Justice ruled that Apple had to pay Ireland €13bn in unpaid taxes.', 'It followed after the European Commission accused Ireland of giving Apple illegal tax advantages.', 'Dublin consistently argued against the need for the tax to be paid, but said it would respect the ruling.', 'Dr Gurdgiev adds that Ireland is acting “with some strategic foresight” in courting Beijing.', 'And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye.', 'He argues that this is why the US authorities have been “largely laissez-faire in their approach to chasing tax optimization schemes that Dublin has been developing over decades”.', 'Plus, he says Ireland provides the US, EU and China with a useful “neutral ground” where both US and Chinese tech firms can operate.', 'Dr Gurdgiev adds that by putting itself in such a position, Ireland is playing a “dangerous geopolitical game” for a small economy.', 'However, he says its diplomatic closeness to the US should make its position ""relatively safe"".']",0.0545000257381062,"And that even if Dublin is welcoming the likes of Huawei, he says that the strength and influence of the Irish diaspora in the US means that Washington will turn something of a blind eye.","But for an increasing number of critics, Ireland being home to Chinese firms links the country to the human rights abuse allegations levelled against some such companies.",0.2086682143034758,"Meanwhile, other European countries, such as Poland, Estonia, Slovakia, and Malta, have made inroads in courting US investments, presenting Ireland with new competition from countries with cheaper housing and less rain.","Dr Gurdgiev also points to “the forever-looming threat of global corporate tax reforms”, further eroding Ireland’s low corporation tax.",2024-09-30
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+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.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.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. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""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.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', '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.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-09-30
UK economy grew less than thought in spring,https://www.bbc.co.uk/news/articles/c8djelgl6y8o,2024-09-30T06:33:06.920Z,"The UK's economy grew by less than previously estimated between April and June, according to official figures. It expanded by 0.5%, down from an initial reading of 0.6%, after output in the  manufacturing and construction sectors fell by more than first thought.  The data has emerged as the Labour government, which has made economic growth one of its key policies, prepares to announce its first Budget in four weeks' time. Labour has been criticised for its gloomy outlook with Prime Minister Sir Keir Starmer having warned that the Budget will be ""painful"", but Chancellor Rachel Reeves recently attempted to strike a more upbeat note, saying that Britain’s “best days lie ahead”. Paul Dales, chief UK economist at Capital Economics, said the downward revision ""shouldn’t make the Bank of England worry too much about the economy running out of momentum"".  The latest growth figures are not expected to lead to significant changes by the Office for Budget Responsibility, which is preparing forecasts for next month’s Budget.  The independent forecaster monitors the government's spending plans and performance and publishes its projections at the same time as the government outlines its Budget. The Office for National Statistics (ONS), which published the figures, said the production of transport and related equipment tumbled by 3.1% between April and June after a long period of growth. It was first estimated to have fallen by 0.7%. The ONS said there was evidence to suggest that car manufacturers had cut output while they prepare for the shift to making electric cars.  Construction also dropped due to a continuing decline in building new homes. However, the ONS said there were some signs this was beginning to ease. Mr Dales said that while the downward revision was not a major cause for concern, ""it may add to the Bank’s view that interest rates need to be reduced further."" The Bank of England cut interest rates for the first time in nearly four years in August, to 5% from 5.25% as inflation has cooled.  The ONS revised up economic growth for last year from 0.1% to 0.3% due to stronger income data as well as new updated information about the size of different industries.  The figures also showed that the household saving ratio rose to 10% in the spring compared to 8.9% in the first three months of the year ""meaning people were keeping more of their disposable income locked into savings"". Liz McKeown, director of economic statistics for the ONS, said: ""Our latest data show that household savings continue to increase and are now at their highest rate since the Covid-19 lockdowns."" ",BBC,30/09/2024,"[""The UK's economy grew by less than previously estimated between April and June, according to official figures."", 'It expanded by 0.5%, down from an initial reading of 0.6%, after output in the manufacturing and construction sectors fell by more than first thought.', ""The data has emerged as the Labour government, which has made economic growth one of its key policies, prepares to announce its first Budget in four weeks' time."", 'Labour has been criticised for its gloomy outlook with Prime Minister Sir Keir Starmer having warned that the Budget will be ""painful"", but Chancellor Rachel Reeves recently attempted to strike a more upbeat note, saying that Britain’s “best days lie ahead”.', 'Paul Dales, chief UK economist at Capital Economics, said the downward revision ""shouldn’t make the Bank of England worry too much about the economy running out of momentum"".', 'The latest growth figures are not expected to lead to significant changes by the Office for Budget Responsibility, which is preparing forecasts for next month’s Budget.', ""The independent forecaster monitors the government's spending plans and performance and publishes its projections at the same time as the government outlines its Budget."", 'The Office for National Statistics (ONS), which published the figures, said the production of transport and related equipment tumbled by 3.1% between April and June after a long period of growth.', 'It was first estimated to have fallen by 0.7%.', 'The ONS said there was evidence to suggest that car manufacturers had cut output while they prepare for the shift to making electric cars.', 'Construction also dropped due to a continuing decline in building new homes.', 'However, the ONS said there were some signs this was beginning to ease.', 'Mr Dales said that while the downward revision was not a major cause for concern, ""it may add to the Bank’s view that interest rates need to be reduced further.""', 'The Bank of England cut interest rates for the first time in nearly four years in August, to 5% from 5.25% as inflation has cooled.', 'The ONS revised up economic growth for last year from 0.1% to 0.3% due to stronger income data as well as new updated information about the size of different industries.', 'The figures also showed that the household saving ratio rose to 10% in the spring compared to 8.9% in the first three months of the year ""meaning people were keeping more of their disposable income locked into savings"".', 'Liz McKeown, director of economic statistics for the ONS, said: ""Our latest data show that household savings continue to increase and are now at their highest rate since the Covid-19 lockdowns.""']",0.1560180900070773,The ONS revised up economic growth for last year from 0.1% to 0.3% due to stronger income data as well as new updated information about the size of different industries.,"Paul Dales, chief UK economist at Capital Economics, said the downward revision ""shouldn’t make the Bank of England worry too much about the economy running out of momentum"".",-0.1296754692281995,"Liz McKeown, director of economic statistics for the ONS, said: ""Our latest data show that household savings continue to increase and are now at their highest rate since the Covid-19 lockdowns.""","The Office for National Statistics (ONS), which published the figures, said the production of transport and related equipment tumbled by 3.1% between April and June after a long period of growth.",2024-09-30
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-09-30
Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-09-30
US ports strike causes first shutdown in almost 50 years,https://www.bbc.co.uk/news/articles/c3vkdp3rx17o,2024-09-30T18:13:29.842Z,"Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas. The action marks the first such shutdown in almost 50 years. President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act. Talks have been stalled for months and the current contract between parties expired on Monday. The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly."" The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators. On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options. Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation. USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table. Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience. Workers also receive other benefits, such as bonuses connected to container trade.  Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.  The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear. The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.  Time-sensitive imports, such as food, are likely to be among the goods first impacted. The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau. Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit. Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""I don't think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues. More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher. She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs. That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added. The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time. The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks. The strike risks putting President Biden in a tricky spot.  US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue. In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union. The US Chamber of Commerce business group has called on President Biden to take action. ""Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group. The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump in July. Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University. But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.   Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union's image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers' concerns about cost-of living and automation. ""As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don't think they will be swayed by public opinion in any meaningful way,"" he said.  ""What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer."" ",BBC,30/09/2024,"['Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas."", 'The action marks the first such shutdown in almost 50 years.', 'President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.', 'Talks have been stalled for months and the current contract between parties expired on Monday.', 'The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""', 'The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly.""', 'The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.', ""On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options."", 'Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.', 'USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.', ""Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience."", 'Workers also receive other benefits, such as bonuses connected to container trade.', 'Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.', 'The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries.', 'It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.', 'The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.', 'Time-sensitive imports, such as food, are likely to be among the goods first impacted.', 'The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.', 'Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said.', 'Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.', 'Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""', 'I don\'t think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.', 'More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.', 'She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""', 'This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.', 'That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added.', 'The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time.', 'The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.', 'The strike risks putting President Biden in a tricky spot.', 'US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.', 'In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union.', 'The US Chamber of Commerce business group has called on President Biden to take action. ""', 'Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021.', 'It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group.', ""The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago."", 'He met with Donald Trump in July.', 'Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.', 'But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors.', 'A related civil suit remains unresolved.', 'Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union\'s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers\' concerns about cost-of living and automation. ""', 'As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don\'t think they will be swayed by public opinion in any meaningful way,"" he said. ""', 'What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.""']",-0.0917301619336249,"On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options.","It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.",-0.4163661077618599,"Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.","More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.",2024-09-30
"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-09-30
U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-09-30
"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T19:36:38+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.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. While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', '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.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3842526494714203,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-09-30
Nike reports earnings after the bell. Here's what Wall Street expects,https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T16:44:35+0000,"In this articleNike will report quarterly earnings Tuesday as investors brace for another set of less-than-stellar results. The company announced in September that CEO John Donahoe would be stepping down.Here's what analysts are expecting from the world's largest sneaker company for its fiscal first quarter of 2025, according to consensus estimates from LSEG:Analysts are expecting sales to drop 10% from the year-ago period and profits to plunge by nearly 45%. The grim outlook comes amid a reset at Nike. Over the last year, it's been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. In September, Nike announced that Donahoe would be stepping down and would be replaced by company veteran Elliott Hill, who is scheduled to take the helm Oct. 14.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Over the last few quarters, Donahoe has spoken about the need to improve innovation and mend Nike's relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Donahoe is expected to be present during the company's conference call with investors Tuesday afternoon, but observers will be keen to see if there are any clues into where the company is planning to go under Hill's leadership. The incoming CEO will need to power up Nike's innovation pipeline, reset its relationships with wholesalers and improve morale after a series of layoffs and a breakdown in culture. Overall, the sneaker market has been relatively stagnant in the U.S. Consumer spending on discretionary goods such as new clothes and shoes has been sluggish, which has made Nike's situation that much more difficult. Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue, which will be another key item to watch for in the earnings report. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region. However, China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter would have concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $88.40 on Monday, down about 19% so far in 2024, significantly underperforming the S&P 500's gains of about 21%.",CNBC,01/10/2024,"['In this articleNike will report quarterly earnings Tuesday as investors brace for another set of less-than-stellar results.', 'The company announced in September that CEO John Donahoe would be stepping down.', ""Here's what analysts are expecting from the world's largest sneaker company for its fiscal first quarter of 2025, according to consensus estimates from LSEG:Analysts are expecting sales to drop 10% from the year-ago period and profits to plunge by nearly 45%.The grim outlook comes amid a reset at Nike."", ""Over the last year, it's been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.In September, Nike announced that Donahoe would be stepping down and would be replaced by company veteran Elliott Hill, who is scheduled to take the helm Oct. 14.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", ""Over the last few quarters, Donahoe has spoken about the need to improve innovation and mend Nike's relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Donahoe is expected to be present during the company's conference call with investors Tuesday afternoon, but observers will be keen to see if there are any clues into where the company is planning to go under Hill's leadership."", ""The incoming CEO will need to power up Nike's innovation pipeline, reset its relationships with wholesalers and improve morale after a series of layoffs and a breakdown in culture."", ""Overall, the sneaker market has been relatively stagnant in the U.S. Consumer spending on discretionary goods such as new clothes and shoes has been sluggish, which has made Nike's situation that much more difficult."", 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue, which will be another key item to watch for in the earnings report."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', ""However, China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter would have concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $88.40 on Monday, down about 19% so far in 2024, significantly underperforming the S&P 500's gains of about 21%.""]",0.1266771494280807,"The incoming CEO will need to power up Nike's innovation pipeline, reset its relationships with wholesalers and improve morale after a series of layoffs and a breakdown in culture.","Overall, the sneaker market has been relatively stagnant in the U.S. Consumer spending on discretionary goods such as new clothes and shoes has been sluggish, which has made Nike's situation that much more difficult.",-0.1748038381338119,"Athletic footwear is expected to grow by about 5.6%, the firm said.","Here's what analysts are expecting from the world's largest sneaker company for its fiscal first quarter of 2025, according to consensus estimates from LSEG:Analysts are expecting sales to drop 10% from the year-ago period and profits to plunge by nearly 45%.The grim outlook comes amid a reset at Nike.",2024-09-30
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-09-30
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-09-30
"Hollywood industry in crisis after strikes, streaming wars",https://www.bbc.co.uk/news/articles/cj6er83ene6o,2024-09-28T23:18:00.143Z,"Michael Fortin was at the heart of Hollywood’s golden age of streaming. The actor and aerial cinematographer turned his hobby of flying drones into a profitable business in 2012 just as the streaming wars were taking off. For a decade, he was flying high above film sets, creating sleek aerial shots for movies and TV shows on Netflix, Amazon and Disney. Now he’s on the verge of becoming homeless - again. He was evicted from the Huntington Beach home he shared with his wife and two young children and now is being booted from the Las Vegas apartment they moved to because they could no longer afford to live in Southern California. “We were saving to buy a house, we had money, we had done things the right way,” he says. “Two years ago, I didn't worry about going out to dinner with my wife and kids and spending 200 bucks."" “Now I worry about going out and spending $5 on a value meal at McDonald's.” For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu. But the good times ground to a halt in May 2023, when Hollywood’s writers went on strike. The strikes lasted multiple months and marked the first time since the 1960s that both writers and actors joined forces - effectively shutting down Hollywood production. But rather than roaring back, in the one year since the strikes ended, production has fizzled. Projects have been cancelled and production was cut across the city as jobs have dried up, with layoffs at many studios - most recently at Paramount. It had a second round of layoffs this week, as the storied movie company moves to cut 15% of its workforce ahead of a merger with the production company Skydance. Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working. As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022. Globally, there was a 20% decline over that period, according to ProdPro, which tracks TV and film productions. That means fewer new movies and binge-worthy shows for us. But experts say the streaming boom wasn’t sustainable. And studios are trying to figure out how to be profitable in a new world when people don’t pay for cable TV funded by commercials. “The air has come out of the content bubble,” says Matthew Belloni, the founder of Puck News, which covers the entertainment industry. “Crisis is a good word. I try not to be alarmist, but crisis is what people are feeling.” Part of the boom was fuelled by Wall Street, where tech giants like Netflix saw record growth and studios, like Paramount, saw their share prices soar for adding their own streaming service offers. “It caused an overheating of the content market. There were 600 scripted live action series airing just a few years ago and then the stock market stopped rewarding that,” Mr Belloni says. “Netflix crashed – all the other companies crashed. Netflix has since recovered – but the others are really struggling to get to profitability.” And along with the streaming bubble bursting, some productions are also being lured away from California by attractive tax incentives in other states and countries. Los Angeles leaders are so concerned about the slowdown that Mayor Karen Bass created a task force last month to consider new incentives for film production in Hollywood. “The entertainment industry is critical to the economic vitality of the Los Angeles region,” Bass said announcing the plan, explaining it is a “cornerstone” of the city’s economy and supplies hundreds of thousands of jobs. Recent data shows the entertainment industry contributes over $115bn (£86bn) annually to the region's economy, with an employment base of over 681,000 people, the mayor said. The writers' and actors' strikes lasted for months and resulted in union contracts that offer more money and protections against artificial intelligence. Duncan Crabtree-Ireland, the chief negotiator with the Screen Actors Guild union, told the BBC that some consolidation in Hollywood was inevitable. He says he is optimistic that production will be ramping up soon. “What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections. Hollywood “always thinks it’s in crisis,” he says. “It is a town that constantly faces technological innovation - all kinds of change - which is part of the magic. Part of keeping content fresh is everyone having the idea that things don't always have to be the way they've been.” Mr Fortin’s drone company was operating nearly every day before the strikes. Now he’s flown the drones just 22 days in the year since the strikes ended. And as an actor - he often plays tough guys - he has worked just 10 days. He used to work as a background actor to get by, but the pay barely covers the gas money to get to Los Angeles from Las Vegas. “It was a great wave, and it crashed,” Mr Fortin said after a day flying his drones on the AppleTV+ show Platonic - his first gig with drones since April. “Things are coming in little by little,” he says in his van before driving back to Las Vegas for a court hearing to fight his eviction order. “Hollywood gave me everything,” he says. “But it feels like the industry has turned its back on lots of people, not just me.” ",BBC,28/09/2024,"['Michael Fortin was at the heart of Hollywood’s golden age of streaming.', 'The actor and aerial cinematographer turned his hobby of flying drones into a profitable business in 2012 just as the streaming wars were taking off.', 'For a decade, he was flying high above film sets, creating sleek aerial shots for movies and TV shows on Netflix, Amazon and Disney.', 'Now he’s on the verge of becoming homeless - again.', 'He was evicted from the Huntington Beach home he shared with his wife and two young children and now is being booted from the Las Vegas apartment they moved to because they could no longer afford to live in Southern California. “', 'We were saving to buy a house, we had money, we had done things the right way,” he says. “', 'Two years ago, I didn\'t worry about going out to dinner with my wife and kids and spending 200 bucks."" “', ""Now I worry about going out and spending $5 on a value meal at McDonald's.”"", 'For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu.', 'But the good times ground to a halt in May 2023, when Hollywood’s writers went on strike.', 'The strikes lasted multiple months and marked the first time since the 1960s that both writers and actors joined forces - effectively shutting down Hollywood production.', 'But rather than roaring back, in the one year since the strikes ended, production has fizzled.', 'Projects have been cancelled and production was cut across the city as jobs have dried up, with layoffs at many studios - most recently at Paramount.', 'It had a second round of layoffs this week, as the storied movie company moves to cut 15% of its workforce ahead of a merger with the production company Skydance.', 'Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working.', 'As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022.', 'Globally, there was a 20% decline over that period, according to ProdPro, which tracks TV and film productions.', 'That means fewer new movies and binge-worthy shows for us.', 'But experts say the streaming boom wasn’t sustainable.', 'And studios are trying to figure out how to be profitable in a new world when people don’t pay for cable TV funded by commercials. “', 'The air has come out of the content bubble,” says Matthew Belloni, the founder of Puck News, which covers the entertainment industry. “', 'Crisis is a good word.', 'I try not to be alarmist, but crisis is what people are feeling.”', 'Part of the boom was fuelled by Wall Street, where tech giants like Netflix saw record growth and studios, like Paramount, saw their share prices soar for adding their own streaming service offers. “', 'It caused an overheating of the content market.', 'There were 600 scripted live action series airing just a few years ago and then the stock market stopped rewarding that,” Mr Belloni says. “', 'Netflix crashed – all the other companies crashed.', 'Netflix has since recovered – but the others are really struggling to get to profitability.”', 'And along with the streaming bubble bursting, some productions are also being lured away from California by attractive tax incentives in other states and countries.', 'Los Angeles leaders are so concerned about the slowdown that Mayor Karen Bass created a task force last month to consider new incentives for film production in Hollywood. “', 'The entertainment industry is critical to the economic vitality of the Los Angeles region,” Bass said announcing the plan, explaining it is a “cornerstone” of the city’s economy and supplies hundreds of thousands of jobs.', ""Recent data shows the entertainment industry contributes over $115bn (£86bn) annually to the region's economy, with an employment base of over 681,000 people, the mayor said."", ""The writers' and actors' strikes lasted for months and resulted in union contracts that offer more money and protections against artificial intelligence."", 'Duncan Crabtree-Ireland, the chief negotiator with the Screen Actors Guild union, told the BBC that some consolidation in Hollywood was inevitable.', 'He says he is optimistic that production will be ramping up soon. “', 'What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections.', 'Hollywood “always thinks it’s in crisis,” he says. “', 'It is a town that constantly faces technological innovation - all kinds of change - which is part of the magic.', ""Part of keeping content fresh is everyone having the idea that things don't always have to be the way they've been.”"", 'Mr Fortin’s drone company was operating nearly every day before the strikes.', 'Now he’s flown the drones just 22 days in the year since the strikes ended.', 'And as an actor - he often plays tough guys - he has worked just 10 days.', 'He used to work as a background actor to get by, but the pay barely covers the gas money to get to Los Angeles from Las Vegas. “', 'It was a great wave, and it crashed,” Mr Fortin said after a day flying his drones on the AppleTV+ show Platonic - his first gig with drones since April. “', 'Things are coming in little by little,” he says in his van before driving back to Las Vegas for a court hearing to fight his eviction order. “', 'Hollywood gave me everything,” he says. “', 'But it feels like the industry has turned its back on lots of people, not just me.”']",0.0890726223178653,"What makes these companies special, what gives them their unique ability to create value is their relationship with creative talent,” he said while visiting a picket line outside a Disney office in September, where video game voice actors are currently on strike fighting for similar protections.","I try not to be alarmist, but crisis is what people are feeling.”",-0.2616177564081938,"For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu.","As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022.",2024-09-30
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-09-30
Mulberry: Mike Ashley's Frasers Group makes offer for handbag maker,https://www.bbc.co.uk/news/articles/c9qvy25dq40o,2024-09-30T11:27:44.837Z,"Mike Ashley's Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand's future. Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances. Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.  As it made its offer, Frasers said it had only been made aware of Mulberry's plan to raise additional funds “immediately prior to its announcement”. ""Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said. Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry's auditor in its annual report, published on Friday, which noted there was  ""material uncertainty related to going concern"". It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration."" Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company.  ""However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year."" Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss. In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before. Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%. Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"". ",BBC,30/09/2024,"['Mike Ashley\'s Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand\'s future.', ""Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances."", 'Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.', 'As it made its offer, Frasers said it had only been made aware of Mulberry\'s plan to raise additional funds “immediately prior to its announcement”. ""', 'Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said.', 'Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry\'s auditor in its annual report, published on Friday, which noted there was ""material uncertainty related to going concern"".', 'It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""', 'Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""', 'Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company. ""', 'However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""', 'Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.', 'In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before.', 'Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%.', 'Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"".']",-0.0349462717349051,"It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""","Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. """,-0.8131950931115584,"Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.","However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""",2024-09-30
"House price growth at near two-year high, says Nationwide",https://www.bbc.co.uk/news/articles/c4g9dx5y4vro,2024-09-30T06:24:23.965Z,"UK house prices in September rose by 3.2% compared with a year ago - the fastest rate for nearly two years, according to Nationwide. The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase. It said rising incomes and mortgage rate cuts were improving affordability for buyers. Separate data from the Bank of England also showed mortgage approvals at their highest level for two years. The average UK house price in September was £266,094, Nationwide said. The building society’s data, which is based on its own mortgage lending, showed that UK prices rose by 0.7% in September compared with the previous month. August had recorded a slight fall on the monthly measure. “Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters,” said Nationwide’s chief economist, Robert Gardner. “These trends have helped to improve affordability for prospective buyers.” However, he said that while activity in the housing market and prices had picked up, they remained subdued compared with historical standards. Amy Reynolds, head of sales at estate agency Antony Roberts, said: “While sellers may be encouraged by these price rises, we find if a property is too highly priced, applicants don’t waste their time and view. “So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level."" The latest survey comes as competition has intensified between lenders in recent months. Brokers say that providers have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. Nationwide, which is the UK's largest building society, recently announced new borrowers could request a mortgage up to six times their total income with a 5% deposit, but it would only be available for those taking out a five or 10-year fixed-rate deal. Other lenders have also been lowering the rates of interest they charge. However, the cost of a mortgage deposit, as well as the monthly repayments, remain major hurdles for potential first-time buyers. House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited. But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up. In a further sign of increased activity, figures from the Bank of England show that lenders have approved the highest number of mortgages for house purchases since just before the mini-budget during the premiership of Liz Truss. They approved 64,900 mortgages for house purchases in August, up from 62,500 in July. This was the highest since August 2022 and more than analysts had expected. House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited. But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up. Nationwide said that terraced homes had seen the biggest price increases in the past year, up 3.5% on average. Semi-detached houses and flats saw increases of 2.8% and 2.7% respectively, with detached houses up 1.7%. However, larger homes had shot up in price during the so-called race for space during the Covid pandemic. The Nationwide survey only takes into account buyers with mortgages and does not include those who purchase homes with cash or buy-to-let deals. Cash buyers account for around a third of housing sales. Rival lender, the Halifax, will publish its house price index for September in the coming days. ",BBC,30/09/2024,"['UK house prices in September rose by 3.2% compared with a year ago - the fastest rate for nearly two years, according to Nationwide.', 'The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase.', 'It said rising incomes and mortgage rate cuts were improving affordability for buyers.', 'Separate data from the Bank of England also showed mortgage approvals at their highest level for two years.', 'The average UK house price in September was £266,094, Nationwide said.', 'The building society’s data, which is based on its own mortgage lending, showed that UK prices rose by 0.7% in September compared with the previous month.', 'August had recorded a slight fall on the monthly measure. “', 'Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters,” said Nationwide’s chief economist, Robert Gardner. “', 'These trends have helped to improve affordability for prospective buyers.”', 'However, he said that while activity in the housing market and prices had picked up, they remained subdued compared with historical standards.', 'Amy Reynolds, head of sales at estate agency Antony Roberts, said: “While sellers may be encouraged by these price rises, we find if a property is too highly priced, applicants don’t waste their time and view. “', 'So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level.""', 'The latest survey comes as competition has intensified between lenders in recent months.', 'Brokers say that providers have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', ""Nationwide, which is the UK's largest building society, recently announced new borrowers could request a mortgage up to six times their total income with a 5% deposit, but it would only be available for those taking out a five or 10-year fixed-rate deal."", 'Other lenders have also been lowering the rates of interest they charge.', 'However, the cost of a mortgage deposit, as well as the monthly repayments, remain major hurdles for potential first-time buyers.', 'House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.', 'But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up.', 'In a further sign of increased activity, figures from the Bank of England show that lenders have approved the highest number of mortgages for house purchases since just before the mini-budget during the premiership of Liz Truss.', 'They approved 64,900 mortgages for house purchases in August, up from 62,500 in July.', 'This was the highest since August 2022 and more than analysts had expected.', 'House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.', 'But many commentators suggest, with interest rates expected to fall, demand from buyers could now pick up.', 'Nationwide said that terraced homes had seen the biggest price increases in the past year, up 3.5% on average.', 'Semi-detached houses and flats saw increases of 2.8% and 2.7% respectively, with detached houses up 1.7%.', 'However, larger homes had shot up in price during the so-called race for space during the Covid pandemic.', 'The Nationwide survey only takes into account buyers with mortgages and does not include those who purchase homes with cash or buy-to-let deals.', 'Cash buyers account for around a third of housing sales.', 'Rival lender, the Halifax, will publish its house price index for September in the coming days.']",0.1762784201908416,"So if a property isn’t getting viewings, it is likely to be down to price, and the best advice we can give is to bring that price down to the market level.""","House prices have been relatively stagnant in the last year, as activity in the UK housing market has been limited.",0.6468681422146884,"The building society said that annual growth was the highest since November 2022, with terraced homes driving the increase.",August had recorded a slight fall on the monthly measure. “,2024-09-30
New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-09-30
"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-09-30
Aston Martin and Stellantis shares slump after profit warnings,https://www.bbc.co.uk/news/articles/c9qvy913012o,2024-09-30T12:43:28.522Z,"Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year. The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China. The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning. Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings. Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities. Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region. However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.  It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models. As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.  Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations. Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.  But he added that he was “even more convinced than before” about the brand’s potential for growth. Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook. The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.  It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad. As a result, it said it expects its profit margins to be significantly lower than previously thought this year.  The announcement sent its shares tumbling. By lunchtime on Monday, the price was down more than 14%. The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.  On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history. Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks. Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets. According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains. Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe. According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023. The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany. On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China. The measures are designed to protect local producers from unfair competition. The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.  But the plan is controversial, and has received a mixed reception from manufacturers. ",BBC,30/09/2024,"[""Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year."", 'The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China.', 'The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.', 'Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings.', 'Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities.', 'Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region.', 'However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.', 'It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models.', 'As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.', 'Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations.', 'Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.', 'But he added that he was “even more convinced than before” about the brand’s potential for growth.', 'Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook.', 'The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.', 'It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.', 'As a result, it said it expects its profit margins to be significantly lower than previously thought this year.', 'The announcement sent its shares tumbling.', 'By lunchtime on Monday, the price was down more than 14%.', 'The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.', 'On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history.', 'Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks.', 'Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets.', 'According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “', 'German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains.', 'Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe.', 'According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023.', 'The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany.', 'On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China.', 'The measures are designed to protect local producers from unfair competition.', 'The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.', 'But the plan is controversial, and has received a mixed reception from manufacturers.']",0.037036244295243,But he added that he was “even more convinced than before” about the brand’s potential for growth.,"The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.",-0.7676948606967926,"It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.","The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.",2024-09-30
France's Mr Africa spills the beans on secret cash,https://www.bbc.co.uk/news/articles/czrm8r1k8nzo,2024-09-29T02:11:35.817Z,"It was January 1988 and Robert Bourgi was waiting to see the Gabonese president Omar Bongo, in an antechamber at his seaside palace in Libreville. He was there to collect funds for the approaching French presidential election on behalf of the centre-right Gaullist candidate Jacques Chirac, who was mayor of Paris at the time. Who should then be ushered into the same antechamber but Roland Dumas, former French foreign minister and right-hand man of ruling Socialist President François Mitterrand, Chirac’s arch-rival. “Good day, Bourgi,” said Dumas. “I believe we are here for the same purpose.” Claiming seniority, Dumas went into Bongo’s office first. Emerging a short time later, he said to Bourgi: “Don’t worry, there’s still a bit left!” Recounted in Bourgi’s newly-published memoirs They know that I know it all - My life in Françafrique,  the anecdote says everything about the money-grabbing and mutual dependence that for so long linked French and African politics. For four decades Robert Bourgi was at the centre of it all. Born in Senegal in 1945 to Lebanese Shiite parents, he rose to become a confidant of a generation of African leaders – from Omar Bongo in Gabon to Denis Sassou Nguesso of Congo-Brazzaville and Blaise Compaoré of Burkina Faso. And in Paris, he inherited the mantle of the legendary Jacques Foccart – the Gaullist who oversaw the post-colonial Françafrique system, with its arrangements of influence and protection, markets, materials, muscle… and money. From the early years after World War Two – during which it had been a centre of activism in favour of France’s post-war leader Charles de Gaulle - Africa and its former French colonies had been a source of financing for all French political parties. By the 1980s, when Bourgi came onto the scene, it was routine. Bourgi says that he himself never imported the bags of cash. “The procedure was simple. When there was an election approaching, Chirac made it clear that I should deliver a message in various African capitals,” he said in an interview in Le Figaro newspaper this week. “The [African] heads of state then sent an emissary to my office in Paris with a large sum. Several million in francs or dollars.” In each of the 1995 and 2002 presidential elections – both won by Chirac – he says around $10m (£7.5m) was given by African leaders. The 2002 race provided Bourgi with another colourful story, when a representative of Burkinabè leader Blaise Compaoré arrived in Paris with a large sum of money concealed in djembe drums. According to Bourgi, he accompanied the envoy to the Elysée Palace, where they were greeted by Chirac. They opened the sealed drums using a pair of scissors, upon which a rain of banknotes fell out. “Typical Blaise,” Bourgi quotes Chirac as saying. “He’s sent us small denominations.”  The money was apparently all in fives and tens. Handling the cash was not always easy. Remembering a big donation to Chirac from another African leader, Bourgi says: “The money arrived in Puma sports bags. I wanted to put the wads in paper so I went into my daughter’s room and took down one of her posters, and wrapped the money in that.” The system was so widespread that it gave rise to a verb cadeauter – from the French cadeau, meaning a present. When Bourgi’s allegations first surfaced in 2011 they were denied by officials in Burkina Faso and elsewhere, although a former presidential adviser in Ivory Coast conceded they were “historical practice”. Chirac and his then chief of staff Dominique de Villepin also strenuously denied Bourgi’s claims. A preliminary investigation was opened but later dropped without further action, because the payments were considered too long ago. For African leaders at the time, says Bourgi, it was normal, and they did it among themselves. Giving large sums of money was a way of establishing trust and support. But in a changing world it was unsustainable and Bourgi says he grew disillusioned.  Nicolas Sarkozy came to power in 2007 vowing not to take a single franc from Africa, and Bourgi says he kept to his word. Sarkozy has since been placed under investigation for allegedly taking campaign funds from Libyan leader Muammar Gaddafi - which he denies. Bourgi, a Sarkozy loyalist, says he does not believe the charges. The former lawyer, now aged 79,  also reflects on his rather different role in another election - that of Emmanuel Macron in 2017.  That was when Bourgi helped scupper the chances of the man who was for a time the runaway favourite, the conservative François Fillon. Once close to Fillon, Bourgi had become estranged: he accused the former prime minister of being rude and stingy.  So he released to a journalist the fact that he had made Fillon a gift of two very expensive suits.     Campaigning on a message of probity, Fillon never recovered. Later he was convicted of giving a fake parliamentary job to his British wife. But Africa is Bourgi’s love.   He reflects that though the corruption at the heart of Françafrique was wrong, the system at the time brought stability, and a bond - often personal - between French and African leaders. Today, that is gone.   France has a worsening image in its former colonies, and its influence is on the wane.  Witness the recent retreat from its former army bases in Mali and Niger. “I note with sadness the disintegration of French relations with the continent,” Bourgi says. “But it is too easy to put all the blame on Françafrique… Africa has globalised. France has been unable to adapt to this new fact.  And it keeps making the same mistake: arrogance.” ",BBC,29/09/2024,"['It was January 1988 and Robert Bourgi was waiting to see the Gabonese president Omar Bongo, in an antechamber at his seaside palace in Libreville.', 'He was there to collect funds for the approaching French presidential election on behalf of the centre-right Gaullist candidate Jacques Chirac, who was mayor of Paris at the time.', 'Who should then be ushered into the same antechamber but Roland Dumas, former French foreign minister and right-hand man of ruling Socialist President François Mitterrand, Chirac’s arch-rival. “', 'Good day, Bourgi,” said Dumas. “', 'I believe we are here for the same purpose.”', 'Claiming seniority, Dumas went into Bongo’s office first.', 'Emerging a short time later, he said to Bourgi: “Don’t worry, there’s still a bit left!”', 'Recounted in Bourgi’s newly-published memoirs They know that I know it all - My life in Françafrique, the anecdote says everything about the money-grabbing and mutual dependence that for so long linked French and African politics.', 'For four decades Robert Bourgi was at the centre of it all.', 'Born in Senegal in 1945 to Lebanese Shiite parents, he rose to become a confidant of a generation of African leaders – from Omar Bongo in Gabon to Denis Sassou Nguesso of Congo-Brazzaville and Blaise Compaoré of Burkina Faso.', 'And in Paris, he inherited the mantle of the legendary Jacques Foccart – the Gaullist who oversaw the post-colonial Françafrique system, with its arrangements of influence and protection, markets, materials, muscle… and money.', 'From the early years after World War Two – during which it had been a centre of activism in favour of France’s post-war leader Charles de Gaulle - Africa and its former French colonies had been a source of financing for all French political parties.', 'By the 1980s, when Bourgi came onto the scene, it was routine.', 'Bourgi says that he himself never imported the bags of cash. “', 'The procedure was simple.', 'When there was an election approaching, Chirac made it clear that I should deliver a message in various African capitals,” he said in an interview in Le Figaro newspaper this week. “', 'The [African] heads of state then sent an emissary to my office in Paris with a large sum.', 'Several million in francs or dollars.”', 'In each of the 1995 and 2002 presidential elections – both won by Chirac – he says around $10m (£7.5m) was given by African leaders.', 'The 2002 race provided Bourgi with another colourful story, when a representative of Burkinabè leader Blaise Compaoré arrived in Paris with a large sum of money concealed in djembe drums.', 'According to Bourgi, he accompanied the envoy to the Elysée Palace, where they were greeted by Chirac.', 'They opened the sealed drums using a pair of scissors, upon which a rain of banknotes fell out. “', 'Typical Blaise,” Bourgi quotes Chirac as saying. “', 'He’s sent us small denominations.”', 'The money was apparently all in fives and tens.', 'Handling the cash was not always easy.', 'Remembering a big donation to Chirac from another African leader, Bourgi says: “The money arrived in Puma sports bags.', 'I wanted to put the wads in paper so I went into my daughter’s room and took down one of her posters, and wrapped the money in that.”', 'The system was so widespread that it gave rise to a verb cadeauter – from the French cadeau, meaning a present.', 'When Bourgi’s allegations first surfaced in 2011 they were denied by officials in Burkina Faso and elsewhere, although a former presidential adviser in Ivory Coast conceded they were “historical practice”.', 'Chirac and his then chief of staff Dominique de Villepin also strenuously denied Bourgi’s claims.', 'A preliminary investigation was opened but later dropped without further action, because the payments were considered too long ago.', 'For African leaders at the time, says Bourgi, it was normal, and they did it among themselves.', 'Giving large sums of money was a way of establishing trust and support.', 'But in a changing world it was unsustainable and Bourgi says he grew disillusioned.', 'Nicolas Sarkozy came to power in 2007 vowing not to take a single franc from Africa, and Bourgi says he kept to his word.', 'Sarkozy has since been placed under investigation for allegedly taking campaign funds from Libyan leader Muammar Gaddafi - which he denies.', 'Bourgi, a Sarkozy loyalist, says he does not believe the charges.', 'The former lawyer, now aged 79, also reflects on his rather different role in another election - that of Emmanuel Macron in 2017.', 'That was when Bourgi helped scupper the chances of the man who was for a time the runaway favourite, the conservative François Fillon.', 'Once close to Fillon, Bourgi had become estranged: he accused the former prime minister of being rude and stingy.', 'So he released to a journalist the fact that he had made Fillon a gift of two very expensive suits.', 'Campaigning on a message of probity, Fillon never recovered.', 'Later he was convicted of giving a fake parliamentary job to his British wife.', 'But Africa is Bourgi’s love.', 'He reflects that though the corruption at the heart of Françafrique was wrong, the system at the time brought stability, and a bond - often personal - between French and African leaders.', 'Today, that is gone.', 'France has a worsening image in its former colonies, and its influence is on the wane.', 'Witness the recent retreat from its former army bases in Mali and Niger. “', 'I note with sadness the disintegration of French relations with the continent,” Bourgi says. “', 'But it is too easy to put all the blame on Françafrique… Africa has globalised.', 'France has been unable to adapt to this new fact.', 'And it keeps making the same mistake: arrogance.”']",-0.0151003362185704,Giving large sums of money was a way of establishing trust and support.,"Once close to Fillon, Bourgi had become estranged: he accused the former prime minister of being rude and stingy.",-0.4814601391553879,"He reflects that though the corruption at the heart of Françafrique was wrong, the system at the time brought stability, and a bond - often personal - between French and African leaders.","France has a worsening image in its former colonies, and its influence is on the wane.",2024-09-30
Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-09-30
Workers must keep all tips from customers under new law,https://www.bbc.co.uk/news/articles/czj9mxnyezdo,2024-09-30T23:01:15.422Z,"Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card. More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.  If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal. It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most. Under the new law, all tips must be passed to employees by the end of the following month from when they were received. Workers will still need to pay tax on their tips, as was the law previously. Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""I'm delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""There's such high turnover in these professions. What happened in my experience was that they said: 'If you don't hand over your 3%, then we won't employ you anymore.'"" Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme. Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff. However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""There are going to be some casualties because of this law,"" she said. Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth. She is a waitress and gets tips, but he does not. Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash."" Tom added: ""I'm the fryer and I don't get the tips. I get paid a little extra. The tips are for their service - it's not for the business."" Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""We have jars with everybody's name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar."" Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out. Staff can now request a breakdown of how tips are being distributed every three months. However, Mr Moyes said the question of ""fairness"" is not clear cut. ""Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true? There isn't any guidance on that,"" he said.   Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"". The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday. It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses. Opinions vary on how much customers should tip. According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK. It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that. Tipping in bars and pubs is not expected. However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard."" ",BBC,30/09/2024,"['Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card.', 'More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.', 'If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal.', 'It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most.', 'Under the new law, all tips must be passed to employees by the end of the following month from when they were received.', 'Workers will still need to pay tax on their tips, as was the law previously.', 'Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""', 'I\'m delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""', ""There's such high turnover in these professions."", 'What happened in my experience was that they said: \'If you don\'t hand over your 3%, then we won\'t employ you anymore.\'""', 'Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""', ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme."", 'Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff.', 'However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""', 'There are going to be some casualties because of this law,"" she said.', ""Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth."", 'She is a waitress and gets tips, but he does not.', 'Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash.""', 'Tom added: ""I\'m the fryer and I don\'t get the tips.', 'I get paid a little extra.', 'The tips are for their service - it\'s not for the business.""', 'Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""', 'We have jars with everybody\'s name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""', 'If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar.""', 'Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out.', 'Staff can now request a breakdown of how tips are being distributed every three months.', 'However, Mr Moyes said the question of ""fairness"" is not clear cut. ""', 'Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true?', 'There isn\'t any guidance on that,"" he said.', 'Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".', ""The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday."", 'It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses.', 'Opinions vary on how much customers should tip.', 'According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK.', 'It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that.', 'Tipping in bars and pubs is not expected.', 'However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""', 'Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""', 'This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard.""']",0.1498799206343021,"Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth.","Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".",0.4230172208377293,"These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme.",There's such high turnover in these professions.,2024-09-30
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-09-30
California governor Gavin Newsom vetoes landmark AI safety bill,https://www.bbc.co.uk/news/articles/cj9jwyr3kgeo,2024-09-30T01:53:19.595Z,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies. The proposed legislation would have imposed some of the first regulations on AI in the US.  Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state. Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.  The bill would have required the most advanced AI models to undergo safety testing. It would have forced developers to ensure their technology included a so-called ""kill switch"". This would allow organisations to isolate and effectively switch off an AI system if it became a threat. It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems. The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added. At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology. Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI. California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI. The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry.  Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way."" Efforts by Congress to impose safeguards on AI have stalled. OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology. Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added. ",BBC,30/09/2024,"['The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.', 'The proposed legislation would have imposed some of the first regulations on AI in the US.', 'Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.', 'Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.', 'The bill would have required the most advanced AI models to undergo safety testing.', 'It would have forced developers to ensure their technology included a so-called ""kill switch"".', 'This would allow organisations to isolate and effectively switch off an AI system if it became a threat.', 'It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems.', 'The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""', 'Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added.', 'At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology.', 'Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI.', ""California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI."", ""The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry."", 'Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way.""', 'Efforts by Congress to impose safeguards on AI have stalled.', 'OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology.', 'Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""', 'Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.']",0.0493610676296589,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.","It would have forced developers to ensure their technology included a so-called ""kill switch"".",-0.5947219133377075,"Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.",Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.,2024-09-30
Flight etiquette: How to avoid a row over reclining plane seats,https://www.bbc.co.uk/news/articles/c869178wqzno,2024-09-28T23:47:30.470Z,"A lot of us have been there, locked in a metal cylinder flying at more than 500mph (804km/h), gritting our teeth about the armrest the person to the left is hogging. Or the person next to the window who keeps getting up to go to the toilet, or the person in front who has suddenly put their seat back, squashing your knees. With roughly half of the UK's households flying once a year, how people behave on planes is an ongoing bugbear. And this week a Hong Kong couple were banned by Cathay Pacific after tensions flared over a reclined seat. So how can we avoid getting in our fellow travellers' bad books? Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees. A 2023 survey by Skyscanner into the issue indicated that 40% of people in the UK find it annoying, but a YouGov survey earlier this year suggested that only a quarter of Americans view it as unacceptable. Whatever the percentage, reclining seats ""really are a problem"", according to Charmaine Davies, a former flight attendant. She says cabin crew sometimes have to step in to stop anger boiling over between passengers. The basic problem is how airlines cram seats onto planes, with passengers having less space than they did in the past, according to Prof Jim Salzman of University of California, Los Angeles.  ""[The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place."" William Hanson, an etiquette coach and author, says it's a matter of choosing your time to recline your seat, which you shouldn't do during a meal. Check whether the person behind is leaning on the table, or using a laptop - and recline slowly. If in doubt just talk to your fellow passenger, he says. Don't expect them to be a mind reader. Another gripe linked to the amount of space people have on planes is double armrest hogging. Mary, a flight attendant for a major US airline, says she is often given a middle seat between ""two guys with both their arms on armrests"" when she's being transferred for work and doesn't have a choice of seat. Nearly a third of UK airline passengers found this annoying in 2023, the Skyscanner survey suggested. Mary has had ""a tussle with elbows"", she says, but has a strategy for reclaiming the space. ""I wait until they reach for a drink and take the armrest. One [guy] kept trying to push my arm, and I just had to give him a look: 'We're not doing that today.'"" To resolve any tension, Mr Hanson says people should get used to the idea of having ""elbow rests"" rather than armrests, and share them. Many of us will be familiar with the dilemma of being in a window seat and needing to go to the toilet, but the person next to you has fallen asleep.  Do you nudge them to wake them up, or climb over them? More than half of Americans responding to the YouGov survey said climbing over someone to go to the toilet was unacceptable. Mr Hanson says he normally has an aisle seat, and before going to sleep he tells the passenger next to him it's fine to wake him up or hop over if they need to. If sitting in the middle or window seat, you should just gently let the passenger in the aisle seat know you need to get past them - but be aware you might not speak the same language, he advises. If a passenger has been drinking alcohol, it can make them need to go to the toilet more often too. Zoe, a former flight attendant with Virgin Atlantic, was on a flight to Ibiza on a different carrier where many of the passengers had been drinking in the airport bar beforehand, she says. As soon as the flight took off and the seatbelt light went off, ""everybody stood up"" and started queuing for the toilet. Some got ""quite aggressive"", she says, leading to the cabin crew turning the seatbelt signs back on, forcing everybody to sit down. Unfortunately, one passenger really couldn't wait so had to ""have a wee in a carrier bag"". ""He put some swimming shorts in there first to soak it up,"" says Zoe. About a third of Brits find people standing up as soon as the plane lands annoying, the Skyscanner survey indicated. ""Just stay in your seat,"" says former flight attendant Ms Davies. ""There's no point jumping up because you're not going anywhere."" It normally takes the ground crew several minutes to either hook up the passenger boarding bridge or put boarding stairs in place. Even after that, if you have checked baggage, you're going to need to wait for it to get to the carousel, she says, ""no matter how quickly you get off the plane"". Mr Hanson says that in etiquette terms, there's nothing wrong with wanting to get up to stretch your legs, and perhaps people just want to get off because they are unconsciously a bit scared of being on a plane. But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"". Other air passenger pet hates include people jumping queues, using phones or other devices without headphones, draping long hair over the backs of seats, and taking shoes or socks off on a plane. If you become aware the flight attendants are using spray to ""spritz"" the aircraft near you, you may want to put some socks or deodorant on, Mary says, as cabin crew won't say anything directly. But with air travel continuing to grow, how can we get on with other passengers on planes? The key is everyone being considerate, Mr Hanson says. ""If you don't want to temper your behaviour to get along with other people then there's something wrong with you, to be blunt."" ",BBC,28/09/2024,"['A lot of us have been there, locked in a metal cylinder flying at more than 500mph (804km/h), gritting our teeth about the armrest the person to the left is hogging.', 'Or the person next to the window who keeps getting up to go to the toilet, or the person in front who has suddenly put their seat back, squashing your knees.', ""With roughly half of the UK's households flying once a year, how people behave on planes is an ongoing bugbear."", 'And this week a Hong Kong couple were banned by Cathay Pacific after tensions flared over a reclined seat.', ""So how can we avoid getting in our fellow travellers' bad books?"", 'Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees.', 'A 2023 survey by Skyscanner into the issue indicated that 40% of people in the UK find it annoying, but a YouGov survey earlier this year suggested that only a quarter of Americans view it as unacceptable.', 'Whatever the percentage, reclining seats ""really are a problem"", according to Charmaine Davies, a former flight attendant.', 'She says cabin crew sometimes have to step in to stop anger boiling over between passengers.', 'The basic problem is how airlines cram seats onto planes, with passengers having less space than they did in the past, according to Prof Jim Salzman of University of California, Los Angeles. ""[', 'The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place.""', ""William Hanson, an etiquette coach and author, says it's a matter of choosing your time to recline your seat, which you shouldn't do during a meal."", 'Check whether the person behind is leaning on the table, or using a laptop - and recline slowly.', 'If in doubt just talk to your fellow passenger, he says.', ""Don't expect them to be a mind reader."", 'Another gripe linked to the amount of space people have on planes is double armrest hogging.', 'Mary, a flight attendant for a major US airline, says she is often given a middle seat between ""two guys with both their arms on armrests"" when she\'s being transferred for work and doesn\'t have a choice of seat.', 'Nearly a third of UK airline passengers found this annoying in 2023, the Skyscanner survey suggested.', 'Mary has had ""a tussle with elbows"", she says, but has a strategy for reclaiming the space. ""', 'I wait until they reach for a drink and take the armrest.', 'One [guy] kept trying to push my arm, and I just had to give him a look: \'We\'re not doing that today.\'""', 'To resolve any tension, Mr Hanson says people should get used to the idea of having ""elbow rests"" rather than armrests, and share them.', 'Many of us will be familiar with the dilemma of being in a window seat and needing to go to the toilet, but the person next to you has fallen asleep.', 'Do you nudge them to wake them up, or climb over them?', 'More than half of Americans responding to the YouGov survey said climbing over someone to go to the toilet was unacceptable.', ""Mr Hanson says he normally has an aisle seat, and before going to sleep he tells the passenger next to him it's fine to wake him up or hop over if they need to."", 'If sitting in the middle or window seat, you should just gently let the passenger in the aisle seat know you need to get past them - but be aware you might not speak the same language, he advises.', 'If a passenger has been drinking alcohol, it can make them need to go to the toilet more often too.', 'Zoe, a former flight attendant with Virgin Atlantic, was on a flight to Ibiza on a different carrier where many of the passengers had been drinking in the airport bar beforehand, she says.', 'As soon as the flight took off and the seatbelt light went off, ""everybody stood up"" and started queuing for the toilet.', 'Some got ""quite aggressive"", she says, leading to the cabin crew turning the seatbelt signs back on, forcing everybody to sit down.', 'Unfortunately, one passenger really couldn\'t wait so had to ""have a wee in a carrier bag"". ""', 'He put some swimming shorts in there first to soak it up,"" says Zoe.', 'About a third of Brits find people standing up as soon as the plane lands annoying, the Skyscanner survey indicated. ""', 'Just stay in your seat,"" says former flight attendant Ms Davies. ""', 'There\'s no point jumping up because you\'re not going anywhere.""', 'It normally takes the ground crew several minutes to either hook up the passenger boarding bridge or put boarding stairs in place.', 'Even after that, if you have checked baggage, you\'re going to need to wait for it to get to the carousel, she says, ""no matter how quickly you get off the plane"".', ""Mr Hanson says that in etiquette terms, there's nothing wrong with wanting to get up to stretch your legs, and perhaps people just want to get off because they are unconsciously a bit scared of being on a plane."", 'But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"".', 'Other air passenger pet hates include people jumping queues, using phones or other devices without headphones, draping long hair over the backs of seats, and taking shoes or socks off on a plane.', 'If you become aware the flight attendants are using spray to ""spritz"" the aircraft near you, you may want to put some socks or deodorant on, Mary says, as cabin crew won\'t say anything directly.', 'But with air travel continuing to grow, how can we get on with other passengers on planes?', 'The key is everyone being considerate, Mr Hanson says. ""', 'If you don\'t want to temper your behaviour to get along with other people then there\'s something wrong with you, to be blunt.""']",-0.1647194154363452,"But he adds that it is ""faintly comical"" when people all get up at once and then ""stand there like a lemon"".","The airlines] are able to pass on the anger and frustration of cramped seating to passengers who blame each other for bad behaviour instead of the airlines who created the problem in the first place.""",-0.6347399950027466,"But with air travel continuing to grow, how can we get on with other passengers on planes?",Someone putting their seat back on a long-haul flight can be frustrating - but it seems to trigger Britons and Americans to different degrees.,2024-09-30
"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-09-30
"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-09-30
ScotRail's full timetable to return next Monday,https://www.bbc.co.uk/news/articles/c4glk63n0rlo,2024-10-01T10:24:10.912Z,"ScotRail will be restoring its full timetable from Monday 7 October. Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers. But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April. Peak time rail fares returned to train services in Scotland on 27 September. Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday.  ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers."" The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working. Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing. The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations. They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services. STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure."" He added that scrapping peak fares permanently was essential for a just and sustainable future. Imogen Dow, Friends of the Earth Scotland's head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “We urgently need to move as many journeys as possible from cars to sustainable transport.  ""Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic."" The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers. A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions. There was no official overtime ban. Drivers simply said they could not do overtime. They are contractually allowed to do this as overtime at the company is entirely voluntary. Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right. It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022. It continues to recruit 160 a year. Their training takes about 18 months and, inevitably, some drivers replace others who have left. Substantially reducing the company’s dependence on overtime will not be a quick process. But if the company wants to ensure that  informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers. ",BBC,01/10/2024,"['ScotRail will be restoring its full timetable from Monday 7 October.', 'Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers.', 'But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.', 'Peak time rail fares returned to train services in Scotland on 27 September.', 'Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""', 'The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working.', 'Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing.', 'The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations.', 'They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services.', 'STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""', 'This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""', 'If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure.""', 'He added that scrapping peak fares permanently was essential for a just and sustainable future.', 'Imogen Dow, Friends of the Earth Scotland\'s head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “', 'We urgently need to move as many journeys as possible from cars to sustainable transport. ""', 'Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic.""', 'The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers.', 'A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions.', 'There was no official overtime ban.', 'Drivers simply said they could not do overtime.', 'They are contractually allowed to do this as overtime at the company is entirely voluntary.', 'Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right.', 'It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022.', 'It continues to recruit 160 a year.', 'Their training takes about 18 months and, inevitably, some drivers replace others who have left.', 'Substantially reducing the company’s dependence on overtime will not be a quick process.', 'But if the company wants to ensure that informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers.']",0.0010924567715917,"He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""",There was no official overtime ban.,0.1078088100139911,"But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.","STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. """,2024-09-30
Trademark dispute emerges over Tiger Woods' new logo,https://www.cnbc.com/2024/09/26/trademark-dispute-emerges-over-tiger-woods-new-logo-.html,2024-09-26T20:11:28+0000,"Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute.Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire's long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create. SDR's application should be denied,"" the court filing said.TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.""Sun Day Red was launched in May, following Woods' 27-year partnership with Nike.The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously.""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""Our products have been extremely well received.""A spokesman for Woods declined to comment on the matter.Woods and the Sun Day Red team will have 40 days to file an answer on the notice.The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC. It is unlikely to affect future production of the line, though, he said.""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there's a resolution that might be had,"" Gerben said.He expects the case to settle before it gets close to a trial.""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""",CNBC,26/09/2024,"[""Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute."", 'Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire\'s design into their own branding.', '""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire\'s long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create.', 'SDR\'s application should be denied,"" the court filing said.', 'TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.', '""Sun Day Red was launched in May, following Woods\' 27-year partnership with Nike.', ""The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously."", '""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""', 'Our products have been extremely well received.', '""A spokesman for Woods declined to comment on the matter.', 'Woods and the Sun Day Red team will have 40 days to file an answer on the notice.', 'The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC.', 'It is unlikely to affect future production of the line, though, he said.', '""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there\'s a resolution that might be had,"" Gerben said.', 'He expects the case to settle before it gets close to a trial.', '""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""', 'Because in order for Tiger and TaylorMade to get this trademark registered there, you\'re gonna have to win this case.""']",0.1124615410016196,"Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""","SDR's application should be denied,"" the court filing said.",0.2565224170684814,"""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""","Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.",2024-09-30
Justice Department accuses Visa of debit network monopoly that affects price of 'nearly everything’,https://www.cnbc.com/2024/09/24/doj-accuses-visa-of-debit-network-monopoly-that-impacts-price-of-nearly-everything.html,2024-09-24T22:26:54+0000,"In this articleThe U.S. Justice Department on Tuesday sued Visa, the world's biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.Visa's moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything.""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money. They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.Visa called the DOJ suit ""meritless.""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.""Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers.In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid. The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade. A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa's network moat. The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said.""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system.""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.The moves also tamped down innovation, according to the DOJ. Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa's monopoly profits,"" according to the complaint.Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails.A Visa manager was quoted as saying ""we've got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such as creating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.The move comes in the waning months of President Joe Biden's administration, in which regulators including the Federal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees.In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No. 4 behind Visa, Mastercard and American Express.Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.",CNBC,24/09/2024,"['In this articleThe U.S. Justice Department on Tuesday sued Visa, the world\'s biggest payments network, saying it propped up an illegal monopoly over debit payments by imposing ""exclusionary"" agreements on partners and smothering upstart firms.', 'Visa\'s moves over the years have resulted in American consumers and merchants paying billions of dollars in additional fees, according to the DOJ, which filed a civil antitrust suit in New York for ""monopolization"" and other unlawful conduct.', '""We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,"" Attorney General Merrick Garland said in a DOJ release.', '""Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" Garland said. ""', ""As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."", '""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.', 'They are essentially toll collectors, shuffling payments between banks operating for the merchants and for cardholders.', 'Visa called the DOJ suit ""meritless.', '""""Anyone who has bought something online, or checked out at a store, knows there is an ever-expanding universe of companies offering new ways to pay for goods and services,"" said Visa general counsel Julie Rottenberg.', '""Today\'s lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving,"" Rottenberg said. ""', 'We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.', '""More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.', ""The payment networks' decades-old dominance has increasingly attracted attention from regulators and retailers."", 'In 2020, the DOJ filed an antitrust suit to block Visa from acquiring fintech company Plaid.', 'The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.', 'In March, Visa and Mastercard agreed to limit their fees and let merchants charge customers for using credit cards, a deal retailers said was worth $30 billion in savings over a half decade.', 'A federal judge later rejected the settlement, saying the networks could afford to pay for a ""substantially greater"" deal.', 'In its complaint, the DOJ said Visa threatens merchants and their banks with punitive rates if they route a ""meaningful share"" of debit transactions to competitors, helping maintain Visa\'s network moat.', ""The contracts help insulate three-quarters of Visa's debit volume from fair competition, the DOJ said."", '""Visa wields its dominance, enormous scale, and centrality to the debit ecosystem to impose a web of exclusionary agreements on merchants and banks,"" the DOJ said in its release. ""', ""These agreements penalize Visa's customers who route transactions to a different debit network or alternative payment system."", '""Furthermore, when faced with threats, Visa ""engaged in a deliberate and reinforcing course of conduct to cut off competition and prevent rivals from gaining the scale, share, and data necessary to compete,"" the DOJ said.', 'The moves also tamped down innovation, according to the DOJ.', 'Visa pays competitors hundreds of millions of dollars annually ""to blunt the risk they develop innovative new technologies that could advance the industry but would otherwise threaten Visa\'s monopoly profits,"" according to the complaint.', 'Visa has agreements with tech players including Apple, PayPal and Square, turning them from potential rivals to partners in a way that hurts the public, the DOJ said.', ""For instance, Visa chose to sign an agreement with a predecessor to the Cash App product to ensure that the company, later rebranded Block, did not create a bigger threat to Visa's debit rails."", 'A Visa manager was quoted as saying ""we\'ve got Square on a short leash and our deal structure was meant to protect against disintermediation,"" according to the complaint.', 'Visa has an agreement with Apple in which the tech giant says it will not directly compete with the payment network ""such ascreating payment functionality that relies primarily on non-Visa payment processes,"" the complaint alleged.', 'The DOJ asked for the courts to prevent Visa from a range of anticompetitive practices, including fee structures or service bundles that discourage new entrants.', ""The move comes in the waning months of President Joe Biden's administration, in which regulators including theFederal Trade Commission and the Consumer Financial Protection Bureau have sued middlemen for drug prices and pushed back against so-called junk fees."", ""In February, credit card lender Capital One announced its acquisition of Discover Financial, a $35.3 billion deal predicated in part on Capital One's ability to bolster Discover's also-ran payments network, a distant No."", '4 behind Visa, Mastercard and American Express.', 'Capital One said once the deal is closed, it will switch all its debit card volume and a growing share of credit card volume to Discover over time, making it a more viable competitor to Visa and Mastercard.']",0.0758717486273494,"We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable.","The companies initially said they would fight the action, but soon abandoned the $5.3 billion takeover.",0.0686103820800781,"""Visa and its smaller rival Mastercard have surged over the past two decades, reaching a combined market cap of roughly $1 trillion, as consumers tapped credit and debit cards for store purchases and e-commerce instead of paper money.","The moves also tamped down innovation, according to the DOJ.",2024-09-30
Oasis reunion tour ticket seller and promoter bosses get £14.8m,https://www.bbc.co.uk/news/articles/c153lz0vpkqo,2024-09-29T14:00:30.476Z,"The six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis' reunion tour have received a £14.8m total dividend for 2023. The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, according to its accounts for last year, posted on Thursday. The payout, which is unrelated to next year's Oasis tour, comes as band, the competition watchdog, and MPs hit out at a number of companies over the dynamic ticket pricing set for the gigs in the UK and Ireland. The row erupted after fans found they were being asked to pay about £350 for some tickets that were originally advertised as being priced at around £150. SJM declined to comment on the dividend payment. The company also promotes and sold tickets for a range of other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz. The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022. The payout for the six directors was more than double the £7.35m dividend the previous year. The revenue from 2023 does not include fees for promoting Oasis' tour, which experts predict could be substantial. Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that. Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets. The businesses involves companies which all have links to LiveNation, the US multinational which owns Ticketmaster. The other two promoters are MCD Promotions and DF Concerts. In addition, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets. The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had ""concerns over whether buyers were given clear and timely information"". Oasis said they had ""at no time had any awareness that dynamic pricing was going to be used"" in the sale of tickets for the initial dates. Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.  Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337). ",BBC,29/09/2024,"[""The six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis' reunion tour have received a £14.8m total dividend for 2023."", 'The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, according to its accounts for last year, posted on Thursday.', ""The payout, which is unrelated to next year's Oasis tour, comes as band, the competition watchdog, and MPs hit out at a number of companies over the dynamic ticket pricing set for the gigs in the UK and Ireland."", 'The row erupted after fans found they were being asked to pay about £350 for some tickets that were originally advertised as being priced at around £150.', 'SJM declined to comment on the dividend payment.', 'The company also promotes and sold tickets for a range of other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz.', ""The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022."", 'The payout for the six directors was more than double the £7.35m dividend the previous year.', ""The revenue from 2023 does not include fees for promoting Oasis' tour, which experts predict could be substantial."", 'Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that.', 'Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets.', 'The businesses involves companies which all have links to LiveNation, the US multinational which owns Ticketmaster.', 'The other two promoters are MCD Promotions and DF Concerts.', 'In addition, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets.', 'The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had ""concerns over whether buyers were given clear and timely information"".', 'Oasis said they had ""at no time had any awareness that dynamic pricing was going to be used"" in the sale of tickets for the initial dates.', 'Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.', 'Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).']",0.1061383233197465,"Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.",Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).,0.9995575100183488,"The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022.",,2024-09-30
"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-09-30
Boeing sweetens labor proposal in 'best and final' offer as strike enters second week,https://www.cnbc.com/2024/09/23/boeing-labor-proposal-best-and-final-offer-strike.html,2024-09-24T19:56:43+0000,"In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week.The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union.Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.The International Association of Machinists and Aerospace Workers District 751, the workers' union, said the new offer ""was thrown at us without any discussion.""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch. The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.""However, it said that it will survey members about Boeing's new offer.""We will gather your opinion on whether this offer meets your demands,"" it said.After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March.  The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal.Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.Both Boeing and the union said they were disappointed with negotiations last week.""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""We first presented the offer to the union and then transparently shared the details with our employees.""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.",CNBC,24/09/2024,"['In this articleBoeing on Monday sweetened its contract offer and said it was its ""best and final"" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant\'s aircraft production, entered its second week.', ""The labor union criticized the offer, saying Boeing didn't negotiate it, and called it an attempt at bypassing the union."", ""Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%."", ""It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match."", 'The International Association of Machinists and Aerospace Workers District 751, the workers\' union, said the new offer ""was thrown at us without any discussion.', '""Boeing said the offer is contingent upon ratification by Friday at 11:59 p.m. PT, but a day later said it will has ""reached out to the union to give them more time and offer logistical support once they decide to vote,"" after the IAM complained about the time crunch.', 'The union said on Monday that Boeing ""has refused to meet for further discussion; therefore, we will not be voting on the 27th.', '""However, it said that it will survey members about Boeing\'s new offer.', '""We will gather your opinion on whether this offer meets your demands,"" it said.', ""After the union's response, Boeing said it had bargained in good faith with the union since formal negotiations began in March."", ""The new offer is Boeing's latest attempt to end a costly strike, the unionized work group's first since 2008, as pressure is mounting on new CEO Kelly Ortberg to reach a deal."", 'Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.', 'In the first few days of the strike, Boeing said it started temporarily furloughing nonunion workers including managers, and implemented other cut costs such as a hiring freeze, reduced travel, and the elimination of first- and business-class air tickets for employees.', 'Both Boeing and the union said they were disappointed with negotiations last week.', '""After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees,"" Boeing said in a statement Monday. ""', 'We first presented the offer to the union and then transparently shared the details with our employees.', '""The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.', 'Machinists on picket lines in Renton, Washington, told CNBC last week that they rejected the first contract with higher pay because they wanted their wages to keep up with the sharp increase in the cost of living in the Seattle area.', 'Some workers said in interviews that they have prepared for a long strike and have begun taking side jobs like delivering food or working in warehouses.']",0.0772554422396689,"It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",0.2298987090587615,"Boeing's new offer would boost general wages by 30% over four years, up from a previously proposed 25%.","Bank of America analyst Ron Epstein estimated the strike is costing Boeing $50 million a day, and ratings agencies have said the company risks a downgrade the longer the strike lasts.",2024-09-30
Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-09-30