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
Nike and Sky ads banned over misleading tactics,https://www.bbc.co.uk/news/articles/cvg3q8rjzlro,2024-09-24T23:04:36.664Z,"Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended. Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size.   Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled.  The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers. Both companies defend the adverts. Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer. The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.  In fact, the trainers were only available in sizes UK3 to UK6. And, because children's shoes attract no VAT, the discounted price is less of a bargain. The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints. Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics. These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.  Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.  Consumer group Which? said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".  In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.  Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period. Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour. The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said. Sky said it believed the presentation of the ad was clear, legible and immediately visible.  It added that the concept of a seven-day free trial was so widely understood that it was not misleading. Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself. However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way. The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months. The ASA said the health benefit and cost savings claims made in the ad could not be substantiated. ",BBC,24/09/2024,"['Adverts for sports giant Nike and broadcaster Sky have been banned for using tactics which could mislead customers into spending more than intended.', ""Nike ran an advert on social media which showed the price of the trainers as £26, only for customers to discover when they clicked that it was for a children's size."", ""Sky's advert did not make clear a free trial for Now TV would renew automatically with a fee unless it was cancelled."", 'The Advertising Standards Authority (ASA) is cracking down on online ads like these, saying their structure misleads customers.', 'Both companies defend the adverts.', ""Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer."", 'The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.', 'In fact, the trainers were only available in sizes UK3 to UK6.', ""And, because children's shoes attract no VAT, the discounted price is less of a bargain."", 'The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints.', 'Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics.', 'These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.', 'Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.', 'Consumer group Which?', 'said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".', 'In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.', 'Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.', 'Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour.', 'The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said.', 'Sky said it believed the presentation of the ad was clear, legible and immediately visible.', 'It added that the concept of a seven-day free trial was so widely understood that it was not misleading.', 'Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself.', 'However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way.', 'The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months.', 'The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.']",0.0399591793010175,Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",-0.1873859643936157,The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",2024-09-25
Boeing union hits out over 'final' 30% pay rise offer,https://www.bbc.co.uk/news/articles/ckg92528y51o,2024-09-24T02:04:51.946Z,"The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years. The new offer also included the reinstatement of a performance bonus and improved retirement benefits. However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies. More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter. The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497). The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September). But IAM said Boeing sent the new offer directly to union members and the media without telling the union's representatives. ""This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter. The union also said it would not hold a vote of its membership ahead of Boeing's deadline. In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""We first presented the offer to the union and then transparently shared the details with our employees,"" it added. Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years. The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer. Of those who voted, 96% backed strike action until a new agreement could be reached. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money. The company has already suspended the jobs of tens of thousands of staff. It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts. Government officials are now helping to mediate talks between the two sides. ",BBC,24/09/2024,"['The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years.', 'The new offer also included the reinstatement of a performance bonus and improved retirement benefits.', 'However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies.', 'More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""', 'After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter.', 'The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497).', 'The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September).', 'But IAM said Boeing sent the new offer directly to union members and the media without telling the union\'s representatives. ""', 'This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter.', ""The union also said it would not hold a vote of its membership ahead of Boeing's deadline."", 'In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""', 'We first presented the offer to the union and then transparently shared the details with our employees,"" it added.', 'Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years.', ""The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", ""Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer."", 'Of those who voted, 96% backed strike action until a new agreement could be reached.', 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money.', 'The company has already suspended the jobs of tens of thousands of staff.', 'It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts.', 'Government officials are now helping to mediate talks between the two sides.']",0.0733135250199221,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",0.3145553668340047,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-25
iPhone: Anglesey widower's battle for wife's photos for funeral,https://www.bbc.co.uk/news/articles/cwyegzpx45xo,2024-09-24T05:08:32.926Z,"A man whose wife died suddenly is unable to recover precious photos of their wedding from her phone in time for her funeral. Martyn Hall cannot access the iPhone that belonged to his wife, Lynn, because he does not know the passcode. Apple’s privacy rules mean the contents would be wiped if the code was reset. Apple says it considers privacy a fundamental human right. “It's the one issue that I can't sort out and I just feel like I'm hitting my head against an absolute brick wall,” Martyn said. The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with. But when it came to his 70-year-old wife’s phone – which contains photos of their wedding six years ago and holidays together – things were less straightforward. “It was either face ID or passcode to open her phone,” he said.  “And obviously I couldn't do face ID. So it was a question of having a passcode.” Martyn said because Lynn had also used the phone for her work, he’d never known her code. Lynn's funeral takes place in early October. “We want to do a slideshow at the funeral,” Martyn said. “And I'd love to be able to access some of those photos to be able to use them for her funeral. “But I can't.” It is not just their photos, almost all of which were stored on Lynn’s phone, that Martyn wants to recover. “Lynn was a devout Christian and she also loved music,” he said. “Obviously I've got an idea of one or two, but particularly with the hymns and the Christian songs, I'd love to be able to get into those, to be able to use some of those at her funeral. “These big parts of her personality, and life, I can't get access to - and that really upsets me. “I'm feeling at the moment I've got a big hole that I can't fill with everything that's stored on that phone.” As well her photos and music, Martyn said he’d been unable to contact some of Lynn’s friends to tell them she’d died because their details were stored in her phone.  Martyn added even if he did not manage to access his wife's phone, he wanted to make others aware of the issue. He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order. A section on Apple’s website says: “We consider privacy to be a fundamental human right, and our users expect us to help keep their information private and secure at all times. In the unfortunate event of a customer’s death, Apple provides options for their loved ones to request access to or delete their Apple ID and the data stored with it.” After You and Yours got in touch with Apple, Mr Hall was contacted by their customer relations team, who told him Lynn's Apple subscriptions would be cancelled – another of the things he was trying to do if he could access her phone.  The campaign group Which? said there was no overarching right to someone’s data after their death. But during someone's lifetime, there are things that can be done to make the process much easier. Which? tech expert Andrew Laughlin said these differed depending on the company involved. Apple gives users the chance to nominate a legacy contact who could access their data after their death, in the settings menu on their iPhone. Google, which owns the Android operating system, allows users to set up an inactive account manager who could access their Google services after they die. Mr Laughlin said many people had no plan for what happens to their digital assets such as photos, emails, and online accounts when they die.  Which? recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool. ",BBC,24/09/2024,"['A man whose wife died suddenly is unable to recover precious photos of their wedding from her phone in time for her funeral.', 'Martyn Hall cannot access the iPhone that belonged to his wife, Lynn, because he does not know the passcode.', 'Apple’s privacy rules mean the contents would be wiped if the code was reset.', 'Apple says it considers privacy a fundamental human right. “', ""It's the one issue that I can't sort out and I just feel like I'm hitting my head against an absolute brick wall,” Martyn said."", 'The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with.', 'But when it came to his 70-year-old wife’s phone – which contains photos of their wedding six years ago and holidays together – things were less straightforward. “', 'It was either face ID or passcode to open her phone,” he said. “', ""And obviously I couldn't do face ID."", 'So it was a question of having a passcode.”', 'Martyn said because Lynn had also used the phone for her work, he’d never known her code.', ""Lynn's funeral takes place in early October. “"", 'We want to do a slideshow at the funeral,” Martyn said. “', ""And I'd love to be able to access some of those photos to be able to use them for her funeral. “"", ""But I can't.”"", 'It is not just their photos, almost all of which were stored on Lynn’s phone, that Martyn wants to recover. “', 'Lynn was a devout Christian and she also loved music,” he said. “', ""Obviously I've got an idea of one or two, but particularly with the hymns and the Christian songs, I'd love to be able to get into those, to be able to use some of those at her funeral. “"", ""These big parts of her personality, and life, I can't get access to - and that really upsets me. “"", ""I'm feeling at the moment I've got a big hole that I can't fill with everything that's stored on that phone.”"", 'As well her photos and music, Martyn said he’d been unable to contact some of Lynn’s friends to tell them she’d died because their details were stored in her phone.', ""Martyn added even if he did not manage to access his wife's phone, he wanted to make others aware of the issue."", 'He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order.', 'A section on Apple’s website says: “We consider privacy to be a fundamental human right, and our users expect us to help keep their information private and secure at all times.', 'In the unfortunate event of a customer’s death, Apple provides options for their loved ones to request access to or delete their Apple ID and the data stored with it.”', ""After You and Yours got in touch with Apple, Mr Hall was contacted by their customer relations team, who told him Lynn's Apple subscriptions would be cancelled – another of the things he was trying to do if he could access her phone."", 'The campaign group Which?', 'said there was no overarching right to someone’s data after their death.', ""But during someone's lifetime, there are things that can be done to make the process much easier."", 'Which?', 'tech expert Andrew Laughlin said these differed depending on the company involved.', 'Apple gives users the chance to nominate a legacy contact who could access their data after their death, in the settings menu on their iPhone.', 'Google, which owns the Android operating system, allows users to set up an inactive account manager who could access their Google services after they die.', 'Mr Laughlin said many people had no plan for what happens to their digital assets such as photos, emails, and online accounts when they die.', 'Which?', 'recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool.']",-0.0248941060721613,"recommends taking steps such as storing photos locally on a USB drive, sharing them on a joint access cloud service, or sharing login details using a password manager tool.","The 64-year-old, from Anglesey, told BBC Radio 4’s You and Yours programme that after Lynn died unexpectedly earlier this month following a brain haemorrhage, he had had no trouble contacting banks and other companies she held accounts with.",-0.597976287206014,"But during someone's lifetime, there are things that can be done to make the process much easier.","He said he had been “totally frustrated” with attempts to contact Apple, comparing his experience with other companies that offered a dedicated bereavement service to get Lynn’s affairs in order.",2024-09-25
RAC says petrol prices fall to three-year low,https://www.bbc.co.uk/news/articles/cwyl79v1d1lo,2024-09-25T14:10:34.756Z,"Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said. Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said. The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine. Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said. Depending on where drivers were filling up,  he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"". The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA). The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods. The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen. Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector. It said in July weakened competition in the fuel sector was  impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019. But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales. The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling. With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said. Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine. Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions. It meant demand for oil from other producers increased, leading to increased prices. At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years. The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out. It is, however, affected by the global shifts in price. ",BBC,25/09/2024,"['Petrol prices have fallen to their lowest level for three years, with the average price for a litre of unleaded costing about £1.35, the RAC has said.', 'Lower global oil prices and a stronger pound were the main reasons prices had fallen, the motoring group said.', 'The figure is considerably lower than in July 2022, when petrol prices hit a record high of almost £1.92 per litre when oil prices surged following Russia’s invasion of Ukraine.', 'Simon Williams, fuel spokesman for the RAC, said petrol prices could fall further. ""', 'We believe there is scope for pump prices to come down further in the next few weeks to reflect the lower wholesale costs retailers are paying when they buy fresh fuel stocks,"" Mr Williams said.', 'Depending on where drivers were filling up, he said people could be ""paying as little as £1.26 for a litre of unleaded - making the cost of refuelling a typical family car come in at under £70"".', 'The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).', 'The falling price of fuel will come as a boost to drivers, who have been hit hard in recent years by higher prices for all consumer goods.', 'The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.', 'Concerns over fuel prices prompted the competition regulator, the CMA, to look into the sector.', ""It said in July weakened competition in the fuel sector was impacting drivers' wallets and that supermarkets' profit margins - which is the difference between the price they buy fuel at and what they charge motorists - had doubled since 2019."", 'But the Petrol Retailers Association (PRA), which represents independent forecourts, has argued its members\' margins have been ""under pressure"" due to higher labour and energy costs, and reduced sales.', 'The RAC said the reason for ""tumbling"" pump prices now was due to ""a relatively low oil price"" of about $75 per barrell due to lower global demand, ""combined with a relatively strong pound"" helped by inflation falling.', 'With fuel traded in US dollars, a stronger pound means UK fuel retailers get more ""bang for their buck"" when buying in new stock on the wholesale market, the RAC said.', ""Fuel prices rose sharply amid fears of a global economic shock following Russia's invasion of Ukraine."", ""Russia is the third-largest oil exporter and some Western countries, decided to halt or restrict imports from the country in response to Russia's actions."", 'It meant demand for oil from other producers increased, leading to increased prices.', 'At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.', 'The UK only imports about 6% of oil from Russia, so is not as dependent on Russia as other European countries are and has said it plans to phase it out.', 'It is, however, affected by the global shifts in price.']",-0.1838314853299841,"It meant demand for oil from other producers increased, leading to increased prices.","The RAC has been critical of retailers, claiming that they have failed to drop prices as swiftly as they should have as wholesale costs have fallen.",0.1672339544576757,"At one point Brent crude - the global benchmark for oil prices - jumped to $139 a barrel, the highest level for almost 14 years.","The average price of diesel is around £1.41 per litre which is also close to a three-year low, based on data from the Competition and Markets Authority (CMA).",2024-09-25
Caroline Ellison sentenced to two years in FTX crypto fraud,https://www.bbc.co.uk/news/articles/cdd4e2931q3o,2024-09-24T20:46:00.495Z,"Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history. Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers. As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried. She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution.  She had faced a maximum sentence 55 times what she was given - 110 years in prison.  While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters. In court, Ellison apologised to the victims of the scheme, according US media reports. ""On some level, my brain can't even comprehend the scale of the harm that I caused,"" she said. FTX was founded in 2019. Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn). Its apparent success turned Bankman-Fried into a billionaire and business celebrity. But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes. He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations. Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas. The on-and-off couple built the dual empire of FTX and Alameda Research.  While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial. Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge.  In tearful testimony, she said she felt ""indescribably bad"" about the fraud. Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried. Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail. The US Attorney's office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse. In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison. Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business. ",BBC,24/09/2024,"['Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.', 'Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers.', 'As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried.', ""She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution."", 'She had faced a maximum sentence 55 times what she was given - 110 years in prison.', 'While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.', 'In court, Ellison apologised to the victims of the scheme, according US media reports. ""', 'On some level, my brain can\'t even comprehend the scale of the harm that I caused,"" she said.', 'FTX was founded in 2019.', 'Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn).', 'Its apparent success turned Bankman-Fried into a billionaire and business celebrity.', ""But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", ""He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations."", ""Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas."", 'The on-and-off couple built the dual empire of FTX and Alameda Research.', 'While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial.', ""Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge."", 'In tearful testimony, she said she felt ""indescribably bad"" about the fraud.', ""Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried."", ""Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail."", 'The US Attorney\'s office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse.', ""In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison."", 'Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business.']",-0.2408931154579738,"While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.","Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.",-0.2190390924612681,Its apparent success turned Bankman-Fried into a billionaire and business celebrity.,"But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-09-25
University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-25
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.",2024-09-25
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,2024-09-25T15:50:05+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.""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.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.",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.""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.', '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.']",0.1694661131550266,"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.",-0.301637578010559,"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.",2024-09-25
"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-25
ScotRail drivers accept deal to end long-running pay dispute,https://www.bbc.co.uk/news/articles/c1wndrg58gyo,2024-09-25T15:49:28.793Z,"A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.   Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April. ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.  The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue. Members of Unite and the RMT union previously voted to accept the pay offer. Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"". Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland's rail service,"" he said. ""Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs."" The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".  General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.” ScotRail's Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"". He added: “We will provide an update for customers on the timetable as soon as possible.” The temporary timetable has seen1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%. The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares. Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel. Passengers will be wondering when ScotRail will return to its normal timetable. The company moved to an emergency timetable with fewer services than usual in July because of the pay row. Many drivers were not making themselves available for overtime and rest day working. It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime. ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime. It will then decide whether it can return to a normal timetable. But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers. ",BBC,25/09/2024,"['A long-running dispute at ScotRail has come to an end after train drivers accepted a pay offer.', ""Drivers' union Aslef said 75% of members voted for the deal, which will provide staff with a 4.5% rise backdated to April."", 'ScotRail has been running a reduced timetable since July after many drivers made themselves unvailable for overtime or Sunday working.', 'The TSSA union, representing managerial and technical staff, also accepted the package but said a separate dispute over ""on-call working"" would continue.', 'Members of Unite and the RMT union previously voted to accept the pay offer.', 'Train services will not immediately return to previous levels, but ScotRail said it would update passengers ""as soon as possible"".', 'Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members\' ""resolute determination"". ""', 'I am pleased that ScotRail and the Scottish government have shown they understand the importance of our members to Scotland\'s rail service,"" he said. ""', 'Appreciating the workforce in the railways is a fundamental prerequisite if Scotland is to deliver the world-class, affordable, attractive and accessible rail services the country needs.""', 'The TSSA union welcomed the deal, but said its dispute over on-call working for operations managers ""remains live"".', 'General secretary Maryam Eslamdoust said, “I urge ScotRail management to come back to the table and commit to meaningful negotiations with us so that we can find a solution that works for passengers, and our members, alike.”', 'ScotRail\'s Service Delivery Director Mark Ilderton said all parties had worked hard to agree a pay deal that ""recognises the hard work of staff, as well as providing value for money for the public finances"".', 'He added: “We will provide an update for customers on the timetable as soon as possible.”', 'The temporary timetable has seen1,660 services operating daily from Monday to Saturday, compared with the usual level of around 2,250 - a cut of 26%.', 'The pay agreement comes just two days before the end of a ScotRail pilot scheme that scrapped peak-time train fares.', 'Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.', 'Passengers will be wondering when ScotRail will return to its normal timetable.', 'The company moved to an emergency timetable with fewer services than usual in July because of the pay row.', 'Many drivers were not making themselves available for overtime and rest day working.', 'It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.', 'ScotRail will be watching the situation closely over the coming days to get a sense of how many drivers are available for overtime.', 'It will then decide whether it can return to a normal timetable.', 'But if a full timetable is not in operation again soon, the company will face tough questions over its continuing dependence on overtime by drivers.']",0.1363653017032657,It was linked to the pay row but was not industrial action by a union – drivers are perfectly entitled to turn down overtime.,The company moved to an emergency timetable with fewer services than usual in July because of the pay row.,0.1232045563784512,"Aslef Scotland organiser Kevin Lindsay said it was a positive result that had been achieved through members' ""resolute determination"". ""","Transport Scotland said the project, which saw ticket prices subsidised by the Scottish government and standardised across the day, “did not achieve its aims” of persuading more people to swap car journeys for rail travel.",2024-09-25
CrowdStrike boss apologises before US Congress for global IT outage,https://www.bbc.co.uk/news/articles/c23k4yyjxp3o,2024-09-24T21:22:29.249Z,"Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday. Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July. The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations. Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"". CrowdStrike described the outage as the result of a “perfect storm”. Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks. The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”. Instead “the largest IT outage in history was due to a mistake”, he said. Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again. Among the questions directed at Mr Meyers during the 90-minute hearing were  technical queries about whether the company's software should have access to core parts of device operating systems. But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity. Congressman Carlos Gimenez asked about the threat of AI writing malicious code.  Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"". In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world.  He said CrowdStrike releases between 10 and 12 configuration updates each day. Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic. But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.  Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility. Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.  The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage. Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business. The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations. Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"". ",BBC,24/09/2024,"[""Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday."", 'Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July.', 'The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations.', 'Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"".', 'CrowdStrike described the outage as the result of a “perfect storm”.', 'Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""', 'A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks.', 'The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”.', 'Instead “the largest IT outage in history was due to a mistake”, he said.', 'Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again.', ""Among the questions directed at Mr Meyers during the 90-minute hearing were technical queries about whether the company's software should have access to core parts of device operating systems."", 'But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.', 'Congressman Carlos Gimenez asked about the threat of AI writing malicious code.', 'Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".', ""In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world."", 'He said CrowdStrike releases between 10 and 12 configuration updates each day.', 'Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.', 'But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.', 'Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility.', 'Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.', ""The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage."", 'Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business.', 'The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations.', 'Delta said it lost $500m (£374m) due to CrowdStrike\'s ""negligence"".']",-0.1079784412356782,But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.,"Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.",-0.5439730720086531,"Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".","Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"".",2024-09-25
"UK economic growth 'robust', OECD thank tank says",https://www.bbc.co.uk/news/articles/c0lw07l7p70o,2024-09-25T09:57:10.375Z,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted. The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US. The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year. Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference. She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said. Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July's general election could all be factors behind the stronger outlook for the UK. ""August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added. The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK. But it added: ""Significant risks remain. Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices."" While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy. The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations. It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast. The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change. They are used by businesses to help plan investments, and by governments to guide policy decisions. Alvaro Pereira, the OECD's chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition. Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules. Fiscal rules are self-imposed and designed to maintain credibility with financial markets. The UK government has a rule to manage its borrowing within a five-year time-frame. But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget. The chancellor has so far refused to rule out altering them. The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks. Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued. Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending. That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt. However, not all economists agree that bringing debt down should be the policy priority. Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term. ",BBC,25/09/2024,"['The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.', 'The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US.', ""The Organisation for Economic Co-operation and Development's (OECD) previous growth estimate in May had put UK growth at 0.4% for this year."", 'Chancellor Rachel Reeves welcomed the faster growth figures, which will help reinforce the more upbeat tone she sought to strike in her speech to the Labour Conference.', 'She is facing the twin challenge of managing expectations ahead of the Budget next month by explaining how tough times lie ahead, while attempting to paint a positive picture to encourage investment. ""', 'Next month’s Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain,"" Reeves said.', 'Dan Coatsworth, an investment analyst at AJ Bell, said that public sector wage increases, the end of train strikes, and a more stable political backdrop following July\'s general election could all be factors behind the stronger outlook for the UK. ""', 'August’s rate cut from the Bank of England should also help the economy as it finally shows the country has started the journey to lower the cost of borrowing,"" he added.', 'The OECD, which is a globally recognised think tank, said that economic growth had been ""relatively robust"" in many countries, including the UK.', 'But it added: ""Significant risks remain.', 'Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""', ""While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy."", 'The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations.', 'It is set to rise by 2.7% this year and 2.4% next year, the OECD forecast.', ""The OECD's economic estimates, which are released twice yearly, aim to give a guide to what is most likely to happen in the future, but they can be incorrect and do change."", 'They are used by businesses to help plan investments, and by governments to guide policy decisions.', 'Alvaro Pereira, the OECD\'s chief economist, said the the government needed to create ""fiscal space"" for more investment in infrastructure, including for the green transition.', 'Reeves has suggested she might tweak the debt targets she has pledged to stick by under her fiscal rules.', 'Fiscal rules are self-imposed and designed to maintain credibility with financial markets.', 'The UK government has a rule to manage its borrowing within a five-year time-frame.', 'But it could change this to give itself more flexibility over tax and spending plans in the upcoming budget.', 'The chancellor has so far refused to rule out altering them.', 'The OECD has prescribed a ""carefully judged"" reduction in interest rates and ""decisive"" action to bring down debt to allow more room for governments to react to any future economic shocks.', 'Stronger efforts to contain government spending and raise more revenue were key to stabilising debt burdens, it argued.', 'Many wealthy countries are facing ageing populations, the challenges of climate change, and geopolitical pressure to raise defence spending.', 'That is all in the wake of the financial crisis 16 years ago and more recently the Covid pandemic, which increased government borrowing and built up higher levels of debt.', 'However, not all economists agree that bringing debt down should be the policy priority.', 'Some would like to see borrowing rise for a time, which they argue would boost growth and reduce debt over the longer term.']",0.1258491945167989,"While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",0.5614065967108074,"The UK has risen in the rankings of a group of wealthy nations to have the joint-second highest economic growth for this year, a think tank has predicted.","Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.""",2024-09-25
"Shein should come to London, says former B&Q boss",https://www.bbc.co.uk/news/articles/cje3wg2z7x5o,2024-09-25T08:54:29.093Z,"Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q   has said. Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls. The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC's Today programme. Sir Ian's comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"". On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said. Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices. Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world. The firm filed initial documents for a London listing earlier this year. This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company's ""deep ties to the People’s Republic of China"". Shein has also been accused of using forced labour in parts of its supply chains, which it denies. It previously told the BBC it has a ""zero tolerance for forced labour"". Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm. He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"". Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms. In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers. Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do. He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it. He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we've go the technology"". ""If you think that's a problem, then the government can fix it,"" he suggested. On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC. Shein has previously said it complies fully with all its UK tax liabilities. The firm has been contacted for comment. ",BBC,25/09/2024,"['Fast fashion firm Shein should be allowed to list on the London Stock Exchange despite controversy over its green credentials and taxation, the former boss of B&Q has said.', 'Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.', 'The alternative could be Shein listing on another exchange, which ""might just let them do what they want"", he told the BBC\'s Today programme.', 'Sir Ian\'s comments come after Superdry boss Julian Dunkerton said Shein was being allowed to ""dodge tax"" and was a ""complete environmental disaster"".', 'On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""', 'We’re allowing somebody to come in and be a tax avoider, essentially,"" the Superdry boss said.', 'Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices.', 'Its formula of offering a wide range of cheap clothes - backed up with campaigns on Instagram, TikTok and other social media - has turned it into one of the biggest fashion retailers in the world.', 'The firm filed initial documents for a London listing earlier this year.', 'This was after a potential New York listing came under fire from both Democrat and Republican politicians, who were concerned over the company\'s ""deep ties to the People’s Republic of China"".', 'Shein has also been accused of using forced labour in parts of its supply chains, which it denies.', 'It previously told the BBC it has a ""zero tolerance for forced labour"".', 'Sir Ian told the BBC on Wednesday that Shein being listed in London could mean the UK could influence the firm.', 'He said the London Stock Exchange had a ""good set of controls and quality requirements"", adding companies ""can’t just show up and be accepted with open arms"". ""', 'I would always vote for companies coming to London to be on the responsible side of the [green] transition and moving in the right direction,” Sir Ian said, adding that another stock exchange ""might just let them do what they want"".', 'Sir Ian said there were ""lots of difficult decisions and nuances"" when assessing companies for their environmental impact, such as oil and gas firms.', 'In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.', 'Shipments worth less than £135 sent directly to UK shoppers do not currently face import duties, but firms bringing in larger consignments do.', 'He said if there was a ""mismatch"" where small packages do not pay import duty, the government should look at it.', 'He added the rules were set up like that ""because it was too difficult to track every parcel back in the day"", but ""now we\'ve go the technology"". ""', 'If you think that\'s a problem, then the government can fix it,"" he suggested.', 'On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". ""', 'Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC.', 'Shein has previously said it complies fully with all its UK tax liabilities.', 'The firm has been contacted for comment.']",-0.1012801460393441,"Sir Ian Cheshire, who was also the former chairman of Barclays, said it would be better for the company to list in the UK as London-listed firms have to meet certain environmental quality controls.","In response to critics arguing that Shein had an unfair advantage on import charges, Sir Ian said that large numbers of UK clothing retailers bring in clothes from China, Bangladesh, and India, for example, and pay duties on large containers.",0.2391762435436248,"On Tuesday, Mr Dunkerton said the fast fashion giant had an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. ""","On Tuesday, Mr Dunkerton also said Shein was a ""complete environmental disaster"". """,2024-09-25
Trump vows to 'take other countries' jobs' in economic speech,https://www.bbc.co.uk/news/articles/cly3qnrpvg9o,2024-09-24T23:54:12.633Z,"Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.  At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries. Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.  Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday. Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles. Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States.  “Under my plan, American workers will no longer be worried about losing your jobs to foreign nations. Instead, foreign nations will be worried about losing their jobs to America,” he said. Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists. During his presidency, Trump imposed tariffs on some goods imported from China. The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles. The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries. The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture. Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it. Harris, however has made some gains. Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week. But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her. Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina. Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House. Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects. He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month. He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump. He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"". An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates. Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “It just goes to show that he doesn't think these things through,” Mr Cuban said. Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.  The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"". She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.  She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"". ",BBC,24/09/2024,"['Donald Trump pledged the US would “take other countries’ jobs” if he returned to the White House, as he laid out his plans to slash taxes and lower energy costs and regulations for manufacturers that made goods on US soil.', 'At a campaign rally in Savannah, Georgia, Trump promised a ""manufacturing renaissance"", reiterating his pledge to punish American companies that manufactured outside the US, and slap large tariffs on foreign-made goods to protect US industries.', 'Trump and Vice-President Kamala Harris have stepped up efforts to outline their competing visions for the economy in the final stretch of the campaign, highlighting what voters say is a top concern in the 2024 election.', 'Harris is expected to unveil a new set of economic proposals in a major speech in Pittsburgh, Pennsylvania, on Wednesday.', 'Speaking to a crowd in Savannah, Trump moved beyond his usual protectionist policies to raise the prospect of more trade battles.', 'Trump said he would offer special federal zones with ""ultra low taxes and regulations"" to companies that relocate to the US, cut through regulation and appoint a ""manufacturing ambassador"" to convince international companies to move to the United States. “', 'Under my plan, American workers will no longer be worried about losing your jobs to foreign nations.', 'Instead, foreign nations will be worried about losing their jobs to America,” he said.', 'Trump has also previously proposed a 60% tariff or higher on Chinese goods and a blanket 20% tariff on imports from other countries, an aggressive policy that could increase prices for Americans, according to some economists.', 'During his presidency, Trump imposed tariffs on some goods imported from China.', 'The Biden administration has left some of these policies in place and announced new restrictions in some areas such as electric vehicles.', 'The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.', 'The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.', 'Polls have indicated that American voters are most concerned about the economy, and more voters see Trump as equipped to handle it.', 'Harris, however has made some gains.', 'Voters for whom the economy was a major factor preferred Trump over Harris by 53-47%, according to CBS News/YouGov poll of likely voters published this week.', 'But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.', 'Trump’s visit to Georgia came on the heels of a New York Times/Siena College poll that found him slightly ahead in the state, as well as the battlegrounds Arizona, and North Carolina.', 'Both candidates have devoted significant time and resources to campaigning in Georgia, as it may prove critical to their paths to the White House.', 'Though the Georgia speech was billed as an economic event, Trump dedicated a significant portion of his speech to other subjects.', 'He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.', 'He praised the US Secret Service, which has faced scrutiny over their ability to protect Trump.', 'He also attacked Harris, calling her ""grossly incompetent"" and said she would ""deindustrialise the United States and destroy our country"".', 'An hour before Trump spoke in Georgia, the Harris campaign held a press call with American investor Mark Cuban, who has long supported Democratic candidates.', 'Mr Cuban assailed Mr Trump’s proposals to place tariffs on American companies which manufactured in countries like Mexico, saying it would harm American businesses. “', ""It just goes to show that he doesn't think these things through,” Mr Cuban said."", 'Harris will return to the another critical swing state, Pennsylvania, on Wednesday to lay out her own economic agenda.', 'The vice-president has already released a set of economic proposals aimed at first-time home buyers, tax breaks for families and a ban on grocery ""price-gouging"".', 'She has called for a ""first-ever"" tax credit for builders of homes sold to first-time buyers, as well as up to $25,000 in down-payment assistance for ""eligible"" first-time buyers.', 'She told reporters on Sunday the plan would focus on investing ""in the aspirations and ambitions of the American people while addressing the challenges that they face"".']",0.0210598685399325,"But Harris has improved her standing since August, when only 43% of voters who prioritised the economy favoured her.",He recounted the failed assassination attempt on his life at a Pennsylvania rally in July and the second suspected attempt in Florida this month.,0.1921659891421978,"The food Consumer Price Index rose by 25% from 2019 to 2023, according to the US Department of Agriculture.","The former president has sought to blame Democrats for the surge in inflation following the Covid pandemic, which has since cooled, as well as the high cost of groceries.",2024-09-25
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-25
Greenpeace legal challenge to Rosebank oil field given go-ahead,https://www.bbc.co.uk/news/articles/cx2m8zn95x1o,2024-09-25T13:19:50.304Z,"A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session. Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field. The environment groups say that when consent was granted  for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators. If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin. The cases will heard by the Court of Session in Edinburgh on 12 November. Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea. Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court."" The UK government said in August that it would not fight any cases over Rosebank and Jackdaw. This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers. These are known as Scope 3 emissions. The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful. Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.” Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.  They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime. Consent for drilling off the coast of Shetland was granted in September last year. Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds. The Scottish government has said it has a ""presumption against"" new oil and gas exploration. However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045. The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy. It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields. The NSTA said it would not comment on a live case. Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"". Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field. The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.  A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way.  ""Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea."" ",BBC,25/09/2024,"['A legal challenge over the decision to give consent to the UK’s largest untapped oil field has been given the go-ahead by the Court of Session.', 'Greenpeace and Uplift jointly brought judicial reviews to stop the development of Rosebank oil field and the Jackdaw gas field.', 'The environment groups say that when consent was granted for the fields off Shetland and Aberdeen, the impact of emissions caused by burning extracted oil and gas was “unlawfully ignored” by regulators.', 'If the challenge is successful, operators would have to resubmit environmental assessments for approval before drilling can begin.', 'The cases will heard by the Court of Session in Edinburgh on 12 November.', 'Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.', 'Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “', 'Now the government accepts the decision to approve the field was unlawful, the oil and gas companies that own Rosebank are alone in trying to drive this disastrous project through court.""', 'The UK government said in August that it would not fight any cases over Rosebank and Jackdaw.', 'This came after the Supreme Court ruled in June that regulators, such as the North Seas Transition Authority (NSTA), must consider the total environmental impact of new projects - including the way fossil fuels are used by end consumers.', 'These are known as Scope 3 emissions.', 'The Supreme Court\'s decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.', 'Greenpeace’s climate team leader, Mel Evans, said: “Both the government and the Supreme Court agree that you cannot ignore the emissions generated from burning fossil fuels. “', 'Equinor and Ithaca know this, and they know that the consents for these fields are unlawful. “', 'Despite this they are continuing to develop them during this judicial review, putting people, marine life, and our climate at further risk.”', 'Norwegian energy giant Equinor and British firm Ithaca Energy jointly own the Rosebank field.', 'They said it would create about 1,600 jobs during its construction and support about 450 UK-based jobs during its lifetime.', 'Consent for drilling off the coast of Shetland was granted in September last year.', 'Shell’s proposals to develop Jackdaw, east of Aberdeen, were approved in 2022 after initially being rejected on environmental grounds.', 'The Scottish government has said it has a ""presumption against"" new oil and gas exploration.', 'However, First Minister John Swinney said in June that it would still be needed ""for a period of time"" to help the country meet its net-zero targets by 2045.', 'The UK government has pledged that oil and gas would play an important role in the economy ""for decades to come"" as the UK transitions to clean energy.', 'It is planning to consult later this year on its manifesto position not to issue new oil and gas licences to explore new fields.', 'The NSTA said it would not comment on a live case.', 'Equinor declined to comment on the court challenge, but said it was continuing to ""work closely with all relevant parties to progress the project"".', 'Shell said all ""relevant concerns and permits"" had been put in place for the Jackdaw gas field.', 'The firm said it would argue that existing consents should remain in place when the case goes before the Court of Session in November.', 'A spokesperson added: “Jackdaw is a vital project for UK energy security that is already well under way. ""', 'Stopping the work is a highly complex process, with significant technical and safety issues now that infrastructure is in place and drilling has started in the North Sea.""']",0.2343085843928544,"The Supreme Court's decision could still be challenged by oil companies, but Greenpeace said the UK government’s unwillingness to defend the cases is “tacit acceptance"" that the consent is unlawful.",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,-0.1496233344078064,"Tessa Khan, climate lawyer and executive director of Uplift, said: “Rosebank is a bad deal for Britain so it’s a relief that the arguments against it will now get a fair hearing in court. “",Uplift accused regulators of “failing to be transparent” in granting the licences and said Rosebank would damage the sea life in the North Sea.,2024-09-25
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.",2024-09-25
"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-25
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-25
"What is the winter fuel payment, how much is it worth and who can get it?",https://www.bbc.co.uk/news/articles/c4gv632d05lo,2024-09-06T21:17:20.930Z,"Millions of pensioners will lose winter fuel payments under changes being brought in by the government. Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities.  The winter fuel payment was previously paid to all pensioners to help with energy bills. The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.  But in July, the government said the payment would now be made only to those on low incomes who received certain benefits. The changes mean that more than 10 million pensioners will no longer receive the payment. While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out. At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.  The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.  The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment. Other support such as cold weather payments and the warm home discount are unaffected.  This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.  For those born before 23 September, 1944, and on certain benefits, it is worth £300. If you live with someone, and jointly claim benefits, then only one of the couple receives the payment. It is usually paid automatically in November or December. Those eligible will receive letters in the coming weeks. Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit. This is a state pension top-up, which itself is worth thousands of pounds a year.  Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit. You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner. Savings are also taken into account. If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment. Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234. The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December. The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself. The amount received depends on a variety of factors. Importantly, it is also a gateway to other financial support, on top of winter fuel payments. This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.  Charities can help people apply.  The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.  That's about £20bn more than the total spending on health services. However, huge amounts go unclaimed by those who are entitled to extra help. While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England. It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance.  You can read more Cost of Living stories here. ",BBC,06/09/2024,"['Millions of pensioners will lose winter fuel payments under changes being brought in by the government.', 'Chancellor Rachel Reeves said that future payments would only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'The winter fuel payment was previously paid to all pensioners to help with energy bills.', 'The payment was based on the principle that older people would be left exposed and at increased risk if they could not pay for adequate heating.', 'But in July, the government said the payment would now be made only to those on low incomes who received certain benefits.', 'The changes mean that more than 10 million pensioners will no longer receive the payment.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about those still on a relatively small income who will miss out.', 'At the Labour party conference, in Liverpool, delegates narrowly supported a motion, put forward by the Unite union, to reverse the change.', 'The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.', ""The chancellor's decision only covers England and Wales, but the Scottish government also said it would end pensioners' universal entitlement to the payment."", 'Other support such as cold weather payments and the warm home discount are unaffected.', 'This year, the winter fuel payment totals £200 for those on certain benefits and born between 23 September, 1944, and 22 September, 1958.', 'For those born before 23 September, 1944, and on certain benefits, it is worth £300.', 'If you live with someone, and jointly claim benefits, then only one of the couple receives the payment.', 'It is usually paid automatically in November or December.', 'Those eligible will receive letters in the coming weeks.', 'Although it will be paid automatically without a direct claim, the vast majority of those eligible will only receive winter fuel payments if they have first registered to receive pension credit.', 'This is a state pension top-up, which itself is worth thousands of pounds a year.', 'Crucially, an estimated 880,000 eligible pensioners fail to claim pension credit.', 'You could be eligible for pension credit if you are above state pension age and have an income of less that £218.15 a week, or less than £332.95 as a joint weekly income with your partner.', 'Savings are also taken into account.', 'If people are entitled to pension credit, for at least one day between 16 and 22 September, they will receive the winter fuel payment.', 'Disabled people, those caring for someone, and those with housing costs could still be eligible even if they have more income or savings.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim and a phone line is available on weekdays - 0800 99 1234.', ""The final date for making a backdated claim for pension credit - to make sure you can receive this year's winter fuel payment - is 21 December."", 'The Department for Work and Pensions says that pension credit is worth on average more than £3,900 a year in itself.', 'The amount received depends on a variety of factors.', 'Importantly, it is also a gateway to other financial support, on top of winter fuel payments.', 'This may include a reduction in council tax, a free TV licence when aged over 75, or help with NHS costs - most of which require separate applications.', 'Charities can help people apply.', 'The government spends about £265bn on pensions and benefits for more than 22 million people in England, Wales and Scotland.', ""That's about £20bn more than the total spending on health services."", 'However, huge amounts go unclaimed by those who are entitled to extra help.', 'While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.', ""It says the biggest chunk of that is unclaimed universal credit, followed by council tax support and carer's allowance."", 'You can read more Cost of Living stories here.']",0.3167946699626314,"The vote is non-binding but indicates the strength of feeling about the issue among some party members, ahead of the Budget, on 30 October.","While it is very difficult to work out an accurate figure, social policy and analytics company Policy in Practice estimates that £23bn is unclaimed every year by households in Scotland, Wales and England.",0.1018902195824517,That's about £20bn more than the total spending on health services.,Millions of pensioners will lose winter fuel payments under changes being brought in by the government.,2024-09-25
"Novo Nordisk's diabetes drug Ozempic may lower the risk of opioid overdoses, study says",https://www.cnbc.com/2024/09/25/novo-nordisks-ozempic-may-lower-risk-of-opioid-overdoses-study.html,2024-09-25T15:01:37+0000,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday. The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open. The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017. There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University. In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention. The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S. The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss. Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use.In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023. The study was not funded by Novo Nordisk. Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes. That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza. Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs. For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study. That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.  But Xu noted the study has limitations since it relies on data from electronic health records.More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors. Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.",CNBC,25/09/2024,"[""In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday."", 'The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.', 'The results suggest that Ozempic could offer potential as a tool for addressing the ongoing U.S. opioid epidemic, which was declared a public health emergency in 2017.', ""There are currently three effective medications to prevent overdoses from opioid use disorder, but a new alternative is needed because some patients simply don't use them, said lead study co-author Dr. Rong Xu, a biomedical informatics professor at Case Western Reserve University."", 'In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.', 'The National Center for Drug Abuse Statistics says opioids are a factor in around 72% of overdose deaths in the U.S.The study results also add to mounting evidence that a highly popular class of diabetes and obesity treatments called GLP-1s may have several health benefits beyond regulating blood sugar and promoting weight loss.', ""Novo Nordisk, its rival Eli Lilly and independent researchers have been racing to study those drugs' potential in patients with chronic conditions ranging from kidney disease and sleep apnea to addictive behaviors such as nicotine and alcohol use."", 'In the study released Wednesday, researchers from Case Western Reserve University and the National Institutes of Health analyzed the electronic records of nearly 33,000 patients who were prescribed semaglutide or other diabetes medications between December 2017 and June 2023.', 'The study was not funded by Novo Nordisk.', 'Around 3,000 people were prescribed semaglutide injections, while the remaining patients received treatments that ranged from insulins to older GLP-1s for diabetes.', ""That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza."", 'Researchers monitored how many opioid overdose cases occurred in patients during a one-year period after they stopped treatment with semaglutide or other drugs.', 'For example, there were 42 cases of opioid overdose among a group of patients that received semaglutide, compared with 97 cases among another group that received insulins, according to the study.', 'That reflects a 58% lower risk of opioid overdose in patients who took semaglutide, Xu said.', 'But Xu noted the study has limitations since it relies on data from electronic health records.', 'More research, specifically clinical trials that randomly assign patients to receive semaglutide or other treatments, is needed to confirm how much Ozempic and other GLP-1s can help those with opioid use disorder, according to the study authors.', 'Those randomized studies can also determine whether those treatments are beneficial to the general opioid use disorder population or only certain patients with the condition.', '""The extent to which GLP-1 medications could benefit treatment of opioid use disorders and help prevent overdoses is unclear,"" Dr. Nora Volkow, lead study co-author and director of the National Institute on Drug Abuse of the National Institutes of Health, said in a statement to CNBC. ""', 'The preliminary findings from this study point to the possibility that GLP-1 medications may have value in helping to prevent opioid overdoses.', '""Xu added that the researchers plan to study semaglutide in patients with opioid use disorder and obesity.']",-0.0137026935257219,"That includes dulaglutide, the active ingredient in Eli Lilly's drug Trulicity, and liraglutide, which is the active ingredient in Novo Nordisk's Victoza.","The active ingredient in Ozempic, semaglutide, was associated with a ""significantly lower"" opioid overdose risk than other diabetes medications in people diagnosed with both Type 2 diabetes and opioid use disorder, said the paper published in JAMA Network Open.",0.664423269884927,"In this articleNovo Nordisk's blockbuster diabetes drug Ozempic may decrease the risk of opioid overdoses in certain patients, demonstrating its potential as an alternative treatment for opioid use disorder, according to a new study released Wednesday.","In 2022, only about a quarter of patients with opioid use disorder received recommended medications for it, and many discontinued treatment within six months, according to the Centers for Disease Control and Prevention.",2024-09-25
Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-25
"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-25
"Banks must refund fraud in five days but losses capped at £85,000",https://www.bbc.co.uk/news/articles/cy94vz4zd7zo,2024-09-25T13:16:18.790Z,"UK banks must refund fraud victims up to £85,000 within five days under new rules. Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.  But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced. The watchdog has reduced the maximum compensation from a previous proposal of £415,000. It said the new cap of £85,000 would cover more than 99% of claims. It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money. But consumer champion Which? warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact. When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP). The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance. There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month. The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms. Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said. Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts. They then stole nearly £80,000. “They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""I collapsed, it was so awful. I felt I had colluded. It was like some sort of coercive control thing, it was horrible,” she said. Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day. But it took nearly 18 months for her to get her money back from online bank, Tide. “They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover. I nearly fell off my chair.” She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest. A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.” David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""Whether you get reimbursed and how much can actually depend on who you bank with and that can't be right,"" he said. ""We want to have a consistent experience."" He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts. Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.” But Rocio Concha, Which? director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added. ",BBC,25/09/2024,"['UK banks must refund fraud victims up to £85,000 within five days under new rules.', 'Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.', 'But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.', 'The watchdog has reduced the maximum compensation from a previous proposal of £415,000.', 'It said the new cap of £85,000 would cover more than 99% of claims.', 'It also announced that once a bank or payment company had refunded a customer, it could claim half back from the financial institution the fraudster used to receive the stolen money.', 'But consumer champion Which?', 'warned there could be ""disastrous consequences"" as a result of lowering the cap and called on the regulator to monitor any impact.', 'When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as their bank or a tradesperson or by selling goods that do not exist, this is known as authorised push payment fraud (APP).', 'The number of cases of this type of fraud rose by 12% to 232,429 in 2023, with losses totalling £459.7m, according to UK Finance.', 'There is currently no requirement for banks to refund victims of APP fraud, but these new rules will change that from next month.', 'The maximum refund was slashed after objections from the financial industry that it could cause problems for smaller firms.', 'Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000, the PSR said.', 'Carol Alexander, a lecturer in Financial Markets, was tricked into downloading software that gave fraudsters access to two of her bank accounts.', 'They then stole nearly £80,000. “', 'They emptied everything that they had transferred from Santander and everything from Tide,"" she told the BBC. ""', 'I collapsed, it was so awful.', 'I felt I had colluded.', 'It was like some sort of coercive control thing, it was horrible,” she said.', 'Mrs Alexander managed to get a full refund from Santander, which returned £17,000 to her the next day.', 'But it took nearly 18 months for her to get her money back from online bank, Tide. “', 'They initially offered to refund me £13.12 after having £63,000 removed from my account, they said that was all they had been able to recover.', 'I nearly fell off my chair.”', 'She eventually went to the Financial Ombudsman Service, which ruled in her favour and ordered Tide to refund her the full amount, plus interest.', 'A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”', 'David Geale, managing director of PSR said the new rules would mean all victims of this type of fraud would now get the same level of help. ""', 'Whether you get reimbursed and how much can actually depend on who you bank with and that can\'t be right,"" he said. ""', 'We want to have a consistent experience.""', 'He said claiming half the compensation back from the bank the fraudster used would be a ""game-changer"" because it would incentivise the industry to shut down accounts sooner to prevent fraud and therefore payouts.', 'Asked whether smaller banks could get into financial trouble if they have to pay out lots of large refunds he said: ""If they can prevent this happening then they haven’t got a bill to pay.”', 'But Rocio Concha, Which?', 'director of policy and advocacy, said lowering the proposed reimbursement would reduce the incentives for banks and payments firms to take fraud prevention seriously"". ""', 'The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.']",-0.2907548822075537,But consumer champion Which?,"The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",-0.0639452258745829,"A spokesperson for Tide said: “We’re always enhancing our systems to keep up with the complex and evolving tactics used by fraudsters who maliciously target our members, and since Mrs Alexander’s case we have further improved our fraud prevention, detection and response capabilities.”","The regulator has shamefully sidelined scam victims, despite the evidence showing that this decision could have a negative financial and psychological impact on them,"" she added.",2024-09-25
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-25
"Boeing strike: Workers not interested in 30% pay offer, union says",https://www.bbc.co.uk/news/articles/cwyl7w036y4o,2024-09-25T04:38:27.598Z,"The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant's latest pay offer. ""Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years. BBC News has requested a statement from Boeing in response to the IAM announcement. ""The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company's latest offer that was sent through the media,"" the IAM post said. On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal. The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September). However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives. It also said the company's deadline did not give it enough time to organise a vote by its members. Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members. More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer. Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached. IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. The company has already suspended the jobs of tens of thousands of staff. ",BBC,25/09/2024,"['The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant\'s latest pay offer. ""', 'Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years.', 'BBC News has requested a statement from Boeing in response to the IAM announcement. ""', 'The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company\'s latest offer that was sent through the media,"" the IAM post said.', 'On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.', 'The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September).', ""However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives."", ""It also said the company's deadline did not give it enough time to organise a vote by its members."", 'Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members.', 'More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer.', 'Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached.', ""IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'The company has already suspended the jobs of tens of thousands of staff.']",-0.0800128128112093,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",-0.4256562367081642,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-25
Yorkshire worst region for bank branch access - report,https://www.bbc.co.uk/news/articles/cx2y0zpn0wxo,2024-09-25T17:37:30.206Z,"Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report. The region has just 4.4 branches left per 100,000 people, the Which? Money consumer group said. The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine. New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines. Which? Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South. Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""That's true, but there are many people who can't, perhaps because they have a disability stopping them using those services,"" he said. ""Or perhaps they want to talk to someone for face-to-face trusted advice."" According to FCA figures, three million people in the UK rely on cash. ""Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""Branches closing can have a huge impact on a community."" The Which? report said more than three in every five bank branches across the UK had closed permanently since 2015. While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online. Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""Banking hubs are not being rolled out fast enough,"" he said. ""Banks really need to pick up the pace."" UK Finance said the banking industry was committed to making cash accessible for those who needed it. The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services. Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash. He said data showed they were ""not just the oldest or poorest in society"". Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here. ",BBC,25/09/2024,"['Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.', 'The region has just 4.4 branches left per 100,000 people, the Which?', 'Money consumer group said.', 'The East Midlands has the second lowest number of branches with 4.6 per 100,000 people, while Scotland has the most with nine.', ""New rules overseen by the Financial Conduct Authority (FCA) regulator mean if a bank wants to close a branch and it leaves a gap in the community's provision, it must offer alternatives such as banking hubs or more cash machines."", 'Which?', ""Money's Sam Richardson said nine parliamentary constituencies in Yorkshire now had no bank branches - Barnsley South, Doncaster East and the Isle of Axholme, Penistone and Stocksbridge, Rawmarsh and Conisbrough, Sheffield Hallam, York Outer, Ossett and Denby Dale, Colne Valley, and Bradford South."", 'Mr Richardson said banks had cited the shift to online banking as the main reason for the closures. ""', 'That\'s true, but there are many people who can\'t, perhaps because they have a disability stopping them using those services,"" he said. ""', 'Or perhaps they want to talk to someone for face-to-face trusted advice.""', 'According to FCA figures, three million people in the UK rely on cash. ""', 'Being able to take out that cash is vital for them and small businesses also need somewhere to deposit cash, Mr Richardson said. ""', 'Branches closing can have a huge impact on a community.""', 'The Which?', 'report said more than three in every five bank branches across the UK had closed permanently since 2015.', 'While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.', 'Major banks have recently committed to 350 hubs by 2029, but Mr Richardson said this needed to be accelerated. ""', 'Banking hubs are not being rolled out fast enough,"" he said. ""', 'Banks really need to pick up the pace.""', 'UK Finance said the banking industry was committed to making cash accessible for those who needed it.', 'The trade association said many shared banking hubs had already opened across Yorkshire, and Post Office branches also offered many banking services.', 'Adrian Roberts, of ATM and cash access network Link, said more people now banked and paid for things digitally - but millions still relied on or preferred cash.', 'He said data showed they were ""not just the oldest or poorest in society"".', 'Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.']",-0.0200948488377003,"Or perhaps they want to talk to someone for face-to-face trusted advice.""","While the impact on local communities could be ""devastating"", banking hubs have been pitched as one answer for those who do not want to do everything online.",-0.4145913600921631,"Banks really need to pick up the pace.""","Yorkshire and the Humber has the worst access to bank branches in the UK, according to a report.",2024-09-25
Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-25
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-25
Murdoch family fights in secret over future of media empire,https://www.bbc.co.uk/news/articles/c7v6z4ezr00o,2024-09-24T09:26:47.445Z,"“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada. State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire. Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies. For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse. The succession battle, which concluded on Monday, was heard in private.  The court has given no indication on when a decision will come. When this does arrive, it will be unavailable to the public. The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited. Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company. News Corp owns hundreds of newspapers and media outlets around the world. The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK. With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents. Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him. What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies. The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News. Mr Murdoch controls four, leaving each of his eldest children with one vote. His two younger children do not have any voting rights. Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death. He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability. Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.  But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors. It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy. Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional.  ""So it creates honestly the most contentious cases that you'll see,"" he said. He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family.  ""Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said. In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside. The family does not want any potentially embarrassing family revelations to be made public in this small desert city. And it appears to have worked. At a tea shop around the corner from the courthouse, life continued as normal. Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""The Murdochs are here? Now?"" they asked. After hearing about the case, the two women said it sounded strange. ""It’s such a high-stakes trial, and the fact that it's being kept so secret is kind of shady,"" Ms Whitenack said.  ""It could have so much impact on our future and the future of the information that the public receives in this country."" A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends. She also couldn’t believe the future of Fox News was being argued a few minutes away. ""Secrecy. I don’t like that,"" she said. ""I think it's really misleading people. And we're just ripe with conspiracy theories [in our politics]."" The outcome of the case is also unlikely to be disclosed. The probate commissioner overseeing the case will submit his recommendation to a local judge. The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public. The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world. All three women at the tea house agreed that they wouldn't want to be at Christmas dinner with the Murdochs this year.  ""It's the classic 'money screws up relationships' sort of situation,"" Ms Whitenack said. ",BBC,24/09/2024,"['“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada.', 'State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire.', 'Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies.', 'For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse.', 'The succession battle, which concluded on Monday, was heard in private.', 'The court has given no indication on when a decision will come.', 'When this does arrive, it will be unavailable to the public.', 'The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited.', ""Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company."", 'News Corp owns hundreds of newspapers and media outlets around the world.', 'The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK.', 'With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents.', 'Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him.', ""What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies."", 'The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News.', 'Mr Murdoch controls four, leaving each of his eldest children with one vote.', 'His two younger children do not have any voting rights.', ""Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death."", ""He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability."", 'Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.', 'But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors.', 'It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy.', 'Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional. ""', 'So it creates honestly the most contentious cases that you\'ll see,"" he said.', 'He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family. ""', 'Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there\'s a huge amount on the line,"" he said.', 'In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside.', 'The family does not want any potentially embarrassing family revelations to be made public in this small desert city.', 'And it appears to have worked.', 'At a tea shop around the corner from the courthouse, life continued as normal.', 'Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""', 'The Murdochs are here?', 'Now?""', 'they asked.', 'After hearing about the case, the two women said it sounded strange. ""', 'It’s such a high-stakes trial, and the fact that it\'s being kept so secret is kind of shady,"" Ms Whitenack said. ""', 'It could have so much impact on our future and the future of the information that the public receives in this country.""', 'A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends.', 'She also couldn’t believe the future of Fox News was being argued a few minutes away. ""', 'Secrecy.', 'I don’t like that,"" she said. ""', ""I think it's really misleading people."", 'And we\'re just ripe with conspiracy theories [in our politics].""', 'The outcome of the case is also unlikely to be disclosed.', 'The probate commissioner overseeing the case will submit his recommendation to a local judge.', 'The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public.', 'The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world.', 'All three women at the tea house agreed that they wouldn\'t want to be at Christmas dinner with the Murdochs this year. ""', 'It\'s the classic \'money screws up relationships\' sort of situation,"" Ms Whitenack said.']",0.1317544559609104,"Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said.","And we're just ripe with conspiracy theories [in our politics].""",-0.3545042531830923,And it appears to have worked.,"He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability.",2024-09-25
Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-25
Telegram will now provide some user data to authorities,https://www.bbc.co.uk/news/articles/cvglp0xny3eo,2024-09-23T22:32:24.428Z,"The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests. The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued. The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris. Days later, prosecutors there charged him with enabling criminal activity on the platform. Allegations against him include complicity in spreading child abuse images and trafficking of drugs. He was also charged with failing to comply with law enforcement. Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided."" Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members. Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.  Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities. Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia. The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet. After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab.  He says this latest policy change is already being greeted with even more alarm in many communities. ""Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said.  ""Many are now scrutinizing Telegram's announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?"" Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added. Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps. Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media. On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results. But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.  In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added. Ms Keller questioned whether the company's changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.  ",BBC,23/09/2024,"[""The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests."", 'The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “', 'While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued.', 'The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.', 'Days later, prosecutors there charged him with enabling criminal activity on the platform.', 'Allegations against him include complicity in spreading child abuse images and trafficking of drugs.', 'He was also charged with failing to comply with law enforcement.', 'Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided.""', 'Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members.', 'Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.', 'Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities.', 'Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia.', 'The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet.', ""After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab."", 'He says this latest policy change is already being greeted with even more alarm in many communities. ""', 'Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""', 'Many are now scrutinizing Telegram\'s announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?""', 'Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added.', 'Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps.', 'Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media.', 'On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results.', 'But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “', 'Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.', 'In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.', 'Ms Keller questioned whether the company\'s changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""', 'It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.']",-0.1976573562373329,"Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""","In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.",-0.2488370835781097,"The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.","It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.",2024-09-25
Will the US presidential election define the future of crypto?,https://www.bbc.co.uk/news/articles/c0lwgn9p8z4o,2024-09-22T10:09:41.343Z,"The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC. The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce. It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws. In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate. The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration. Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves. Last week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”. It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar. Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years. In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.  Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.  The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler. He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created. This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler. Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year. Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”. Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings. “Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”. The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals. However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow. Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers. Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”. With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses. By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit  Public Citizen.  The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”. They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds. ",BBC,22/09/2024,"['The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.', 'The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.', 'It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.', 'In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.', 'The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.', 'Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.', 'Last week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.', 'It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.', ""Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president."", 'The White House has led a sweeping crackdown on crypto firms in recent years.', 'In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.', 'Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine.', 'He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.', 'The SEC also has a case against Binance going through the courts.', 'It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “', ""This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler."", 'He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.', 'This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “', 'Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.', 'Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.', 'Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.', 'Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “', ""I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase."", 'He has been at these meetings. “', 'Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here.', ""And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”"", 'He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.', 'The clampdown on cryptocurrencies in the US this year has been mirrored in Europe.', 'In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.', 'However, other regulators are being slower to act.', 'The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.', 'Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate.', 'Its critics argue it will give less protection to consumers.', 'Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.”', 'He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.', 'With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.', 'By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.', 'The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.', 'They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.']",0.0638609857628909,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.",0.1063451100798214,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.",2024-09-25
JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-25
Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500427927289692,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-25
"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.",2024-09-25
Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture',https://www.bbc.co.uk/news/articles/c0kjgp4jr5yo,2024-09-24T21:39:31.601Z,"The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments. Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm. Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death. EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life. Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups -  a work ethic that prioritises productivity, often at the expense of employee well-being. Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition. Others say that employees are often pressured by management, leading to burnout and a diminished quality of life. Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week. In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees' health. ""Anna's experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""  Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn. One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""Work culture in India is horrid. Pay is dismal, exploitation is max [maximum]. There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees. A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends.  ""Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote. EY's India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn. Perayil's death isn't the first incident that has brought India's work culture under scrutiny. In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth. His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"". In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career. But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress. In her letter, Perayil's mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.  India is known to have one of the most overworked workforces globally. A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours. Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands. He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said. According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said. Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view. He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""We're still confusing hard work with productive work,"" Mr Sripada said. ""The point of technology is to reduce human work so why are working hours getting longer?""  ""We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""Scandinavian countries have already created much gentler working environments, so there are models for India to follow. All it needs is willpower."" ",BBC,24/09/2024,"['The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments.', 'Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm.', 'Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death.', ""EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life."", 'Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups - a work ethic that prioritises productivity, often at the expense of employee well-being.', 'Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.', 'Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.', ""Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week."", 'In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees\' health. ""', 'Anna\'s experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""', 'The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""', 'Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn.', 'One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""', 'Work culture in India is horrid.', 'Pay is dismal, exploitation is max [maximum].', 'There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees.', 'A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends. ""', 'Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote.', 'EY\'s India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""', 'I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn.', ""Perayil's death isn't the first incident that has brought India's work culture under scrutiny."", ""In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth."", 'His views were backed by Ola\'s India chief Bhavesh Aggarwal, who said that he didn\'t believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".', 'In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career.', 'But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.', 'In her letter, Perayil\'s mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.', 'India is known to have one of the most overworked workforces globally.', ""A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours."", ""Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands."", 'He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""', 'Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said.', 'According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""', 'Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said.', 'Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view.', 'He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""', 'We\'re still confusing hard work with productive work,"" Mr Sripada said. ""', 'The point of technology is to reduce human work so why are working hours getting longer?"" ""', 'We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""', 'Scandinavian countries have already created much gentler working environments, so there are models for India to follow.', 'All it needs is willpower.""']",-0.0815277140224006,"His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".",But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.,-0.4789081391166238,"Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.","Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.",2024-09-25
China probes Calvin Klein over Xinjiang cotton,https://www.bbc.co.uk/news/articles/c20pxwwqqzwo,2024-09-24T19:12:11.239Z,"China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies. The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.  The US banned imports from the area in 2021, citing those concerns.   China's Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"". PVH, which owns the two brands and has a significant presence in China as well as the US, said it was in contact with Chinese authorities. It has 30 days to respond to officials, at which point it could be added to the country's ""unreliable entities"" list, raising the prospect of further punishment. ""As a matter of company policy, PVH maintains strict compliance with all relevant laws and regulations in all countries and regions in which we operate,"" the company said. ""We are in communication with the Chinese Ministry of Commerce and will respond in accordance with the relevant regulations."" On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said.  ""Honest and law-abiding foreign entities have nothing to worry about."" Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.  But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns.  ""China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said.  ""This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here."" The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.  On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats. China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.  Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.  Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand -  showed the two countries' disputes were widening beyond areas such as defence and advanced technologies. ""These things have a way of spilling over,"" he said. ""It's affecting a growing number of supply chains across different sectors of the economy."" In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang. It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"". The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.  At the time PVH said it took the reports seriously and would continue to work to address the matter.  PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.   ",BBC,24/09/2024,"['China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies.', 'The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.', 'The US banned imports from the area in 2021, citing those concerns.', 'China\'s Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"".', 'PVH, which owns the two brands and has a significant presence in China as well as the US, said it was in contact with Chinese authorities.', 'It has 30 days to respond to officials, at which point it could be added to the country\'s ""unreliable entities"" list, raising the prospect of further punishment. ""', 'As a matter of company policy, PVH maintains strict compliance with all relevant laws and regulations in all countries and regions in which we operate,"" the company said. ""', 'We are in communication with the Chinese Ministry of Commerce and will respond in accordance with the relevant regulations.""', 'On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""', 'China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said. ""', 'Honest and law-abiding foreign entities have nothing to worry about.""', 'Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.', 'But he said the announcement was likely to hurt the firm\'s reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. ""', 'China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said. ""', 'This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here.""', 'The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.', 'On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats.', 'China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.', 'Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.', 'Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand - showed the two countries\' disputes were widening beyond areas such as defence and advanced technologies. ""', 'These things have a way of spilling over,"" he said. ""', 'It\'s affecting a growing number of supply chains across different sectors of the economy.""', 'In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.', 'It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"".', 'The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.', 'At the time PVH said it took the reports seriously and would continue to work to address the matter.', 'PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.']",-0.1493454415120762,"Honest and law-abiding foreign entities have nothing to worry about.""","But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. """,-0.7224684953689575,The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.,"In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.",2024-09-25
James McAvoy and Tom Brady fall for 'Goodbye Meta AI' hoax,https://www.bbc.co.uk/news/articles/cj4d5jjqg2qo,2024-09-25T12:30:35.734Z,"More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI). Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories. The hoax claims that by sharing the message, Meta would no longer be able to use their information. In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing. Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta's third-party fact-checking sites. The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “Sharing this story does not count as a valid form of objection,” a Meta spokesperson said. Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral. But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September. It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online. The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail. But it is rare to see quite so many high-profile accounts fall for the hoax. Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK. ",BBC,25/09/2024,"['More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).', 'Film stars James McAvoy and Ashley Tisdale, as well as former NFL player Tom Brady, are among those who re-shared the fake ""Goodbye Meta AI"" message on Instagram stories.', 'The hoax claims that by sharing the message, Meta would no longer be able to use their information.', 'In reality, Facebook and Instagram users who want to opt out of AI training can do so in their account settings - and posting about it does nothing.', 'Many of these messages have now been labelled ""false information"" by Lead Stories, one of Meta\'s third-party fact-checking sites.', ""The post appears to have been created in opposition to Meta's announcement in June that it will use public posts to train its AI model - but the company has confirmed to the BBC that posting the message has no impact on any user’s privacy settings. “"", 'Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.', 'Lead Stories pinpointed the origin of the trend to a post on Facebook on 1 September, which used slightly different wording to the version that eventually went viral.', 'But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.', 'It is far from the first time that social media has been dominated by such ""copypasta"" - a term meaning a block of text that is ""copied and pasted"" frequently online.', 'The fact-checking website Snopes has covered several instances from the past decade of users declaring their privacy rights in public messages to no avail.', 'But it is rare to see quite so many high-profile accounts fall for the hoax.', 'Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.']",-0.0942885863003759,"Sharing this story does not count as a valid form of objection,” a Meta spokesperson said.","More than 600,000 people, including many celebrities, have fallen for a hoax claiming to deny Facebook and Instagram owner Meta the right to use their images for training artificial intelligence (AI).",-0.3225999673207601,"But it was not until this week - when large celebrity accounts began to share the post - that the craze took hold, with Google Trends displaying a steep spike in searches for the phrase ""Goodbye Meta AI"" after 24 September.","Plans for other social media companies to train AI models on public posts have also been met with criticism, with LinkedIn this week reversing its decision to do so in the UK.",2024-09-25
"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-25
'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.",2024-09-25
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.",2024-09-25
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-25
Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-25
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-25
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-25
Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-25
China unveils raft of stimulus measures to boost flagging economy,https://www.bbc.co.uk/news/articles/cjd5xlv03jxo,2024-09-24T05:56:49.852Z,"China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending. The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year. Stock markets in Asia jumped after Mr Pan's announcement. Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR). The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn). Mr Pan added that another cut may be made later in the year. Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%. The country's real estate industry has been struggling with a sharp downturn since 2021. Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects. The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut. The plans also included measures to help support the stock market. The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher. ",BBC,24/09/2024,"[""China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy."", ""People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending."", ""The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year."", ""Stock markets in Asia jumped after Mr Pan's announcement."", 'Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).', 'The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).', 'Mr Pan added that another cut may be made later in the year.', ""Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%."", ""The country's real estate industry has been struggling with a sharp downturn since 2021."", 'Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects.', ""The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut."", 'The plans also included measures to help support the stock market.', 'The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.']",0.0085473755557361,The plans also included measures to help support the stock market.,The country's real estate industry has been struggling with a sharp downturn since 2021.,0.1982904553413391,"The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.",The country's real estate industry has been struggling with a sharp downturn since 2021.,2024-09-25
TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-25
"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-25
"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-25
FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. 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.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-25
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-24
China unveils raft of stimulus measures to boost flagging economy,https://www.bbc.co.uk/news/articles/cjd5xlv03jxo,2024-09-24T05:56:49.852Z,"China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending. The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year. Stock markets in Asia jumped after Mr Pan's announcement. Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR). The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn). Mr Pan added that another cut may be made later in the year. Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%. The country's real estate industry has been struggling with a sharp downturn since 2021. Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects. The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut. The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher. ",BBC,24/09/2024,"[""China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy."", ""People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending."", ""The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year."", ""Stock markets in Asia jumped after Mr Pan's announcement."", 'Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).', 'The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).', 'Mr Pan added that another cut may be made later in the year.', ""Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%."", ""The country's real estate industry has been struggling with a sharp downturn since 2021."", 'Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects.', ""The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut."", 'The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.']",-0.045717672052151,"The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).",The country's real estate industry has been struggling with a sharp downturn since 2021.,0.1982904553413391,"The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.",The country's real estate industry has been struggling with a sharp downturn since 2021.,2024-09-24
Why do concert tickets now cost as much as a games console?,https://www.bbc.co.uk/news/articles/c2kdxlv8x05o,2024-09-23T00:07:10.242Z,"The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04. For their return next summer, the same ticket was priced at £150. Vastly more than the old ticket price which, when adjusted for inflation, would cost £68. Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand. But Oasis aren’t alone. If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared. Ticket prices shot up by 23% last year, having already risen 19% since the pandemic. Going to a gig can cost the same amount as taking a holiday, and prices are only rising. At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400. Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry. In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years. Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend. But despite this, tours with high-priced tickets keep selling out - but only for the biggest-name artists. Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”. “I work hard and earn a decent wage. What do I have to do to be able to just enjoy these things when I'm doing everything I possibly can?” UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”. So why have costs skyrocketed? If your first thought was “greed”, well, that’s definitely part of it. “It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor. One musician who’s been bullish about the price hikes is Bruce Springsteen. Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing. Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices. “I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’” he said. Kiss star Gene Simmons also defended the system. “Whatever the pricing is, it’s all academic,” he told Forbes. “Somebody sits in a room and tries to figure out how far the rubber band can stretch. And if you’re not selling tickets, guess what happens? The price goes down. Capitalism! “Vote with [your] money,” he concluded. “You don’t like the ticket pricing? Don’t buy a ticket.” Springsteen and Simmons are in good company. Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash). Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”. But it might not be so simple… Aside from the lure of a big payday, there are many reasons why artists are charging more. Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king. Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend. “Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.” Not everyone thinks that way. Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50. He was compelled to take action after noticing unsold seats on his US arena tour last year. “Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’” But the festival didn’t go completely to plan. Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue. As temperatures soared above 30 degrees Celsius, some passed out in the queue. Others gave up and went home. Higher-priced tickets could have paid for extra security staff and eased those pressures - illustrating the delicate balance that has to be struck when setting prices. Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.  Paul Heaton capped prices for his upcoming tour at £35. Pop star Caity Baser set her 2023 concerts at just £11 - or “two meal deals”, as she put it – to help cash-strapped fans. But these artists don’t require big productions full of pyrotechnics and jumbotron video screens. For acts who do, the cost of touring has spiralled since the pandemic. Here are just a few examples: “We've seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”. Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters. “The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year. That means the artist's share of the box office - roughly 56% of the money you pay - increasingly goes towards production costs, not profits. The squeeze is particularly tight on UK festival organisers, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites. The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre. Since then, the average cost of a UK festival ticket has shot up by 22%. Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer. Small venues are under pressure, too. Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console. Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”. In the past, that didn’t matter because owners made plenty of money behind the bar. But Gen Z are increasingly turning their backs on alcohol. One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances. Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023. In those that remain, costs are so tight that “a lot of venue operators aren't even paying themselves, which is really worrying,” says Coe-Brooker. The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists. That wouldn't necessarily push prices up again - the trust says the £1 fee would be factored into existing costs - but here’s the fascinating thing: If the artist is the right one, fans will pay regardless. Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.  According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits. “People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried. “VIP ticket sales have definitely picked up. Every single promoter I've spoken to across the individual European markets, has seen an uptake in almost every case. And £1,000 for a VIP package is not at all unheard of.” However, the same rules don’t apply to everyone. The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith. In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don't seem unique or essential. “We're competing in a marketplace that isn't just gig to gig,” says Galbraith. “It's also, are we value for money versus a restaurant? Are we value for money versus a mini break? So every tour has to be as cost effective as they possibly can.” There are some signs that we’ve reached a peak. Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116). And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities) are still available, months after going on sale. It’s hard to say whether this will change. But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked. She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels ""extremely lucky"" to do. A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57. “As long as it doesn't bankrupt me, I'm happy to spend whatever it costs.” That’s exactly what promoters are relying on, says Gottfried. “One of the reasons you haven't seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions. “Any market will be distorted by people making irrational decisions. It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”  Lead image: Getty 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,23/09/2024,"['The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04.', 'For their return next summer, the same ticket was priced at £150.', 'Vastly more than the old ticket price which, when adjusted for inflation, would cost £68.', 'Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.', 'But Oasis aren’t alone.', 'If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared.', 'Ticket prices shot up by 23% last year, having already risen 19% since the pandemic.', 'Going to a gig can cost the same amount as taking a holiday, and prices are only rising.', 'At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400.', 'Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.', 'In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years.', 'Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend.', 'But despite this, tours with high-priced tickets keep selling out - but only for the biggest-name artists.', 'Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”. “', 'I work hard and earn a decent wage.', ""What do I have to do to be able to just enjoy these things when I'm doing everything I possibly can?”"", 'UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”.', 'So why have costs skyrocketed?', 'If your first thought was “greed”, well, that’s definitely part of it. “', 'It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor.', 'One musician who’s been bullish about the price hikes is Bruce Springsteen.', 'Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing.', 'Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices. “', 'I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’”', 'he said.', 'Kiss star Gene Simmons also defended the system. “', 'Whatever the pricing is, it’s all academic,” he told Forbes. “', 'Somebody sits in a room and tries to figure out how far the rubber band can stretch.', 'And if you’re not selling tickets, guess what happens?', 'The price goes down.', 'Capitalism! “', 'Vote with [your] money,” he concluded. “', 'You don’t like the ticket pricing?', 'Don’t buy a ticket.”', 'Springsteen and Simmons are in good company.', 'Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash).', 'Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”.', 'But it might not be so simple… Aside from the lure of a big payday, there are many reasons why artists are charging more.', 'Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.', 'Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend. “', 'Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.”', 'Not everyone thinks that way.', 'Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50.', 'He was compelled to take action after noticing unsold seats on his US arena tour last year. “', 'Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “', 'I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’”', 'But the festival didn’t go completely to plan.', 'Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue.', 'As temperatures soared above 30 degrees Celsius, some passed out in the queue.', 'Others gave up and went home.', 'Higher-priced tickets could have paid for extra security staff and eased those pressures - illustrating the delicate balance that has to be struck when setting prices.', 'Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.', 'Paul Heaton capped prices for his upcoming tour at £35.', 'Pop star Caity Baser set her 2023 concerts at just £11 - or “two meal deals”, as she put it – to help cash-strapped fans.', 'But these artists don’t require big productions full of pyrotechnics and jumbotron video screens.', 'For acts who do, the cost of touring has spiralled since the pandemic.', ""Here are just a few examples: “We've seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”."", 'Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters. “', 'The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year.', ""That means the artist's share of the box office - roughly 56% of the money you pay - increasingly goes towards production costs, not profits."", 'The squeeze is particularly tight on UK festival organisers, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites.', 'The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre.', 'Since then, the average cost of a UK festival ticket has shot up by 22%.', 'Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer.', 'Small venues are under pressure, too.', 'Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console.', 'Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”.', 'In the past, that didn’t matter because owners made plenty of money behind the bar.', 'But Gen Z are increasingly turning their backs on alcohol.', 'One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances.', 'Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023.', ""In those that remain, costs are so tight that “a lot of venue operators aren't even paying themselves, which is really worrying,” says Coe-Brooker."", 'The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists.', ""That wouldn't necessarily push prices up again - the trust says the £1 fee would be factored into existing costs - but here’s the fascinating thing: If the artist is the right one, fans will pay regardless."", 'Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.', 'According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits. “', 'People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried. “', 'VIP ticket sales have definitely picked up.', ""Every single promoter I've spoken to across the individual European markets, has seen an uptake in almost every case."", 'And £1,000 for a VIP package is not at all unheard of.”', 'However, the same rules don’t apply to everyone.', 'The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.', ""In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don't seem unique or essential. “"", ""We're competing in a marketplace that isn't just gig to gig,” says Galbraith. “"", ""It's also, are we value for money versus a restaurant?"", 'Are we value for money versus a mini break?', 'So every tour has to be as cost effective as they possibly can.”', 'There are some signs that we’ve reached a peak.', 'Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116).', 'And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities) are still available, months after going on sale.', 'It’s hard to say whether this will change.', 'But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked.', 'She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels ""extremely lucky"" to do.', 'A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57. “', ""As long as it doesn't bankrupt me, I'm happy to spend whatever it costs.”"", 'That’s exactly what promoters are relying on, says Gottfried. “', ""One of the reasons you haven't seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions. “"", 'Any market will be distorted by people making irrational decisions.', 'It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”', 'Lead image: Getty 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.']",0.1251788709438526,"Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.","The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.",-0.2108446632822354,"Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.","Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.",2024-09-24
British Airways cancels summer flights from Southampton Airport,https://www.bbc.co.uk/news/articles/crl8xrxg012o,2024-09-22T07:42:28.942Z,"British Airways has cancelled all its flights from a UK city airport next summer. The airline said in a statement it was ""suspending our summer 2025 operations from Southampton Airport"". It did not give a reason behind the decision. An airport spokesperson said the move was ""clearly disappointing"". Under its subsidiary BA City Flyer, the airline runs flights from the airport to Bergerac, Dublin, Faro, Malaga and Majorca on weekends during the summer. British Airways said affected customers would be contacted with options, including rebooking on alternative flights - with either British Airways or another airline - or a full refund. A spokesperson from Southampton Airport said: ""Clearly it’s disappointing when any route is removed. ""However, we are in constant dialogue with airlines regarding the introduction of new services and that includes backfilling the routes withdrawn by British Airways."" It comes almost a year after the airport unveiled its extended runway. At the time, it said the longer runway was ""absolutely critical"" to its viability as a regional airport and to handle a wider variety of aircraft. You can follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.  ",BBC,22/09/2024,"['British Airways has cancelled all its flights from a UK city airport next summer.', 'The airline said in a statement it was ""suspending our summer 2025 operations from Southampton Airport"".', 'It did not give a reason behind the decision.', 'An airport spokesperson said the move was ""clearly disappointing"".', 'Under its subsidiary BA City Flyer, the airline runs flights from the airport to Bergerac, Dublin, Faro, Malaga and Majorca on weekends during the summer.', 'British Airways said affected customers would be contacted with options, including rebooking on alternative flights - with either British Airways or another airline - or a full refund.', 'A spokesperson from Southampton Airport said: ""Clearly it’s disappointing when any route is removed. ""', 'However, we are in constant dialogue with airlines regarding the introduction of new services and that includes backfilling the routes withdrawn by British Airways.""', 'It comes almost a year after the airport unveiled its extended runway.', 'At the time, it said the longer runway was ""absolutely critical"" to its viability as a regional airport and to handle a wider variety of aircraft.', 'You can follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.']",-0.0945052493212388,,"At the time, it said the longer runway was ""absolutely critical"" to its viability as a regional airport and to handle a wider variety of aircraft.",-0.5801396608352661,"At the time, it said the longer runway was ""absolutely critical"" to its viability as a regional airport and to handle a wider variety of aircraft.","An airport spokesperson said the move was ""clearly disappointing"".",2024-09-24
Boeing union hits out over 'final' 30% pay rise offer,https://www.bbc.co.uk/news/articles/ckg92528y51o,2024-09-24T02:04:51.946Z,"The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years. The new offer also included the reinstatement of a performance bonus and improved retirement benefits. However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies. More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter. The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497). The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September). But IAM said Boeing sent the new offer directly to union members and the media without telling the union's representatives. ""This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter. The union also said it would not hold a vote of its membership ahead of Boeing's deadline. In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""We first presented the offer to the union and then transparently shared the details with our employees,"" it added. Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years. The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer. Of those who voted, 96% backed strike action until a new agreement could be reached. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money. The company has already suspended the jobs of tens of thousands of staff. It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts. Government officials are now helping to mediate talks between the two sides. ",BBC,24/09/2024,"['The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years.', 'The new offer also included the reinstatement of a performance bonus and improved retirement benefits.', 'However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies.', 'More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""', 'After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter.', 'The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497).', 'The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September).', 'But IAM said Boeing sent the new offer directly to union members and the media without telling the union\'s representatives. ""', 'This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter.', ""The union also said it would not hold a vote of its membership ahead of Boeing's deadline."", 'In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""', 'We first presented the offer to the union and then transparently shared the details with our employees,"" it added.', 'Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years.', ""The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", ""Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer."", 'Of those who voted, 96% backed strike action until a new agreement could be reached.', 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money.', 'The company has already suspended the jobs of tens of thousands of staff.', 'It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts.', 'Government officials are now helping to mediate talks between the two sides.']",0.0733135250199221,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",0.3145553668340047,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-24
Ex-Harrods boss saw 'abhorrent' behaviour from Fayed,https://www.bbc.co.uk/news/articles/cy807zg8nxyo,2024-09-23T23:02:05.237Z,"Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC. The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week. Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.  He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall. In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said. The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said. Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership.   Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.  Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office."" The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles. Questioned about this, Mr McArthur said: ""I do not recall that at all."" A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.  Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC. My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking."" After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile. He now lists his occupation as ""investor/director/adviser"". The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership.  It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.  The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"". On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour. Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn. Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing. She added the scale of the allegations could be ""absolutely massive"". ""Last week we represented 37 women, since then we've had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence."" Dame Vera Baird, the former victim's commissioner for England and Wales, told BBC Radio 4's Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage.  ""One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'."" Harrods was bought by the Gulf state of Qatar in 2010. The new owner has admitted that victims were failed, and said it would settle legal claims.   Al Fayed: Predator at Harrods 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, external. ",BBC,23/09/2024,"['Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC.', 'The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week.', 'Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.', 'He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall.', 'In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""', 'While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said.', 'The ""abhorrent"" behaviour included Fayed\'s inappropriate sense of humour, and lack of professional conduct, he said.', ""Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership."", 'Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.', 'Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office.""', 'The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles.', 'Questioned about this, Mr McArthur said: ""I do not recall that at all.""', 'A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.', 'Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC.', 'My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""', 'After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile.', 'He now lists his occupation as ""investor/director/adviser"".', ""The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership."", 'It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.', 'The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"".', 'On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.', 'Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn.', 'Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""', 'The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing.', 'She added the scale of the allegations could be ""absolutely massive"". ""', 'Last week we represented 37 women, since then we\'ve had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence.""', 'Dame Vera Baird, the former victim\'s commissioner for England and Wales, told BBC Radio 4\'s Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage. ""', 'One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""', 'Somewhere along the lines there was an atmosphere of \'goodness me it\'s Al Fayed\' when it should have been \'look how terrifying it is what they have to face - what have they got to gain if isn\'t true, lets get some real evidence\'.""', 'Harrods was bought by the Gulf state of Qatar in 2010.', 'The new owner has admitted that victims were failed, and said it would settle legal claims.', 'Al Fayed: Predator at Harrods 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, external.']",-0.1359617179064822,"Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'.""","On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.",-0.3966679573059082,"My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""","The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said.",2024-09-24
Selfridges boss denies knowledge of Fayed allegations,https://www.bbc.co.uk/news/articles/c0e1g2v4nnyo,2024-09-23T15:06:17.324Z,"Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods. He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour. The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996. He left in 2002. He is one of a number of former directors of Harrods under Fayed who have senior roles in business today. The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them. Dozens more women have been in touch since the programme aired. Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations. He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on. My thoughts are very much with the victims.” The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland. It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn. Mr Maeder is also president of the world department store trade association, the IDSG. Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.  ",BBC,23/09/2024,"['Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods.', 'He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour.', 'The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996.', 'He left in 2002.', 'He is one of a number of former directors of Harrods under Fayed who have senior roles in business today.', 'The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.', 'Dozens more women have been in touch since the programme aired.', 'Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.', 'He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on.', 'My thoughts are very much with the victims.”', ""The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland."", 'It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn.', 'Mr Maeder is also president of the world department store trade association, the IDSG.', 'Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.']",-0.2419940479942611,"The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland.","The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.",-0.8814018368721008,,"Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.",2024-09-24
MrBeast: Inside the scandal facing King of YouTube,https://www.bbc.co.uk/news/articles/ckgn8d04kdko,2024-09-21T23:20:38.171Z,"Half a billion fans, a multi-million dollar personal fortune and a global business empire. It would take a lot to dethrone YouTube's biggest influencer Jimmy Donaldson, aka MrBeast. But a 54-page court document could be his toughest test yet. Five female contestants on upcoming Prime Video show Beast Games are launching legal action against his production company MrB2024 and Amazon in Los Angeles. Billed as the largest ever reality competition series, 1,000 contestants are set to compete for a $5m (£3.7m) prize when the show airs - or if it airs. The lawsuit has plunged the show into crisis.  Among many redacted pages, the legal document includes allegations that they ""particularly and collectively suffered"" in an environment that ""systematically fostered a culture of misogyny and sexism"". It cuts to the core of MrBeast's image as one of the nicest guys on the internet. I flicked through the document, which includes suggestions that participants were ""underfed and overtired"". Meals were provided ""sporadically and sparsely"" which ""endangered the health and welfare"" of the contestants, it is claimed. In one section where almost all of the claims are redacted from public view, it says the defendants ""created, permitted to exist, and fostered a culture and pattern and practice of sexual harassment including in the form of a hostile work environment"". Back in August, the New York Times spoke to more than a dozen of the (yet unreleased) show's participants, and reported there were ""several hospitalisations"" on the set, with one person telling the paper they had gone over 20 hours without being fed. Contestants also alleged they had not received their medication on time. The BBC has approached MrBeast and Amazon - he has not yet publicly commented. So will these latest allegations hurt the king of YouTube's popularity?  MrBeast is no stranger to controversy this year - and has managed to come out unscathed each time. In July, the 26-year-old American said he had hired investigators after his former co-host Ava Kris Tyson was accused of grooming a teenager. Ava denied the allegations, but has apologised for ""past behaviour"" which was ""not acceptable"". MrBeast said he was ""disgusted"" by the ""serious allegations"". Later, further allegations about business practices surfaced on an anonymous YouTube channel, claiming to be a former employee. The BBC has not been able to independently verify the claims or this person's identity. Some of his philanthropic efforts - such as building wells in Africa, and paying for surgery for people with reduced sight and hearing - have drawn criticisms around exploitation. ""Deaf people like me deserve better than MrBeast’s latest piece of inspiration porn,"" one person told the Independent last year. But his empire continues to grow. The day before the lawsuit emerged on Wednesday, he revealed a team-up with fellow famous faces KSI and Logan Paul - a new food line designed to challenge Lunchables. And as I wrote in an article about his meteoric rise last year, he has made his millions through hard work. His videos are big budget experiences, with his most popular - viewed 652 million times - recreating the Netflix hit Squid Game in real life with a $456,000 (£342,000) prize. Most of his philanthropy is less controversial - including giving away houses, cash and cars - which has worked to create an image of him being one of the internet's good guys. According to his website, he has delivered more than 25 million meals to the needy around the world. People continue to flock to his social channels. In June, he gained enough subscribers to make his YouTube channel the largest in the world. According to stats-checker Socialblade, MrBeast picked up an extra five million subscribers in the last 30 days alone.  That’s just one metric - we can’t tell how many people unsubscribed from his channel, for example.  What is certain is that the number of people who’ve actively decided to stop watching his videos has been eclipsed by those who’ve decided to subscribe. He wouldn't be the only YouTuber whose popularity holds through controversy - others have faced far more significant storms than MrBeast, with few facing many consequences outside of a public apology. Logan Paul faced a massive backlash in 2018 after he uploaded a video to his 15 million subscribers which showed the body of a person who had apparently taken their own life. After removing the original video, he shared a less than two-minute apology titled simply: ""So sorry."" Now, he has 23 million subscribers, owns an incredibly popular sports drink, and up until August was the WWE United States champion. He's had quite a few pay-per-view boxing bouts, too.  Other high-profile YouTubers, including Pewdiepie, James Charles, and Jeffree Star have all had their own controversies, and got on with their careers after uploading apology videos. A more modern example is Herschel ""Guy"" Beahm, known online as Dr Disrespect, who admitted he sent messages to ""an individual minor"" in 2017. He stressed that ""nothing illegal happened, no pictures were shared, no crimes were committed"" and went offline for two months after posting the statement. His comeback livestream earlier this month attracted more than three million views, despite criticism from other high-profile streamers. Dr Disrespect remains the second-most watched streamer in the US this year, according to Streams Charts. The point is: YouTubers tend to be forgiven quickly. While MrBeast's fanbase has continued growing, controversy is swirling once again - and his next move could determine his long-term success.  James Lunn, chief strategy officer at Savvy Marketing, says the star is ""in an incredibly unique position"" with a ""multi-faceted"" brand spanning many industries. ""We are indeed in uncharted waters,"" he says, and ""a proactive approach, addressing the issues transparently and ensuring accountability, could protect his brand"". Brand expert Catherine Shuttleworth says the ""sheer scale"" of MrBeast’s fame may act as a buffer against backlash, but the latest lawsuit could be difficult.   ""When it comes to his business ventures, particularly those targeting families and children - like Feastables chocolate bars or Lunchly - it’s a different story,"" she says.  ""Parents, who often hold the purchasing power, tend to be less tolerant of controversies involving safety, fairness, and ethics."" Back in August 2023, when writing about MrBeast, I predicted he would soon take the YouTube crown despite him having half as many subscribers then.  He is now facing extra challenges as his fame rises, and a lot of the internet is eagerly awaiting his reply to what is, so far, one side of a complex story. ",BBC,21/09/2024,"['Half a billion fans, a multi-million dollar personal fortune and a global business empire.', ""It would take a lot to dethrone YouTube's biggest influencer Jimmy Donaldson, aka MrBeast."", 'But a 54-page court document could be his toughest test yet.', 'Five female contestants on upcoming Prime Video show Beast Games are launching legal action against his production company MrB2024 and Amazon in Los Angeles.', 'Billed as the largest ever reality competition series, 1,000 contestants are set to compete for a $5m (£3.7m) prize when the show airs - or if it airs.', 'The lawsuit has plunged the show into crisis.', 'Among many redacted pages, the legal document includes allegations that they ""particularly and collectively suffered"" in an environment that ""systematically fostered a culture of misogyny and sexism"".', ""It cuts to the core of MrBeast's image as one of the nicest guys on the internet."", 'I flicked through the document, which includes suggestions that participants were ""underfed and overtired"".', 'Meals were provided ""sporadically and sparsely"" which ""endangered the health and welfare"" of the contestants, it is claimed.', 'In one section where almost all of the claims are redacted from public view, it says the defendants ""created, permitted to exist, and fostered a culture and pattern and practice of sexual harassment including in the form of a hostile work environment"".', 'Back in August, the New York Times spoke to more than a dozen of the (yet unreleased) show\'s participants, and reported there were ""several hospitalisations"" on the set, with one person telling the paper they had gone over 20 hours without being fed.', 'Contestants also alleged they had not received their medication on time.', 'The BBC has approached MrBeast and Amazon - he has not yet publicly commented.', ""So will these latest allegations hurt the king of YouTube's popularity?"", 'MrBeast is no stranger to controversy this year - and has managed to come out unscathed each time.', 'In July, the 26-year-old American said he had hired investigators after his former co-host Ava Kris Tyson was accused of grooming a teenager.', 'Ava denied the allegations, but has apologised for ""past behaviour"" which was ""not acceptable"".', 'MrBeast said he was ""disgusted"" by the ""serious allegations"".', 'Later, further allegations about business practices surfaced on an anonymous YouTube channel, claiming to be a former employee.', ""The BBC has not been able to independently verify the claims or this person's identity."", 'Some of his philanthropic efforts - such as building wells in Africa, and paying for surgery for people with reduced sight and hearing - have drawn criticisms around exploitation. ""', 'Deaf people like me deserve better than MrBeast’s latest piece of inspiration porn,"" one person told the Independent last year.', 'But his empire continues to grow.', 'The day before the lawsuit emerged on Wednesday, he revealed a team-up with fellow famous faces KSI and Logan Paul - a new food line designed to challenge Lunchables.', 'And as I wrote in an article about his meteoric rise last year, he has made his millions through hard work.', 'His videos are big budget experiences, with his most popular - viewed 652 million times - recreating the Netflix hit Squid Game in real life with a $456,000 (£342,000) prize.', ""Most of his philanthropy is less controversial - including giving away houses, cash and cars - which has worked to create an image of him being one of the internet's good guys."", 'According to his website, he has delivered more than 25 million meals to the needy around the world.', 'People continue to flock to his social channels.', 'In June, he gained enough subscribers to make his YouTube channel the largest in the world.', 'According to stats-checker Socialblade, MrBeast picked up an extra five million subscribers in the last 30 days alone.', 'That’s just one metric - we can’t tell how many people unsubscribed from his channel, for example.', 'What is certain is that the number of people who’ve actively decided to stop watching his videos has been eclipsed by those who’ve decided to subscribe.', ""He wouldn't be the only YouTuber whose popularity holds through controversy - others have faced far more significant storms than MrBeast, with few facing many consequences outside of a public apology."", 'Logan Paul faced a massive backlash in 2018 after he uploaded a video to his 15 million subscribers which showed the body of a person who had apparently taken their own life.', 'After removing the original video, he shared a less than two-minute apology titled simply: ""So sorry.""', 'Now, he has 23 million subscribers, owns an incredibly popular sports drink, and up until August was the WWE United States champion.', ""He's had quite a few pay-per-view boxing bouts, too."", 'Other high-profile YouTubers, including Pewdiepie, James Charles, and Jeffree Star have all had their own controversies, and got on with their careers after uploading apology videos.', 'A more modern example is Herschel ""Guy"" Beahm, known online as Dr Disrespect, who admitted he sent messages to ""an individual minor"" in 2017.', 'He stressed that ""nothing illegal happened, no pictures were shared, no crimes were committed"" and went offline for two months after posting the statement.', 'His comeback livestream earlier this month attracted more than three million views, despite criticism from other high-profile streamers.', 'Dr Disrespect remains the second-most watched streamer in the US this year, according to Streams Charts.', 'The point is: YouTubers tend to be forgiven quickly.', ""While MrBeast's fanbase has continued growing, controversy is swirling once again - and his next move could determine his long-term success."", 'James Lunn, chief strategy officer at Savvy Marketing, says the star is ""in an incredibly unique position"" with a ""multi-faceted"" brand spanning many industries. ""', 'We are indeed in uncharted waters,"" he says, and ""a proactive approach, addressing the issues transparently and ensuring accountability, could protect his brand"".', 'Brand expert Catherine Shuttleworth says the ""sheer scale"" of MrBeast’s fame may act as a buffer against backlash, but the latest lawsuit could be difficult. ""', 'When it comes to his business ventures, particularly those targeting families and children - like Feastables chocolate bars or Lunchly - it’s a different story,"" she says. ""', 'Parents, who often hold the purchasing power, tend to be less tolerant of controversies involving safety, fairness, and ethics.""', 'Back in August 2023, when writing about MrBeast, I predicted he would soon take the YouTube crown despite him having half as many subscribers then.', 'He is now facing extra challenges as his fame rises, and a lot of the internet is eagerly awaiting his reply to what is, so far, one side of a complex story.']",0.0860577766081845,"Now, he has 23 million subscribers, owns an incredibly popular sports drink, and up until August was the WWE United States champion.",The lawsuit has plunged the show into crisis.,0.1491163145928155,"In June, he gained enough subscribers to make his YouTube channel the largest in the world.",So will these latest allegations hurt the king of YouTube's popularity?,2024-09-24
Chancellor makes switch from pain to gain,https://www.bbc.co.uk/news/articles/c5y50z5l1r2o,2024-09-23T13:34:24.416Z,"The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy. Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall. Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool. The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending. Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain. The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families. She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives. Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”. The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure. The plans she has inherited are for a cut in the share of the economy devoted to public investment. “Growth is the challenge... and investment is the solution,” she said. We are heading towards some changes to the rules on government borrowing in order to allow more investment. This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October. It might also help with bringing in significant foreign investment at a crucial summit next month. It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget. If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full. This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss. The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority. Both shared an ambition to increase British growth. The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode. But could it be that the Budget's bite, will now prove to be significantly less painful than its bark? ",BBC,23/09/2024,"['The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy.', 'Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.', 'Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “', 'My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool.', 'The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending.', 'Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.', 'The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families.', 'She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives.', 'Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”.', 'The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure.', 'The plans she has inherited are for a cut in the share of the economy devoted to public investment. “', 'Growth is the challenge... and investment is the solution,” she said.', 'We are heading towards some changes to the rules on government borrowing in order to allow more investment.', 'This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October.', 'It might also help with bringing in significant foreign investment at a crucial summit next month.', 'It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget.', 'If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full.', 'This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss.', 'The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority.', 'Both shared an ambition to increase British growth.', 'The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode.', ""But could it be that the Budget's bite, will now prove to be significantly less painful than its bark?""]",0.1009743304033184,"Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “",Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.,0.3722633765294001,Both shared an ambition to increase British growth.,"Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.",2024-09-24
CrowdStrike: What was the impact of the global IT outage,https://www.bbc.co.uk/news/articles/cr54m92ermgo,2024-09-23T23:18:25.383Z,"GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales. Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.  A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world. Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday. He will speak of being ""deeply sorry"" about what happened, and his company's determination to ""prevent it from happening again."" But what was it like for those on the sharp end of the crisis? Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""It was a very difficult period of time with very little help and support,"" he said. For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies. The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper. At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday.  He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers. In some cases, this would have been delayed by ""three or four days"". ""You have to prioritise those and send them as soon as possible,"" he said.  ""All the referrals we do are done electronically - that couldn’t happen."" Elsewhere, the BMA said there were also major problems in Northern Ireland. Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O'Hagan, the chair of BMA's Northern Ireland GP committee. ""We couldn't do anything for most people,"" she said. ""We just had to take it on the chin and get on with it."" She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.  The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage. It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked. Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future. In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.  A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours. NHS England did not comment.  The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents. On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics. Adam Zoller is in charge of cyber security for the company. He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours. The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have."" Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage. Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed.  After being taken to and from the airport several times in the next few days, they managed to fly home on Monday. Melanie said passengers were given no food, and some ran out of medication. ""It totally ruined what should have been our dream holiday,"" she said.  ""We have lovely memories, but we came back absolutely shattered. It was complete chaos."" Their provider Tui gave them a £400 voucher. As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away. Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children. When they were on the tarmac, the flight was cancelled. Laura told the BBC there was no information, no return of bags, and no plan. They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets. The family paid £560 out of their own pockets to fly back to the UK a few days later.  Tui has given them a £600 voucher. ""I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked. In a statement, Tui apologised to its customers. But the travel company was not the only one with problems. Delta Airlines in the United States faced a huge impact. It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions. Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action. She estimates to have lost about £600 in sales. ""It is extremely worrying,"" she said.  ""I am a sole trader - I can’t have this happening again."" Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website. She estimates the outage cost her £1,000. ""It showed how many systems worldwide had put their eggs in one basket,"" she said. ""When one link in the chain fails, everything else goes down.  ""Is there enough choice out there for providers, or was CrowdStrike the only option?"" ",BBC,23/09/2024,"[""GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales."", 'Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.', 'A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world.', 'Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday.', 'He will speak of being ""deeply sorry"" about what happened, and his company\'s determination to ""prevent it from happening again.""', 'But what was it like for those on the sharp end of the crisis?', 'Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""', 'It was a very difficult period of time with very little help and support,"" he said.', 'For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies.', 'The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper.', ""At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday."", 'He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers.', 'In some cases, this would have been delayed by ""three or four days"". ""', 'You have to prioritise those and send them as soon as possible,"" he said. ""', 'All the referrals we do are done electronically - that couldn’t happen.""', 'Elsewhere, the BMA said there were also major problems in Northern Ireland.', 'Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O\'Hagan, the chair of BMA\'s Northern Ireland GP committee. ""', 'We couldn\'t do anything for most people,"" she said. ""', 'We just had to take it on the chin and get on with it.""', 'She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.', 'The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.', 'It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked.', 'Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future.', 'In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.', 'A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours.', 'NHS England did not comment.', 'The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents.', 'On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics.', 'Adam Zoller is in charge of cyber security for the company.', 'He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours.', 'The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""', 'CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have.""', 'Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage.', ""Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed."", 'After being taken to and from the airport several times in the next few days, they managed to fly home on Monday.', 'Melanie said passengers were given no food, and some ran out of medication. ""', 'It totally ruined what should have been our dream holiday,"" she said. ""', 'We have lovely memories, but we came back absolutely shattered.', 'It was complete chaos.""', 'Their provider Tui gave them a £400 voucher.', 'As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away.', 'Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children.', 'When they were on the tarmac, the flight was cancelled.', 'Laura told the BBC there was no information, no return of bags, and no plan.', 'They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets.', 'The family paid £560 out of their own pockets to fly back to the UK a few days later.', 'Tui has given them a £600 voucher. ""', 'I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked.', 'In a statement, Tui apologised to its customers.', 'But the travel company was not the only one with problems.', 'Delta Airlines in the United States faced a huge impact.', 'It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions.', 'Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action.', 'She estimates to have lost about £600 in sales. ""', 'It is extremely worrying,"" she said. ""', 'I am a sole trader - I can’t have this happening again.""', 'Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website.', 'She estimates the outage cost her £1,000. ""', 'It showed how many systems worldwide had put their eggs in one basket,"" she said. ""', 'When one link in the chain fails, everything else goes down. ""', 'Is there enough choice out there for providers, or was CrowdStrike the only option?""']",-0.0723159065022228,Delta Airlines in the United States faced a huge impact.,"She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.",-0.8535666853189469,"The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.","She estimates to have lost about £600 in sales. """,2024-09-24
"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-24
"In federal trial, Michael Kors says it's harder to sell handbags in TikTok and Taylor Swift era",https://www.cnbc.com/2024/09/16/tapestry-capri-antitrust-trial-michael-kors-testifies.html,2024-09-17T12:17:12+0000,"In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri. The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman, with Capri's Versace, Jimmy Choo and Michael Kors. The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify. Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest.""Sometimes you'll be the hottest thing on the block,"" he said. ""Sometimes you'll be lukewarm. Sometimes you'll be cold.""He acknowledged that his namesake label has fallen from favor and needs a refresh.""I think we've reached the point of brand fatigue,"" he said.The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market. They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy.Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described. As of Monday afternoon, the company's stock has fallen about 24% so far this year. That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports. Even as an industry veteran, he said he must move nimbly.For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags. When he went to the company's website, it crashed, he said.""It shows you the power of women like this,"" he said.In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine. Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand. He said the markdown of Michael Kors' handbags contributed to ""a bad spiral Macy's was living through when I was there.""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.",CNBC,17/09/2024,"['In this articleNEW YORK CITY — In a federal courtroom on Monday, storied fashion designer Michael Kors spoke about the steep challenge of staying relevant in a world where brands can rise and fall based on viral TikTok videos and photos of handbags on the arms of celebrities such as Taylor Swift and Beyoncé.', ""Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri."", ""The deal, if approved, would put six fashion brands under a single company: Tapestry's Coach, Kate Spade and Stuart Weitzman, with Capri's Versace, Jimmy Choo and Michael Kors."", 'The FTC on Monday called Kors, who founded his namesake brand in 1981 at age 22 and still serves as its chief creative director, to testify.', ""Yet, in his remarks, Kors described how even legacy brands like his own can struggle and lose shoppers' interest."", '""Sometimes you\'ll be the hottest thing on the block,"" he said. ""', ""Sometimes you'll be lukewarm."", ""Sometimes you'll be cold."", '""He acknowledged that his namesake label has fallen from favor and needs a refresh.', '""I think we\'ve reached the point of brand fatigue,"" he said.', 'The FTC has argued that the combined companies, particularly with Coach and Michael Kors under the same owner, would create a bag behemoth with the power to hike prices for customers while offering them the same or worse products.', ""Attorneys for Tapestry and Capri, on the other hand, have questioned the FTC's depictions of a consolidated handbag market."", 'They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.', ""The trial comes as consumers balk at high prices and when the outcome of the closely watched U.S. presidential election could change the federal agency's strategy."", 'Shares of Capri, which includes Michael Kors, reflect the tougher stretch that the designer Kors described.', ""As of Monday afternoon, the company's stock has fallen about 24% so far this year."", 'That trails far behind the roughly 18% gains of the S&P 500 and the approximately 17% rise of Tapestry.', ""In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period."", 'Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.', 'Even as an industry veteran, he said he must move nimbly.', ""For instance, he said he learned about Aupen, a handbag industry newcomer, when he saw a photo of Taylor Swift carrying one of the company's handbags."", ""When he went to the company's website, it crashed, he said."", '""It shows you the power of women like this,"" he said.', ""In another testimony on Monday, former Macy's CEO Jeff Gennette said retailers also feel it when brands lose some of their shine."", ""Gennette, who retired early this year, said the department store's sales got hit because it leaned too heavily on Michael Kors' brand."", 'He said the markdown of Michael Kors\' handbags contributed to ""a bad spiral Macy\'s was living through when I was there.', '""The antitrust trial is expected to conclude on Tuesday with testimony by economists, including one for the FTC and one for the companies.']",0.0105056574130786,"Kors said he remains a student of the fashion industry and draws inspiration from spending time on store floors, talking to customers or people-watching at places such as airports.",Kors kicked off the week of testimony in the antitrust trial in Manhattan as a Federal Trade Commission lawsuit seeks to block Tapestry's $8.5 billion acquisition of Capri.,-0.8091656948838916,"They have said competition has grown as customers consider both pricier luxury brands and lower-priced fast-fashion names, and can shop from online-only platforms and secondhand marketplaces.","In its most-recent fiscal quarter that ended in late June, Michael Kors' revenue dropped 14.2% on a reported basis or 13.3% on a constant currency basis compared to the year-ago period.",2024-09-24
US to ban Chinese tech in cars,https://www.bbc.co.uk/news/articles/cwyegl8q80do,2024-09-23T14:42:31.433Z,"The US is planning to ban certain hardware and software made in China and Russia from cars, trucks and buses in the US due to security risks.  Officials said they were worried that the technology in question, used for autonomous driving and to connect cars to other networks, could allow enemies to  ""remotely manipulate cars on American roads"". There is currently minimal use of Chinese or Russia-made software in American cars. But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US.  “Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet,"" she said in a statement.  ""It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens."" Chinese officials said the US was broadening ""the concept of national security"" to unfairly target Chinese firms.   “China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement.  “We urge the US side to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises.” The proposal, which will now enter a comment period, is the latest from the White House aiming to limit China's presence in the car manufacturing supply chain.  The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items. It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.  The US launched an investigation in February examining the cyber risks from so-called connected cars.  The prohibitions on software would go into effect with model year 2027, while the hardware rules would be effective three years later, giving the industry more time to re-work their supply chains.   John Bozzella, president and chief executive of Alliance for Automotive Innovation, which represents big car companies, said that though there was ""very little technology - hardware or software in today's connected vehicle supply chain that enters the US from China""  the rule would force some firms to find new suppliers.  “I’ve said this in other contexts, but it applies here too: you can’t just flip a switch and change the world’s most complex supply chain overnight,"" he said. “The lead time included in the proposed rule will allow some auto manufacturers to make the required transition but may be too short for others,"" he said. He said association would continue to share its perspective as the final rules are developed.  ",BBC,23/09/2024,"['The US is planning to ban certain hardware and software made in China and Russia from cars, trucks and buses in the US due to security risks.', 'Officials said they were worried that the technology in question, used for autonomous driving and to connect cars to other networks, could allow enemies to ""remotely manipulate cars on American roads"".', 'There is currently minimal use of Chinese or Russia-made software in American cars.', 'But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US. “', 'Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet,"" she said in a statement. ""', 'It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens.""', 'Chinese officials said the US was broadening ""the concept of national security"" to unfairly target Chinese firms. “', 'China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement. “', 'We urge the US side to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises.”', ""The proposal, which will now enter a comment period, is the latest from the White House aiming to limit China's presence in the car manufacturing supply chain."", 'The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items.', 'It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.', 'The US launched an investigation in February examining the cyber risks from so-called connected cars.', 'The prohibitions on software would go into effect with model year 2027, while the hardware rules would be effective three years later, giving the industry more time to re-work their supply chains.', 'John Bozzella, president and chief executive of Alliance for Automotive Innovation, which represents big car companies, said that though there was ""very little technology - hardware or software in today\'s connected vehicle supply chain that enters the US from China"" the rule would force some firms to find new suppliers. “', 'I’ve said this in other contexts, but it applies here too: you can’t just flip a switch and change the world’s most complex supply chain overnight,"" he said. “', 'The lead time included in the proposed rule will allow some auto manufacturers to make the required transition but may be too short for others,"" he said.', 'He said association would continue to share its perspective as the final rules are developed.']",0.098951471523699,"But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US. “","It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.",-0.5514505743980408,"The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items.","It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.",2024-09-24
TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-24
"ISG: Construction giant collapse sees 2,200 jobs cut",https://www.bbc.co.uk/news/articles/c07nke2e9ego,2024-09-20T15:22:19.513Z,"Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration. Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday. The business, owned by the US firm Cathexis, had been struggling financially for some time. Attempts to secure a rescue deal failed, while 200 employees will be kept on to assist the administrators in winding down the business, which holds more than £1bn worth of government contracts. Apple, Barclays and Google are also among ISG's private sector clients in the UK. In a widely-reported email sent by chief executive Zoe Price to all ISG staff on Thursday, she said: ""Some of you may have seen reports in the media that ISG has filed for administration here in the UK.  ""With sadness, I can confirm that this is factually correct. ""This was not the way I wanted you to find out and the news should not have leaked in this way,"" she added. Ms Price said staff would be paid on Monday, as normal, and that the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. ""Trading out these projects has had a significant effect on our liquidity. So even though we have been profitable this year, our legacy has led us to a point where we have been unable to continue trading,"" she wrote. Ms Price said ""significant efforts"" had been made to find a buyer for the business but that these had been unsuccessful. EY also said on Friday that no potential buyers that had come forward were able to show they had enough money to finance the operations and keep them afloat in the future. ""We wish to be clear to employees, suppliers, and customers that it was not possible to conclude a sale as the potential purchaser could not, despite repeated requests of them to do so, adequately demonstrate that they had the funding needed to recapitalise the business and keep it solvent,"" they said. The eight arms of ISG's UK business, including its engineering and retail branches, have all been placed in administration. The group, which was in the middle of work on numerous government contracts, has made the majority of its 2,400 UK employees redundant with immediate effect and work on all projects has stopped. ISG is involved in 69 government projects totalling more than £1bn, including work on prison refurbishment for the Ministry of Justice, according to data analysts Barbour ABI. It also made the velodrome for the 2012 London Olympics. Barbour ABI's chief analyst Ed Griffiths said the live projects, including a £300m extension to the Grendon and Springhill prisons in Buckinghamshire, were ""just the tip of the iceberg"". ""The ripple effect will be extremely worrying for the hundreds of subcontractors involved,"" he said. But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure. ",BBC,20/09/2024,"['Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration.', 'Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday.', 'The business, owned by the US firm Cathexis, had been struggling financially for some time.', 'Attempts to secure a rescue deal failed, while 200 employees will be kept on to assist the administrators in winding down the business, which holds more than £1bn worth of government contracts.', ""Apple, Barclays and Google are also among ISG's private sector clients in the UK."", 'In a widely-reported email sent by chief executive Zoe Price to all ISG staff on Thursday, she said: ""Some of you may have seen reports in the media that ISG has filed for administration here in the UK. ""', 'With sadness, I can confirm that this is factually correct. ""', 'This was not the way I wanted you to find out and the news should not have leaked in this way,"" she added.', 'Ms Price said staff would be paid on Monday, as normal, and that the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. ""', 'Trading out these projects has had a significant effect on our liquidity.', 'So even though we have been profitable this year, our legacy has led us to a point where we have been unable to continue trading,"" she wrote.', 'Ms Price said ""significant efforts"" had been made to find a buyer for the business but that these had been unsuccessful.', 'EY also said on Friday that no potential buyers that had come forward were able to show they had enough money to finance the operations and keep them afloat in the future. ""', 'We wish to be clear to employees, suppliers, and customers that it was not possible to conclude a sale as the potential purchaser could not, despite repeated requests of them to do so, adequately demonstrate that they had the funding needed to recapitalise the business and keep it solvent,"" they said.', ""The eight arms of ISG's UK business, including its engineering and retail branches, have all been placed in administration."", 'The group, which was in the middle of work on numerous government contracts, has made the majority of its 2,400 UK employees redundant with immediate effect and work on all projects has stopped.', 'ISG is involved in 69 government projects totalling more than £1bn, including work on prison refurbishment for the Ministry of Justice, according to data analysts Barbour ABI.', 'It also made the velodrome for the 2012 London Olympics.', 'Barbour ABI\'s chief analyst Ed Griffiths said the live projects, including a £300m extension to the Grendon and Springhill prisons in Buckinghamshire, were ""just the tip of the iceberg"". ""', 'The ripple effect will be extremely worrying for the hundreds of subcontractors involved,"" he said.', 'But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure.']",0.0136338524939748,"But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure.",Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration.,-0.985510698386601,,"The business, owned by the US firm Cathexis, had been struggling financially for some time.",2024-09-24
Will the US presidential election define the future of crypto?,https://www.bbc.co.uk/news/articles/c0lwgn9p8z4o,2024-09-22T10:09:41.343Z,"The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC. The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce. It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws. In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate. The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration. Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves. This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”. It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar. Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years. In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.  Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.  The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler. He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created. This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler. Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year. Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”. Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings. “Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”. The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals. However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow. Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers. Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”. With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses. By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit  Public Citizen.  The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”. They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds. ",BBC,22/09/2024,"['The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.', 'The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.', 'It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.', 'In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.', 'The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.', 'Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.', 'This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.', 'It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.', ""Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president."", 'The White House has led a sweeping crackdown on crypto firms in recent years.', 'In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.', 'Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine.', 'He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.', 'The SEC also has a case against Binance going through the courts.', 'It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “', ""This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler."", 'He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.', 'This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “', 'Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.', 'Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.', 'Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.', 'Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “', ""I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase."", 'He has been at these meetings. “', 'Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here.', ""And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”"", 'He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.', 'The clampdown on cryptocurrencies in the US this year has been mirrored in Europe.', 'In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.', 'However, other regulators are being slower to act.', 'The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.', 'Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate.', 'Its critics argue it will give less protection to consumers.', 'Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.”', 'He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.', 'With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.', 'By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.', 'The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.', 'They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.']",0.0638609857628909,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.",0.1063451100798214,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.",2024-09-24
California sues ExxonMobil over plastics recycling 'deception',https://www.bbc.co.uk/news/articles/cp8elg6ezlko,2024-09-23T21:13:07.342Z,"California's attorney general is suing ExxonMobil, alleging the oil giant engaged in a “decades-long campaign of deception” about the effectiveness of plastics recycling.  In the civil lawsuit filed on Monday, Attorney General Rob Bonta accused Exxon of contributing to a ""deluge"" of plastic pollution, while telling Californians that recycling was a fix.  ""For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.  In a statement, Exxon blamed California for an inefficient recycling programme.  ""For decades, California officials have known their recycling system isn't effective. They failed to act, and now they seek to blame others. Instead of suing us, they could have worked with us to fix the problem and keep plastic out of landfills,"" the company said in a statement.  An Exxon spokesperson added that the company had processed more than 60 million pounds (27 million kilograms) of plastic waste into usable raw materials, ""keeping it out of landfills"". Bonta's office said the case marks the first time US officials have attempted to hold a gas or oil company accountable for deceptive claims about plastics recycling.  California is seeking an unspecified amount of money that Bonta said could come to  as much as “multiple billions of dollars"". “ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said. Last year, Bonta sued ExxonMobil as well as four other oil giants for compensation over climate change damages.  The most recent lawsuit, filed in San Francisco County Superior Court, comes after a nearly two-year investigation by Bonta's office into the fossil fuel and petrochemical industries and global plastics pollution. ExxonMobil is the world's largest producer of resins used for single-use plastics, according a report by Australia's Minderoo Foundation.   Bonta alleged that, through its marketing, the company was promoting its ""advanced recycling"" programme to the public as a solution to plastic waste, while knowing that the company would ""never be able to process more than a tiny fraction of the plastic waste it produces"".  The 147-page suit alleges that nearly all of plastic waste processed by the company has been turned into fuel instead of recycled plastic.  The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said. The world produces over 400 million tons of plastic each year, but only 9% is recycled, according to a 2022 report from the Organisation for Economic Co-operation and Development. ",BBC,23/09/2024,"[""California's attorney general is suing ExxonMobil, alleging the oil giant engaged in a “decades-long campaign of deception” about the effectiveness of plastics recycling."", 'In the civil lawsuit filed on Monday, Attorney General Rob Bonta accused Exxon of contributing to a ""deluge"" of plastic pollution, while telling Californians that recycling was a fix. ""', 'For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.', 'In a statement, Exxon blamed California for an inefficient recycling programme. ""', ""For decades, California officials have known their recycling system isn't effective."", 'They failed to act, and now they seek to blame others.', 'Instead of suing us, they could have worked with us to fix the problem and keep plastic out of landfills,"" the company said in a statement.', 'An Exxon spokesperson added that the company had processed more than 60 million pounds (27 million kilograms) of plastic waste into usable raw materials, ""keeping it out of landfills"".', ""Bonta's office said the case marks the first time US officials have attempted to hold a gas or oil company accountable for deceptive claims about plastics recycling."", 'California is seeking an unspecified amount of money that Bonta said could come to as much as “multiple billions of dollars"". “', 'ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said.', 'Last year, Bonta sued ExxonMobil as well as four other oil giants for compensation over climate change damages.', ""The most recent lawsuit, filed in San Francisco County Superior Court, comes after a nearly two-year investigation by Bonta's office into the fossil fuel and petrochemical industries and global plastics pollution."", ""ExxonMobil is the world's largest producer of resins used for single-use plastics, according a report by Australia's Minderoo Foundation."", 'Bonta alleged that, through its marketing, the company was promoting its ""advanced recycling"" programme to the public as a solution to plastic waste, while knowing that the company would ""never be able to process more than a tiny fraction of the plastic waste it produces"".', 'The 147-page suit alleges that nearly all of plastic waste processed by the company has been turned into fuel instead of recycled plastic.', 'The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said.', 'The world produces over 400 million tons of plastic each year, but only 9% is recycled, according to a 2022 report from the Organisation for Economic Co-operation and Development.']",-0.2405815919038983,"For decades, California officials have known their recycling system isn't effective.","The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said.",-0.6785965383052825,"For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.","ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said.",2024-09-24
Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callandar, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callandar, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500436527388436,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-24
ISG collapse 'devastating' for construction industry,https://www.bbc.co.uk/news/articles/cly3jzyyp49o,2024-09-23T07:56:31.239Z,"The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said. The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.   Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG's collapse.  The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect. Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened. ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn. In the past it has built the velodrome for the 2012 London Olympics. The company had been struggling financially for some months but attempts to secure a rescue deal failed. Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years. Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job. He says there were rumours on Thursday last week that ISG was in trouble, but it wasn't until 4pm on Friday that ""we were told, no jobs, no money"". “It’s absolutely demoralising. I feel extremely let down,"" he says. “Some of the contractors are owed a fortune.” Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid. He said he was ""shocked"" at the news of ISG's administration and finds the situation ""really disappointing and demoralising"". He thinks the government should step in to tighten up the rules on when firms can  continue to trade. Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".  Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said. The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"". In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ). It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites. An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG's collapse. ""We will work with administrators and will find alternative ways to deliver these projects where necessary.” The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths. ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018. Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%. Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""We know construction runs on very thin margins. You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction."" Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". ""It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve."" Additional reporting by James Kelly ",BBC,23/09/2024,"['The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.', 'The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.', 'Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG\'s collapse.', 'The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect.', 'Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened.', 'ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn.', 'In the past it has built the velodrome for the 2012 London Olympics.', 'The company had been struggling financially for some months but attempts to secure a rescue deal failed.', 'Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years.', 'Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job.', 'He says there were rumours on Thursday last week that ISG was in trouble, but it wasn\'t until 4pm on Friday that ""we were told, no jobs, no money"". “', 'It’s absolutely demoralising.', 'I feel extremely let down,"" he says. “', 'Some of the contractors are owed a fortune.”', 'Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid.', 'He said he was ""shocked"" at the news of ISG\'s administration and finds the situation ""really disappointing and demoralising"".', 'He thinks the government should step in to tighten up the rules on when firms can continue to trade.', 'Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".', 'Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""', 'I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said.', 'The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I\'d expect most [ISG] employees to be OK"".', 'In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020.', 'According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ).', 'It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites.', 'An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG\'s collapse. ""', 'We will work with administrators and will find alternative ways to deliver these projects where necessary.”', 'The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “', 'The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths.', ""ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018."", 'Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%.', 'Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""', 'Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""', 'We know construction runs on very thin margins.', 'You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""', 'ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction.""', 'Liam Byrne voiced his concern at the news of ISG\'s collapse, which he said could now ""imperil thousands of jobs"". ""', 'It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve.""', 'Additional reporting by James Kelly']",-0.1813143945086233,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.",-0.6973654316819232,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". """,2024-09-24
Three Mile Island nuclear site to reopen in Microsoft deal,https://www.bbc.co.uk/news/articles/cx25v2d7zexo,2024-09-20T14:31:30.638Z,"America's Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs.  The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements. The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand. The plan will now go to regulators for approval. The owner of the plant, Constellation Energy, said the reactor it planned to restart was next to, but ""fully independent"" of, the unit that had been involved in the 1979 accident. It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades. However, there is renewed interest in nuclear as concerns about climate change grow - and companies need more energy due to advances in artificial intelligence.  Constellation chief executive Joe Dominguez told analysts on Friday that the deal was a ""powerful symbol of the rebirth of nuclear power as a clean and reliable energy resource"". “Before it was prematurely shuttered due to poor economics, this plant was among the safest and most reliable nuclear plants on the grid, and we look forward to bringing it back with a new name and a renewed mission,"" he said in a statement announcing the deal.  He said nuclear plants were the ""only energy sources"" that could consistently deliver an ""abundance"" of carbon-free energy. Microsoft also called it a ""milestone"" in its efforts to ""help decarbonize the grid"". On 28 March, 1979, a combination of mechanical failure and human error led to a partial meltdown at the nuclear power plant in central Pennsylvania. The accident occurred at about 04:00 in the Three Mile Island plant's second unit.  The plant's Unit 1 - which would reopen under the Microsoft deal - continued to generate power until closing in 2019.  Its owner at the time, Exelon, which spun out Constellation as an independent business in 2022, said the low cost of natural gas extraction had made nuclear-generated electricity unprofitable. Constellation said it would invest $1.6bn (£1.2bn) to upgrade the facility, which it would seek approval to operate until at least 2054.  Reopening the plant would create 3,400 direct and indirect jobs and add more than 800 megawatts of carbon-free electricity to the grid, generating billions of dollars in taxes and other economic activity, according to a study by The Brattle Group cited by Constellation. Local media reported earlier this month that word of its possible revival had drawn some protesters.  Microsoft is not the only tech company that is turning to nuclear power as its energy needs expand.  Earlier this year, Amazon also signed a deal which involves purchasing nuclear energy to power a data centre. Those plans are now under scrutiny by regulators.  ",BBC,20/09/2024,"[""America's Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs."", 'The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements.', 'The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand.', 'The plan will now go to regulators for approval.', 'The owner of the plant, Constellation Energy, said the reactor it planned to restart was next to, but ""fully independent"" of, the unit that had been involved in the 1979 accident.', 'It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.', 'However, there is renewed interest in nuclear as concerns about climate change grow - and companies need more energy due to advances in artificial intelligence.', 'Constellation chief executive Joe Dominguez told analysts on Friday that the deal was a ""powerfulsymbol of the rebirth of nuclear power as a clean and reliableenergy resource"". “', 'Before it was prematurely shuttered due to poor economics, this plant was among the safest and most reliable nuclear plants on the grid, and we look forward to bringing it back with a new name and a renewed mission,"" he said in a statement announcing the deal.', 'He said nuclear plants were the ""only energy sources"" that could consistently deliver an ""abundance"" of carbon-free energy.', 'Microsoft also called it a ""milestone"" in its efforts to ""help decarbonize the grid"".', 'On 28 March, 1979, a combination of mechanical failure and human error led to a partial meltdown at the nuclear power plant in central Pennsylvania.', ""The accident occurred at about 04:00 in the Three Mile Island plant's second unit."", ""The plant's Unit 1 - which would reopen under the Microsoft deal - continued to generate power until closing in 2019."", 'Its owner at the time, Exelon, which spun out Constellation as an independent business in 2022, said the low cost of natural gas extraction had made nuclear-generated electricity unprofitable.', 'Constellation said it would invest $1.6bn (£1.2bn) to upgrade the facility, which it would seek approval to operate until at least 2054.', 'Reopening the plant would create 3,400 direct and indirect jobs and add more than 800 megawatts of carbon-free electricity to the grid, generating billions of dollars in taxes and other economic activity, according to a study by The Brattle Group cited by Constellation.', 'Local media reported earlier this month that word of its possible revival had drawn some protesters.', 'Microsoft is not the only tech company that is turning to nuclear power as its energy needs expand.', 'Earlier this year, Amazon also signed a deal which involves purchasing nuclear energy to power a data centre.', 'Those plans are now under scrutiny by regulators.']",0.1524998264072731,The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand.,"It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.",0.6591911415259043,"The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements.","It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.",2024-09-24
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike,https://www.cnbc.com/2024/09/16/boeing-freezes-hiring-cost-cuts-factory-worker-strike.html,2024-09-16T16:50:14+0000,"In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work. The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal.""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade. That could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.",CNBC,16/09/2024,"['In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.', ""Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production."", 'The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff.', 'It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.', '""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""', 'However, our business is in a difficult period.', 'This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.', '""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work.', 'The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday.', ""He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal."", '""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.', ""On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade."", 'That could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.']",0.0055770563572381,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""","Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.",-0.4286157380450855,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. """,Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.,2024-09-24
Aldi price match at Tesco - dozens of goods not like-for-like,https://www.bbc.co.uk/news/articles/c0m0vrmlzgyo,2024-09-23T05:01:38.458Z,"Dozens of Tesco products price-matched to Aldi - such as chicken nuggets, cottage pie and blackcurrant squash - are not like-for-like, BBC Panorama has found. In the case of chicken nuggets, the Tesco product contained 39% chicken compared with 60% in the Aldi one. Of 122 Tesco products, 38 - nearly a third - had at least five percentage points less of the main ingredient than the Aldi products they had been matched to. Twelve Tesco products were found to have more of the main ingredient. Tesco told the BBC it constantly reviews the quality of its products and has clear processes in place to ensure its price-match products are comparable to Aldi. It also said a higher proportion of any one ingredient does not necessarily mean it is better quality. Consumer expert Kate Hardcastle says Panorama's findings are an example of “value engineering” which involves changing quantities of ingredients to reduce the price. Discount supermarkets like Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living. Aldi’s low prices have helped it overtake Morrisons as the UK’s fourth biggest supermarket. Tesco is not the only supermarket to offer products priced to match Aldi. Sainsbury’s, Morrisons and ASDA offer similar ranges, but Panorama found no clear evidence of a pattern of consistent differences in the proportions of main ingredients in their goods compared with the Aldi versions. Tesco matches Aldi’s prices on about 700 items out of its 30,000 product lines. They are usually low-priced everyday goods. Ingredients listed on 122 Tesco products price-matched to Aldi were analysed by Panorama in August. We found that Tesco chicken kievs, part of the supermarket's Hearty Food Co range, had 44% chicken, compared with 57% in the Aldi equivalent. In the same range, Tesco cottage pie had 18% beef, whereas Aldi Inspired Cuisine Cottage Pie had 25%. In the case of Tesco Hearty Food Co chicken nuggets, there was 39% chicken listed on the ingredients, but in Aldi Roosters Chicken Nuggets there was 60%. A can of Tesco Stockwell & Co Chilli Con Carne lists beef as making up 15% of its ingredients, while in Aldi Bramwells Chilli Con Carne the figure is 27%. Meanwhile, Tesco No Added Sugar DS Apple Blackcurrant Squash had 6% fruit juices from concentrate, while Aldi Sun Quench Double Strength Apple & Blackcurrant Squash had 20%. Reducing quantities of the most expensive element in a product - such as meat in a ready-meal lasagne - can make a significant difference to prices, says consumer expert Kate Hardcastle. “It's only when you [customers] flip it over and look at that tiny, tiny, font size to see you're not getting the same deal,” she explains. But not all of the Tesco price-match products analysed by Panorama had less of the main ingredient than Aldi equivalents. Twelve of the 122 Tesco comparisons had at least five percentage points more than Aldi’s. These included: Tesco said: “Since we launched our Aldi Price Match four years ago it has proved very popular with customers.” It added that all of its products carry information about ingredients so customers can make informed choices. Supermarket Deals: How Good Are They? As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions. But just how good are these deals? Watch now on BBC iPlayer or on BBC One on Monday 23 September at 20:00 (20:30 in Northern Ireland) Aldi’s most recent figures, published earlier this month, showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales. Price rises and new store openings drove much of the rise in earnings, but it also attracted new customers. However, the chain is now growing at a slower rate than most of its big rivals, including Lidl. This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back. It has more than 1,020 stores across the UK and employs 45,000 people. The vast majority of the products Aldi and Lidl sell are own-label. Last year, Giles Hurley, Aldi’s boss in the UK and Ireland, told the BBC products sold under a supermarket's own name now make up more than half of everything shoppers buy, by value. ""If you look in volume terms that figure is much bigger and at the moment own-label products are growing at twice the rate of branded goods,"" Mr Hurley said.  ""Why would [shoppers] go back?"" Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February. It has 2,800 stores and employs 330,000 staff. ",BBC,23/09/2024,"['Dozens of Tesco products price-matched to Aldi - such as chicken nuggets, cottage pie and blackcurrant squash - are not like-for-like, BBC Panorama has found.', 'In the case of chicken nuggets, the Tesco product contained 39% chicken compared with 60% in the Aldi one.', 'Of 122 Tesco products, 38 - nearly a third - had at least five percentage points less of the main ingredient than the Aldi products they had been matched to.', 'Twelve Tesco products were found to have more of the main ingredient.', 'Tesco told the BBC it constantly reviews the quality of its products and has clear processes in place to ensure its price-match products are comparable to Aldi.', 'It also said a higher proportion of any one ingredient does not necessarily mean it is better quality.', ""Consumer expert Kate Hardcastle says Panorama's findings are an example of “value engineering” which involves changing quantities of ingredients to reduce the price."", 'Discount supermarkets like Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living.', 'Aldi’s low prices have helped it overtake Morrisons as the UK’s fourth biggest supermarket.', 'Tesco is not the only supermarket to offer products priced to match Aldi.', 'Sainsbury’s, Morrisons and ASDA offer similar ranges, but Panorama found no clear evidence of a pattern of consistent differences in the proportions of main ingredients in their goods compared with the Aldi versions.', 'Tesco matches Aldi’s prices on about 700 items out of its 30,000 product lines.', 'They are usually low-priced everyday goods.', 'Ingredients listed on 122 Tesco products price-matched to Aldi were analysed by Panorama in August.', ""We found that Tesco chicken kievs, part of the supermarket's Hearty Food Co range, had 44% chicken, compared with 57% in the Aldi equivalent."", 'In the same range, Tesco cottage pie had 18% beef, whereas Aldi Inspired Cuisine Cottage Pie had 25%.', 'In the case of Tesco Hearty Food Co chicken nuggets, there was 39% chicken listed on the ingredients, but in Aldi Roosters Chicken Nuggets there was 60%.', 'A can of Tesco Stockwell & Co Chilli Con Carne lists beef as making up 15% of its ingredients, while in Aldi Bramwells Chilli Con Carne the figure is 27%.', 'Meanwhile, Tesco No Added Sugar DS Apple Blackcurrant Squash had 6% fruit juices from concentrate, while Aldi Sun Quench Double Strength Apple & Blackcurrant Squash had 20%.', 'Reducing quantities of the most expensive element in a product - such as meat in a ready-meal lasagne - can make a significant difference to prices, says consumer expert Kate Hardcastle. “', ""It's only when you [customers] flip it over and look at that tiny, tiny, font size to see you're not getting the same deal,” she explains."", 'But not all of the Tesco price-match products analysed by Panorama had less of the main ingredient than Aldi equivalents.', 'Twelve of the 122 Tesco comparisons had at least five percentage points more than Aldi’s.', 'These included: Tesco said: “Since we launched our Aldi Price Match four years ago it has proved very popular with customers.”', 'It added that all of its products carry information about ingredients so customers can make informed choices.', 'Supermarket Deals: How Good Are They?', 'As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions.', 'But just how good are these deals?', 'Watch now on BBC iPlayer or on BBC One on Monday 23 September at 20:00 (20:30 in Northern Ireland) Aldi’s most recent figures, published earlier this month, showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales.', 'Price rises and new store openings drove much of the rise in earnings, but it also attracted new customers.', 'However, the chain is now growing at a slower rate than most of its big rivals, including Lidl.', 'This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.', 'It has more than 1,020 stores across the UK and employs 45,000 people.', 'The vast majority of the products Aldi and Lidl sell are own-label.', 'Last year, Giles Hurley, Aldi’s boss in the UK and Ireland, told the BBC products sold under a supermarket\'s own name now make up more than half of everything shoppers buy, by value. ""', 'If you look in volume terms that figure is much bigger and at the moment own-label products are growing at twice the rate of branded goods,"" Mr Hurley said. ""', 'Why would [shoppers] go back?""', ""Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February."", 'It has 2,800 stores and employs 330,000 staff.']",0.1737318430242163,"As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",0.7328828923842486,"Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",2024-09-24
Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-24
Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-24
"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-24
"Royals really cost £510m, anti-monarchists say",https://www.bbc.co.uk/news/articles/cdxr2pk997no,2024-09-23T22:04:13.250Z,"The real cost of the Royal Family to taxpayers is £510m a year - nearly six times more than the £86m of state funding from the annual Sovereign Grant - anti-monarchy campaigners claim. The Republic group says its higher total includes other factors such as security, not counted in the Sovereign Grant, which it estimates as £150m. ""How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?"" said Republic's chief executive, Graham Smith. Keeper of the Privy Purse Sir Michael Stevens, who looks after the King's financial affairs, has previously spoken of the ""determination to deliver value for money"" in royal finances. The report on royal finances from Republic argues that state funding for the Royal Household, known as the Sovereign Grant, is only a fraction of the real cost to taxpayers. The anti-monarchists argue that in debates about public spending and tight finances, then the full picture of royal funding needs to be recognised. The biggest extra hidden cost claimed by Republic is for security for the royals, which isn't part of the calculation of the Sovereign Grant, which covers spending such as staffing, travel and the upkeep of royal buildings. The anti-monarchy campaign group says the government should provide an accurate figure for the cost of royal security. But in the absence of an official figure, the report estimates that £150m is ""indicative of a likely cost"", which they've based on press reports of security costs. The anti-monarchy group's £510m total also includes ""lost income"" to taxpayers. This includes £99m from the property businesses of the duchies of Lancaster and Cornwall, with the report saying that should go to the public purse, rather than funding the King and the Prince of Wales. A further £96m could be raised in revenue from royal residences if they were used for commercial purposes, claims the report. Other hidden costs claimed by the report include spending on royal visits by local authorities. Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"". A head of state should have running costs of £5m-£10m a year, it says, and the King should have an annual salary of £189,000, with increases pegged to that of the prime minister. Buckingham Palace has declined to comment on the report. But the latest accounts for the Sovereign Grant, published in July, show state funding for the Royal Household will remain at £86.3m for 2024-25 and rise to £132m in 2025-26. The level of funding is calculated against the profits of the Crown Estate, with next year's rise reflecting increased income from offshore wind farms. ""This is now the third year for which the Sovereign Grant has not increased by one single penny, despite the supplementary costs incurred by the change of reign and despite the double-digit inflationary pressures that have impacted on goods and services for all organisations in that same period,"" Sir Michael said earlier this year. ""What has remained constant is the determination to deliver value for money in ensuring the Royal Family are able to serve our communities to the best of their abilities, even in difficult personal circumstances."" As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade. In terms of public opinion on royal funding, a YouGov survey last month found 55% of those surveyed by YouGov viewed the monarchy as good value for money, while 30% saw it as poor value. But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young. ",BBC,23/09/2024,"['The real cost of the Royal Family to taxpayers is £510m a year - nearly six times more than the £86m of state funding from the annual Sovereign Grant - anti-monarchy campaigners claim.', 'The Republic group says its higher total includes other factors such as security, not counted in the Sovereign Grant, which it estimates as £150m. ""How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?""', ""said Republic's chief executive, Graham Smith."", 'Keeper of the Privy Purse Sir Michael Stevens, who looks after the King\'s financial affairs, has previously spoken of the ""determination to deliver value for money"" in royal finances.', 'The report on royal finances from Republic argues that state funding for the Royal Household, known as the Sovereign Grant, is only a fraction of the real cost to taxpayers.', 'The anti-monarchists argue that in debates about public spending and tight finances, then the full picture of royal funding needs to be recognised.', ""The biggest extra hidden cost claimed by Republic is for security for the royals, which isn't part of the calculation of the Sovereign Grant, which covers spending such as staffing, travel and the upkeep of royal buildings."", 'The anti-monarchy campaign group says the government should provide an accurate figure for the cost of royal security.', 'But in the absence of an official figure, the report estimates that £150m is ""indicative of a likely cost"", which they\'ve based on press reports of security costs.', 'The anti-monarchy group\'s £510m total also includes ""lost income"" to taxpayers.', 'This includes £99m from the property businesses of the duchies of Lancaster and Cornwall, with the report saying that should go to the public purse, rather than funding the King and the Prince of Wales.', 'A further £96m could be raised in revenue from royal residences if they were used for commercial purposes, claims the report.', 'Other hidden costs claimed by the report include spending on royal visits by local authorities.', 'Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".', 'A head of state should have running costs of £5m-£10m a year, it says, and the King should have an annual salary of £189,000, with increases pegged to that of the prime minister.', 'Buckingham Palace has declined to comment on the report.', 'But the latest accounts for the Sovereign Grant, published in July, show state funding for the Royal Household will remain at £86.3m for 2024-25 and rise to £132m in 2025-26.', 'The level of funding is calculated against the profits of the Crown Estate, with next year\'s rise reflecting increased income from offshore wind farms. ""', 'This is now the third year for which the Sovereign Grant has not increased by one single penny, despite the supplementary costs incurred by the change of reign and despite the double-digit inflationary pressures that have impacted on goods and services for all organisations in that same period,"" Sir Michael said earlier this year. ""', 'What has remained constant is the determination to deliver value for money in ensuring the Royal Family are able to serve our communities to the best of their abilities, even in difficult personal circumstances.""', 'As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade.', 'In terms of public opinion on royal funding, a YouGov survey last month found 55% of those surveyed by YouGov viewed the monarchy as good value for money, while 30% saw it as poor value.', 'But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young.']",0.1597409430174644,"But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young.","Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".",0.3989793121814727,"As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade.","Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".",2024-09-24
Nationwide to launch mortgages at six times' income for first-time buyers,https://www.bbc.co.uk/news/articles/c5y947573k5o,2024-09-23T11:30:03.490Z,"Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more. The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit. But it would only be available for those taking out a five or 10-year fixed-rate deal. With rates expected to fall, some may only want a loan with interest fixed for a shorter term. The uptake is expected to be concentrated in London and south east England. Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.  Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out. Competition between mortgage providers has intensified in recent months. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie. First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans. While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers. Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year. It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners. Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said. Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.  The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home. It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit. Read more here ",BBC,23/09/2024,"[""Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more."", 'The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit.', 'But it would only be available for those taking out a five or 10-year fixed-rate deal.', 'With rates expected to fall, some may only want a loan with interest fixed for a shorter term.', 'The uptake is expected to be concentrated in London and south east England.', 'Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.', 'Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.', 'Competition between mortgage providers has intensified in recent months.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie.', 'First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans.', ""While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers."", 'Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year.', 'It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""', 'It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners.', ""Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said."", 'Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.', 'The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.', 'It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit.', 'Read more here']",0.0945247610591138,"Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.","Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.",0.2581972703337669,"Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.","The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.",2024-09-24
Post Office IT system still causing cash shortfalls,https://www.bbc.co.uk/news/articles/cj6ez6p567do,2024-09-23T09:02:55.487Z,"Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed. It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history. A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money. An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts. Despite this, a version of the Horizon IT system is still in use in UK Post Offices. In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls. YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it. It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months."" One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance."" The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions. YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William. It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded. In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""Hearing directly from former and current postmasters is an important part of this work. We are determined to learn lessons from the past and improve the organisation."" On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters. In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"". Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""I think it's an insult,"" he said. ""A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me."" YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS). It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme. Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""There was a sense that the process was too long, with a lack of transparency."" The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon. This group will be offered a fixed payment of £75,000. It is one of three compensation schemes available to more than 4,000 people affected by the scandal. The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme. Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme. The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation. However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"". Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey. He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch. He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up. Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly. Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters. The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said. ",BBC,23/09/2024,"['Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed.', 'It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history.', ""A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money."", 'An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts.', 'Despite this, a version of the Horizon IT system is still in use in UK Post Offices.', 'In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.', 'YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it.', 'It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months.""', 'One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance.""', 'The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.', 'YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William.', 'It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded.', 'In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""', 'Hearing directly from former and current postmasters is an important part of this work.', 'We are determined to learn lessons from the past and improve the organisation.""', 'On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters.', 'In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"".', 'Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""', 'I think it\'s an insult,"" he said. ""', 'A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me.""', 'YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS).', 'It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme.', 'Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""', 'Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""', 'There was a sense that the process was too long, with a lack of transparency.""', 'The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon.', 'This group will be offered a fixed payment of £75,000.', 'It is one of three compensation schemes available to more than 4,000 people affected by the scandal.', 'The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme.', 'Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme.', 'The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation.', 'However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"".', 'Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""', 'We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey.', 'He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch.', 'He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up.', 'Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly.', 'Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters.', 'The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""', 'The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said.']",-0.053953470238909,"In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""","The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.",-0.6514355795724052,"We are determined to learn lessons from the past and improve the organisation.""",In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.,2024-09-24
Telegram will now provide some user data to authorities,https://www.bbc.co.uk/news/articles/cvglp0xny3eo,2024-09-23T22:32:24.428Z,"The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests. The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued. The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris. Days later, prosecutors there charged him with enabling criminal activity on the platform. Allegations against him include complicity in spreading child abuse images and trafficking of drugs. He was also charged with failing to comply with law enforcement. Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided."" Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members. Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.  Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities. Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia. The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet. After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab.  He says this latest policy change is already being greeted with even more alarm in many communities. ""Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said.  ""Many are now scrutinizing Telegram's announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?"" Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added. Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps. Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media. On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results. But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.  In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added. Ms Keller questioned whether the company's changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.  ",BBC,23/09/2024,"[""The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests."", 'The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “', 'While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued.', 'The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.', 'Days later, prosecutors there charged him with enabling criminal activity on the platform.', 'Allegations against him include complicity in spreading child abuse images and trafficking of drugs.', 'He was also charged with failing to comply with law enforcement.', 'Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided.""', 'Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members.', 'Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.', 'Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities.', 'Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia.', 'The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet.', ""After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab."", 'He says this latest policy change is already being greeted with even more alarm in many communities. ""', 'Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""', 'Many are now scrutinizing Telegram\'s announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?""', 'Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added.', 'Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps.', 'Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media.', 'On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results.', 'But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “', 'Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.', 'In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.', 'Ms Keller questioned whether the company\'s changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""', 'It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.']",-0.1976573562373329,"Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""","In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.",-0.2488370835781097,"The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.","It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.",2024-09-24
"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-24
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-24
Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-24
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-24
"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-24
"Charter rolls out new Spectrum pricing and internet speeds, aims to 'be a better service operator'",https://www.cnbc.com/2024/09/16/charter-new-pricing-internet-speeds.html,2024-09-16T16:52:32+0000,"In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum's new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.""It is hard to be loved when you're providing a critical service to the household that's a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber.""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV. The company is also increasing the baseline internet speed for current customers at no additional cost.The company also said it's planning to be upfront about costs. Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said. Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past.In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours. Service issues such as those caused by weather, natural disasters or power outages don't count.Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said.""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out.""The announced changes are some of Charter's biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016. Winfrey was CFO at the time and spearheaded the mergers.Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.""For all the value that the industry's brought over the years, and the service and reliability investments that we've made, we haven't always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.Winfrey had been a low-key and not widely known executive in the media industry, but he started off swinging.At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network. The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.Charter's stock price has fluctuated greatly in recent years. On Sept. 12, 2021, the stock price was $787.12. It closed at $340.17 on Friday.That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports. Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson. Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018. Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.""For wireless, the 'Spectrum One' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.Winfrey doesn't expect ARPU to be affected by the new promotions.""When I think about Wall Street, I think about the customer,"" Winfrey said. ""If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.""Customers have been dropping pay TV rapidly across all providers, including Charter. But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership.The biggest moment came in 2023 when Disney-owned networks went dark for Charter's customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.For Charter, the sticking point wasn't just the fees. The company wanted Disney's ad-supported streaming options to be part of its TV offering.Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms. Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability.""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""They had to be the leader in the space, and we knew that.""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages. In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.""I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision's Vix.The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals. That's relatively uncommon in an industry where carriage negotiations often come down to the wire.Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast. The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.""We still have hurdles to get through,"" Winfrey said, noting that Charter's goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal's Peacock is still not part of that roster, however. A Charter representative said the company doesn't discuss renewals and declined to comment.Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.",CNBC,16/09/2024,"['In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.', 'The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.', 'Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum\'s new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.', '""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.', '""It is hard to be loved when you\'re providing a critical service to the household that\'s a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""', ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber."", '""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.', 'Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV.', 'The company is also increasing the baseline internet speed for current customers at no additional cost.', ""The company also said it's planning to be upfront about costs."", 'Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said.', ""Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past."", ""In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours."", ""Service issues such as those caused by weather, natural disasters or power outages don't count."", ""Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said."", '""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""', ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out."", '""The announced changes are some of Charter\'s biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016.', 'Winfrey was CFO at the time and spearheaded the mergers.', 'Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.', '""For all the value that the industry\'s brought over the years, and the service and reliability investments that we\'ve made, we haven\'t always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.', 'He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.', 'Winfrey had been a low-key and not widely known executivein the media industry, but he started off swinging.', 'At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network.', 'The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.', ""Charter's stock price has fluctuated greatly in recent years."", 'On Sept. 12, 2021, the stock price was $787.12.', 'It closed at $340.17 on Friday.', ""That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports."", 'Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.', 'The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.', 'Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.', ""While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018."", 'Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.', 'In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.', '""For wireless, the \'Spectrum One\' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""', 'Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.', '""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.', ""Winfrey doesn't expect ARPU to be affected by the new promotions."", '""When I think about Wall Street, I think about the customer,"" Winfrey said. ""', 'If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.', '""Customers have been dropping pay TV rapidly across all providers, including Charter.', ""But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership."", 'The biggest moment came in 2023 when Disney-owned networks went dark for Charter\'s customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.', 'While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.', ""For Charter, the sticking point wasn't just the fees."", ""The company wanted Disney's ad-supported streaming options to be part of its TV offering."", 'Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms.', ""Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability."", '""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""', 'They had to be the leader in the space, and we knew that.', '""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages.', 'In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.', '""I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision\'s Vix.', 'The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.', 'The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals.', ""That's relatively uncommon in an industry where carriage negotiations often come down to the wire."", 'Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast.', 'The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.', '""We still have hurdles to get through,"" Winfrey said, noting that Charter\'s goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal\'s Peacock is still not part of that roster, however.', ""A Charter representative said the company doesn't discuss renewals and declined to comment."", 'Disclosure:Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.']",0.091411589908943,"If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.","The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.",0.1384296152326795,"Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.","The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.",2024-09-24
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-24
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-24
Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-24
"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-24
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-24
FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. 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.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-24
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-24
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-24
"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-24
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,2024-09-24T13:09:04+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 the union said that doesn't give it enough time to present details to members or ""secure all voting locations.""It said the company ""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 the union said that doesn\'t give it enough time to present details to members or ""secure all voting locations.', '""It said the company ""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.']",0.0895708949602167,"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.",2024-09-24
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-24
'Stop ripping us off': Novo Nordisk CEO defends weight loss drug pricing during Senate grilling,https://www.cnbc.com/2024/09/24/novo-nordisk-ceo-to-testify-at-senate-over-weight-loss-drug-prices.html,2024-09-24T16:34:17+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's 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's 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.",-0.0709392746289571,"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.",2024-09-24
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-24
JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-24
Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-24
University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-24
Will the US presidential election define the future of crypto?,https://www.bbc.co.uk/news/articles/c0lwgn9p8z4o,2024-09-22T10:09:41.343Z,"The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC. The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce. It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws. In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate. The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration. Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves. This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”. It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar. Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years. In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.  Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.  The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler. He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created. This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler. Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year. Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”. Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings. “Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”. The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals. However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow. Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers. Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”. With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses. By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit  Public Citizen.  The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”. They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds. ",BBC,22/09/2024,"['The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.', 'The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.', 'It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.', 'In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.', 'The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.', 'Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.', 'This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.', 'It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.', ""Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president."", 'The White House has led a sweeping crackdown on crypto firms in recent years.', 'In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.', 'Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine.', 'He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.', 'The SEC also has a case against Binance going through the courts.', 'It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “', ""This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler."", 'He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.', 'This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “', 'Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.', 'Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.', 'Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.', 'Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “', ""I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase."", 'He has been at these meetings. “', 'Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here.', ""And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”"", 'He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.', 'The clampdown on cryptocurrencies in the US this year has been mirrored in Europe.', 'In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.', 'However, other regulators are being slower to act.', 'The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.', 'Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate.', 'Its critics argue it will give less protection to consumers.', 'Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.”', 'He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.', 'With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.', 'By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.', 'The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.', 'They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.']",0.0638609857628909,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.",0.1063451100798214,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.",2024-09-24
'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.",2024-09-24
California sues ExxonMobil over plastics recycling 'deception',https://www.bbc.co.uk/news/articles/cp8elg6ezlko,2024-09-23T21:13:07.342Z,"California's attorney general is suing ExxonMobil, alleging the oil giant engaged in a “decades-long campaign of deception” about the effectiveness of plastics recycling.  In the civil lawsuit filed on Monday, Attorney General Rob Bonta accused Exxon of contributing to a ""deluge"" of plastic pollution, while telling Californians that recycling was a fix.  ""For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.  In a statement, Exxon blamed California for an inefficient recycling programme.  ""For decades, California officials have known their recycling system isn't effective. They failed to act, and now they seek to blame others. Instead of suing us, they could have worked with us to fix the problem and keep plastic out of landfills,"" the company said in a statement.  An Exxon spokesperson added that the company had processed more than 60 million pounds (27 million kilograms) of plastic waste into usable raw materials, ""keeping it out of landfills"". Bonta's office said the case marks the first time US officials have attempted to hold a gas or oil company accountable for deceptive claims about plastics recycling.  California is seeking an unspecified amount of money that Bonta said could come to  as much as “multiple billions of dollars"". “ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said. Last year, Bonta sued ExxonMobil as well as four other oil giants for compensation over climate change damages.  The most recent lawsuit, filed in San Francisco County Superior Court, comes after a nearly two-year investigation by Bonta's office into the fossil fuel and petrochemical industries and global plastics pollution. ExxonMobil is the world's largest producer of resins used for single-use plastics, according a report by Australia's Minderoo Foundation.   Bonta alleged that, through its marketing, the company was promoting its ""advanced recycling"" programme to the public as a solution to plastic waste, while knowing that the company would ""never be able to process more than a tiny fraction of the plastic waste it produces"".  The 147-page suit alleges that nearly all of plastic waste processed by the company has been turned into fuel instead of recycled plastic.  The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said. The world produces over 400 million tons of plastic each year, but only 9% is recycled, according to a 2022 report from the Organisation for Economic Co-operation and Development. ",BBC,23/09/2024,"[""California's attorney general is suing ExxonMobil, alleging the oil giant engaged in a “decades-long campaign of deception” about the effectiveness of plastics recycling."", 'In the civil lawsuit filed on Monday, Attorney General Rob Bonta accused Exxon of contributing to a ""deluge"" of plastic pollution, while telling Californians that recycling was a fix. ""', 'For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.', 'In a statement, Exxon blamed California for an inefficient recycling programme. ""', ""For decades, California officials have known their recycling system isn't effective."", 'They failed to act, and now they seek to blame others.', 'Instead of suing us, they could have worked with us to fix the problem and keep plastic out of landfills,"" the company said in a statement.', 'An Exxon spokesperson added that the company had processed more than 60 million pounds (27 million kilograms) of plastic waste into usable raw materials, ""keeping it out of landfills"".', ""Bonta's office said the case marks the first time US officials have attempted to hold a gas or oil company accountable for deceptive claims about plastics recycling."", 'California is seeking an unspecified amount of money that Bonta said could come to as much as “multiple billions of dollars"". “', 'ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said.', 'Last year, Bonta sued ExxonMobil as well as four other oil giants for compensation over climate change damages.', ""The most recent lawsuit, filed in San Francisco County Superior Court, comes after a nearly two-year investigation by Bonta's office into the fossil fuel and petrochemical industries and global plastics pollution."", ""ExxonMobil is the world's largest producer of resins used for single-use plastics, according a report by Australia's Minderoo Foundation."", 'Bonta alleged that, through its marketing, the company was promoting its ""advanced recycling"" programme to the public as a solution to plastic waste, while knowing that the company would ""never be able to process more than a tiny fraction of the plastic waste it produces"".', 'The 147-page suit alleges that nearly all of plastic waste processed by the company has been turned into fuel instead of recycled plastic.', 'The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said.', 'The world produces over 400 million tons of plastic each year, but only 9% is recycled, according to a 2022 report from the Organisation for Economic Co-operation and Development.']",-0.2405815919038983,"For decades, California officials have known their recycling system isn't effective.","The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said.",-0.6785965383052825,"For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.","ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,"" he said.",2024-09-24
Caroline Ellison sentenced to two years in FTX crypto fraud,https://www.bbc.co.uk/news/articles/cdd4e2931q3o,2024-09-24T20:46:00.495Z,"Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history. Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers. As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried. She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution.  She had faced a maximum sentence 55 times what she was given - 110 years in prison.  While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters. In court, Ellison apologised to the victims of the scheme, according US media reports. ""On some level, my brain can't even comprehend the scale of the harm that I caused,"" she said. FTX was founded in 2019. Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn). Its apparent success turned Bankman-Fried into a billionaire and business celebrity. But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes. He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations. Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas. The on-and-off couple built the dual empire of FTX and Alameda Research.  While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial. Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge.  In tearful testimony, she said she felt ""indescribably bad"" about the fraud. Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried. Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail. The US Attorney's office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse. In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison. Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business. ",BBC,24/09/2024,"['Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.', 'Ellison, 29, was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers.', 'As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried.', ""She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution."", 'She had faced a maximum sentence 55 times what she was given - 110 years in prison.', 'While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.', 'In court, Ellison apologised to the victims of the scheme, according US media reports. ""', 'On some level, my brain can\'t even comprehend the scale of the harm that I caused,"" she said.', 'FTX was founded in 2019.', 'Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn).', 'Its apparent success turned Bankman-Fried into a billionaire and business celebrity.', ""But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", ""He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations."", ""Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas."", 'The on-and-off couple built the dual empire of FTX and Alameda Research.', 'While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial.', ""Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge."", 'In tearful testimony, she said she felt ""indescribably bad"" about the fraud.', ""Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried."", ""Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail."", 'The US Attorney\'s office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse.', ""In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison."", 'Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business.']",-0.2408931154579738,"While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.","Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.",-0.2190390924612681,Its apparent success turned Bankman-Fried into a billionaire and business celebrity.,"But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-09-24
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.",2024-09-24
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-24
CrowdStrike: What was the impact of the global IT outage,https://www.bbc.co.uk/news/articles/cr54m92ermgo,2024-09-23T23:18:25.383Z,"GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales. Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.  A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world. Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday. He will speak of being ""deeply sorry"" about what happened, and his company's determination to ""prevent it from happening again."" But what was it like for those on the sharp end of the crisis? Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""It was a very difficult period of time with very little help and support,"" he said. For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies. The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper. At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday.  He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers. In some cases, this would have been delayed by ""three or four days"". ""You have to prioritise those and send them as soon as possible,"" he said.  ""All the referrals we do are done electronically - that couldn’t happen."" Elsewhere, the BMA said there were also major problems in Northern Ireland. Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O'Hagan, the chair of BMA's Northern Ireland GP committee. ""We couldn't do anything for most people,"" she said. ""We just had to take it on the chin and get on with it."" She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.  The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage. It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked. Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future. In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.  A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours. NHS England did not comment.  The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents. On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics. Adam Zoller is in charge of cyber security for the company. He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours. The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have."" Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage. Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed.  After being taken to and from the airport several times in the next few days, they managed to fly home on Monday. Melanie said passengers were given no food, and some ran out of medication. ""It totally ruined what should have been our dream holiday,"" she said.  ""We have lovely memories, but we came back absolutely shattered. It was complete chaos."" Their provider Tui gave them a £400 voucher. As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away. Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children. When they were on the tarmac, the flight was cancelled. Laura told the BBC there was no information, no return of bags, and no plan. They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets. The family paid £560 out of their own pockets to fly back to the UK a few days later.  Tui has given them a £600 voucher. ""I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked. In a statement, Tui apologised to its customers. But the travel company was not the only one with problems. Delta Airlines in the United States faced a huge impact. It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions. Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action. She estimates to have lost about £600 in sales. ""It is extremely worrying,"" she said.  ""I am a sole trader - I can’t have this happening again."" Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website. She estimates the outage cost her £1,000. ""It showed how many systems worldwide had put their eggs in one basket,"" she said. ""When one link in the chain fails, everything else goes down.  ""Is there enough choice out there for providers, or was CrowdStrike the only option?"" ",BBC,23/09/2024,"[""GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales."", 'Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.', 'A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world.', 'Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday.', 'He will speak of being ""deeply sorry"" about what happened, and his company\'s determination to ""prevent it from happening again.""', 'But what was it like for those on the sharp end of the crisis?', 'Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""', 'It was a very difficult period of time with very little help and support,"" he said.', 'For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies.', 'The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper.', ""At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday."", 'He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers.', 'In some cases, this would have been delayed by ""three or four days"". ""', 'You have to prioritise those and send them as soon as possible,"" he said. ""', 'All the referrals we do are done electronically - that couldn’t happen.""', 'Elsewhere, the BMA said there were also major problems in Northern Ireland.', 'Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O\'Hagan, the chair of BMA\'s Northern Ireland GP committee. ""', 'We couldn\'t do anything for most people,"" she said. ""', 'We just had to take it on the chin and get on with it.""', 'She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.', 'The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.', 'It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked.', 'Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future.', 'In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.', 'A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours.', 'NHS England did not comment.', 'The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents.', 'On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics.', 'Adam Zoller is in charge of cyber security for the company.', 'He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours.', 'The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""', 'CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have.""', 'Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage.', ""Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed."", 'After being taken to and from the airport several times in the next few days, they managed to fly home on Monday.', 'Melanie said passengers were given no food, and some ran out of medication. ""', 'It totally ruined what should have been our dream holiday,"" she said. ""', 'We have lovely memories, but we came back absolutely shattered.', 'It was complete chaos.""', 'Their provider Tui gave them a £400 voucher.', 'As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away.', 'Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children.', 'When they were on the tarmac, the flight was cancelled.', 'Laura told the BBC there was no information, no return of bags, and no plan.', 'They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets.', 'The family paid £560 out of their own pockets to fly back to the UK a few days later.', 'Tui has given them a £600 voucher. ""', 'I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked.', 'In a statement, Tui apologised to its customers.', 'But the travel company was not the only one with problems.', 'Delta Airlines in the United States faced a huge impact.', 'It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions.', 'Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action.', 'She estimates to have lost about £600 in sales. ""', 'It is extremely worrying,"" she said. ""', 'I am a sole trader - I can’t have this happening again.""', 'Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website.', 'She estimates the outage cost her £1,000. ""', 'It showed how many systems worldwide had put their eggs in one basket,"" she said. ""', 'When one link in the chain fails, everything else goes down. ""', 'Is there enough choice out there for providers, or was CrowdStrike the only option?""']",-0.0723159065022228,Delta Airlines in the United States faced a huge impact.,"She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.",-0.8535666853189469,"The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.","She estimates to have lost about £600 in sales. """,2024-09-24
Superdry boss says UK should make Shein pay more tax,https://www.bbc.co.uk/news/articles/ckgny3vm6d1o,2024-09-23T23:00:32.578Z,"The boss of the clothing chain Superdry says its rival Shein is being allowed to ""dodge tax"", and is urging the government to take action. Julian Dunkerton told the BBC the fast fashion giant was enjoying an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions. The Treasury said tax policies had to balance the interests of consumers and retailers.  However, Mr Dunkerton said it would be in the UK's interests to get rid of this tax ""loophole"". “The rules weren’t made for a company sending individual parcels [and] having a billion-pound turnover in the UK without paying any tax,” said Mr Dunkerton, founder and chief executive of Superdry. ""We’re allowing somebody to come in and be a tax avoider, essentially.""  Shipments worth less than £135 that are sent directly to UK shoppers do not face import duties, but firms bringing in larger consignments do.  Before the arrival of a globalised online marketplace the exemption had limited impact, but retailers in the US and EU are now increasingly being undercut by low-cost Chinese rivals, and state treasuries are missing out on potential tax take. Mr Dunkerton also described Shein as a ""complete environmental disaster"". ""Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC. Shein has previously said it complies fully with all its UK tax liabilities. Mr Dunkerton is not the only retail boss to criticise how the import duty system works. In July, the boss of Sainsbury's, Simon Roberts, said ""all retailers should be working on the same basis"". About 20% of Sainsbury's sales comes from non-food items, and Mr Roberts said: ""I want to make sure that the loopholes that are currently in place are closed for some of the businesses that aren't paying tax in the right way, so it's a level playing field for everybody."" In March, the boss of Next, Lord Wolfson, also called for the government to look at the import duty system. Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices. The BBC understands that the firm filed initial documents for a London listing earlier this year, after a potential New York listing came under fire from both Republican and Democrat politicians. US lawmakers were concerned over the company's ""deep ties to the People’s Republic of China"". It has also been accused of using forced labour in parts of its supply chains, which it denies. It told the BBC it has a ""zero tolerance for forced labour"". Shein says its ""test and repeat"" approach, producing items in small batches and then reordering according to customer demand, means there is less waste, compared to traditional retailers. But it has been criticised for encouraging shoppers to buy items to wear once and discard, through its low prices and ""gamified"" social media strategy. The US and the EU are already looking at whether to tighten tax policies to bring Shein and other direct-to-consumer businesses, like Chinese retailer Temu, into the net. Shein has previously argued its success was not down to tax exemptions but was due to providing customers with affordable fashion. An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses."" VAT - value added tax - was charged at the same rate on all goods irrespective of their origin or value, they added. Mr Dunkerton founded Superdry more than 20 years ago. Its distinctive Japanese-style T-shirts were once worn by Hollywood actors and sports stars and, at its peak in 2018, the company was valued at £1.8bn. But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years. Its shares now trade on an alternative exchange and the company is valued at less than £10m. Mr Dunkerton says he is still working to turn the firm's fortunes around, and he confirmed he would try again to take the company private. You can hear the full interview with Superdry boss Julian Dunkerton on Wake Up To Money on BBC Sounds. ",BBC,23/09/2024,"['The boss of the clothing chain Superdry says its rival Shein is being allowed to ""dodge tax"", and is urging the government to take action.', 'Julian Dunkerton told the BBC the fast fashion giant was enjoying an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas.', 'Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions.', 'The Treasury said tax policies had to balance the interests of consumers and retailers.', 'However, Mr Dunkerton said it would be in the UK\'s interests to get rid of this tax ""loophole"". “', 'The rules weren’t made for a company sending individual parcels [and] having a billion-pound turnover in the UK without paying any tax,” said Mr Dunkerton, founder and chief executive of Superdry. ""', 'We’re allowing somebody to come in and be a tax avoider, essentially.""', 'Shipments worth less than £135 that are sent directly to UK shoppers do not face import duties, but firms bringing in larger consignments do.', 'Before the arrival of a globalised online marketplace the exemption had limited impact, but retailers in the US and EU are now increasingly being undercut by low-cost Chinese rivals, and state treasuries are missing out on potential tax take.', 'Mr Dunkerton also described Shein as a ""complete environmental disaster"". ""', 'Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC.', 'Shein has previously said it complies fully with all its UK tax liabilities.', 'Mr Dunkerton is not the only retail boss to criticise how the import duty system works.', 'In July, the boss of Sainsbury\'s, Simon Roberts, said ""all retailers should be working on the same basis"".', 'About 20% of Sainsbury\'s sales comes from non-food items, and Mr Roberts said: ""I want to make sure that the loopholes that are currently in place are closed for some of the businesses that aren\'t paying tax in the right way, so it\'s a level playing field for everybody.""', 'In March, the boss of Next, Lord Wolfson, also called for the government to look at the import duty system.', 'Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices.', 'The BBC understands that the firm filed initial documents for a London listing earlier this year, after a potential New York listing came under fire from both Republican and Democrat politicians.', 'US lawmakers were concerned over the company\'s ""deep ties to the People’s Republic of China"".', 'It has also been accused of using forced labour in parts of its supply chains, which it denies.', 'It told the BBC it has a ""zero tolerance for forced labour"".', 'Shein says its ""test and repeat"" approach, producing items in small batches and then reordering according to customer demand, means there is less waste, compared to traditional retailers.', 'But it has been criticised for encouraging shoppers to buy items to wear once and discard, through its low prices and ""gamified"" social media strategy.', 'The US and the EU are already looking at whether to tighten tax policies to bring Shein and other direct-to-consumer businesses, like Chinese retailer Temu, into the net.', 'Shein has previously argued its success was not down to tax exemptions but was due to providing customers with affordable fashion.', 'An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses.""', 'VAT - value added tax - was charged at the same rate on all goods irrespective of their origin or value, they added.', 'Mr Dunkerton founded Superdry more than 20 years ago.', 'Its distinctive Japanese-style T-shirts were once worn by Hollywood actors and sports stars and, at its peak in 2018, the company was valued at £1.8bn.', 'But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years.', ""Its shares now trade on an alternative exchange and the company is valued at less than £10m. Mr Dunkerton says he is still working to turn the firm's fortunes around, and he confirmed he would try again to take the company private."", 'You can hear the full interview with Superdry boss Julian Dunkerton on Wake Up To Money on BBC Sounds.']",0.0342380908874015,"Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions.","It has also been accused of using forced labour in parts of its supply chains, which it denies.",0.1467626636678522,"An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses.""","But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years.",2024-09-24
Post Office IT system still causing cash shortfalls,https://www.bbc.co.uk/news/articles/cj6ez6p567do,2024-09-23T09:02:55.487Z,"Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed. It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history. A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money. An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts. Despite this, a version of the Horizon IT system is still in use in UK Post Offices. In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls. YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it. It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months."" One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance."" The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions. YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William. It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded. In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""Hearing directly from former and current postmasters is an important part of this work. We are determined to learn lessons from the past and improve the organisation."" On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters. In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"". Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""I think it's an insult,"" he said. ""A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me."" YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS). It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme. Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""There was a sense that the process was too long, with a lack of transparency."" The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon. This group will be offered a fixed payment of £75,000. It is one of three compensation schemes available to more than 4,000 people affected by the scandal. The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme. Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme. The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation. However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"". Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey. He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch. He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up. Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly. Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters. The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said. ",BBC,23/09/2024,"['Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed.', 'It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history.', ""A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money."", 'An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts.', 'Despite this, a version of the Horizon IT system is still in use in UK Post Offices.', 'In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.', 'YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it.', 'It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months.""', 'One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance.""', 'The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.', 'YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William.', 'It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded.', 'In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""', 'Hearing directly from former and current postmasters is an important part of this work.', 'We are determined to learn lessons from the past and improve the organisation.""', 'On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters.', 'In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"".', 'Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""', 'I think it\'s an insult,"" he said. ""', 'A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me.""', 'YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS).', 'It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme.', 'Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""', 'Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""', 'There was a sense that the process was too long, with a lack of transparency.""', 'The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon.', 'This group will be offered a fixed payment of £75,000.', 'It is one of three compensation schemes available to more than 4,000 people affected by the scandal.', 'The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme.', 'Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme.', 'The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation.', 'However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"".', 'Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""', 'We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey.', 'He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch.', 'He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up.', 'Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly.', 'Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters.', 'The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""', 'The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said.']",-0.053953470238909,"In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""","The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.",-0.6514355795724052,"We are determined to learn lessons from the past and improve the organisation.""",In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.,2024-09-24
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.",2024-09-24
JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-24
"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-24
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-24
"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-24
Selfridges boss denies knowledge of Fayed allegations,https://www.bbc.co.uk/news/articles/c0e1g2v4nnyo,2024-09-23T15:06:17.324Z,"Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods. He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour. The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996. He left in 2002. He is one of a number of former directors of Harrods under Fayed who have senior roles in business today. The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them. Dozens more women have been in touch since the programme aired. Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations. He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on. My thoughts are very much with the victims.” The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland. It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn. Mr Maeder is also president of the world department store trade association, the IDSG. Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.  ",BBC,23/09/2024,"['Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods.', 'He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour.', 'The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996.', 'He left in 2002.', 'He is one of a number of former directors of Harrods under Fayed who have senior roles in business today.', 'The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.', 'Dozens more women have been in touch since the programme aired.', 'Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.', 'He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on.', 'My thoughts are very much with the victims.”', ""The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland."", 'It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn.', 'Mr Maeder is also president of the world department store trade association, the IDSG.', 'Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.']",-0.2419940479942611,"The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland.","The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.",-0.8814018368721008,,"Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.",2024-09-24
Nike and Sky ads banned over misleading tactics,https://www.bbc.co.uk/news/articles/cvg3q8rjzlro,2024-09-24T23:04:36.664Z,"Last December, a social media ad featured a pair of trainers against a plain white background and the caption ""Now just £26 at Nike!""  But when shoppers clicked through to find the shoes, they were only available in older children's sizes. On Tuesday, the Advertising Standards Authority (ASA) banned the Nike advert and another from Sky which the regulator said was similar. The ASA is cracking down on online ads like these, saying their structure misleads customers. Both companies defend the adverts. Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer. The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.  In fact, the trainers were only available in sizes UK3 to UK6. And, because children's shoes attract no VAT, the discounted price is less of a bargain. The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints. Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics. These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.  Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.  Consumer group Which? said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".  In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.  Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period. Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour. The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said. Sky said it believed the presentation of the ad was clear, legible and immediately visible.  It added that the concept of a seven-day free trial was so widely understood that it was not misleading. Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself. However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way. The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months. The ASA said the health benefit and cost savings claims made in the ad could not be substantiated. ",BBC,24/09/2024,"['Last December, a social media ad featured a pair of trainers against a plain white background and the caption ""Now just £26 at Nike!""', ""But when shoppers clicked through to find the shoes, they were only available in older children's sizes."", 'On Tuesday, the Advertising Standards Authority (ASA) banned the Nike advert and another from Sky which the regulator said was similar.', 'The ASA is cracking down on online ads like these, saying their structure misleads customers.', 'Both companies defend the adverts.', ""Nike's ad featured an exploding head emoji and a black heart emoji, to emphasise what a great deal was on offer."", 'The ASA said this would lead browsers to expect a significant discount and assume the shoes must be available in a range of sizes.', 'In fact, the trainers were only available in sizes UK3 to UK6.', ""And, because children's shoes attract no VAT, the discounted price is less of a bargain."", 'The ASA said it was investigating the way firms used this kind of ""online choice architecture"" after receiving complaints.', 'Brands often use strategies that prompt people to click on an ad, but hide or delay key information until later in the process, a set of tools dubbed ""dark pattern"" tactics.', 'These can include the charging of small fees added along the purchasing process known as ""drip pricing"" and other ways that reduce price transparency for customers.', 'Sometimes ads refer to limited supply or limited time on a deal, to increase the pressure to buy.', 'Consumer group Which?', 'said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".', 'In the case of Sky, the ASA criticised the way subscription options were presented to customers signing up for streaming service Now TV, which belongs to Sky.', 'Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.', 'Although the conditions of the free trial were stated, the ASA said the information was in a smaller font and a less prominent colour.', 'The text was also underneath the button to proceed, making it likely that people would miss it, the ASA said.', 'Sky said it believed the presentation of the ad was clear, legible and immediately visible.', 'It added that the concept of a seven-day free trial was so widely understood that it was not misleading.', 'Nike said the ad for its shoes had been created and published by The Sole Supplier, an online footwear marketplace, without any input or oversight from the sportswear giant itself.', 'However, Nike argued a reasonable consumer would assume there would be a limit on availability in some way.', 'The ASA also banned an ad from the food replacement firm Huel, the third of their ads to be banned in the last two months.', 'The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.']",0.0386257369141672,Customers who signed up found that free trials for its Cinema and Boost services were automatically added to their basket and would auto-renew for a fee unless cancelled at the end of the seven-day free trial period.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",-0.0979085299703809,The ASA said the health benefit and cost savings claims made in the ad could not be substantiated.,"said last year that ""dark patterns can leave consumers feeling manipulated or annoyed and in some cases may cause financial harm"".",2024-09-24
US accuses Visa of debit card monopoly,https://www.bbc.co.uk/news/articles/c05gn932y38o,2024-09-24T19:21:58.213Z,"The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market. It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.  The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses. Visa said the claims were ""meritless"" and it would defend itself in court.  Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “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,"" she said.   ""This lawsuit is meritless, and we will defend ourselves vigorously.” The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.  The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia.  The Department of Justice started investigating Visa in 2021.  The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually. As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.  Attorney General Merrick Garland said Visa's dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.” Shares in the firm fell more than 5%. The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that required businesses to commit to routing a certain volume of transactions to the Visa network or face higher fees - effectively creating illegal ""exclusive deals"".  It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.   The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.  It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.  George Alan Hay, a professor at Cornell Law School and expert in antitrust law, said the case was not radical, but would still be a challenge for the government. Among the sore points, he said, would be the question of how the debit card market is defined - and whether 60% is enough to constitute a monopoly. ""It's going to be difficult,"" he said. He added that Visa, after facing scrutiny from regulators for decades, will have anticipated litigation while structuring its fees. ""They're going to have answers,"" he said. ""It's not like this is sprung on them by surprise."" ",BBC,24/09/2024,"['The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.', 'It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.', 'The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.', 'Visa said the claims were ""meritless"" and it would defend itself in court.', 'Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “', '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,"" she said. ""', 'This lawsuit is meritless, and we will defend ourselves vigorously.”', 'The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.', ""The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia."", 'The Department of Justice started investigating Visa in 2021.', 'The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually.', 'As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.', 'Attorney General Merrick Garland said Visa\'s dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “', 'Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""', 'As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”', 'Shares in the firm fell more than 5%.', 'The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that required businesses to commit to routing a certain volume of transactions to the Visa network or face higher fees - effectively creating illegal ""exclusive deals"".', 'It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.', 'The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.', 'It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.', 'George Alan Hay, a professor at Cornell Law School and expert in antitrust law, said the case was not radical, but would still be a challenge for the government.', 'Among the sore points, he said, would be the question of how the debit card market is defined - and whether 60% is enough to constitute a monopoly. ""', 'It\'s going to be difficult,"" he said.', 'He added that Visa, after facing scrutiny from regulators for decades, will have anticipated litigation while structuring its fees. ""', 'They\'re going to have answers,"" he said. ""', 'It\'s not like this is sprung on them by surprise.""']",0.0374825083101843,The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.,It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.,-0.0453942601497356,"As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.",Shares in the firm fell more than 5%.,2024-09-24
"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-24
Ex-Harrods boss saw 'abhorrent' behaviour from Fayed,https://www.bbc.co.uk/news/articles/cy807zg8nxyo,2024-09-23T23:02:05.237Z,"Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC. The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week. Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.  He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall. In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said. The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said. Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership.   Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.  Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office."" The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles. Questioned about this, Mr McArthur said: ""I do not recall that at all."" A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.  Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC. My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking."" After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile. He now lists his occupation as ""investor/director/adviser"". The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership.  It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.  The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"". On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour. Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn. Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing. She added the scale of the allegations could be ""absolutely massive"". ""Last week we represented 37 women, since then we've had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence."" Dame Vera Baird, the former victim's commissioner for England and Wales, told BBC Radio 4's Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage.  ""One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'."" Harrods was bought by the Gulf state of Qatar in 2010. The new owner has admitted that victims were failed, and said it would settle legal claims.   Al Fayed: Predator at Harrods 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, external. ",BBC,23/09/2024,"['Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC.', 'The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week.', 'Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.', 'He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall.', 'In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""', 'While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said.', 'The ""abhorrent"" behaviour included Fayed\'s inappropriate sense of humour, and lack of professional conduct, he said.', ""Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership."", 'Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.', 'Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office.""', 'The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles.', 'Questioned about this, Mr McArthur said: ""I do not recall that at all.""', 'A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.', 'Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC.', 'My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""', 'After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile.', 'He now lists his occupation as ""investor/director/adviser"".', ""The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership."", 'It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.', 'The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"".', 'On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.', 'Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn.', 'Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""', 'The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing.', 'She added the scale of the allegations could be ""absolutely massive"". ""', 'Last week we represented 37 women, since then we\'ve had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence.""', 'Dame Vera Baird, the former victim\'s commissioner for England and Wales, told BBC Radio 4\'s Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage. ""', 'One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""', 'Somewhere along the lines there was an atmosphere of \'goodness me it\'s Al Fayed\' when it should have been \'look how terrifying it is what they have to face - what have they got to gain if isn\'t true, lets get some real evidence\'.""', 'Harrods was bought by the Gulf state of Qatar in 2010.', 'The new owner has admitted that victims were failed, and said it would settle legal claims.', 'Al Fayed: Predator at Harrods 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, external.']",-0.1359617179064822,"Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'.""","On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.",-0.3966679573059082,"My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""","The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said.",2024-09-24
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-24
Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-24
"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-24
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-24
Chancellor makes switch from pain to gain,https://www.bbc.co.uk/news/articles/c5y50z5l1r2o,2024-09-23T13:34:24.416Z,"The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy. Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall. Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool. The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending. Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain. The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families. She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives. Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”. The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure. The plans she has inherited are for a cut in the share of the economy devoted to public investment. “Growth is the challenge... and investment is the solution,” she said. We are heading towards some changes to the rules on government borrowing in order to allow more investment. This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October. It might also help with bringing in significant foreign investment at a crucial summit next month. It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget. If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full. This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss. The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority. Both shared an ambition to increase British growth. The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode. But could it be that the Budget's bite, will now prove to be significantly less painful than its bark? ",BBC,23/09/2024,"['The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy.', 'Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.', 'Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “', 'My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool.', 'The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending.', 'Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.', 'The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families.', 'She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives.', 'Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”.', 'The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure.', 'The plans she has inherited are for a cut in the share of the economy devoted to public investment. “', 'Growth is the challenge... and investment is the solution,” she said.', 'We are heading towards some changes to the rules on government borrowing in order to allow more investment.', 'This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October.', 'It might also help with bringing in significant foreign investment at a crucial summit next month.', 'It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget.', 'If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full.', 'This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss.', 'The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority.', 'Both shared an ambition to increase British growth.', 'The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode.', ""But could it be that the Budget's bite, will now prove to be significantly less painful than its bark?""]",0.1009743304033184,"Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “",Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.,0.3722633765294001,Both shared an ambition to increase British growth.,"Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.",2024-09-24
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-24
"Charter rolls out new Spectrum pricing and internet speeds, aims to 'be a better service operator'",https://www.cnbc.com/2024/09/16/charter-new-pricing-internet-speeds.html,2024-09-16T16:52:32+0000,"In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum's new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.""It is hard to be loved when you're providing a critical service to the household that's a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber.""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV. The company is also increasing the baseline internet speed for current customers at no additional cost.The company also said it's planning to be upfront about costs. Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said. Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past.In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours. Service issues such as those caused by weather, natural disasters or power outages don't count.Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said.""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out.""The announced changes are some of Charter's biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016. Winfrey was CFO at the time and spearheaded the mergers.Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.""For all the value that the industry's brought over the years, and the service and reliability investments that we've made, we haven't always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.Winfrey had been a low-key and not widely known executive in the media industry, but he started off swinging.At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network. The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.Charter's stock price has fluctuated greatly in recent years. On Sept. 12, 2021, the stock price was $787.12. It closed at $340.17 on Friday.That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports. Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson. Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018. Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.""For wireless, the 'Spectrum One' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.Winfrey doesn't expect ARPU to be affected by the new promotions.""When I think about Wall Street, I think about the customer,"" Winfrey said. ""If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.""Customers have been dropping pay TV rapidly across all providers, including Charter. But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership.The biggest moment came in 2023 when Disney-owned networks went dark for Charter's customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.For Charter, the sticking point wasn't just the fees. The company wanted Disney's ad-supported streaming options to be part of its TV offering.Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms. Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability.""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""They had to be the leader in the space, and we knew that.""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages. In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.""I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision's Vix.The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals. That's relatively uncommon in an industry where carriage negotiations often come down to the wire.Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast. The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.""We still have hurdles to get through,"" Winfrey said, noting that Charter's goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal's Peacock is still not part of that roster, however. A Charter representative said the company doesn't discuss renewals and declined to comment.Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.",CNBC,16/09/2024,"['In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.', 'The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.', 'Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum\'s new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.', '""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.', '""It is hard to be loved when you\'re providing a critical service to the household that\'s a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""', ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber."", '""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.', 'Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV.', 'The company is also increasing the baseline internet speed for current customers at no additional cost.', ""The company also said it's planning to be upfront about costs."", 'Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said.', ""Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past."", ""In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours."", ""Service issues such as those caused by weather, natural disasters or power outages don't count."", ""Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said."", '""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""', ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out."", '""The announced changes are some of Charter\'s biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016.', 'Winfrey was CFO at the time and spearheaded the mergers.', 'Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.', '""For all the value that the industry\'s brought over the years, and the service and reliability investments that we\'ve made, we haven\'t always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.', 'He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.', 'Winfrey had been a low-key and not widely known executivein the media industry, but he started off swinging.', 'At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network.', 'The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.', ""Charter's stock price has fluctuated greatly in recent years."", 'On Sept. 12, 2021, the stock price was $787.12.', 'It closed at $340.17 on Friday.', ""That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports."", 'Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.', 'The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.', 'Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.', ""While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018."", 'Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.', 'In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.', '""For wireless, the \'Spectrum One\' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""', 'Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.', '""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.', ""Winfrey doesn't expect ARPU to be affected by the new promotions."", '""When I think about Wall Street, I think about the customer,"" Winfrey said. ""', 'If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.', '""Customers have been dropping pay TV rapidly across all providers, including Charter.', ""But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership."", 'The biggest moment came in 2023 when Disney-owned networks went dark for Charter\'s customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.', 'While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.', ""For Charter, the sticking point wasn't just the fees."", ""The company wanted Disney's ad-supported streaming options to be part of its TV offering."", 'Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms.', ""Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability."", '""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""', 'They had to be the leader in the space, and we knew that.', '""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages.', 'In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.', '""I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision\'s Vix.', 'The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.', 'The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals.', ""That's relatively uncommon in an industry where carriage negotiations often come down to the wire."", 'Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast.', 'The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.', '""We still have hurdles to get through,"" Winfrey said, noting that Charter\'s goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal\'s Peacock is still not part of that roster, however.', ""A Charter representative said the company doesn't discuss renewals and declined to comment."", 'Disclosure:Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.']",0.091411589908943,"If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.","The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.",0.1384296152326795,"Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.","The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.",2024-09-24
Telegram will now provide some user data to authorities,https://www.bbc.co.uk/news/articles/cvglp0xny3eo,2024-09-23T22:32:24.428Z,"The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests. The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued. The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris. Days later, prosecutors there charged him with enabling criminal activity on the platform. Allegations against him include complicity in spreading child abuse images and trafficking of drugs. He was also charged with failing to comply with law enforcement. Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided."" Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members. Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.  Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities. Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia. The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet. After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab.  He says this latest policy change is already being greeted with even more alarm in many communities. ""Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said.  ""Many are now scrutinizing Telegram's announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?"" Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added. Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps. Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media. On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results. But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.  In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added. Ms Keller questioned whether the company's changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.  ",BBC,23/09/2024,"[""The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests."", 'The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “', 'While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued.', 'The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.', 'Days later, prosecutors there charged him with enabling criminal activity on the platform.', 'Allegations against him include complicity in spreading child abuse images and trafficking of drugs.', 'He was also charged with failing to comply with law enforcement.', 'Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided.""', 'Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members.', 'Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.', 'Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities.', 'Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia.', 'The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet.', ""After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab."", 'He says this latest policy change is already being greeted with even more alarm in many communities. ""', 'Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""', 'Many are now scrutinizing Telegram\'s announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?""', 'Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added.', 'Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps.', 'Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media.', 'On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results.', 'But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “', 'Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.', 'In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.', 'Ms Keller questioned whether the company\'s changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""', 'It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.']",-0.1976573562373329,"Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""","In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.",-0.2488370835781097,"The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.","It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.",2024-09-24
Boeing union hits out over 'final' 30% pay rise offer,https://www.bbc.co.uk/news/articles/ckg92528y51o,2024-09-24T02:04:51.946Z,"The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years. The new offer also included the reinstatement of a performance bonus and improved retirement benefits. However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies. More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter. The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497). The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September). But IAM said Boeing sent the new offer directly to union members and the media without telling the union's representatives. ""This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter. The union also said it would not hold a vote of its membership ahead of Boeing's deadline. In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""We first presented the offer to the union and then transparently shared the details with our employees,"" it added. Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years. The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer. Of those who voted, 96% backed strike action until a new agreement could be reached. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money. The company has already suspended the jobs of tens of thousands of staff. It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts. Government officials are now helping to mediate talks between the two sides. ",BBC,24/09/2024,"['The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years.', 'The new offer also included the reinstatement of a performance bonus and improved retirement benefits.', 'However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies.', 'More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""', 'After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter.', 'The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497).', 'The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September).', 'But IAM said Boeing sent the new offer directly to union members and the media without telling the union\'s representatives. ""', 'This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter.', ""The union also said it would not hold a vote of its membership ahead of Boeing's deadline."", 'In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""', 'We first presented the offer to the union and then transparently shared the details with our employees,"" it added.', 'Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years.', ""The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", ""Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer."", 'Of those who voted, 96% backed strike action until a new agreement could be reached.', 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money.', 'The company has already suspended the jobs of tens of thousands of staff.', 'It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts.', 'Government officials are now helping to mediate talks between the two sides.']",0.0733135250199221,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",0.3145553668340047,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-24
Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callander, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500427927289692,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-24
ISG collapse 'devastating' for construction industry,https://www.bbc.co.uk/news/articles/cly3jzyyp49o,2024-09-23T07:56:31.239Z,"The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said. The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.   Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG's collapse.  The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect. Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened. ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn. In the past it has built the velodrome for the 2012 London Olympics. The company had been struggling financially for some months but attempts to secure a rescue deal failed. Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years. Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job. He says there were rumours on Thursday last week that ISG was in trouble, but it wasn't until 4pm on Friday that ""we were told, no jobs, no money"". “It’s absolutely demoralising. I feel extremely let down,"" he says. “Some of the contractors are owed a fortune.” Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid. He said he was ""shocked"" at the news of ISG's administration and finds the situation ""really disappointing and demoralising"". He thinks the government should step in to tighten up the rules on when firms can  continue to trade. Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".  Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said. The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"". In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ). It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites. An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG's collapse. ""We will work with administrators and will find alternative ways to deliver these projects where necessary.” The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths. ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018. Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%. Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""We know construction runs on very thin margins. You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction."" Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". ""It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve."" Additional reporting by James Kelly ",BBC,23/09/2024,"['The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.', 'The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.', 'Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG\'s collapse.', 'The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect.', 'Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened.', 'ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn.', 'In the past it has built the velodrome for the 2012 London Olympics.', 'The company had been struggling financially for some months but attempts to secure a rescue deal failed.', 'Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years.', 'Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job.', 'He says there were rumours on Thursday last week that ISG was in trouble, but it wasn\'t until 4pm on Friday that ""we were told, no jobs, no money"". “', 'It’s absolutely demoralising.', 'I feel extremely let down,"" he says. “', 'Some of the contractors are owed a fortune.”', 'Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid.', 'He said he was ""shocked"" at the news of ISG\'s administration and finds the situation ""really disappointing and demoralising"".', 'He thinks the government should step in to tighten up the rules on when firms can continue to trade.', 'Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".', 'Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""', 'I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said.', 'The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I\'d expect most [ISG] employees to be OK"".', 'In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020.', 'According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ).', 'It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites.', 'An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG\'s collapse. ""', 'We will work with administrators and will find alternative ways to deliver these projects where necessary.”', 'The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “', 'The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths.', ""ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018."", 'Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%.', 'Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""', 'Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""', 'We know construction runs on very thin margins.', 'You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""', 'ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction.""', 'Liam Byrne voiced his concern at the news of ISG\'s collapse, which he said could now ""imperil thousands of jobs"". ""', 'It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve.""', 'Additional reporting by James Kelly']",-0.1813143945086233,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.",-0.6973654316819232,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". """,2024-09-24
"Boeing strike: Workers not interested in 30% pay offer, union says",https://www.bbc.co.uk/news/articles/cwyl7w036y4o,2024-09-25T04:38:27.598Z,"The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant's latest pay offer. ""Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years. BBC News has requested a statement from Boeing in response to the IAM announcement. ""The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company's latest offer that was sent through the media,"" the IAM post said. On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal. The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September). However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives. It also said the company's deadline did not give it enough time to organise a vote by its members. Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members. More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer. Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached. IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. The company has already suspended the jobs of tens of thousands of staff. ",BBC,25/09/2024,"['The union representing thousands of striking Boeing workers says a survey of its members shows they are ""not interested"" in the aviation giant\'s latest pay offer. ""', 'Many comments expressed that the offer was inadequate,"" the International Association of Machinists and Aerospace Workers (IAM) said in a post on X. It comes after Boeing made a new offer earlier this week to striking workers, which proposed a 30% pay rise over four years.', 'BBC News has requested a statement from Boeing in response to the IAM announcement. ""', 'The survey results from yesterday were overwhelmingly clear, almost as loud as the first offer: members are not interested in the company\'s latest offer that was sent through the media,"" the IAM post said.', 'On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.', 'The company said the offer was dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7:00 GMT on Saturday 28 September).', ""However, IAM said Boeing had sent the new offer directly to union members and the media without telling the union's representatives."", ""It also said the company's deadline did not give it enough time to organise a vote by its members."", 'Boeing denied that it had not informed IAM representatives about the offer, and said it would give the union more time, as well as logistical support, to ballot its members.', 'More than 30,000 Boeing workers have been on strike since 13 September after rejecting a 25% pay rise offer.', 'Union members - who produce planes including the 737 Max and 777 - voted overwhelmingly to reject the offer and back strike action until an agreement could be reached.', ""IAM had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'The company has already suspended the jobs of tens of thousands of staff.']",-0.0800128128112093,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",-0.4256562367081642,"On Monday, Boeing made what it called its ""best and final"" pay offer, which included the reinstatement of a performance bonus, improved retirement benefits and a one-off $6,000 (£4,470) bonus for signing a new pay deal.","The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-24
Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-24
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike,https://www.cnbc.com/2024/09/16/boeing-freezes-hiring-cost-cuts-factory-worker-strike.html,2024-09-16T16:50:14+0000,"In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work. The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal.""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade. That could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.",CNBC,16/09/2024,"['In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.', ""Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production."", 'The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff.', 'It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.', '""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""', 'However, our business is in a difficult period.', 'This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.', '""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work.', 'The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday.', ""He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal."", '""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.', ""On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade."", 'That could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.']",0.0055770563572381,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""","Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.",-0.4286157380450855,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. """,Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.,2024-09-24
Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-24
CrowdStrike boss apologises before US Congress for global IT outage,https://www.bbc.co.uk/news/articles/c23k4yyjxp3o,2024-09-24T21:22:29.249Z,"Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday. Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July. The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations. Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"". CrowdStrike described the outage as the result of a “perfect storm”. Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks. The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”. Instead “the largest IT outage in history was due to a mistake”, he said. Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again. Among the questions directed at Mr Meyers during the 90-minute hearing were  technical queries about whether the company's software should have access to core parts of device operating systems. But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity. Congressman Carlos Gimenez asked about the threat of AI writing malicious code.  Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"". In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world.  He said CrowdStrike releases between 10 and 12 configuration updates each day. Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic. But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.  Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility. Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.  The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage. Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business. The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations. Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"". ",BBC,24/09/2024,"[""Cybersecurity company CrowdStrike faced its biggest grilling yet over its role in July's mass global IT outage in Congress on Tuesday."", 'Adam Meyers, a senior executive at the company, appeared before a US congressional committee to answer questions about its faulty software update that disabled millions of PCs on 19 July.', 'The incident knocked payment services offline, grounded flights and forced some hospitals to cancel appointments and delay operations.', 'Mr Meyers said the firm was ""deeply sorry"" for the outage that affected millions of people and is ""determined to prevent it from happening again"".', 'CrowdStrike described the outage as the result of a “perfect storm”.', 'Lawmakers on the House of Representatives cybersecurity subcommittee pressed Mr Meyers on how it occurred in the first place. ""', 'A global IT outage that impacts every sector of the economy is a catastrophe that we would expect to see in a movie,"" said Mark Green, chairman of the House Homeland Security Committee, in his opening remarks.', 'The Tennessee representative likened the widespread impact of CrowdStrike’s faulty content update to an attack “we would expect to be carefully executed by a malicious and sophisticated nation-state actor”.', 'Instead “the largest IT outage in history was due to a mistake”, he said.', 'Mr Meyers said the company would continue to act on and share ""lessons learned"" from the incident to make sure it would not happen again.', ""Among the questions directed at Mr Meyers during the 90-minute hearing were technical queries about whether the company's software should have access to core parts of device operating systems."", 'But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.', 'Congressman Carlos Gimenez asked about the threat of AI writing malicious code.', 'Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".', ""In response to one representative's line of questioning, Mr Meyers reiterated that AI - which the company leverages to detect threats to systems - was not responsible for pushing the erroneous update that crashed computers around the world."", 'He said CrowdStrike releases between 10 and 12 configuration updates each day.', 'Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.', 'But all in all, Mr Meyers did not face quite the level of scrutiny that other high-level technology executives have when called to testify in Congress over apparent failings.', 'Congressman Eric Swalwell said the committee had not gathered to “malign” the firm, while Mr Green said Mr Meyers showed an ""impressive"" degree of humility.', 'Instead there was an emphasis on working together with the committee and government to prevent the possibility of any such further incidents in future.', ""The company still faces a number of lawsuits from people and businesses that were caught up in July's mass outage."", 'Some of the people affected told BBC News it ""totally ruined"" their holidays, or caused them to lose out on business.', 'The firm has been sued by its own shareholders, as well as by Delta Airlines passengers left stranded by thousands of flight cancellations.', 'Delta said it lost $500m (£374m) due to CrowdStrike\'s ""negligence"".']",-0.1079784412356782,But there were also more general questions about artificial intelligence (AI) and its potential impact on cybersecurity.,"Lawmakers on the committee raised concerns about the impact of large-scale cyber events on national security, adding they could also be exploited by bad actors looking to capitalise on confusion or panic.",-0.5439730720086531,"Mr Meyers said he thought the tech was “not there yet"" but added that every day it ""gets better"".","Delta said it lost $500m (£374m) due to CrowdStrike's ""negligence"".",2024-09-24
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-24
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-24
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-24
China unveils raft of stimulus measures to boost flagging economy,https://www.bbc.co.uk/news/articles/cjd5xlv03jxo,2024-09-24T05:56:49.852Z,"China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending. The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year. Stock markets in Asia jumped after Mr Pan's announcement. Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR). The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn). Mr Pan added that another cut may be made later in the year. Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%. The country's real estate industry has been struggling with a sharp downturn since 2021. Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects. The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut. The plans also included measures to help support the stock market. The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher. ",BBC,24/09/2024,"[""China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy."", ""People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending."", ""The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year."", ""Stock markets in Asia jumped after Mr Pan's announcement."", 'Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).', 'The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).', 'Mr Pan added that another cut may be made later in the year.', ""Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%."", ""The country's real estate industry has been struggling with a sharp downturn since 2021."", 'Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects.', ""The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut."", 'The plans also included measures to help support the stock market.', 'The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.']",0.0085473755557361,The plans also included measures to help support the stock market.,The country's real estate industry has been struggling with a sharp downturn since 2021.,0.1982904553413391,"The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.",The country's real estate industry has been struggling with a sharp downturn since 2021.,2024-09-24
China probes Calvin Klein over Xinjiang cotton,https://www.bbc.co.uk/news/articles/c20pxwwqqzwo,2024-09-24T19:12:11.239Z,"China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies. The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.  The US banned imports from the area in 2021, citing those concerns.   China's Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"". PVH, which owns the two brands and has a significant presence in China as well as the US, did not respond to a request for comment.  It has previously said it complies with laws in the regions where it does business, including the US Xinjiang law.   It has 30 days to respond to the Chinese authorities, at which point it could be added to the country's ""unreliable entities"" list, raising the prospect of further punishment.  On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said.  ""Honest and law-abiding foreign entities have nothing to worry about."" Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.  But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns.  ""China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said.  ""This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here."" The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.  On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats. China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.  Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.  Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand -  showed the two countries' disputes were widening beyond areas such as defence and advanced technologies. ""These things have a way of spilling over,"" he said. ""It's affecting a growing number of supply chains across different sectors of the economy."" In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang. It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"". The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.  At the time PVH said it took the reports seriously and would continue to work to address the matter.  PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.   ",BBC,24/09/2024,"['China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies.', 'The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.', 'The US banned imports from the area in 2021, citing those concerns.', 'China\'s Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"".', 'PVH, which owns the two brands and has a significant presence in China as well as the US, did not respond to a request for comment.', 'It has previously said it complies with laws in the regions where it does business, including the US Xinjiang law.', 'It has 30 days to respond to the Chinese authorities, at which point it could be added to the country\'s ""unreliable entities"" list, raising the prospect of further punishment.', 'On Wednesday, a Chinese Ministry of Commerce official denied that the probe was linked to US plans to ban certain Chinese electric vehicle technology. ""', 'China has always handled the issue of the unreliable entity list prudently, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws,"" they said. ""', 'Honest and law-abiding foreign entities have nothing to worry about.""', 'Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.', 'But he said the announcement was likely to hurt the firm\'s reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. ""', 'China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms... that actions have consequences,"" he said. ""', 'This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here.""', 'The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.', 'On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats.', 'China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.', 'Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.', 'Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand - showed the two countries\' disputes were widening beyond areas such as defence and advanced technologies. ""', 'These things have a way of spilling over,"" he said. ""', 'It\'s affecting a growing number of supply chains across different sectors of the economy.""', 'In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.', 'It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"".', 'The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.', 'At the time PVH said it took the reports seriously and would continue to work to address the matter.', 'PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.']",-0.1560822387489246,"Honest and law-abiding foreign entities have nothing to worry about.""","But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. """,-0.7224684953689575,The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.,"In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.",2024-09-24
Nationwide to launch mortgages at six times' income for first-time buyers,https://www.bbc.co.uk/news/articles/c5y947573k5o,2024-09-23T11:30:03.490Z,"Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more. The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit. But it would only be available for those taking out a five or 10-year fixed-rate deal. With rates expected to fall, some may only want a loan with interest fixed for a shorter term. The uptake is expected to be concentrated in London and south east England. Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.  Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out. Competition between mortgage providers has intensified in recent months. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie. First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans. While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers. Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year. It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners. Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said. Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.  The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home. It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit. Read more here ",BBC,23/09/2024,"[""Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more."", 'The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit.', 'But it would only be available for those taking out a five or 10-year fixed-rate deal.', 'With rates expected to fall, some may only want a loan with interest fixed for a shorter term.', 'The uptake is expected to be concentrated in London and south east England.', 'Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.', 'Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.', 'Competition between mortgage providers has intensified in recent months.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie.', 'First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans.', ""While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers."", 'Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year.', 'It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""', 'It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners.', ""Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said."", 'Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.', 'The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.', 'It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit.', 'Read more here']",0.0945247610591138,"Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.","Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.",0.2581972703337669,"Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.","The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.",2024-09-24
Murdoch family fights in secret over future of media empire,https://www.bbc.co.uk/news/articles/c7v6z4ezr00o,2024-09-24T09:26:47.445Z,"“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada. State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire. Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies. For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse. The succession battle, which concluded on Monday, was heard in private.  The court has given no indication on when a decision will come. When this does arrive, it will be unavailable to the public. The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited. Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company. News Corp owns hundreds of newspapers and media outlets around the world. The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK. With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents. Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him. What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies. The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News. Mr Murdoch controls four, leaving each of his eldest children with one vote. His two younger children do not have any voting rights. Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death. He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability. Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.  But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors. It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy. Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional.  ""So it creates honestly the most contentious cases that you'll see,"" he said. He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family.  ""Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said. In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside. The family does not want any potentially embarrassing family revelations to be made public in this small desert city. And it appears to have worked. At a tea shop around the corner from the courthouse, life continued as normal. Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""The Murdochs are here? Now?"" they asked. After hearing about the case, the two women said it sounded strange. ""It’s such a high-stakes trial, and the fact that it's being kept so secret is kind of shady,"" Ms Whitenack said.  ""It could have so much impact on our future and the future of the information that the public receives in this country."" A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends. She also couldn’t believe the future of Fox News was being argued a few minutes away. ""Secrecy. I don’t like that,"" she said. ""I think it's really misleading people. And we're just ripe with conspiracy theories [in our politics]."" The outcome of the case is also unlikely to be disclosed. The probate commissioner overseeing the case will submit his recommendation to a local judge. The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public. The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world. All three women at the tea house agreed that they wouldn't want to be at Christmas dinner with the Murdochs this year.  ""It's the classic 'money screws up relationships' sort of situation,"" Ms Whitenack said. ",BBC,24/09/2024,"['“Vegas is where you get married, Reno is where you get divorced,” as the saying goes in the US state of Nevada.', 'State law allowing some legal cases to be conducted more quickly and discreetly than elsewhere in the US means this relatively small city has served as the quiet backdrop to dramatic family fallout over a global media empire.', 'Rupert Murdoch and his family flew in from all over the world to determine how the empire would be divided among his children when the 93-year-old patriarch dies.', 'For six days, the city saw a seven-car convoy of black SUVs carry the media mogul and his family to the Washoe County Courthouse.', 'The succession battle, which concluded on Monday, was heard in private.', 'The court has given no indication on when a decision will come.', 'When this does arrive, it will be unavailable to the public.', 'The senior Murdoch usually left the courthouse after lunchtime, while his four children stayed inside until nightfall - all keeping their lips sealed as they exited.', ""Whatever the outcome of the case, it will have far-reaching consequences extending beyond the family drama, shaping the trajectory of the world's most influential conservative media company."", 'News Corp owns hundreds of newspapers and media outlets around the world.', 'The empire includes the right-leaning Fox News in the US, which gave Donald Trump a major platform in the run-up to the 2016 election, as well as widely-read newspapers like The Sun in the UK.', 'With limited media access, much of what is known about the case has emerged from the New York Times, which obtained copies of sealed court documents.', 'Mr Murdoch reportedly wants to give greater control of the empire to his eldest son Lachlan, who is said to be more politically aligned with him.', ""What stands in the way is an irrevocable trust set up during his second divorce, which will give Mr Murdoch's four eldest children equal shares in the company when he dies."", 'The trust gives the family eight votes, which it can use to have a say on the board of News Corp and Fox News.', 'Mr Murdoch controls four, leaving each of his eldest children with one vote.', 'His two younger children do not have any voting rights.', ""Under the current trust agreement, Mr Murdoch's votes would be shared equally among the four eldest children after his death."", ""He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability."", 'Nevada may seem like an odd backdrop for the Murdoch battle, given that the family does not have any obvious ties to the Silver State.', 'But the state provides one of the most confidential legal settings for matters including family trust disputes, as it allows cases to unfold behind closed doors.', 'It has a ""close on demand"" statute that allows parties involved in certain sensitive cases to request that court proceedings be sealed from public access, ensuring complete privacy.', 'Arash Sadat, a probate lawyer with experience in family trust matters, said such cases were often deeply personal and emotional. ""', 'So it creates honestly the most contentious cases that you\'ll see,"" he said.', 'He told the BBC that estate planning is usually done in a way in which the trust could be changed by the family. ""', 'Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there\'s a huge amount on the line,"" he said.', 'In trying to protect their privacy, the Murdochs have had their security team scope out which entrance of the courthouse has the fewest reporters waiting outside.', 'The family does not want any potentially embarrassing family revelations to be made public in this small desert city.', 'And it appears to have worked.', 'At a tea shop around the corner from the courthouse, life continued as normal.', 'Lauren Whitenack and Sofia Haley, two schoolmates, were going over class notes when they overheard us ask the barista if she knew about the case. ""', 'The Murdochs are here?', 'Now?""', 'they asked.', 'After hearing about the case, the two women said it sounded strange. ""', 'It’s such a high-stakes trial, and the fact that it\'s being kept so secret is kind of shady,"" Ms Whitenack said. ""', 'It could have so much impact on our future and the future of the information that the public receives in this country.""', 'A few minutes later, a woman named Vikki, who asked to not be identified by her full name, walked into the shop with a few of her friends.', 'She also couldn’t believe the future of Fox News was being argued a few minutes away. ""', 'Secrecy.', 'I don’t like that,"" she said. ""', ""I think it's really misleading people."", 'And we\'re just ripe with conspiracy theories [in our politics].""', 'The outcome of the case is also unlikely to be disclosed.', 'The probate commissioner overseeing the case will submit his recommendation to a local judge.', 'The judge could take weeks or months to make a decision, which will be sealed and unavailable to the public.', 'The decision could not only create some awkward family dynamics - it could also shape news that is consumed by millions of people around the world.', 'All three women at the tea house agreed that they wouldn\'t want to be at Christmas dinner with the Murdochs this year. ""', 'It\'s the classic \'money screws up relationships\' sort of situation,"" Ms Whitenack said.']",0.1317544559609104,"Here what you have is an irrevocable trust that Rupert Murdoch is attempting to change... there's a huge amount on the line,"" he said.","And we're just ripe with conspiracy theories [in our politics].""",-0.3545042531830923,And it appears to have worked.,"He is now reportedly attempting to change the terms of this £14.9bn ($19.9bn) trust to ensure Lachlan's control, fearing that his other elder children - James, Elisabeth, and Prudence - would steer Fox News away from its conservative slant, which could have an impact on its profitability.",2024-09-24
Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture',https://www.bbc.co.uk/news/articles/c0kjgp4jr5yo,2024-09-24T21:39:31.601Z,"The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments. Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm. Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death. EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life. Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups -  a work ethic that prioritises productivity, often at the expense of employee well-being. Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition. Others say that employees are often pressured by management, leading to burnout and a diminished quality of life. Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week. In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees' health. ""Anna's experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""  Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn. One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""Work culture in India is horrid. Pay is dismal, exploitation is max [maximum]. There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees. A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends.  ""Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote. EY's India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn. Perayil's death isn't the first incident that has brought India's work culture under scrutiny. In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth. His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"". In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career. But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress. In her letter, Perayil's mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.  India is known to have one of the most overworked workforces globally. A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours. Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands. He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said. According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said. Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view. He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""We're still confusing hard work with productive work,"" Mr Sripada said. ""The point of technology is to reduce human work so why are working hours getting longer?""  ""We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""Scandinavian countries have already created much gentler working environments, so there are models for India to follow. All it needs is willpower."" ",BBC,24/09/2024,"['The tragic death of a 26-year-old Indian employee at a leading accounting firm has ignited a serious debate about workplace culture and employee welfare in corporate environments.', 'Anna Sebastian Perayil, a chartered accountant at Ernst & Young (EY), died in July, four months after joining the firm.', 'Her parents have alleged that the ""overwhelming work pressure"" at her new job took a toll on her health and led to her death.', ""EY has refuted the allegation, saying that Perayil was allotted work like any other employee and that it didn't believe that work pressure could have claimed her life."", 'Her death has resonated deeply, sparking a discussion on the ""hustle culture"" promoted by many corporates and start-ups - a work ethic that prioritises productivity, often at the expense of employee well-being.', 'Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.', 'Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.', ""Perayil's death came under the spotlight after a letter written by her mother Anita Augustine to EY went viral on social media last week."", 'In the letter, she detailed the alleged pressures her daughter had experienced at work, including working late into the night and on weekends, and appealed to EY to ""reflect on its work culture"" and take steps to prioritise its employees\' health. ""', 'Anna\'s experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles,"" she wrote. ""', 'The relentless demands and the pressure to meet unrealistic expectations are not sustainable, and they cost us the life of a young woman with so much potential.""', 'Many people condemned EY for its ""toxic work culture"", sharing their experiences on Twitter and LinkedIn.', 'One user alleged that he had been made to work for 20 hours a day at a top consultancy firm without being paid overtime. ""', 'Work culture in India is horrid.', 'Pay is dismal, exploitation is max [maximum].', 'There are zero repercussions and no remorse on the part of employers who routinely harass workers,"" another user wrote, adding that managers are often praised for overworking and underpaying their employees.', 'A former EY employee criticised the work culture at the firm and alleged that employees were often ""mocked"" for leaving on time and ""shamed"" for enjoying weekends. ""', 'Interns [are] given crazy workload, unrealistic timelines and [are] humiliated during reviews as it builds character for their future,"" he wrote.', 'EY\'s India chief, Rajiv Memani, has since said that the firm attaches the ""highest importance"" to the wellbeing of its employees. ""', 'I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective,"" he wrote in a post on LinkedIn.', ""Perayil's death isn't the first incident that has brought India's work culture under scrutiny."", ""In October last year, Infosys co-founder Narayana Murthy faced criticism for suggesting that young Indians should work 70-hour weeks to boost the country's economic growth."", 'His views were backed by Ola\'s India chief Bhavesh Aggarwal, who said that he didn\'t believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".', 'In 2022, Shantanu Deshpande, founder of the Bombay Shaving Company, asked youngsters to stop ""cribbing"" about working hours and suggested that new recruits at any job should be prepared to work 18 hours a day for the first four to five years of their career.', 'But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.', 'In her letter, Perayil\'s mother alleged that her daughter had experienced ""anxiety and sleeplessness"" soon after joining EY.', 'India is known to have one of the most overworked workforces globally.', ""A recent report by the International Labour Organisation said half of India's workforce worked for over 49 hours each week, making India the second country after Bhutan to have the longest working hours."", ""Labour economist Shyam Sunder said India's work culture had shifted post-1990s with the rise of the service sector, leading firms to bypass labour laws to meet round-the-clock demands."", 'He added that the culture has now been ""institutionalised"" by firms but it has also been accepted by employees. ""', 'Even in business schools, students are tacitly told that working long hours to earn a high salary is normal and even desirable,"" he said.', 'According to him, for there to be any real change in corporate culture, a ""mindset shift"" is necessary - one where both firms and employees approach work with a more mature outlook, viewing it as important, but not the only part and purpose of life. ""', 'Till then, all the other steps by corporates, like offering period leave or partnering with mental health firms will remain supplementary at best and symbolic at worst,"" he said.', 'Chandrasekhar Sripada, a professor at the Indian School of Business, agrees with this view.', 'He said that toxic work culture was a ""complex, multi-stake holder problem"" and that everyone, from industry leaders to managers to employees and even society, would have to change the way they viewed productivity in order for there to be any real change. ""', 'We\'re still confusing hard work with productive work,"" Mr Sripada said. ""', 'The point of technology is to reduce human work so why are working hours getting longer?"" ""', 'We need to start focussing on sustainable growth, not just from an environmental standpoint, but also from a labour rights perspective,"" he added. ""', 'Scandinavian countries have already created much gentler working environments, so there are models for India to follow.', 'All it needs is willpower.""']",-0.0815277140224006,"His views were backed by Ola's India chief Bhavesh Aggarwal, who said that he didn't believe in the concept of work-life balance because ""if you are enjoying your work, you will find happiness in life also and work also, and both of them will be in harmony"".",But mental health experts and labour rights activists say that such demands are unfair and put employees under immense stress.,-0.4789081391166238,"Some argue that this culture drives innovation and growth, with many choosing extra hours out of passion or ambition.","Others say that employees are often pressured by management, leading to burnout and a diminished quality of life.",2024-09-24
TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-24
University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-24
Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-24
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-24
FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. 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.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-24
Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-24
"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-24
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-24
"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-24
US accuses Visa of debit card monopoly,https://www.bbc.co.uk/news/articles/c05gn932y38o,2024-09-24T19:21:58.213Z,"The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market. It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.  The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses. Visa said the claims were ""meritless"" and it would defend itself in court.  Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “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,"" she said.   ""This lawsuit is meritless, and we will defend ourselves vigorously.” The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.  The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia.  The Department of Justice started investigating Visa in 2021.  The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually. As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.  Attorney General Merrick Garland said Visa's dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.” Shares in the firm fell more than 5%. The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that rewarded businesses for routing payments to its network with lower costs, and charged more to those who use alternatives.  It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.   The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.  It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.  ",BBC,24/09/2024,"['The US has filed a lawsuit against Visa, accusing the financial giant of illegally stifling competition to maintain a monopoly over the debit card market.', 'It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.', 'The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.', 'Visa said the claims were ""meritless"" and it would defend itself in court.', 'Julie Rottenberg, Visa’s general counsel, said businesses and consumers chose Visa because of its ""secure and reliable network"". “', '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,"" she said. ""', 'This lawsuit is meritless, and we will defend ourselves vigorously.”', 'The filing against Visa is the latest competition lawsuit from the Biden administration, which has taken a more aggressive approach to monopoly concerns, known as antitrust in the US, than previous administrations.', ""The company's practices have also faced lawsuits and scrutiny from merchants and competition regulators in other parts of the world including in Europe and Australia."", 'The Department of Justice started investigating Visa in 2021.', 'The company processes more than 60% of debit transactions in the US, according to the complaint, bringing in $7bn in fees annually.', 'As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.', 'Attorney General Merrick Garland said Visa\'s dominance had allowed it to extract fees that were far higher than it could have charged in a ""competitive market"". “', 'Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service,"" he said. ""', 'As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”', 'Shares in the firm fell more than 5%.', 'The lawsuit, filed in federal court in New York, said Visa had used a ""web of contracts"" that rewarded businesses for routing payments to its network with lower costs, and charged more to those who use alternatives.', 'It said the firm started making such deals after a new law in 2012 tried to bolster competition in the debit market, by requiring that banks make debit cards usable on at least two competing payment networks.', 'The Department of Justice said Visa also used its dominance of the market to threaten tech firms such as PayPal with significant fees, unless they signed deals committing them to routing payments through the firm.', 'It asked the court to rule that Visa is a monopoly and bar it from continuing the alleged ""anticompetitive"" practices.']",0.0540859419007936,The Department of Justice said the moves had slowed innovation and led to significant additional fees for American consumers and businesses.,It said Visa had punished companies that wanted to use alternative payment networks and paid off potential competitors to keep its hold over the market.,0.1046051245469313,"As of 2022, its debit card business was bigger by revenue than its credit card unit, and highly profitable.",Shares in the firm fell more than 5%.,2024-09-23
Why do concert tickets now cost as much as a games console?,https://www.bbc.co.uk/news/articles/c2kdxlv8x05o,2024-09-23T00:07:10.242Z,"The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04. For their return next summer, the same ticket was priced at £150. Vastly more than the old ticket price which, when adjusted for inflation, would cost £68. Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand. But Oasis aren’t alone. If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared. Ticket prices shot up by 23% last year, having already risen 19% since the pandemic. Going to a gig can cost the same amount as taking a holiday, and prices are only rising. At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400. Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry. In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years. Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend. But despite this, tours with high-priced tickets keep selling out - but only for the biggest-name artists. Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”. “I work hard and earn a decent wage. What do I have to do to be able to just enjoy these things when I'm doing everything I possibly can?” UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”. So why have costs skyrocketed? If your first thought was “greed”, well, that’s definitely part of it. “It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor. One musician who’s been bullish about the price hikes is Bruce Springsteen. Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing. Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices. “I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’” he said. Kiss star Gene Simmons also defended the system. “Whatever the pricing is, it’s all academic,” he told Forbes. “Somebody sits in a room and tries to figure out how far the rubber band can stretch. And if you’re not selling tickets, guess what happens? The price goes down. Capitalism! “Vote with [your] money,” he concluded. “You don’t like the ticket pricing? Don’t buy a ticket.” Springsteen and Simmons are in good company. Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash). Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”. But it might not be so simple… Aside from the lure of a big payday, there are many reasons why artists are charging more. Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king. Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend. “Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.” Not everyone thinks that way. Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50. He was compelled to take action after noticing unsold seats on his US arena tour last year. “Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’” But the festival didn’t go completely to plan. Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue. As temperatures soared above 30 degrees Celsius, some passed out in the queue. Others gave up and went home. Higher-priced tickets could have paid for extra security staff and eased those pressures - illustrating the delicate balance that has to be struck when setting prices. Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.  Paul Heaton capped prices for his upcoming tour at £35. Pop star Caity Baser set her 2023 concerts at just £11 - or “two meal deals”, as she put it – to help cash-strapped fans. But these artists don’t require big productions full of pyrotechnics and jumbotron video screens. For acts who do, the cost of touring has spiralled since the pandemic. Here are just a few examples: “We've seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”. Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters. “The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year. That means the artist's share of the box office - roughly 56% of the money you pay - increasingly goes towards production costs, not profits. The squeeze is particularly tight on UK festival organisers, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites. The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre. Since then, the average cost of a UK festival ticket has shot up by 22%. Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer. Small venues are under pressure, too. Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console. Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”. In the past, that didn’t matter because owners made plenty of money behind the bar. But Gen Z are increasingly turning their backs on alcohol. One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances. Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023. In those that remain, costs are so tight that “a lot of venue operators aren't even paying themselves, which is really worrying,” says Coe-Brooker. The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists. That wouldn't necessarily push prices up again - the trust says the £1 fee would be factored into existing costs - but here’s the fascinating thing: If the artist is the right one, fans will pay regardless. Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.  According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits. “People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried. “VIP ticket sales have definitely picked up. Every single promoter I've spoken to across the individual European markets, has seen an uptake in almost every case. And £1,000 for a VIP package is not at all unheard of.” However, the same rules don’t apply to everyone. The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith. In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don't seem unique or essential. “We're competing in a marketplace that isn't just gig to gig,” says Galbraith. “It's also, are we value for money versus a restaurant? Are we value for money versus a mini break? So every tour has to be as cost effective as they possibly can.” There are some signs that we’ve reached a peak. Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116). And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities) are still available, months after going on sale. It’s hard to say whether this will change. But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked. She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels ""extremely lucky"" to do. A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57. “As long as it doesn't bankrupt me, I'm happy to spend whatever it costs.” That’s exactly what promoters are relying on, says Gottfried. “One of the reasons you haven't seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions. “Any market will be distorted by people making irrational decisions. It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”  Lead image: Getty 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,23/09/2024,"['The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04.', 'For their return next summer, the same ticket was priced at £150.', 'Vastly more than the old ticket price which, when adjusted for inflation, would cost £68.', 'Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.', 'But Oasis aren’t alone.', 'If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared.', 'Ticket prices shot up by 23% last year, having already risen 19% since the pandemic.', 'Going to a gig can cost the same amount as taking a holiday, and prices are only rising.', 'At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400.', 'Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.', 'In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years.', 'Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend.', 'But despite this, tours with high-priced tickets keep selling out - but only for the biggest-name artists.', 'Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”. “', 'I work hard and earn a decent wage.', ""What do I have to do to be able to just enjoy these things when I'm doing everything I possibly can?”"", 'UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”.', 'So why have costs skyrocketed?', 'If your first thought was “greed”, well, that’s definitely part of it. “', 'It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor.', 'One musician who’s been bullish about the price hikes is Bruce Springsteen.', 'Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing.', 'Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices. “', 'I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’”', 'he said.', 'Kiss star Gene Simmons also defended the system. “', 'Whatever the pricing is, it’s all academic,” he told Forbes. “', 'Somebody sits in a room and tries to figure out how far the rubber band can stretch.', 'And if you’re not selling tickets, guess what happens?', 'The price goes down.', 'Capitalism! “', 'Vote with [your] money,” he concluded. “', 'You don’t like the ticket pricing?', 'Don’t buy a ticket.”', 'Springsteen and Simmons are in good company.', 'Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash).', 'Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”.', 'But it might not be so simple… Aside from the lure of a big payday, there are many reasons why artists are charging more.', 'Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.', 'Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend. “', 'Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.”', 'Not everyone thinks that way.', 'Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50.', 'He was compelled to take action after noticing unsold seats on his US arena tour last year. “', 'Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “', 'I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’”', 'But the festival didn’t go completely to plan.', 'Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue.', 'As temperatures soared above 30 degrees Celsius, some passed out in the queue.', 'Others gave up and went home.', 'Higher-priced tickets could have paid for extra security staff and eased those pressures - illustrating the delicate balance that has to be struck when setting prices.', 'Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.', 'Paul Heaton capped prices for his upcoming tour at £35.', 'Pop star Caity Baser set her 2023 concerts at just £11 - or “two meal deals”, as she put it – to help cash-strapped fans.', 'But these artists don’t require big productions full of pyrotechnics and jumbotron video screens.', 'For acts who do, the cost of touring has spiralled since the pandemic.', ""Here are just a few examples: “We've seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”."", 'Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters. “', 'The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year.', ""That means the artist's share of the box office - roughly 56% of the money you pay - increasingly goes towards production costs, not profits."", 'The squeeze is particularly tight on UK festival organisers, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites.', 'The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre.', 'Since then, the average cost of a UK festival ticket has shot up by 22%.', 'Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer.', 'Small venues are under pressure, too.', 'Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console.', 'Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”.', 'In the past, that didn’t matter because owners made plenty of money behind the bar.', 'But Gen Z are increasingly turning their backs on alcohol.', 'One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances.', 'Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023.', ""In those that remain, costs are so tight that “a lot of venue operators aren't even paying themselves, which is really worrying,” says Coe-Brooker."", 'The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists.', ""That wouldn't necessarily push prices up again - the trust says the £1 fee would be factored into existing costs - but here’s the fascinating thing: If the artist is the right one, fans will pay regardless."", 'Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.', 'According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits. “', 'People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried. “', 'VIP ticket sales have definitely picked up.', ""Every single promoter I've spoken to across the individual European markets, has seen an uptake in almost every case."", 'And £1,000 for a VIP package is not at all unheard of.”', 'However, the same rules don’t apply to everyone.', 'The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.', ""In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don't seem unique or essential. “"", ""We're competing in a marketplace that isn't just gig to gig,” says Galbraith. “"", ""It's also, are we value for money versus a restaurant?"", 'Are we value for money versus a mini break?', 'So every tour has to be as cost effective as they possibly can.”', 'There are some signs that we’ve reached a peak.', 'Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116).', 'And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities) are still available, months after going on sale.', 'It’s hard to say whether this will change.', 'But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked.', 'She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels ""extremely lucky"" to do.', 'A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57. “', ""As long as it doesn't bankrupt me, I'm happy to spend whatever it costs.”"", 'That’s exactly what promoters are relying on, says Gottfried. “', ""One of the reasons you haven't seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions. “"", 'Any market will be distorted by people making irrational decisions.', 'It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”', 'Lead image: Getty 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.']",0.1251788709438526,"Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.","The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.",-0.2108446632822354,"Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.","Some are trying to combat the impact of streaming - the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.",2024-09-23
Ex-Harrods boss saw 'abhorrent' behaviour from Fayed,https://www.bbc.co.uk/news/articles/cy807zg8nxyo,2024-09-23T23:02:05.237Z,"Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC. The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week. Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.  He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall. In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said. The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said. Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership.   Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.  Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office."" The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles. Questioned about this, Mr McArthur said: ""I do not recall that at all."" A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.  Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC. My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking."" After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile. He now lists his occupation as ""investor/director/adviser"". The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership.  It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.  The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"". On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour. Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn. Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing. She added the scale of the allegations could be ""absolutely massive"". ""Last week we represented 37 women, since then we've had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence."" Dame Vera Baird, the former victim's commissioner for England and Wales, told BBC Radio 4's Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage.  ""One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'."" Harrods was bought by the Gulf state of Qatar in 2010. The new owner has admitted that victims were failed, and said it would settle legal claims.   Al Fayed: Predator at Harrods 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, external. ",BBC,23/09/2024,"['Former Harrods chief executive James McArthur witnessed ""abhorrent"" behaviour from Mohamed Al Fayed, but not sexual abuse, he has told the BBC.', 'The late Harrods owner has been accused of sexual assault and rape by more than 20 women who spoke to the BBC for a documentary broadcast last week.', 'Mr McArthur was chief executive at Harrods for 10 months in 2008, a time when the Metropolitan Police investigated an alleged assault on a 15-year-old girl in a Harrods boardroom.', 'He says he was unaware of the investigation, even though it was covered in the media at the time, which he says he does not recall.', 'In a written statement, he told the BBC: “I was indeed CEO of Harrods for a short, and most unpleasant, 10 months during 2008 under Fayed. ""', 'While Fayed’s behaviour was often abhorrent in many ways, and professional relationships with him were largely dysfunctional, I was not aware of any sexual abuse by him – if I had been, I would have taken action,"" he said.', 'The ""abhorrent"" behaviour included Fayed\'s inappropriate sense of humour, and lack of professional conduct, he said.', ""Ten months is a very short stint for a chief executive, and turnover of chief executives and other directors was high at Harrods under Fayed's ownership."", 'Mr McArthur added: ""I was also not aware of a Met Police investigation into Fayed’s conduct during 2008.', 'Fayed would, I imagine, have tried to keep anything like that closely under his control within the secure precinct of the chairman’s office.""', 'The initial accusation in 2008 and the subsequent investigation were covered in a number of newspaper articles.', 'Questioned about this, Mr McArthur said: ""I do not recall that at all.""', 'A file was passed to the Crown Prosecution Service, who decided there was not enough evidence to secure a conviction.', 'Mr McArthur added: ""I am absolutely horrified by the details of the allegations bravely brought to light through the BBC.', 'My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""', 'After leaving Harrods, Mr McArthur was chief executive of handbag maker Anya Hindmarch for four years, then held a number of roles including chairman of Lulu Guinness, according to his LinkedIn profile.', 'He now lists his occupation as ""investor/director/adviser"".', ""The BBC has contacted a number of former Harrods directors from the time of Fayed's ownership."", 'It emerged this week that Harrods is investigating whether current staff were involved in any of the allegations against Fayed, who died last year aged 94.', 'The store says there is an ongoing internal review which includes ""looking at whether any current staff were involved in any of the allegations either directly or indirectly"".', 'On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.', 'Richard Simonin, chief executive from 2003 to 2005, declined to comment when contacted on the social networking site LinkedIn.', 'Maria Mulla, from the barrister team Justice for Harrods Survivors, told the BBC that she feels the investigation Harrods has launched is neither impartial nor independent. ""', 'The way they looked into those allegations was to undermine them,"" she said, citing ""extensive correspondence"" between the Harrods lawyers and the people she is representing.', 'She added the scale of the allegations could be ""absolutely massive"". ""', 'Last week we represented 37 women, since then we\'ve had more than 100 further inquiries through to our team, many women raising serious allegations, from all over the world, and people contacting us wanting to help with documents and evidence.""', 'Dame Vera Baird, the former victim\'s commissioner for England and Wales, told BBC Radio 4\'s Today programme that investigations into the allegations ""should have and could have"" been done by the police at a much earlier stage. ""', 'One just looks at these young women who had to report against a man with royal connections, clearly a hard-nosed individual, they must have been absolutely terrified, they were humiliated , abused, ravished - dealt with worse than animals."" ""', 'Somewhere along the lines there was an atmosphere of \'goodness me it\'s Al Fayed\' when it should have been \'look how terrifying it is what they have to face - what have they got to gain if isn\'t true, lets get some real evidence\'.""', 'Harrods was bought by the Gulf state of Qatar in 2010.', 'The new owner has admitted that victims were failed, and said it would settle legal claims.', 'Al Fayed: Predator at Harrods 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, external.']",-0.1359617179064822,"Somewhere along the lines there was an atmosphere of 'goodness me it's Al Fayed' when it should have been 'look how terrifying it is what they have to face - what have they got to gain if isn't true, lets get some real evidence'.""","On Monday the chief executive of the department store Selfridges, Andre Maeder, who was a director at Harrods for six years between 1996 and 2002, told the BBC he was ""horrified"" to learn about the alleged rapes and sexual assaults detailed in the documentary, but said he ""never saw or heard anything” about this ""abhorrent"" behaviour.",-0.3966679573059082,"My heart goes out to Fayed’s victims, and I do hope very much that they will get the justice and closure that they are seeking.""","The ""abhorrent"" behaviour included Fayed's inappropriate sense of humour, and lack of professional conduct, he said.",2024-09-23
Superdry boss says UK should make Shein pay more tax,https://www.bbc.co.uk/news/articles/ckgny3vm6d1o,2024-09-23T23:00:32.578Z,"The boss of the clothing chain Superdry says its rival Shein is being allowed to ""dodge tax"", and is urging the government to take action. Julian Dunkerton told the BBC the fast fashion giant was enjoying an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas. Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions. The Treasury said tax policies had to balance the interests of consumers and retailers.  However, Mr Dunkerton said it would be in the UK's interests to get rid of this tax ""loophole"". “The rules weren’t made for a company sending individual parcels [and] having a billion-pound turnover in the UK without paying any tax,” said Mr Dunkerton, founder and chief executive of Superdry. ""We’re allowing somebody to come in and be a tax avoider, essentially.""  Shipments worth less than £135 that are sent directly to UK shoppers do not face import duties, but firms bringing in larger consignments do.  Before the arrival of a globalised online marketplace the exemption had limited impact, but retailers in the US and EU are now increasingly being undercut by low-cost Chinese rivals, and state treasuries are missing out on potential tax take. Mr Dunkerton also described Shein as a ""complete environmental disaster"". ""Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC. Shein has previously said it complies fully with all its UK tax liabilities. Mr Dunkerton is not the only retail boss to criticise how the import duty system works. In July, the boss of Sainsbury's, Simon Roberts, said ""all retailers should be working on the same basis"". About 20% of Sainsbury's sales comes from non-food items, and Mr Roberts said: ""I want to make sure that the loopholes that are currently in place are closed for some of the businesses that aren't paying tax in the right way, so it's a level playing field for everybody."" In March, the boss of Next, Lord Wolfson, also called for the government to look at the import duty system. Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices. The BBC understands that the firm filed initial documents for a London listing earlier this year, after a potential New York listing came under fire from both Republican and Democrat politicians. US lawmakers were concerned over the company's ""deep ties to the People’s Republic of China"". It has also been accused of using forced labour in parts of its supply chains, which it denies. It told the BBC it has a ""zero tolerance for forced labour"". Shein says its ""test and repeat"" approach, producing items in small batches and then reordering according to customer demand, means there is less waste, compared to traditional retailers. But it has been criticised for encouraging shoppers to buy items to wear once and discard, through its low prices and ""gamified"" social media strategy. The US and the EU are already looking at whether to tighten tax policies to bring Shein and other direct-to-consumer businesses, like Chinese retailer Temu, into the net. Shein has previously argued its success was not down to tax exemptions but was due to providing customers with affordable fashion. An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses."" VAT - value added tax - was charged at the same rate on all goods irrespective of their origin or value, they added. Mr Dunkerton founded Superdry more than 20 years ago. Its distinctive Japanese-style T-shirts were once worn by Hollywood actors and sports stars and, at its peak in 2018, the company was valued at £1.8bn. But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years. Its shares now trade on an alternative exchange and the company is valued at less than £10m. Mr Dunkerton says he is still working to turn the firm's fortunes around, and he confirmed he would try again to take the company private. You can hear the full interview with Superdry boss Julian Dunkerton on Wake Up To Money on BBC Sounds. ",BBC,23/09/2024,"['The boss of the clothing chain Superdry says its rival Shein is being allowed to ""dodge tax"", and is urging the government to take action.', 'Julian Dunkerton told the BBC the fast fashion giant was enjoying an unfair advantage because import duties are not charged on the low-value parcels it sends direct to customers from overseas.', 'Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions.', 'The Treasury said tax policies had to balance the interests of consumers and retailers.', 'However, Mr Dunkerton said it would be in the UK\'s interests to get rid of this tax ""loophole"". “', 'The rules weren’t made for a company sending individual parcels [and] having a billion-pound turnover in the UK without paying any tax,” said Mr Dunkerton, founder and chief executive of Superdry. ""', 'We’re allowing somebody to come in and be a tax avoider, essentially.""', 'Shipments worth less than £135 that are sent directly to UK shoppers do not face import duties, but firms bringing in larger consignments do.', 'Before the arrival of a globalised online marketplace the exemption had limited impact, but retailers in the US and EU are now increasingly being undercut by low-cost Chinese rivals, and state treasuries are missing out on potential tax take.', 'Mr Dunkerton also described Shein as a ""complete environmental disaster"". ""', 'Personally, I would force them into paying import duty, VAT and possibly even an environmental tax,” he told the BBC.', 'Shein has previously said it complies fully with all its UK tax liabilities.', 'Mr Dunkerton is not the only retail boss to criticise how the import duty system works.', 'In July, the boss of Sainsbury\'s, Simon Roberts, said ""all retailers should be working on the same basis"".', 'About 20% of Sainsbury\'s sales comes from non-food items, and Mr Roberts said: ""I want to make sure that the loopholes that are currently in place are closed for some of the businesses that aren\'t paying tax in the right way, so it\'s a level playing field for everybody.""', 'In March, the boss of Next, Lord Wolfson, also called for the government to look at the import duty system.', 'Shein, which was founded in China but has relocated to Singapore, has been laying the groundwork for a potential sale of shares on the stock market, prompting closer scrutiny of its practices.', 'The BBC understands that the firm filed initial documents for a London listing earlier this year, after a potential New York listing came under fire from both Republican and Democrat politicians.', 'US lawmakers were concerned over the company\'s ""deep ties to the People’s Republic of China"".', 'It has also been accused of using forced labour in parts of its supply chains, which it denies.', 'It told the BBC it has a ""zero tolerance for forced labour"".', 'Shein says its ""test and repeat"" approach, producing items in small batches and then reordering according to customer demand, means there is less waste, compared to traditional retailers.', 'But it has been criticised for encouraging shoppers to buy items to wear once and discard, through its low prices and ""gamified"" social media strategy.', 'The US and the EU are already looking at whether to tighten tax policies to bring Shein and other direct-to-consumer businesses, like Chinese retailer Temu, into the net.', 'Shein has previously argued its success was not down to tax exemptions but was due to providing customers with affordable fashion.', 'An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses.""', 'VAT - value added tax - was charged at the same rate on all goods irrespective of their origin or value, they added.', 'Mr Dunkerton founded Superdry more than 20 years ago.', 'Its distinctive Japanese-style T-shirts were once worn by Hollywood actors and sports stars and, at its peak in 2018, the company was valued at £1.8bn.', 'But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years.', ""Its shares now trade on an alternative exchange and the company is valued at less than £10m. Mr Dunkerton says he is still working to turn the firm's fortunes around, and he confirmed he would try again to take the company private."", 'You can hear the full interview with Superdry boss Julian Dunkerton on Wake Up To Money on BBC Sounds.']",0.0342380908874015,"Shein declined to comment, but has previously said that its success was due to its ""efficient supply chain"", not tax exemptions.","It has also been accused of using forced labour in parts of its supply chains, which it denies.",0.1467626636678522,"An HM Treasury spokesperson said: “Our customs and tax regime balances reducing burdens for businesses and consumers buying lower-value goods from overseas with the interests of UK businesses.""","But the firm’s popularity has declined, and in July it de-listed from the London Stock Exchange after nearly 15 years.",2024-09-23
ISG collapse 'devastating' for construction industry,https://www.bbc.co.uk/news/articles/cly3jzyyp49o,2024-09-23T07:56:31.239Z,"The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said. The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.   Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG's collapse.  The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect. Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened. ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn. In the past it has built the velodrome for the 2012 London Olympics. The company had been struggling financially for some months but attempts to secure a rescue deal failed. Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years. Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job. He says there were rumours on Thursday last week that ISG was in trouble, but it wasn't until 4pm on Friday that ""we were told, no jobs, no money"". “It’s absolutely demoralising. I feel extremely let down,"" he says. “Some of the contractors are owed a fortune.” Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid. He said he was ""shocked"" at the news of ISG's administration and finds the situation ""really disappointing and demoralising"". He thinks the government should step in to tighten up the rules on when firms can  continue to trade. Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".  Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said. The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"". In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ). It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites. An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG's collapse. ""We will work with administrators and will find alternative ways to deliver these projects where necessary.” The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths. ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018. Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%. Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""We know construction runs on very thin margins. You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction."" Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". ""It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve."" Additional reporting by James Kelly ",BBC,23/09/2024,"['The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.', 'The chief executive of Build UK, Suzannah Nichol, told the BBC’s Today programme that many smaller firms in the supply chain would not now receive money, putting their future at risk.', 'Workers and suppliers have told the BBC they are ""shocked"" and ""demoralised"" by the news of ISG\'s collapse.', 'The company, which holds more than £1bn worth of government contracts, fell into administration last week and 2,200 workers were made redundant with immediate effect.', 'Liam Byrne, chair of the Business Committee, said he was ""deeply concerned"" at what had happened.', 'ISG, owned by the US firm Cathexis, is the sixth largest construction firm in the UK by turnover, according to the Construction Index, with revenues of about £2.2bn.', 'In the past it has built the velodrome for the 2012 London Olympics.', 'The company had been struggling financially for some months but attempts to secure a rescue deal failed.', 'Neil Hallsworth from Nottingham has been on ISG’s books as a project manager for more than 15 years.', 'Although he is confident he will find a new role elsewhere, he says he is “gutted” and feels very “raw” after learning he is among those to lose his job.', 'He says there were rumours on Thursday last week that ISG was in trouble, but it wasn\'t until 4pm on Friday that ""we were told, no jobs, no money"". “', 'It’s absolutely demoralising.', 'I feel extremely let down,"" he says. “', 'Some of the contractors are owed a fortune.”', 'Paul Margan, from Princes Risborough in Buckinghamshire, runs a small family business that has just completed an order valued at more than £20,000 for ISG, but he is now worried his firm will not be paid.', 'He said he was ""shocked"" at the news of ISG\'s administration and finds the situation ""really disappointing and demoralising"".', 'He thinks the government should step in to tighten up the rules on when firms can continue to trade.', 'Mr Margan says his firm will be OK, but thinks there is ""no doubt a lot of companies will go under"".', 'Another supplier to ISG, who wanted to remain anonymous, told the BBC they were owed hundreds of thousands of pounds and the collapse ""would really hurt us"". ""', 'I know of other contractors who are owed over £1m and I suspect some of them will go to the wall,"" they said.', 'The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I\'d expect most [ISG] employees to be OK"".', 'In an email to staff last week, ISG chief executive Zoe Price said the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020.', 'According to data analysts Barbour ABI, ISG was involved in 69 government projects including work on prison refurbishment for the Ministry of Justice (MoJ).', 'It was working on 22 projects for the MoJ, including a £300m contract to extend Grendon Springhill 2 prison and a £155m deal to expand three prison sites.', 'An MoJ spokesperson said the ministry had ""robust contingency plans in place"" to mitigate the impact of ISG\'s collapse. ""', 'We will work with administrators and will find alternative ways to deliver these projects where necessary.”', 'The company was also involved in 16 projects each for both the Department for Education and the Department for Work and Pensions, according to Barbour ABI. “', 'The last time we saw a Tier 1 main contractor go under (Carillion in 2018), schemes such as the Royal Liverpool and Midland Metropolitan Hospitals were delayed by up to seven years and the extra cost of delays needs to be factored in,” said Barbour ABI analyst, Ed Grifiths.', ""ISG's collapse is the most high-profile in the UK's construction sector since Carillion fell into adminstration in 2018."", 'Industry watchers say its demise is symptomatic of problems across the industry, with profit margins running at about 2%.', 'Speaking to the Today programme, Ms Nichol said: ""Construction remains undervalued, and people underestimate the cost of construction. ""', 'Whilst there have been changes since Carillion six years ago, there clearly has not been enough change. ""', 'We know construction runs on very thin margins.', 'You only need one project to go wrong and get delayed and you start to have cashflow issues,"" she added. ""', 'ISG had two major contracts which they started, mobilised and then were stopped by the client and that happens time and time again in construction.""', 'Liam Byrne voiced his concern at the news of ISG\'s collapse, which he said could now ""imperil thousands of jobs"". ""', 'It’s why we’ve got to transform the quality of UK accounting so it once again provides the early warning system that investors, workers and suppliers deserve.""', 'Additional reporting by James Kelly']",-0.1813143945086233,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","The collapse of construction giant ISG is ""devastating"" for the sector and could lead to other firms going under, the boss of an industry trade body has said.",-0.6973654316819232,"The supplier said the shockwaves would be felt throughout the industry, but added that ""given the big shortages in labour and skills in the sector, I'd expect most [ISG] employees to be OK"".","Liam Byrne voiced his concern at the news of ISG's collapse, which he said could now ""imperil thousands of jobs"". """,2024-09-23
Chancellor makes switch from pain to gain,https://www.bbc.co.uk/news/articles/c5y50z5l1r2o,2024-09-23T13:34:24.416Z,"The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy. Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall. Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool. The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending. Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain. The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families. She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives. Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”. The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure. The plans she has inherited are for a cut in the share of the economy devoted to public investment. “Growth is the challenge... and investment is the solution,” she said. We are heading towards some changes to the rules on government borrowing in order to allow more investment. This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October. It might also help with bringing in significant foreign investment at a crucial summit next month. It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget. If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full. This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss. The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority. Both shared an ambition to increase British growth. The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode. But could it be that the Budget's bite, will now prove to be significantly less painful than its bark? ",BBC,23/09/2024,"['The chancellor’s speech at the Labour Party conference was an important and clear change in tone from the government on the economy.', 'Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.', 'Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “', 'My optimism for Britain burns brighter than ever, my ambition knows no limit,"" she told delegates in Liverpool.', 'The fragile British consumer might not quite be ready, after years of rolling inflationary crises, for tough decisions on tax and spending.', 'Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.', 'The chancellor was sending a message that the tax rises, when they come, will not primarily hit hard-pressed working families.', 'She embraced the “choice” she made to give above-inflation pay rises to millions of public sector workers, saying she was willing to have a fight over it with the Conservatives.', 'Public spending will grow in real terms, or as she put it clearly in her speech there will be “no return to austerity”.', 'The chancellor gave more detail about how she will prioritise investment spending, especially in infrastructure.', 'The plans she has inherited are for a cut in the share of the economy devoted to public investment. “', 'Growth is the challenge... and investment is the solution,” she said.', 'We are heading towards some changes to the rules on government borrowing in order to allow more investment.', 'This should work with the newly announced Industrial Strategy, to be released with the Budget on 30 October.', 'It might also help with bringing in significant foreign investment at a crucial summit next month.', 'It was a coincidence, but the chancellor’s speech came on the two-year anniversary of Liz Truss’s mini-Budget.', 'If anyone forgot the auspicious date, the former PM popped up with a specially crafted video to say that the Kwarteng/Truss fiscal plans should have been implemented in full.', 'This was fortuitous for the chancellor, as her speech defined herself as a type of anti-Truss.', 'The Truss legacy played an important part in delivering Reeves to her position, with a commanding Commons majority.', 'Both shared an ambition to increase British growth.', 'The tough decisions Reeves says she needs to make at the Budget are the contrast to the Truss episode.', ""But could it be that the Budget's bite, will now prove to be significantly less painful than its bark?""]",0.1009743304033184,"Now she is focusing on the ""long-term prize"" that she promises will follow if Labour can restore ""stability"". “",Just three weeks ago the PM warned of a “painful Budget” prompting a frenzy of speculation over where spending cuts and tax rises would fall.,0.3722633765294001,Both shared an ambition to increase British growth.,"Consumer confidence was hit, at least this month, and some retailers spooked by disappointing sales after this talk of pain.",2024-09-23
Aldi price match at Tesco - dozens of goods not like-for-like,https://www.bbc.co.uk/news/articles/c0m0vrmlzgyo,2024-09-23T05:01:38.458Z,"Dozens of Tesco products price-matched to Aldi - such as chicken nuggets, cottage pie and blackcurrant squash - are not like-for-like, BBC Panorama has found. In the case of chicken nuggets, the Tesco product contained 39% chicken compared with 60% in the Aldi one. Of 122 Tesco products, 38 - nearly a third - had at least five percentage points less of the main ingredient than the Aldi products they had been matched to. Twelve Tesco products were found to have more of the main ingredient. Tesco told the BBC it constantly reviews the quality of its products and has clear processes in place to ensure its price-match products are comparable to Aldi. It also said a higher proportion of any one ingredient does not necessarily mean it is better quality. Consumer expert Kate Hardcastle says Panorama's findings are an example of “value engineering” which involves changing quantities of ingredients to reduce the price. Discount supermarkets like Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living. Aldi’s low prices have helped it overtake Morrisons as the UK’s fourth biggest supermarket. Tesco is not the only supermarket to offer products priced to match Aldi. Sainsbury’s, Morrisons and ASDA offer similar ranges, but Panorama found no clear evidence of a pattern of consistent differences in the proportions of main ingredients in their goods compared with the Aldi versions. Tesco matches Aldi’s prices on about 700 items out of its 30,000 product lines. They are usually low-priced everyday goods. Ingredients listed on 122 Tesco products price-matched to Aldi were analysed by Panorama in August. We found that Tesco chicken kievs, part of the supermarket's Hearty Food Co range, had 44% chicken, compared with 57% in the Aldi equivalent. In the same range, Tesco cottage pie had 18% beef, whereas Aldi Inspired Cuisine Cottage Pie had 25%. In the case of Tesco Hearty Food Co chicken nuggets, there was 39% chicken listed on the ingredients, but in Aldi Roosters Chicken Nuggets there was 60%. A can of Tesco Stockwell & Co Chilli Con Carne lists beef as making up 15% of its ingredients, while in Aldi Bramwells Chilli Con Carne the figure is 27%. Meanwhile, Tesco No Added Sugar DS Apple Blackcurrant Squash had 6% fruit juices from concentrate, while Aldi Sun Quench Double Strength Apple & Blackcurrant Squash had 20%. Reducing quantities of the most expensive element in a product - such as meat in a ready-meal lasagne - can make a significant difference to prices, says consumer expert Kate Hardcastle. “It's only when you [customers] flip it over and look at that tiny, tiny, font size to see you're not getting the same deal,” she explains. But not all of the Tesco price-match products analysed by Panorama had less of the main ingredient than Aldi equivalents. Twelve of the 122 Tesco comparisons had at least five percentage points more than Aldi’s. These included: Tesco said: “Since we launched our Aldi Price Match four years ago it has proved very popular with customers.” It added that all of its products carry information about ingredients so customers can make informed choices. Supermarket Deals: How Good Are They? As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions. But just how good are these deals? Watch now on BBC iPlayer or on BBC One on Monday 23 September at 20:00 (20:30 in Northern Ireland) Aldi’s most recent figures, published earlier this month, showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales. Price rises and new store openings drove much of the rise in earnings, but it also attracted new customers. However, the chain is now growing at a slower rate than most of its big rivals, including Lidl. This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back. It has more than 1,020 stores across the UK and employs 45,000 people. The vast majority of the products Aldi and Lidl sell are own-label. Last year, Giles Hurley, Aldi’s boss in the UK and Ireland, told the BBC products sold under a supermarket's own name now make up more than half of everything shoppers buy, by value. ""If you look in volume terms that figure is much bigger and at the moment own-label products are growing at twice the rate of branded goods,"" Mr Hurley said.  ""Why would [shoppers] go back?"" Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February. It has 2,800 stores and employs 330,000 staff. ",BBC,23/09/2024,"['Dozens of Tesco products price-matched to Aldi - such as chicken nuggets, cottage pie and blackcurrant squash - are not like-for-like, BBC Panorama has found.', 'In the case of chicken nuggets, the Tesco product contained 39% chicken compared with 60% in the Aldi one.', 'Of 122 Tesco products, 38 - nearly a third - had at least five percentage points less of the main ingredient than the Aldi products they had been matched to.', 'Twelve Tesco products were found to have more of the main ingredient.', 'Tesco told the BBC it constantly reviews the quality of its products and has clear processes in place to ensure its price-match products are comparable to Aldi.', 'It also said a higher proportion of any one ingredient does not necessarily mean it is better quality.', ""Consumer expert Kate Hardcastle says Panorama's findings are an example of “value engineering” which involves changing quantities of ingredients to reduce the price."", 'Discount supermarkets like Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living.', 'Aldi’s low prices have helped it overtake Morrisons as the UK’s fourth biggest supermarket.', 'Tesco is not the only supermarket to offer products priced to match Aldi.', 'Sainsbury’s, Morrisons and ASDA offer similar ranges, but Panorama found no clear evidence of a pattern of consistent differences in the proportions of main ingredients in their goods compared with the Aldi versions.', 'Tesco matches Aldi’s prices on about 700 items out of its 30,000 product lines.', 'They are usually low-priced everyday goods.', 'Ingredients listed on 122 Tesco products price-matched to Aldi were analysed by Panorama in August.', ""We found that Tesco chicken kievs, part of the supermarket's Hearty Food Co range, had 44% chicken, compared with 57% in the Aldi equivalent."", 'In the same range, Tesco cottage pie had 18% beef, whereas Aldi Inspired Cuisine Cottage Pie had 25%.', 'In the case of Tesco Hearty Food Co chicken nuggets, there was 39% chicken listed on the ingredients, but in Aldi Roosters Chicken Nuggets there was 60%.', 'A can of Tesco Stockwell & Co Chilli Con Carne lists beef as making up 15% of its ingredients, while in Aldi Bramwells Chilli Con Carne the figure is 27%.', 'Meanwhile, Tesco No Added Sugar DS Apple Blackcurrant Squash had 6% fruit juices from concentrate, while Aldi Sun Quench Double Strength Apple & Blackcurrant Squash had 20%.', 'Reducing quantities of the most expensive element in a product - such as meat in a ready-meal lasagne - can make a significant difference to prices, says consumer expert Kate Hardcastle. “', ""It's only when you [customers] flip it over and look at that tiny, tiny, font size to see you're not getting the same deal,” she explains."", 'But not all of the Tesco price-match products analysed by Panorama had less of the main ingredient than Aldi equivalents.', 'Twelve of the 122 Tesco comparisons had at least five percentage points more than Aldi’s.', 'These included: Tesco said: “Since we launched our Aldi Price Match four years ago it has proved very popular with customers.”', 'It added that all of its products carry information about ingredients so customers can make informed choices.', 'Supermarket Deals: How Good Are They?', 'As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions.', 'But just how good are these deals?', 'Watch now on BBC iPlayer or on BBC One on Monday 23 September at 20:00 (20:30 in Northern Ireland) Aldi’s most recent figures, published earlier this month, showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales.', 'Price rises and new store openings drove much of the rise in earnings, but it also attracted new customers.', 'However, the chain is now growing at a slower rate than most of its big rivals, including Lidl.', 'This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.', 'It has more than 1,020 stores across the UK and employs 45,000 people.', 'The vast majority of the products Aldi and Lidl sell are own-label.', 'Last year, Giles Hurley, Aldi’s boss in the UK and Ireland, told the BBC products sold under a supermarket\'s own name now make up more than half of everything shoppers buy, by value. ""', 'If you look in volume terms that figure is much bigger and at the moment own-label products are growing at twice the rate of branded goods,"" Mr Hurley said. ""', 'Why would [shoppers] go back?""', ""Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February."", 'It has 2,800 stores and employs 330,000 staff.']",0.1737318430242163,"As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",0.7328828923842486,"Meanwhile, Tesco, the UK's biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February.","This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.",2024-09-23
Nationwide to launch mortgages at six times' income for first-time buyers,https://www.bbc.co.uk/news/articles/c5y947573k5o,2024-09-23T11:30:03.490Z,"Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more. The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit. But it would only be available for those taking out a five or 10-year fixed-rate deal. With rates expected to fall, some may only want a loan with interest fixed for a shorter term. The uptake is expected to be concentrated in London and south east England. Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.  Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out. Competition between mortgage providers has intensified in recent months. Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging. With relatively few buyers, providers are trying to get a piece of a small pie. First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans. While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers. Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year. It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners. Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said. Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.  The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home. It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit. Read more here ",BBC,23/09/2024,"[""Mortgage lenders' attempts to lure in first-time buyers have stepped up with the UK's biggest building society allowing some to borrow more."", 'The Nationwide said that from Tuesday, new borrowers could request a mortgage up to six times their income with a 5% deposit.', 'But it would only be available for those taking out a five or 10-year fixed-rate deal.', 'With rates expected to fall, some may only want a loan with interest fixed for a shorter term.', 'The uptake is expected to be concentrated in London and south east England.', 'Applicants will still have to meet relatively strict affordability criteria, which is assessed individually.', 'Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.', 'Competition between mortgage providers has intensified in recent months.', 'Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.', 'With relatively few buyers, providers are trying to get a piece of a small pie.', 'First-time buyers are seen as a key battleground, and the Nationwide has been offering among the largest so-called income multiple for home loans.', ""While the standard level of borrowing for first-time buyers is a loan of up to 4.5 times' income, the Nationwide has allowed some to borrow 5.5 times - a move followed by some other major providers."", 'Now, it will step that level up to six times - but only among first-time buyers with an individual income of at least £30,000 a year, or a couple earning at least £50,000 a year.', 'It is also planning to reduce some mortgage interest rates slightly, and increase the maximum total loan available. ""', 'It is a welcome move for the right borrowers, but it is not going to work for everyone,"" said David Hollingworth, from broker L&C. Brokers said lenders were generally wary when lending at high income multiples, with such deals usually only available to high earners.', ""Some smaller lenders offered six times' salary although they normally charged higher rates of interest, they said."", 'Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.', 'The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.', 'It called for fresh thinking from the market, including easing some of the limits on lending when borrowers could only offer a relatively small deposit.', 'Read more here']",0.0945247610591138,"Brokers say that lenders have been offering the best deals to new, house-purchasing customers, rather than those who are remortgaging.","Lenders also face their own regulated controls on lending to riskier borrowers, brought in after the financial crisis of nearly 20 years ago which saw certain banks - which many accused of unnecessarily risky lending - being bailed out.",0.2581972703337669,"Broker Michelle Lawson, of Lawson Financial, said lenders were diversifying their offer to attract more business.","The move follows a report by the Building Societies Association, of which Nationwide is a member, which suggested first-time buyers were facing the toughest conditions in 70 years to buy a home.",2024-09-23
"ISG: Construction giant collapse sees 2,200 jobs cut",https://www.bbc.co.uk/news/articles/c07nke2e9ego,2024-09-20T15:22:19.513Z,"Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration. Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday. The business, owned by the US firm Cathexis, had been struggling financially for some time. Attempts to secure a rescue deal failed, while 200 employees will be kept on to assist the administrators in winding down the business, which holds more than £1bn worth of government contracts. Apple, Barclays and Google are also among ISG's private sector clients in the UK. In a widely-reported email sent by chief executive Zoe Price to all ISG staff on Thursday, she said: ""Some of you may have seen reports in the media that ISG has filed for administration here in the UK.  ""With sadness, I can confirm that this is factually correct. ""This was not the way I wanted you to find out and the news should not have leaked in this way,"" she added. Ms Price said staff would be paid on Monday, as normal, and that the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. ""Trading out these projects has had a significant effect on our liquidity. So even though we have been profitable this year, our legacy has led us to a point where we have been unable to continue trading,"" she wrote. Ms Price said ""significant efforts"" had been made to find a buyer for the business but that these had been unsuccessful. EY also said on Friday that no potential buyers that had come forward were able to show they had enough money to finance the operations and keep them afloat in the future. ""We wish to be clear to employees, suppliers, and customers that it was not possible to conclude a sale as the potential purchaser could not, despite repeated requests of them to do so, adequately demonstrate that they had the funding needed to recapitalise the business and keep it solvent,"" they said. The eight arms of ISG's UK business, including its engineering and retail branches, have all been placed in administration. The group, which was in the middle of work on numerous government contracts, has made the majority of its 2,400 UK employees redundant with immediate effect and work on all projects has stopped. ISG is involved in 69 government projects totalling more than £1bn, including work on prison refurbishment for the Ministry of Justice, according to data analysts Barbour ABI. It also made the velodrome for the 2012 London Olympics. Barbour ABI's chief analyst Ed Griffiths said the live projects, including a £300m extension to the Grendon and Springhill prisons in Buckinghamshire, were ""just the tip of the iceberg"". ""The ripple effect will be extremely worrying for the hundreds of subcontractors involved,"" he said. But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure. ",BBC,20/09/2024,"['Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration.', 'Some 2,200 workers have been made redundant with immediate effect, joint administrators EY said in a statement on Friday.', 'The business, owned by the US firm Cathexis, had been struggling financially for some time.', 'Attempts to secure a rescue deal failed, while 200 employees will be kept on to assist the administrators in winding down the business, which holds more than £1bn worth of government contracts.', ""Apple, Barclays and Google are also among ISG's private sector clients in the UK."", 'In a widely-reported email sent by chief executive Zoe Price to all ISG staff on Thursday, she said: ""Some of you may have seen reports in the media that ISG has filed for administration here in the UK. ""', 'With sadness, I can confirm that this is factually correct. ""', 'This was not the way I wanted you to find out and the news should not have leaked in this way,"" she added.', 'Ms Price said staff would be paid on Monday, as normal, and that the current situation had arisen due to ""legacy issues"" relating to ""large loss-making contracts"" secured between 2018 and 2020. ""', 'Trading out these projects has had a significant effect on our liquidity.', 'So even though we have been profitable this year, our legacy has led us to a point where we have been unable to continue trading,"" she wrote.', 'Ms Price said ""significant efforts"" had been made to find a buyer for the business but that these had been unsuccessful.', 'EY also said on Friday that no potential buyers that had come forward were able to show they had enough money to finance the operations and keep them afloat in the future. ""', 'We wish to be clear to employees, suppliers, and customers that it was not possible to conclude a sale as the potential purchaser could not, despite repeated requests of them to do so, adequately demonstrate that they had the funding needed to recapitalise the business and keep it solvent,"" they said.', ""The eight arms of ISG's UK business, including its engineering and retail branches, have all been placed in administration."", 'The group, which was in the middle of work on numerous government contracts, has made the majority of its 2,400 UK employees redundant with immediate effect and work on all projects has stopped.', 'ISG is involved in 69 government projects totalling more than £1bn, including work on prison refurbishment for the Ministry of Justice, according to data analysts Barbour ABI.', 'It also made the velodrome for the 2012 London Olympics.', 'Barbour ABI\'s chief analyst Ed Griffiths said the live projects, including a £300m extension to the Grendon and Springhill prisons in Buckinghamshire, were ""just the tip of the iceberg"". ""', 'The ripple effect will be extremely worrying for the hundreds of subcontractors involved,"" he said.', 'But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure.']",0.0136338524939748,"But a government spokesperson said it had already implemented detailed contingency plans, and affected departments were working to ensure sites were safe and secure.",Thousands of people have lost their jobs after the UK operations of the international construction giant ISG collapsed into administration.,-0.985510698386601,,"The business, owned by the US firm Cathexis, had been struggling financially for some time.",2024-09-23
Telegram will now provide some user data to authorities,https://www.bbc.co.uk/news/articles/cvglp0xny3eo,2024-09-23T22:32:24.428Z,"The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests. The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued. The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris. Days later, prosecutors there charged him with enabling criminal activity on the platform. Allegations against him include complicity in spreading child abuse images and trafficking of drugs. He was also charged with failing to comply with law enforcement. Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided."" Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members. Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.  Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities. Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia. The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet. After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab.  He says this latest policy change is already being greeted with even more alarm in many communities. ""Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said.  ""Many are now scrutinizing Telegram's announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?"" Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added. Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps. Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media. On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results. But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.  In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added. Ms Keller questioned whether the company's changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.  ",BBC,23/09/2024,"[""The messaging app Telegram has said it will hand over users' IP addresses and phone numbers to authorities who have search warrants or other valid legal requests."", 'The change to its terms of service and privacy policy ""should discourage criminals"", CEO Pavel Durov said in a Telegram post on Monday. “', 'While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities create a bad image for the entire platform, putting the interests of our almost billion users at risk,” he continued.', 'The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.', 'Days later, prosecutors there charged him with enabling criminal activity on the platform.', 'Allegations against him include complicity in spreading child abuse images and trafficking of drugs.', 'He was also charged with failing to comply with law enforcement.', 'Mr Durov, who has denied the charges, lashed out at authorities shortly after his arrest, saying that holding him responsible for crimes committed by third parties on the platform was both ""surprising"" and ""misguided.""', 'Critics say Telegram has become a hotbed of misinformation, child pornography, and terror-related content partly because of a feature that allows groups to have up to 200,000 members.', 'Meta-owned WhatsApp, by contrast, limits the size of groups to 1,000.', 'Telegram was scrutinised last month for hosting far-right channels that contributed to violence in English cities.', 'Earlier this week, Ukraine banned the app on state-issued devices in a bid to minimise threats posed by Russia.', 'The arrest of the 39-year old chief executive has sparked debate about the future of free-speech protections on the internet.', ""After Mr Durov's detention, many people began to question whether Telegram was actually a safe place for political dissidents, according to John Scott-Railton, senior researcher at the University of Toronto's Citizen Lab."", 'He says this latest policy change is already being greeted with even more alarm in many communities. ""', 'Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""', 'Many are now scrutinizing Telegram\'s announcement with a basic question in mind: does this mean the platform will start cooperating with authorities in repressive regimes?""', 'Telegram has not given much clarity on how the company will handle the demands from leaders of such regimes in the future, he added.', 'Cybersecurity experts say that while Telegram has removed some groups in the past, it has a far weaker system of moderating extremist and illegal content than competing social media companies and messenger apps.', 'Before the recent policy expansion, Telegram would only supply information on terror suspects, according to 404 Media.', 'On Monday Mr Durov said the app was now using “a dedicated team of moderators"" who were leveraging artificial intelligence to conceal problematic content in search results.', 'But making that type of material harder to find likely won’t be enough to fulfill requirements under French or European law, according to Daphne Keller at Stanford University’s Center for Internet and Society. “', 'Anything that Telegram employees look at and can recognize with reasonable certainty is illegal, they should be removing entirely,” Ms Keller said.', 'In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.', 'Ms Keller questioned whether the company\'s changes would be enough to satisfy authorities seeking information about targets of investigations, including who they are communicating with and the content of those messages. ""', 'It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.']",-0.1976573562373329,"Telegram’s marketing as a platform that would resist government demands attracted people that wanted to feel safe sharing their political views in places like Russia, Belarus, and the Middle East,"" Mr Scott-Railton said. ""","In some countries, they also need to notify authorities about particular kinds of seriously illegal content such as child sexual abuse material, she added.",-0.2488370835781097,"The announcement marks a significant reversal for Mr Durov, the platform’s Russian-born co-founder who was detained by French authorities last month at an airport just north of Paris.","It sounds like a commitment that is likely less than what law enforcement wants,"" Ms Keller said.",2024-09-23
Post Office IT system still causing cash shortfalls,https://www.bbc.co.uk/news/articles/cj6ez6p567do,2024-09-23T09:02:55.487Z,"Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed. It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history. A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money. An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts. Despite this, a version of the Horizon IT system is still in use in UK Post Offices. In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls. YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it. It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months."" One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance."" The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions. YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William. It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded. In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""Hearing directly from former and current postmasters is an important part of this work. We are determined to learn lessons from the past and improve the organisation."" On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters. In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"". Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""I think it's an insult,"" he said. ""A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me."" YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS). It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme. Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""There was a sense that the process was too long, with a lack of transparency."" The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon. This group will be offered a fixed payment of £75,000. It is one of three compensation schemes available to more than 4,000 people affected by the scandal. The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme. Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme. The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation. However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"". Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey. He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch. He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up. Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly. Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters. The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said. ",BBC,23/09/2024,"['Almost seven in 10 Post Office sub-postmasters have experienced an ""unexplained discrepancy"" on the Horizon IT system since January 2020, a survey has revealed.', 'It suggests faults remain in newer versions of the accountancy system still used by the Post Office, which has been at the heart of one of the worst miscarriages of justice in British legal history.', ""A poll of sub-postmasters by YouGov found that almost all of those who had difficulties with Horizon reported shortfalls in their accounts and most resolved them by using their branch's money."", 'An inquiry into the Post Office scandal resumed on Monday and will focus on how the company, which is wholly owned by the government, operates today.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faulty software called Horizon made it look like money was missing from Post Office branch accounts.', 'Despite this, a version of the Horizon IT system is still in use in UK Post Offices.', 'In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.', 'YouGov said it found that nearly half of the sub-postmasters it spoke to were ""dissatisfied with how the Horizon IT System currently operates"", compared to 25% who were happy with it.', 'It added: ""The vast majority - 92% - of sub-postmasters surveyed reported experiencing some form of issue with the Horizon IT system in the last 12 months.""', 'One sub-postmaster told YouGov: ""In my opinion Horizon is still flawed I regularly have unexplained discrepancies often altering daily or manifesting at balance.""', 'The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.', 'YouGov was commissioned to carry out the research by chair of the inquiry Sir Wyn William.', 'It invited 6,532 current sub-postmasters to take part in its survey between 18 July and 15 August - 1,015 people responded.', 'In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""', 'Hearing directly from former and current postmasters is an important part of this work.', 'We are determined to learn lessons from the past and improve the organisation.""', 'On Monday, the inquiry into the scandal heard from Saf Ismail, a sub-postmaster who was appointed to the Post Office board as a non-executive director in 2021 in a move by the company to attempt to improve relations with sub-postmasters.', 'In his evidence, Mr Ismail, who has stepped back from his role on the board, said sub-postmasters on the board were not welcome and he was told that Post Office chief executive Nick Read wanted to reverse the set-up because they were ""too awkward and too challenging"".', 'Mr Ismail also said he raised concerns with the board over some Post Office employees being redeployed from investigations teams that had worked on Horizon cases to the remediation unit set up to award compensation to sub-postmasters. ""', 'I think it\'s an insult,"" he said. ""', 'A postmaster who was potentially terminated, wrongly prosecuted, has then got an individual who potentially has done all that damage to them and their life then giving them the compensation – that just does not sit well with me.""', 'YouGov also held a second survey regarding compensation payouts relating to the Horizon Shortfall Scheme (HSS).', 'It found nearly half of the 1,483 HSS applicants who responded were dissatisfied with the scheme.', 'Just under half the sub-postmasters surveyed said they found the scheme hard to understand, while some 78% reported they had not received contact from a compensation case assessor. ""', 'Among those with an application outcome, there was generally high dissatisfaction with various elements of the offer,"" YouGov said. ""', 'There was a sense that the process was too long, with a lack of transparency.""', 'The HSS is for sub-postmasters who were not convicted, or part of the Group Litigation Order (GLO) court action, but who believe they experienced shortfalls because of Horizon.', 'This group will be offered a fixed payment of £75,000.', 'It is one of three compensation schemes available to more than 4,000 people affected by the scandal.', 'The other two are the GLO scheme for the 555 former sub-postmasters who won their group lawsuit, and the Overturned Convictions Scheme.', 'Former sub-postmaster and campaigner Sir Alan Bates has hit out at the length of time it is taking for victims of the Post Office Horizon IT scandal to receive financial redress, particularly in relation to the GLO scheme.', 'The government said all 2,417 ""original"" Horizon Shortfall Scheme applicants have received an offer of compensation.', 'However, the government recognised that was not the case for later applicants, and said it was ""working tirelessly to bring them full, fair and swift redress"".', 'Jerry Brown, a sub-postmaster who has been running his branch in Hadleigh, Suffolk, for more than 17 years, told the BBC while he was ""hopeful"" for change, he believes the attitude of the Post Office towards sub-postmasters remains the same. ""', 'We are always at the bottom of the pile,"" said Mr Brown, who is also on the executive committee of the Voice of the Postmaster group and took part in the YouGov survey.', 'He added that executives he has spoken to in the past did not ""seem to understand or care how difficult it is"" to run a branch.', 'He said it was ""impossible"" to make any money from running a Post Office at the moment, with three members of staff on-site all the time and other overheads like business rates and electricity bills going up.', 'Liam Byrne, the Labour MP who has been leading parliamentary hearings on the scandal, said that redress claims must be processed much more quickly.', 'Byrne also told the BBC that the inquiry must confront ""big questions"" about culture at the top of the Post Office and the treatment of sub-postmasters.', 'The Post Office has said that it has already made efforts to improve culture and its relationship with sub-postmasters, but it acknowledges there is more to be done. ""', 'The main difference today is that we operate with the mindset that we are working in partnership with our postmasters when approaching any issues,"" the company said.']",-0.053953470238909,"In response to the survey, the Post Office did not comment on specific findings, but said: ""We are focused on supporting the Inquiry to reach its independent conclusions. ""","The most common problems reported were screen freezes and loss of connection, while more than half said they had experienced ""unexplained discrepancies"", and others mentioned seeing unexplained transactions.",-0.6514355795724052,"We are determined to learn lessons from the past and improve the organisation.""",In January the BBC reported comments from a sub-postmaster who said the system was still causing shortfalls.,2024-09-23
Will the US presidential election define the future of crypto?,https://www.bbc.co.uk/news/articles/c0lwgn9p8z4o,2024-09-22T10:09:41.343Z,"The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC. The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce. It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws. In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate. The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration. Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves. This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”. It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar. Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president. The White House has led a sweeping crackdown on crypto firms in recent years. In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.  Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine. He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.  The SEC also has a case against Binance going through the courts. It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler. He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created. This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler. Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year. Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”. Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase. He has been at these meetings. “Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here. And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.” He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”. The clampdown on cryptocurrencies in the US this year has been mirrored in Europe. In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals. However, other regulators are being slower to act. The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow. Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate. Its critics argue it will give less protection to consumers. Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.” He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”. With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses. By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit  Public Citizen.  The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”. They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds. ",BBC,22/09/2024,"['The cryptocurrency industry is “rife with fraud and hucksters and grifters”, one of the United States’ top financial regulators has told the BBC.', 'The chair of the US Securities and Exchange Commission (SEC), Gary Gensler, says the “investing public around the globe has lost too much money” because of crypto companies not following the laws his agency tries to enforce.', 'It comes as the industry is spending millions of dollars on political donations, trying to influence the outcome of November’s US elections in the hope of more favourable future laws.', 'In addition to the presidential battle between Donald Trump and Kamala Harris, all 435 districts in the House of Representatives are up for re-election, as well as 33 of the 100 seats in the Senate.', 'The future of cryptocurrency, one of the world’s most hotly-debated technologies, is an issue where there appears to be a clear dividing line between Donald Trump and the outgoing Biden administration.', 'Trump has been courting the votes of crypto enthusiasts by promising to make America “the crypto capital of the planet”, and creating a “strategic national bitcoin stockpile” similar to the US government’s gold reserves.', 'This week he launched a new crypto business called World Liberty Financial, and although he provided few details, he said “I think crypto is one of those things we have to do”.', 'It’s a huge turnaround from three years ago, when he dismissed Bitcoin as something that “seems like a scam” and a threat to the US dollar.', ""Trump's new-found enthusiasm is a stark contrast to the Biden administration, of which Harris is the vice president."", 'The White House has led a sweeping crackdown on crypto firms in recent years.', 'In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25 years for fraud, after he stole billions of dollars from customers around the world, many of whom are still trying to recover their money.', 'Then in April, the founder of the world’s biggest crypto exchange, Binance’s Changpeng Zhao, got four months in prison, and the company paid a $4.3bn (£3.2bn) fine.', 'He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.', 'The SEC also has a case against Binance going through the courts.', 'It is one of a record-high 46 enforcement actions the financial regulator took last year against firms trying to profit from what is still an emerging technology. “', ""This is a field that has come along, and just because they're recording their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't think we want to comply with the time-tested laws’,” says Mr Gensler."", 'He explains that rules that force companies that want to raise money from the public to “share certain information” with them have been in place to protect investors since the SEC was created.', 'This was back in 1934, in the aftermath of the infamous Wall Street crash of 1929 that heralded the Great Depression. “', 'Crypto is just a small piece of the US and worldwide capital markets, but it can undermine trust that everyday investors have in the capital markets,” says Mr Gensler.', 'Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.', 'Harris hasn’t said much about cryptocurrencies, but one of her advisors did say last month that she would “support policies that ensure that emerging technologies, and that sort of industry, can continue to grow”.', 'Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “', ""I can't underscore enough how important this is, not just for the US, but for the for the world,” according to Paul Grewal, who is chief legal officer at crypto firm Coinbase."", 'He has been at these meetings. “', 'Not only is the US an important market for crypto, but so much of the important technology surrounding has been developed here.', ""And I think it's also critically important that we not lose sight of the fact that the rest of the world is not simply waiting for the US to get its act together.”"", 'He adds that given how tight the race for the White House is, “every vote is going to count, and crypto votes are no exception”.', 'The clampdown on cryptocurrencies in the US this year has been mirrored in Europe.', 'In April, the European Union agreed new laws to try to reduce the risk of crypto being used by criminals.', 'However, other regulators are being slower to act.', 'The G20 group of leading economies is working on minimum standards for cryptocurrencies, but they are not legally binding, and uptake has been slow.', 'Back in the US, a bill to regulate cryptocurrencies has been passed by the House, but not the Senate.', 'Its critics argue it will give less protection to consumers.', 'Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that is shying away from regulation.”', 'He adds that the sector just wants the same standards applied to crypto as are applied to other assets, “no tougher, but no weaker”.', 'With November’s US elections on the horizon, the crypto industry has sensed an opportunity to help elect lawmakers who take a sympathetic view of the businesses.', 'By last month, the sector had already spent an unprecedented $119m on donations, according to research by the non-profit Public Citizen.', 'The consumer advocacy organisation’s research director Rick Claypool says the money is being used “to help elect pro-crypto candidates and attack crypto critics, this is regardless of political affiliation”.', 'They’ve spent more than any other industry when it comes to corporate donations, because they “are attempting to discipline the US congress to give in to their demands for less oversight, and to weaken protections for consumers,” he adds.']",0.0638609857628909,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","He admitted to allowing criminals, child abusers and terrorists to launder money on his platform, in a case brought by the US Justice Department.",0.1063451100798214,"Recent meetings between her team and industry executives have been trying to build trust, and given crypto bosses hope of a brighter future whoever wins in November. “","Whilst fans argue that crypto offers a fast, cheap and secure way to move funds, a survey by the US central bank, the Federal Reserve, found that the number of Americans using it has dropped from 12% in 2021 to 7% last year.",2024-09-23
Boeing union hits out over 'final' 30% pay rise offer,https://www.bbc.co.uk/news/articles/ckg92528y51o,2024-09-24T02:04:51.946Z,"The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years. The new offer also included the reinstatement of a performance bonus and improved retirement benefits. However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies. More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter. The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497). The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September). But IAM said Boeing sent the new offer directly to union members and the media without telling the union's representatives. ""This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter. The union also said it would not hold a vote of its membership ahead of Boeing's deadline. In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""We first presented the offer to the union and then transparently shared the details with our employees,"" it added. Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years. The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise. Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer. Of those who voted, 96% backed strike action until a new agreement could be reached. The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges. Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money. The company has already suspended the jobs of tens of thousands of staff. It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts. Government officials are now helping to mediate talks between the two sides. ",BBC,24/09/2024,"['The union representing thousands of striking Boeing workers has hit out at what the aircraft manufacturing giant called its ""best and final"" pay offer, which proposed a 30% rise over four years.', 'The new offer also included the reinstatement of a performance bonus and improved retirement benefits.', 'However, the International Association of Machinists and Aerospace Workers (IAM) said the offer was not negotiated with the union and that ""it was thrown at us without any discussion"" - a claim Boeing denies.', 'More than 30,000 Boeing workers went on strike earlier this month after rejecting a 25% pay rise offer. ""', 'After listening to our employees and their concerns, Boeing today presented our best and final offer,"" Boeing said in a letter.', 'The proposal doubles the value of a one-off bonus for signing a new pay deal to $6,000 (£4,497).', 'The company said the offer is dependent on it being ratified by union members by midnight pacific time on Friday 27 September (7am GMT on Saturday 28 September).', 'But IAM said Boeing sent the new offer directly to union members and the media without telling the union\'s representatives. ""', 'This tactic is a blatant show of disrespect to you - our members - and the bargaining process,"" IAM said in a post on X, formerly known as Twitter.', ""The union also said it would not hold a vote of its membership ahead of Boeing's deadline."", 'In response, Boeing told the BBC: ""We have bargained in good faith with the IAM since formal negotiations began in March."" ""', 'We first presented the offer to the union and then transparently shared the details with our employees,"" it added.', 'Boeing workers went on strike from 13 September after rejecting a new contract deal, which included a 25% pay rise over four years.', ""The union had initially aimed for a number of improvements to workers' packages, including a 40% pay rise."", ""Almost 95% of the union members - who produce planes including the 737 Max and 777 - voted to reject Boeing's initial offer."", 'Of those who voted, 96% backed strike action until a new agreement could be reached.', 'The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.', 'Its impacts are already being felt across the industry and wider US economy too, as Boeing has halted shipments of most parts and taken other steps to save money.', 'The company has already suspended the jobs of tens of thousands of staff.', 'It has also said that US-based executives, managers and staff would be asked to take one week of furlough every four weeks for as long as the walkout lasts.', 'Government officials are now helping to mediate talks between the two sides.']",0.0733135250199221,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",0.3145553668340047,The new offer also included the reinstatement of a performance bonus and improved retirement benefits.,"The strike threatens to cost Boeing billions of dollars, deepening the crisis at a company already facing significant challenges.",2024-09-23
Rewilding at Loch Katrine to secure water supplies as climate changes,https://www.bbc.co.uk/news/articles/clyl11604e7o,2024-09-24T13:07:54.478Z,"Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved.  More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years. The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population.  The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry. Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies. The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes. This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"". The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works. Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.” He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.” The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west. Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage.  ""We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said. Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.  Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there. The boom in tourists drove the growth of nearby towns Aberfoyle and Callandar, and the area remains a popular attraction for visitors to this day. The Victorians harnessed the water to pipe fresh supplies into Glasgow.  Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.  The water's flow is entirely driven by gravity, with no pumps. The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt.  Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency. Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.” Native woodlands on lower levels along the loch shore are to be expanded to higher sites. Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink. It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly. The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore  peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.  Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.” ",BBC,24/09/2024,"[""Plans to restore the landscape around one of Scotland's most famous lochs to help deal with climate change have been approved."", 'More than 4,600 hectares around Loch Katrine is to have native forests, peatland and moorland restored over the the coming years.', ""The project, which will create one of Europe's largest new woodlands, is expected to capture a million tonnes of carbon over 60 years and help secure water supplies for a quarter of Scotland's population."", 'The proposals, from owner Scottish Water and tenant Forestry and Land Scotland (FLS), have been agreed by government agency Scottish Forestry.', 'Mark Williams, Scottish Water’s head of sustainability and climate change, said Loch Katrine was a ""hugely significant site"" in terms of natural environment as well as providing essential water supplies.', 'The land management around the eight-mile-long (13km) freshwater loch will protect the quality and resilience of the water supply as the climate changes.', 'This will include planting, removing invasive species including rhododendron, keeping deer away and using Highland cows to graze some areas, creating a ""fragmented woodland"".', 'The changes are expected to stabilise soils, hold more water and slow the run-off from the land, reducing the impact on water treatment works.', 'Dr Williams said: “The energy needed to provide essential water and waste water services makes Scottish Water one of the largest single users of electricity in the country, and whilst we are working hard to eliminate emissions across the entirety of our assets, we must also ensure that the woodland, peatland and natural habitats across our landholdings are thriving, able to lock up carbon and support our journey to net-zero emissions.”', 'He added: “By taking a whole-catchment approach, this 10-year plan sets out a long-term vision which will help secure the resilience and quality of Loch Katrine as a vital water supply into the 22nd Century while also supporting nature, tourism and the rural economy.”', 'The woodland will link up with other sites to build the Great Trossachs Forest - diverse wildlife habitats managed by other organisations stretching 16,500 hectares from Callander in the east to the shores of Loch Lomond in the west.', 'Carol McGinnes, FLS central region manager, said it had been a ""collaborative effort"" to get the project to this stage. ""', 'We can now look forward to on-the-ground delivery and making the sorts of changes that will further enhance a very special landscape,” Ms McGinnes said.', 'Loch Katrine has been described as the birthplace of Scottish tourism, having inspired writers, artists and musicians for hundreds of years.', ""Sir Walter Scott's epic poem Lady of the Lake, published in 1810, was set around the loch - inspiring Schubert's Ave Maria and Rossini's La Donna del Lago - and Jules Verne set The Underground City there."", 'The boom in tourists drove the growth of nearby towns Aberfoyle and Callandar, and the area remains a popular attraction for visitors to this day.', 'The Victorians harnessed the water to pipe fresh supplies into Glasgow.', 'Construction of the first 34-mile long aqueduct linking the loch to the city began in 1855 and was opened by Queen Victoria in 1859.', ""The water's flow is entirely driven by gravity, with no pumps."", ""The infrastructure they built still plays a part in providing drinking water for 1.3 million people across Scotland's central belt."", 'Loch Lomond and the Trossachs National Park Authority said the water, peatland and woodland in the park were ""undoubtedly our greatest allies"" in tackling nature loss and the climate emergency.', 'Environment and visitor services director Simon Jones added: ""It’s only through partnership working like this, we will achieve the scale of change required to ensure a sustainable future for the national park.”', 'Native woodlands on lower levels along the loch shore are to be expanded to higher sites.', 'Peatland will also be rewetted and sphagnum moss will be encouraged to proliferate in the hope that it will once again retain water and slow surface water run-off into the loch, as well as acting as a carbon sink.', 'It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.', 'The management plan describes it as an opportunity to ""expand and connect existing temperate rainforest"" and restore peatland areas to a ""normal hydrological function"" of open habitat and wetland areas.', 'Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”']",0.436928289005428,"Cameron Maxwell, from Scottish Forestry, said: “We were delighted to approve this ambitious new native woodland creation proposal on the land around Loch Katrine, continuing the expansion of the Great Trossachs Forest National Nature Reserve.”","The water's flow is entirely driven by gravity, with no pumps.",0.9500436527388436,"It is anticipated that improving peatland, moorland and woodland habitats will benefit the diversity of wildlife in the area - including badgers, bats, birds and rare species such as the Pearl Bordered Fritillary butterfly.",,2024-09-23
China unveils raft of stimulus measures to boost flagging economy,https://www.bbc.co.uk/news/articles/cjd5xlv03jxo,2024-09-24T05:56:49.852Z,"China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending. The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year. Stock markets in Asia jumped after Mr Pan's announcement. Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR). The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn). Mr Pan added that another cut may be made later in the year. Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%. The country's real estate industry has been struggling with a sharp downturn since 2021. Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects. The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut. The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher. ",BBC,24/09/2024,"[""China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy."", ""People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending."", ""The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year."", ""Stock markets in Asia jumped after Mr Pan's announcement."", 'Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).', 'The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).', 'Mr Pan added that another cut may be made later in the year.', ""Further measures aimed to boost China's crisis-hit property market include cutting interest rates for existing mortgages and lowering minimum down payments on all types of homes to 15%."", ""The country's real estate industry has been struggling with a sharp downturn since 2021."", 'Several developers have collapsed, leaving large numbers of unsold homes and unfinished building projects.', ""The PBOC's new economic stimulus measures come just days after the US Federal Reserve lowered interest rates for the first time in more than four years with a bigger than usual cut."", 'The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.']",-0.045717672052151,"The RRR will initially be cut by half a percentage point, in a move expected to free up about 1 trillion yuan ($142bn; £106bn).",The country's real estate industry has been struggling with a sharp downturn since 2021.,0.1982904553413391,"The news pushed up share prices, with the leading stock indexes in Shanghai and Hong Kong ending the day more than 4% higher.",The country's real estate industry has been struggling with a sharp downturn since 2021.,2024-09-23
China probes Calvin Klein over Xinjiang cotton,https://www.bbc.co.uk/news/articles/c20pxwwqqzwo,2024-09-24T19:12:11.239Z,"China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies. The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.  The US banned imports from the area in 2021, citing those concerns.   China's Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"". PVH, which owns the two brands and has a significant presence in China as well as the US, did not respond to a request for comment.  It has previously said it complies with laws in the regions where it does business, including the US Xinjiang law.   It has 30 days to respond to the Chinese authorities, at which point it could be added to the country's ""unreliable entities"" list, raising the prospect of further punishment.  Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.  But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns.  ""China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms ... that actions have consequences,"" he said.  ""This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here."" The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.  On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats. China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.  Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.  Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand -  showed the two countries' disputes were widening beyond areas such as defence and advanced technologies. ""These things have a way of spilling over,"" he said. ""It's affecting a growing number of supply chains across different sectors of the economy."" In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang. It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"". The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.  At the time PVH said it took the reports seriously and would continue to work to address the matter.  PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.   ",BBC,24/09/2024,"['China has announced it is investigating the company that owns US fashion brands Tommy Hilfiger and Calvin Klein for suspected ""discriminatory measures"" against Xinjiang cotton companies.', 'The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.', 'The US banned imports from the area in 2021, citing those concerns.', 'China\'s Ministry of Commerce accused the firm of ""boycotting Xinjiang cotton and other products without any factual basis"".', 'PVH, which owns the two brands and has a significant presence in China as well as the US, did not respond to a request for comment.', 'It has previously said it complies with laws in the regions where it does business, including the US Xinjiang law.', 'It has 30 days to respond to the Chinese authorities, at which point it could be added to the country\'s ""unreliable entities"" list, raising the prospect of further punishment.', 'Cullen Hendrix, senior fellow at the Peterson Institute of International Economics, said it was not clear exactly what prompted the investigation into PVH now.', 'But he said the announcement was likely to hurt the firm\'s reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. ""', 'China is, to a certain extent, flexing its muscle and reminding, not necessarily western governments, but western firms ... that actions have consequences,"" he said. ""', 'This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here.""', 'The investigation of PVH comes as tensions between China and the west have been growing on a range of issues, including electric cars and manufacturing.', 'On Monday, the US proposed rules to ban the use of certain technology in Chinese and Russian cars, citing security threats.', 'China has previously put US firms on its unreliable entities list, which it created as trade tensions heated up between Beijing and Washington.', 'Those firms were major defence contractors, such as Lockheed Martin and Raytheon, over their business in Taiwan.', 'Mr Hendrix said the decision to target PVH - a consumer-facing firm with a clearly recognisable US brand - showed the two countries\' disputes were widening beyond areas such as defence and advanced technologies. ""', 'These things have a way of spilling over,"" he said. ""', 'It\'s affecting a growing number of supply chains across different sectors of the economy.""', 'In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.', 'It noted that the issue had been ""subject to significant scrutiny and contention in China, the United States and elsewhere, resulting in criticism against multinational companies, including us"".', 'The company was named in a 2020 report by the Australian Strategic Policy Institute that identified dozens of firms that were allegedly benefiting from labour abuses in Xinjiang.', 'At the time PVH said it took the reports seriously and would continue to work to address the matter.', 'PVH employs more than 29,000 people globally and does more than 65% of its sales outside of the US.']",-0.1522141269303951,"This same kind of naming-and-shaming tactic, that human rights organisations in the west have used, can be weaponised here.""","But he said the announcement was likely to hurt the firm's reputation among Chinese shoppers - and send a wider warning to global firms of the risks of simply bowing to western concerns. """,-0.7224684953689575,The move marks a new effort by Beijing to fight back against allegations from western officials and human rights activists that cotton and other goods in the region have been produced using forced labour from the Uyghur ethnic group.,"In its annual report, PVH warned investors of revenue and reputational risks stemming from the fight over Xinjiang.",2024-09-23
Caroline Ellison sentenced to 2 years in FTX crypto fraud,https://www.bbc.co.uk/news/articles/cdd4e2931q3o,2024-09-24T20:46:00.495Z,"Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history. Ellison was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers. As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried. She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution.  She had faced a maximum sentence 55 times what she was given - 110 years in prison.  While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters. FTX was founded in 2019. Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn). Its apparent success turned Bankman-Fried into a billionaire and business celebrity. But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes. He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations. Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas. The on-and-off couple built the dual empire of FTX and Alameda Research.  While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial. Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge.  In tearful testimony, she said she felt ""indescribably bad"" about the fraud. Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried. Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail. The US Attorney's office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse. In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison. Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business. ",BBC,24/09/2024,"['Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.', 'Ellison was a top executive at the firm and is also the ex-girlfriend of its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing more than $8bn (£6.3bn) from customers.', 'As part of a plea deal, Ellison admitted charges including wire fraud and money laundering, and testified against Bankman-Fried.', ""She was also ordered to forfeit more than $11bn (£8.2bn) to the court and could pay more if she's ordered to hand over any restitution."", 'She had faced a maximum sentence 55 times what she was given - 110 years in prison.', 'While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.', 'FTX was founded in 2019.', 'Just two years later it had grown into the third biggest crypto exchange in the world, valued at $32bn (£26bn).', 'Its apparent success turned Bankman-Fried into a billionaire and business celebrity.', ""But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes."", ""He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers' money for property purchases, investments and political donations."", ""Ellison was one of Bankman-Fried's closest lieutenants and lived and worked in the company's offices and luxury apartments in The Bahamas."", 'The on-and-off couple built the dual empire of FTX and Alameda Research.', 'While Bankman-Fried was arrested and spent time in prison before his trial, Ellison remained free and agreed to help the criminal investigations The revelation that she would testify against her former boyfriend and boss added to the drama of the high-profile trial.', ""Ellison testified over three days, telling the jury that Bankman-Fried directed her and others to take money from FTX's customers without their knowledge."", 'In tearful testimony, she said she felt ""indescribably bad"" about the fraud.', ""Prosecutors said Ellison met them about 20 times to help them piece together FTX's unravelling, and make their case against Bankman-Fried."", ""Prior to the sentencing, Ellison's legal team had argued the help she provided meant she should not be sent to jail."", 'The US Attorney\'s office in Manhattan, which brought the charges, had declined to call for a particular sentence, but acknowledged what it called her ""extraordinary"" cooperation and expression of remorse.', ""In May, Ryan Salame, the co-CEO of FTX's Bahamian subsidiary, was sentenced to 90 months in prison."", 'Salame pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business.']",-0.2272317883959153,"While Judge Lewis Kaplan called her cooperation with prosecutors ""remarkable"", he said she was ""gravely culpable"" and that her help and remorse for the crimes should not be a ""get out of jail free card"", according to Reuters.","Caroline Ellison has been sentenced to two years in prison for her role in the collapse of the cryptocurrency exchange FTX, which has been described as one of biggest financial frauds in US history.",-0.2190390924612681,Its apparent success turned Bankman-Fried into a billionaire and business celebrity.,"But, in 2022, rumours of financial trouble sparked a run on its deposits, precipitating the firm's implosion and exposing Bankman-Fried's crimes.",2024-09-23
TSB says sorry for payment problems,https://www.bbc.co.uk/news/articles/c1jdxp0np6eo,2024-09-24T09:50:59.229Z,"TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved. Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries. The bank said all customers who were due money had now received it. The problems started overnight, with a ""small number of customers"" affected, it said. TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking. The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments. In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them."" The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments. One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop."" Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday. Writing on X, a user called Nicola told HMRC customer service that she had not received her payment. An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank. All our systems are working and affected customers should contact TSB."" The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC. ",BBC,24/09/2024,"['TSB has apologised to customers who did not receive payments after a technical issue, and says the problem has now been resolved.', 'Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.', 'The bank said all customers who were due money had now received it.', 'The problems started overnight, with a ""small number of customers"" affected, it said.', 'TSB has about five million customers, with two million of those ""digitally active"" online or through telephone banking.', 'The bank had earlier told customers that they would ""not be out of pocket"" for any charges made for late payments.', 'In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""', 'The Downdetector website, which monitors outages of online services, showed hundreds of complaints about TSB on Tuesday morning, with many concerning payments.', 'One user, Olivia, wrote: ""At this point, I’m going to have to borrow money because I’m overdrawn without an overdraft and need to do a food shop.""', 'Many people were expecting their child benefit, which is due every four weeks on a Monday or Tuesday.', 'Writing on X, a user called Nicola told HMRC customer service that she had not received her payment.', 'An HMRC spokesperson said: ""Some customers who bank with TSB have not received their Child Benefit today due to issues at the bank.', 'All our systems are working and affected customers should contact TSB.""', 'The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.']",0.0244615766237936,"Many customers had taken to social media to say they had not been paid their child benefit on Tuesday, while others said they had not received their salaries.","The problems started overnight, with a ""small number of customers"" affected, it said.",0.1391847431659698,"In a later statement on Tuesday afternoon it said: ""We have fixed the issue with BACS payments and have now credited all customer accounts that were due to receive money into them.""",The late payment comes after half a million people were left without their child benefit payment in June after a technical issue at HMRC.,2024-09-23
CrowdStrike: What was the impact of the global IT outage,https://www.bbc.co.uk/news/articles/cr54m92ermgo,2024-09-23T23:18:25.383Z,"GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales. Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.  A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world. Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday. He will speak of being ""deeply sorry"" about what happened, and his company's determination to ""prevent it from happening again."" But what was it like for those on the sharp end of the crisis? Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""It was a very difficult period of time with very little help and support,"" he said. For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies. The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper. At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday.  He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers. In some cases, this would have been delayed by ""three or four days"". ""You have to prioritise those and send them as soon as possible,"" he said.  ""All the referrals we do are done electronically - that couldn’t happen."" Elsewhere, the BMA said there were also major problems in Northern Ireland. Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O'Hagan, the chair of BMA's Northern Ireland GP committee. ""We couldn't do anything for most people,"" she said. ""We just had to take it on the chin and get on with it."" She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.  The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage. It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked. Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future. In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.  A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours. NHS England did not comment.  The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents. On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics. Adam Zoller is in charge of cyber security for the company. He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours. The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have."" Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage. Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed.  After being taken to and from the airport several times in the next few days, they managed to fly home on Monday. Melanie said passengers were given no food, and some ran out of medication. ""It totally ruined what should have been our dream holiday,"" she said.  ""We have lovely memories, but we came back absolutely shattered. It was complete chaos."" Their provider Tui gave them a £400 voucher. As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away. Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children. When they were on the tarmac, the flight was cancelled. Laura told the BBC there was no information, no return of bags, and no plan. They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets. The family paid £560 out of their own pockets to fly back to the UK a few days later.  Tui has given them a £600 voucher. ""I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked. In a statement, Tui apologised to its customers. But the travel company was not the only one with problems. Delta Airlines in the United States faced a huge impact. It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions. Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action. She estimates to have lost about £600 in sales. ""It is extremely worrying,"" she said.  ""I am a sole trader - I can’t have this happening again."" Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website. She estimates the outage cost her £1,000. ""It showed how many systems worldwide had put their eggs in one basket,"" she said. ""When one link in the chain fails, everything else goes down.  ""Is there enough choice out there for providers, or was CrowdStrike the only option?"" ",BBC,23/09/2024,"[""GPs couldn't treat patients, people were stranded as planes couldn't get off the ground, and small businesses lost much-needed sales."", 'Two months on from the global IT outage on 19 July, its full impact is only now becoming apparent.', 'A rogue software update by the US cybersecurity company CrowdStrike crippled up to eight and half million computers using Microsoft systems around the world.', 'Adam Meyers - a senior executive at CrowdStrike - will testify at the US Congress on Tuesday.', 'He will speak of being ""deeply sorry"" about what happened, and his company\'s determination to ""prevent it from happening again.""', 'But what was it like for those on the sharp end of the crisis?', 'Dr David Wrigley, a GP for the past 22 years, told the BBC about cancer referrals being delayed as the online systems doctors like him rely on went dark. ""', 'It was a very difficult period of time with very little help and support,"" he said.', 'For many GPs, they were unable to use the EMIS system - a digital way of managing appointment bookings and patient records, as well as sending prescriptions to pharmacies.', 'The British Medical Association - the trade union and professional body for doctors and medical students in the UK - said the CrowdStrike outage was ""one of the toughest single days in recent times for GPs across England"", with doctors forced to return to pen and paper.', ""At Dr Wrigley's practice in Carnforth, Lancashire, computer problems continued between Friday and Monday."", 'He said this created a backlog that delayed urgent tasks such as writing referral letters for patients with suspected cancers.', 'In some cases, this would have been delayed by ""three or four days"". ""', 'You have to prioritise those and send them as soon as possible,"" he said. ""', 'All the referrals we do are done electronically - that couldn’t happen.""', 'Elsewhere, the BMA said there were also major problems in Northern Ireland.', 'Around 75% of GPs in Northern Ireland use the EMIS system according to Dr Frances O\'Hagan, the chair of BMA\'s Northern Ireland GP committee. ""', 'We couldn\'t do anything for most people,"" she said. ""', 'We just had to take it on the chin and get on with it.""', 'She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.', 'The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.', 'It says GPs had access to ""local copies"" of patient data from EMIS during the outage, and all other systems worked.', 'Professor Kamila Hawthorne, Chair of the Royal College of GPs, told the BBC it was ""crucial"" that there should be ""safeguards in place"" in the future.', 'In Surrey, 50 patients who were due to receive radiotherapy treatment on the day of the outage were forced to reschedule.', 'A spokesperson from NHS Royal Surrey Trust said all urgent cases were seen within 24 hours.', 'NHS England did not comment.', 'The UK government told BBC News contingency plans were quickly enacted, and said it is working with NHS England to help prevent similar incidents.', 'On the west coast of the United States, meanwhile, Providence healthcare operates 53 hospitals and over 1,000 clinics.', 'Adam Zoller is in charge of cyber security for the company.', 'He describes the first few hours as ""a catastrophe"" for hospital IT systems, but 80% were fixed in 48 hours.', 'The hospitals did cancel non-emergency procedures, but Adam said ""in large parts patient care was unaffected"". ""', 'CrowdStrike could have handled this in a lot of different ways, and I think they handled it as well as they could have.""', 'Melanie Cree and her husband Alan, from Bangor in Northern Ireland, were due to fly home from Corfu Airport on the day of the outage.', ""Travel operators were forced to cancel thousands of flights across the world - and Melanie and Alan's flight was axed."", 'After being taken to and from the airport several times in the next few days, they managed to fly home on Monday.', 'Melanie said passengers were given no food, and some ran out of medication. ""', 'It totally ruined what should have been our dream holiday,"" she said. ""', 'We have lovely memories, but we came back absolutely shattered.', 'It was complete chaos.""', 'Their provider Tui gave them a £400 voucher.', 'As Melanie and Alan struggled in Corfu, another UK family were caught up in the delays just over 500 miles (804km) away.', 'Laura and Malcolm Jones were struggling to return home to Pontypool, in south Wales, after a holiday in Rhodes with their children.', 'When they were on the tarmac, the flight was cancelled.', 'Laura told the BBC there was no information, no return of bags, and no plan.', 'They spent 16 hours at the airport before they were taken to a conference centre, where frustrated travellers used tablecloths as blankets.', 'The family paid £560 out of their own pockets to fly back to the UK a few days later.', 'Tui has given them a £600 voucher. ""', 'I was looking forward to travelling abroad again after Covid, but I think I might just stick going to west Wales for a few years,"" Laura joked.', 'In a statement, Tui apologised to its customers.', 'But the travel company was not the only one with problems.', 'Delta Airlines in the United States faced a huge impact.', 'It cancelled around 7,000 flights over five days, faces an investigation from the US authorities and is involved in several legal actions.', 'Back in the UK, small business owner Dawn Watts from Market Drayton, Staffordshire was caught up in the outages in a different way - her website, which provides supplies to cleaning companies and hotels, was out of action.', 'She estimates to have lost about £600 in sales. ""', 'It is extremely worrying,"" she said. ""', 'I am a sole trader - I can’t have this happening again.""', 'Hannah Al-Khaldi, who runs a boutique fitness studio in London, faced similar issues with a non-functional website.', 'She estimates the outage cost her £1,000. ""', 'It showed how many systems worldwide had put their eggs in one basket,"" she said. ""', 'When one link in the chain fails, everything else goes down. ""', 'Is there enough choice out there for providers, or was CrowdStrike the only option?""']",-0.0723159065022228,Delta Airlines in the United States faced a huge impact.,"She said GPs in Northern Ireland faced similar backlogs to colleagues in England, including a delay to suspected cancer referrals.",-0.8535666853189469,"The Department of Health told the BBC it is in discussion with ""external suppliers"" to strengthen ""continuity arrangements"" following the CrowdStrike outage.","She estimates to have lost about £600 in sales. """,2024-09-23
Selfridges boss denies knowledge of Fayed allegations,https://www.bbc.co.uk/news/articles/c0e1g2v4nnyo,2024-09-23T15:06:17.324Z,"Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods. He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour. The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996. He left in 2002. He is one of a number of former directors of Harrods under Fayed who have senior roles in business today. The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them. Dozens more women have been in touch since the programme aired. Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations. He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on. My thoughts are very much with the victims.” The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland. It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn. Mr Maeder is also president of the world department store trade association, the IDSG. Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.  ",BBC,23/09/2024,"['Andre Maeder, the chief executive of Selfridges, has denied knowing about Mohamed Al Fayed’s alleged sexual assaults and rapes during the six years he worked at Harrods.', 'He said he was “horrified” to watch the documentary about Fayed broadcast by the BBC last week, “but never saw or heard anything” about this ""abhorrent"" behaviour.', 'The Swiss national joined Harrods in 1995 and was appointed to the board as chief retail and merchandising officer in 1996.', 'He left in 2002.', 'He is one of a number of former directors of Harrods under Fayed who have senior roles in business today.', 'The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.', 'Dozens more women have been in touch since the programme aired.', 'Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.', 'He said he ""never saw or heard anything which suggested this abhorrent behaviour was going on.', 'My thoughts are very much with the victims.”', ""The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland."", 'It is owned by the Bangkok-based Central Group, which acquired it in 2021 in a deal worth £4bn.', 'Mr Maeder is also president of the world department store trade association, the IDSG.', 'Before joining Selfridges he was chief executive of the German department store chain KaDeWe, which is now also owned by Central Group.']",-0.2419940479942611,"The Selfridges Group, best known for its famous store on London's Oxford Street, also owns two shops in Manchester, one in Birmingham, and chains of stores in the Netherlands and Ireland.","The BBC has heard testimony from more than 20 female ex-employees of Harrods who say the billionaire, who died last year aged 94, sexually assaulted or raped them.",-0.8814018368721008,,"Mr Maeder said in a statement: “I was horrified watching the recent BBC documentary, and am truly shocked by the very serious and appalling allegations.",2024-09-23
US to ban Chinese tech in cars,https://www.bbc.co.uk/news/articles/cwyegl8q80do,2024-09-23T14:42:31.433Z,"The US is planning to ban certain hardware and software made in China and Russia from cars, trucks and buses in the US due to security risks.  Officials said they were worried that the technology in question, used for autonomous driving and to connect cars to other networks, could allow enemies to  ""remotely manipulate cars on American roads"". There is currently minimal use of Chinese or Russia-made software in American cars. But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US.  “Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet,"" she said in a statement.  ""It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens."" Chinese officials said the US was broadening ""the concept of national security"" to unfairly target Chinese firms.   “China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement.  “We urge the US side to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises.” The proposal, which will now enter a comment period, is the latest from the White House aiming to limit China's presence in the car manufacturing supply chain.  The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items. It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.  The US launched an investigation in February examining the cyber risks from so-called connected cars.  The prohibitions on software would go into effect with model year 2027, while the hardware rules would be effective three years later, giving the industry more time to re-work their supply chains.   John Bozzella, president and chief executive of Alliance for Automotive Innovation, which represents big car companies, said that though there was ""very little technology - hardware or software in today's connected vehicle supply chain that enters the US from China""  the rule would force some firms to find new suppliers.  “I’ve said this in other contexts, but it applies here too: you can’t just flip a switch and change the world’s most complex supply chain overnight,"" he said. “The lead time included in the proposed rule will allow some auto manufacturers to make the required transition but may be too short for others,"" he said. He said association would continue to share its perspective as the final rules are developed.  ",BBC,23/09/2024,"['The US is planning to ban certain hardware and software made in China and Russia from cars, trucks and buses in the US due to security risks.', 'Officials said they were worried that the technology in question, used for autonomous driving and to connect cars to other networks, could allow enemies to ""remotely manipulate cars on American roads"".', 'There is currently minimal use of Chinese or Russia-made software in American cars.', 'But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US. “', 'Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet,"" she said in a statement. ""', 'It doesn’t take much imagination to understand how a foreign adversary with access to this information could pose a serious risk to both our national security and the privacy of US citizens.""', 'Chinese officials said the US was broadening ""the concept of national security"" to unfairly target Chinese firms. “', 'China opposes the US’s broadening of the concept of national security and the discriminatory actions taken against Chinese companies and products,” said Lin Jian, spokesman for China’s Foreign Ministry, in a statement. “', 'We urge the US side to respect market principles and provide an open, fair, transparent, and non-discriminatory business environment for Chinese enterprises.”', ""The proposal, which will now enter a comment period, is the latest from the White House aiming to limit China's presence in the car manufacturing supply chain."", 'The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items.', 'It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.', 'The US launched an investigation in February examining the cyber risks from so-called connected cars.', 'The prohibitions on software would go into effect with model year 2027, while the hardware rules would be effective three years later, giving the industry more time to re-work their supply chains.', 'John Bozzella, president and chief executive of Alliance for Automotive Innovation, which represents big car companies, said that though there was ""very little technology - hardware or software in today\'s connected vehicle supply chain that enters the US from China"" the rule would force some firms to find new suppliers. “', 'I’ve said this in other contexts, but it applies here too: you can’t just flip a switch and change the world’s most complex supply chain overnight,"" he said. “', 'The lead time included in the proposed rule will allow some auto manufacturers to make the required transition but may be too short for others,"" he said.', 'He said association would continue to share its perspective as the final rules are developed.']",0.098951471523699,"But Commerce Secretary Gina Raimondo said the plans were ""targeted, proactive"" steps to protect the US. “","It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.",-0.5514505743980408,"The White House has also raised tariffs on electric cars, batteries for electric vehicle and a range of other items.","It has separately banned the import of Chinese-made cargo cranes, warning of cyber-security risk.",2024-09-23
"Royals really cost £510m, anti-monarchists say",https://www.bbc.co.uk/news/articles/cdxr2pk997no,2024-09-23T22:04:13.250Z,"The real cost of the Royal Family to taxpayers is £510m a year - nearly six times more than the £86m of state funding from the annual Sovereign Grant - anti-monarchy campaigners claim. The Republic group says its higher total includes other factors such as security, not counted in the Sovereign Grant, which it estimates as £150m. ""How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?"" said Republic's chief executive, Graham Smith. Keeper of the Privy Purse Sir Michael Stevens, who looks after the King's financial affairs, has previously spoken of the ""determination to deliver value for money"" in royal finances. The report on royal finances from Republic argues that state funding for the Royal Household, known as the Sovereign Grant, is only a fraction of the real cost to taxpayers. The anti-monarchists argue that in debates about public spending and tight finances, then the full picture of royal funding needs to be recognised. The biggest extra hidden cost claimed by Republic is for security for the royals, which isn't part of the calculation of the Sovereign Grant, which covers spending such as staffing, travel and the upkeep of royal buildings. The anti-monarchy campaign group says the government should provide an accurate figure for the cost of royal security. But in the absence of an official figure, the report estimates that £150m is ""indicative of a likely cost"", which they've based on press reports of security costs. The anti-monarchy group's £510m total also includes ""lost income"" to taxpayers. This includes £99m from the property businesses of the duchies of Lancaster and Cornwall, with the report saying that should go to the public purse, rather than funding the King and the Prince of Wales. A further £96m could be raised in revenue from royal residences if they were used for commercial purposes, claims the report. Other hidden costs claimed by the report include spending on royal visits by local authorities. Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"". A head of state should have running costs of £5m-£10m a year, it says, and the King should have an annual salary of £189,000, with increases pegged to that of the prime minister. Buckingham Palace has declined to comment on the report. But the latest accounts for the Sovereign Grant, published in July, show state funding for the Royal Household will remain at £86.3m for 2024-25 and rise to £132m in 2025-26. The level of funding is calculated against the profits of the Crown Estate, with next year's rise reflecting increased income from offshore wind farms. ""This is now the third year for which the Sovereign Grant has not increased by one single penny, despite the supplementary costs incurred by the change of reign and despite the double-digit inflationary pressures that have impacted on goods and services for all organisations in that same period,"" Sir Michael said earlier this year. ""What has remained constant is the determination to deliver value for money in ensuring the Royal Family are able to serve our communities to the best of their abilities, even in difficult personal circumstances."" As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade. In terms of public opinion on royal funding, a YouGov survey last month found 55% of those surveyed by YouGov viewed the monarchy as good value for money, while 30% saw it as poor value. But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young. ",BBC,23/09/2024,"['The real cost of the Royal Family to taxpayers is £510m a year - nearly six times more than the £86m of state funding from the annual Sovereign Grant - anti-monarchy campaigners claim.', 'The Republic group says its higher total includes other factors such as security, not counted in the Sovereign Grant, which it estimates as £150m. ""How can we talk about cutting the winter fuel allowance while wasting half a billion pounds on the royals?""', ""said Republic's chief executive, Graham Smith."", 'Keeper of the Privy Purse Sir Michael Stevens, who looks after the King\'s financial affairs, has previously spoken of the ""determination to deliver value for money"" in royal finances.', 'The report on royal finances from Republic argues that state funding for the Royal Household, known as the Sovereign Grant, is only a fraction of the real cost to taxpayers.', 'The anti-monarchists argue that in debates about public spending and tight finances, then the full picture of royal funding needs to be recognised.', ""The biggest extra hidden cost claimed by Republic is for security for the royals, which isn't part of the calculation of the Sovereign Grant, which covers spending such as staffing, travel and the upkeep of royal buildings."", 'The anti-monarchy campaign group says the government should provide an accurate figure for the cost of royal security.', 'But in the absence of an official figure, the report estimates that £150m is ""indicative of a likely cost"", which they\'ve based on press reports of security costs.', 'The anti-monarchy group\'s £510m total also includes ""lost income"" to taxpayers.', 'This includes £99m from the property businesses of the duchies of Lancaster and Cornwall, with the report saying that should go to the public purse, rather than funding the King and the Prince of Wales.', 'A further £96m could be raised in revenue from royal residences if they were used for commercial purposes, claims the report.', 'Other hidden costs claimed by the report include spending on royal visits by local authorities.', 'Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".', 'A head of state should have running costs of £5m-£10m a year, it says, and the King should have an annual salary of £189,000, with increases pegged to that of the prime minister.', 'Buckingham Palace has declined to comment on the report.', 'But the latest accounts for the Sovereign Grant, published in July, show state funding for the Royal Household will remain at £86.3m for 2024-25 and rise to £132m in 2025-26.', 'The level of funding is calculated against the profits of the Crown Estate, with next year\'s rise reflecting increased income from offshore wind farms. ""', 'This is now the third year for which the Sovereign Grant has not increased by one single penny, despite the supplementary costs incurred by the change of reign and despite the double-digit inflationary pressures that have impacted on goods and services for all organisations in that same period,"" Sir Michael said earlier this year. ""', 'What has remained constant is the determination to deliver value for money in ensuring the Royal Family are able to serve our communities to the best of their abilities, even in difficult personal circumstances.""', 'As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade.', 'In terms of public opinion on royal funding, a YouGov survey last month found 55% of those surveyed by YouGov viewed the monarchy as good value for money, while 30% saw it as poor value.', 'But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young.']",0.1597409430174644,"But below these headline figures, there were significant divides, particularly in terms of age groups, with support for the monarchy strongest among older people and opposition strongest among the young.","Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".",0.3989793121814727,"As well as costs, there are also harder-to-measure economic benefits from the royals, such as boosting tourism and supporting overseas trade.","Republic attacks the current funding for the royals as opaque and secretive and a ""scandalous abuse of public money"".",2024-09-23
Three Mile Island nuclear site to reopen in Microsoft deal,https://www.bbc.co.uk/news/articles/cx25v2d7zexo,2024-09-20T14:31:30.638Z,"America's Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs.  The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements. The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand. The plan will now go to regulators for approval. The owner of the plant, Constellation Energy, said the reactor it planned to restart was next to, but ""fully independent"" of, the unit that had been involved in the 1979 accident. It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades. However, there is renewed interest in nuclear as concerns about climate change grow - and companies need more energy due to advances in artificial intelligence.  Constellation chief executive Joe Dominguez told analysts on Friday that the deal was a ""powerful symbol of the rebirth of nuclear power as a clean and reliable energy resource"". “Before it was prematurely shuttered due to poor economics, this plant was among the safest and most reliable nuclear plants on the grid, and we look forward to bringing it back with a new name and a renewed mission,"" he said in a statement announcing the deal.  He said nuclear plants were the ""only energy sources"" that could consistently deliver an ""abundance"" of carbon-free energy. Microsoft also called it a ""milestone"" in its efforts to ""help decarbonize the grid"". On 28 March, 1979, a combination of mechanical failure and human error led to a partial meltdown at the nuclear power plant in central Pennsylvania. The accident occurred at about 04:00 in the Three Mile Island plant's second unit.  The plant's Unit 1 - which would reopen under the Microsoft deal - continued to generate power until closing in 2019.  Its owner at the time, Exelon, which spun out Constellation as an independent business in 2022, said the low cost of natural gas extraction had made nuclear-generated electricity unprofitable. Constellation said it would invest $1.6bn (£1.2bn) to upgrade the facility, which it would seek approval to operate until at least 2054.  Reopening the plant would create 3,400 direct and indirect jobs and add more than 800 megawatts of carbon-free electricity to the grid, generating billions of dollars in taxes and other economic activity, according to a study by The Brattle Group cited by Constellation. Local media reported earlier this month that word of its possible revival had drawn some protesters.  Microsoft is not the only tech company that is turning to nuclear power as its energy needs expand.  Earlier this year, Amazon also signed a deal which involves purchasing nuclear energy to power a data centre. Those plans are now under scrutiny by regulators.  ",BBC,20/09/2024,"[""America's Three Mile Island energy plant, the site of the worst nuclear accident in US history, is preparing to reopen as Microsoft looks for ways to satisfy its growing energy needs."", 'The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements.', 'The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand.', 'The plan will now go to regulators for approval.', 'The owner of the plant, Constellation Energy, said the reactor it planned to restart was next to, but ""fully independent"" of, the unit that had been involved in the 1979 accident.', 'It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.', 'However, there is renewed interest in nuclear as concerns about climate change grow - and companies need more energy due to advances in artificial intelligence.', 'Constellation chief executive Joe Dominguez told analysts on Friday that the deal was a ""powerfulsymbol of the rebirth of nuclear power as a clean and reliableenergy resource"". “', 'Before it was prematurely shuttered due to poor economics, this plant was among the safest and most reliable nuclear plants on the grid, and we look forward to bringing it back with a new name and a renewed mission,"" he said in a statement announcing the deal.', 'He said nuclear plants were the ""only energy sources"" that could consistently deliver an ""abundance"" of carbon-free energy.', 'Microsoft also called it a ""milestone"" in its efforts to ""help decarbonize the grid"".', 'On 28 March, 1979, a combination of mechanical failure and human error led to a partial meltdown at the nuclear power plant in central Pennsylvania.', ""The accident occurred at about 04:00 in the Three Mile Island plant's second unit."", ""The plant's Unit 1 - which would reopen under the Microsoft deal - continued to generate power until closing in 2019."", 'Its owner at the time, Exelon, which spun out Constellation as an independent business in 2022, said the low cost of natural gas extraction had made nuclear-generated electricity unprofitable.', 'Constellation said it would invest $1.6bn (£1.2bn) to upgrade the facility, which it would seek approval to operate until at least 2054.', 'Reopening the plant would create 3,400 direct and indirect jobs and add more than 800 megawatts of carbon-free electricity to the grid, generating billions of dollars in taxes and other economic activity, according to a study by The Brattle Group cited by Constellation.', 'Local media reported earlier this month that word of its possible revival had drawn some protesters.', 'Microsoft is not the only tech company that is turning to nuclear power as its energy needs expand.', 'Earlier this year, Amazon also signed a deal which involves purchasing nuclear energy to power a data centre.', 'Those plans are now under scrutiny by regulators.']",0.1524998264072731,The agreement is intended to provide the company with a clean source of energy as power-hungry data centres for artificial intelligence (AI) expand.,"It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.",0.6591911415259043,"The tech giant said it had signed a 20-year deal to purchase power from the Pennsylvania plant, which would reopen in 2028 after improvements.","It caused no injuries or deaths but provoked widespread fear and mistrust among the US public, discouraging the development of nuclear power in the US for decades.",2024-09-23
University of Tennessee to raise season ticket prices 10% in anticipation of revenue sharing,https://www.cnbc.com/2024/09/18/tennessee-to-raise-season-ticket-prices-10percent-for-revenue-sharing.html,2024-09-18T19:35:05+0000,"The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in. A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release. It would also get rid of a cap on scholarships.""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""We have to continue leading the way. That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments.College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically. Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",CNBC,18/09/2024,"[""The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday."", 'Tennessee is calling its hike a ""talent fee,"" and said it ""will help fund the proposed revenue share for our student-athletes,"" according to the email.', 'Athletic departments have been gearing up for revenue sharing after a proposed settlement involving three cases the NCAA is named in.', 'A judge has yet to approve the settlement and expressed concerns this month over some of the terms, but Tennessee believes it could go into effect as soon as July 1, according to the email.', ""The proposed settlement would give $2.78 billion in backpay to student-athletes and would allow schools to pay players up to 22% of the Power Five schools' average athletic revenue in a given year going forward, according to the NCAA release."", 'It would also get rid of a cap on scholarships.', '""As the collegiate model changes, we have to remain flexible,"" Tennessee athletic director Danny White said in a video included in the email. ""', 'We have to continue leading the way.', 'That connection between resource and competitiveness has never been tighter, only now we have the ability to share these resources with our student-athletes.', '""The changes will go into effect beginning with the 2025 football season and will also include a 4.5% hike on single-game tickets.', ""Tennessee already has one of the biggest athletic departments in the country, coming in at eighth overall for total operating revenue in the 2022-23 season in Sportico's database of public university athletic departments."", 'College athletes have been permitted to profit off their name, image and likeness since 2021, which has changed college sports dramatically.', 'Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.']",0.2392974600311008,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.","The University of Tennessee is raising its season ticket prices by 10% across all its sports to prepare for athletes starting to get a cut of the school's sports revenue, according to an email sent to football season ticket holders on Tuesday.",0.9449205143111092,"Star athletes have been able to sign big endorsement deals, but universities have not started direct revenue sharing, which would benefit more student-athletes.",,2024-09-23
'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.",2024-09-23
"August home sales drop more than expected, as prices set a new record",https://www.cnbc.com/2024/09/19/august-home-sales-drop-more-than-expected-as-prices-set-a-new-record.html,2024-09-19T15:53:08+0000,"Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.That is slightly lower than what analysts expected. Sales were 4.2% lower than August 2023. It marks three straight months of sales below the 4 million mark, annualized.This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR's chief economist. ""The home-buying process, from the initial search to getting the house keys, typically takes several months.""The inventory of homes for sale is improving slightly. There were 1.35 million units for sale at the end of August. That's up 0.7% from July and 22.7% year over year. It is still, however, just a 4.2-month supply. A 6-month supply is considered balanced between buyer and seller.""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.""Tight supply is keeping the pressure on prices. The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023. That is the highest price ever for August.Since it's a median, though, part of that gain is skewed toward what was selling in August. Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.",CNBC,19/09/2024,"['Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.', 'That is slightly lower than what analysts expected.', 'Sales were 4.2% lower than August 2023.', 'It marks three straight months of sales below the 4 million mark, annualized.', 'This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today.', 'The average rate on the popular 30-year fixed loan was slightly over 7% in mid-June and then fell steadily to 6.7% by the end of July, according to Mortgage News Daily.', '""Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,"" said Lawrence Yun, NAR\'s chief economist. ""', 'The home-buying process, from the initial search to getting the house keys, typically takes several months.', '""The inventory of homes for sale is improving slightly.', 'There were 1.35 million units for sale at the end of August.', ""That's up 0.7% from July and 22.7% year over year."", 'It is still, however, just a 4.2-month supply.', 'A 6-month supply is considered balanced between buyer and seller.', '""The rise in inventory — and, more technically, the accompanying months\' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""', 'However, in areas where supply remains limited, like many markets in the Northeast, sellers still appear to hold the upper hand.', '""Tight supply is keeping the pressure on prices.', 'The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.', 'That is the highest price ever for August.', ""Since it's a median, though, part of that gain is skewed toward what was selling in August."", 'Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.', 'Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.']",0.0759400102912636,"""The rise in inventory — and, more technically, the accompanying months' supply — implies home buyers are in a much-improved position to find the right home and at more favorable prices,"" Yun added. ""","Sales were up significantly for homes priced above $750,000, but down for anything priced below $500,000.First-time buyers made up just 26% of August sales, matching the all-time low from November 2021.All-cash sales came in at 26%, which is down slightly from a year ago but still high historically.",0.0596884886423746,"The median price of an existing home sold in August was $416,700, up 3.1% from the same month in 2023.","Sales of previously owned homes fell 2.5% in August from July, to a seasonally adjusted annualized rate of 3.86 million units, according to the National Association of Realtors.",2024-09-23
"American Airlines in talks to pick Citigroup over rival bank Barclays for crucial credit card deal, sources say",https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html,2024-09-20T13:15:26+0000,"In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations.American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry. While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example. Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards. Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards. Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process.If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays.American renewed both relationships in 2016, giving each bank specific channels to market their cards. Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said. Banks tend to earn most of the money from these arrangements in the back half of the deals.With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar.  ""We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.Barclays declined to comment for this article.",CNBC,20/09/2024,"[""In this articleAmerican Airlines is in talks to make Citigroup its exclusive credit card partner, dropping rival issuer Barclays from a partnership that dates back to the airline's 2013 takeover of US Airways, said people with knowledge of the negotiations."", 'American has been working with banks and card networks on a new long-term deal for months with the aim of consolidating its business with a single issuer to boost the revenue haul from its loyalty program, according to the people.', 'Talks are ongoing, and the timing of an agreement, which would be subject to regulatory approval, is unknown, said the people, who declined to be identified speaking about a confidential process.', ""Banks' co-brand deals with airlines, retailers and hotel chains are some of the most hotly contested negotiations in the industry."", 'While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.', 'Big brands have been driving harder bargains in recent years, demanding a bigger slice of revenue from interest and fees, for example.', 'Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.', 'Airlines rely on card programs to help them stay afloat, earning billions of dollars a year from banks in exchange for miles that customers earn when they use their cards.', 'Those partnerships were crucial during the pandemic, when travel demand dried up but consumers kept spending and earning miles on their cards.', 'Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.', 'While it says it has the largest loyalty program, American was out-earned by Delta there, which made nearly $7 billion in payments from its American Express card partnership last year, compared with $5.2 billion for American.', '""We continue to work with all of our partners, including our co-branded credit card partners, to explore opportunities to improve the products and services we provide our mutual customers and bring even more value to the AAdvantage program,"" American said in a statement.', ""It's still possible that objections from U.S. regulators, including the Department of Transportation, could further delay or even scuttle a contract between American Airlines and Citigroup, leaving the current arrangement that includes Barclays intact, according to one of the people familiar with the process."", 'If the deal between American and Citigroup is consummated, it would end an unusual partnership in the credit card world.', ""Most brands settle with a single issuer, but when American merged with US Airways in 2013, it kept longtime issuer Citigroup on board and added US Airways' card partner Barclays."", 'American renewed both relationships in 2016, giving each bank specific channels to market their cards.', 'Citi was allowed to pitch its cards online, via direct mail and airport lounges, while Barclays was relegated to on-flight solicitations.', 'When the relationship came up for renewal again in the past year, Citigroup had good footing to prevail over the smaller Barclays.', 'Run by CEO Jane Fraser since 2021, Citigroup has the more profitable side of the AA business; their customers tend to spend far more and have lower default rates than Barclays customers, one of the people said.', 'Any renewal contract is likely to be seven to 10 years in length, which would give Citigroup time to recoup the costs of porting over Barclays customers and other investments it would need to make, this person said.', 'Banks tend to earn most of the money from these arrangements in the back half of the deals.', 'With this and other large partnerships, Fraser has been pushing Citigroup to aim bigger in a bid to improve the profitability of the card business, said the people familiar. ""', 'We are always actively working with our partners, including American Airlines, to look for ways to jointly enhance customer products and drive shared value and growth,"" a Citigroup spokesperson told CNBC.Meanwhile, Barclays executives told investors earlier this year that they aimed to diversify their co-branded card portfolio away from airlines, for instance, through added partnerships with retailers and tech companies.', 'Barclays declined to comment for this article.']",0.312092882581134,"While they give the issuing bank a captive audience of millions of loyal customers who spend billions of dollars a year, the details of the arrangements can make a huge difference in how profitable it is for either party.","Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",0.5356634381939384,Carriers have said growth in card spending has far exceeded that of passenger revenue in recent years.,"Meanwhile, banks have been pushing back or exiting the space entirely, saying that rising card losses, scrutiny from the Consumer Financial Protection Bureau and higher capital costs make for tight margins.",2024-09-23
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns,https://www.cnbc.com/2024/09/18/jpmorgan-investment-bank-creates-new-role-overseeing-junior-bankers.html,2024-09-18T16:55:05+0000,"JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.""A lot of investment bankers, they've been traveling all week, they come home and they give you four assignments, and you've got to work all weekend,"" Dimon said. ""It's just not right.""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said. ""You're violating it,"" Dimon warned. ""You've got to stop, and it will be in your bonus, so that people know we actually mean it.""",CNBC,18/09/2024,"['JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.', 'The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.', ""Associates and analysts are on the two lowest rungs in Wall Street's hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide."", 'The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.', 'The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street.', ""In May, Bank of America's Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger."", 'Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.', ""Then, starting in August, JPMorgan's senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation."", 'Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.', ""Dimon railed against some of Wall Street's ingrained practices at a financial conference held Tuesday at Georgetown University."", 'Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.', '""A lot of investment bankers, they\'ve been traveling all week, they come home and they give you four assignments, and you\'ve got to work all weekend,"" Dimon said. ""', ""It's just not right."", '""Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.', '""You\'re violating it,"" Dimon warned. ""', 'You\'ve got to stop, and it will be in your bonus, so that people know we actually mean it.""']",-0.134577025512299,"The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the ""well-being and success"" of junior bankers.","""You're violating it,"" Dimon warned. """,-0.1763509313265482,JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.,It's just not right.,2024-09-23
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.",2024-09-23
"UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract",https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html,2024-09-16T20:10:40+0000,"In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit. We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""Now, Stellantis wants to go back on the deal. As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union's accusations.""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement. The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango. It accused the automaker of ""refusing to provide the Union with relevant information.""The NLRB confirmed the UAW's filing. The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.",CNBC,16/09/2024,"['In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.', '""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.', 'We also won the right to strike over those commitments, if we have to,"" UAW President Shawn Fain said in a statement. ""', 'Now, Stellantis wants to go back on the deal.', 'As a united UAW, we intend to enforce our contract, and to make Stellantis keep the promise.', '""Stellantis, which has delayed plans for the Illinois plant, did not immediately respond to a request for comment.', 'The company argued lin August that it ""has not violated the commitments made in the Investment Letter included in the 2023 UAW Collective Bargaining Agreement and strongly objects to the union\'s accusations.', '""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company\'s attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW\'s national agreement.', 'The union did not disclose when the attempted move occurred or where the company allegedly wanted to move Durango production.', 'A UAW spokeswoman cited media reports about the vehicle potentially being moved to a plant in Ontario, Canada.', 'A copy of the latest National Labor Relations Board filing provided by the UAW did not mention the Durango.', 'It accused the automaker of ""refusing to provide the Union with relevant information.', '""The NLRB confirmed the UAW\'s filing.', ""The union has multiple open charges against several automakers in the U.S.The UAW said Monday it has more than 24 open grievances against Stellantis regarding the company's product and investment plans disclosed as part of the union's contract with the automaker.""]",-0.0069764118007445,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","In this articleDETROIT — The United Auto Workers union on Monday said it had filed federal unfair labor practice charges against Stellantis for allegedly violating contract terms and attempting to move production of the Dodge Durango out of the U.S.The charges are the latest action the union has taken against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions since the two sides reached a new contract last year.",0.0201009809970855,"""In our 2023 contract, we won major gains, including a commitment to reopen an idled assembly plant in Belvidere, Illinois, and to build the Dodge Durango in Detroit.","""The union said several UAW local chapters covering thousands of members have also filed contract grievances over what they allege is the company's attempt to move Dodge Durango production out of the U.S., allegedly in violation of the UAW's national agreement.",2024-09-23
Civil rights groups call on Fortune 1000 companies to stop 'abandoning DEI',https://www.cnbc.com/2024/09/19/corporate-dei-civil-rights-groups-urge-fortune-1000-to-protect-dei.html,2024-09-19T20:31:07+0000,"Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd. Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity. While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories.Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit. They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community.HRC President Kelley Robinson told CNBC's ""Squawk Box"" on Sept. 12 that there's a strong business case for diversity in the workplace.""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. Robinson called moving away from DEI the ""wrong decision for business.""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75. Tractor Supply & John Deere fall from 95 to 70. And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment.In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.""The full text of the letter and list of signatories is below.Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts.  These capitulations weaken businesses and the American economy more broadly. And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans. Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.  Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall. A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies. There is also a penalty for lagging on diversity which has only gotten larger with time. Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report) Critically, these decisions are not supported by your employees. According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.  In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community. Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion. Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.Future-proofing businesses also means recognizing the increasing diversity of consumers and employees. One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified. Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew,  from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%). This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business,  unpopular and unwise.  As business leaders who helped to build DEI programs, you know it's good business, and we have the receipts that show it.  At this moment, we call on business leaders and corporate board members to lead.  When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally. To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment. By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company.We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all. Backing down from long-standing commitments only serves to empower those who threaten your workers and customers. We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion. Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.",CNBC,19/09/2024,"['Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts.', 'The call to action comes after businesses including Ford, Tractor Supply, and Brown-Forman announced plans to change or entirely end internal DEI initiatives.', '""Abandoning DEI will have long-term consequences on business success,"" the authors of the letter wrote. ""', 'Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', '""""These shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans,"" the letter adds.', 'A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.', ""Legal experts saw the Supreme Court's June 2023 ruling on affirmative action in higher education as a roadmap for targeting private corporations prioritizing employee, supplier and consumer diversity."", 'While some right-wing activists have claimed credit for pressuring companies on social media into making the changes in recent weeks, several corporations have said changes have been in the works since March.', ""Rural retailer Tractor Supply started a trend specifically by severing ties with LGBTQ+ advocacy group the Human Rights Campaign, also known as HRC, which is among the letter's signatories."", ""Several companies, including Molson Coors, Harley-Davidson, Ford and Lowe's all followed suit."", ""They said they will no longer provide data to the nonprofit's Corporate Equality Index, a traditionally respected barometer for which companies best meet the needs of the LGBTQ+ community."", 'HRC President Kelley Robinson told CNBC\'s ""Squawk Box"" on Sept. 12 that there\'s a strong business case for diversity in the workplace.', '""Consumers are two times more likely to want to buy from brands that support the community,"" said Robinson. ""', ""This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions."", '""She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce.', 'Robinson called moving away from DEI the ""wrong decision for business.', '""The HRC responded to the companies that rolled back DEI commitments by cutting their Corporate Equality Index scores by 25 points.', ""On a 100-point scale, that deduction brings Brown-Forman, Lowe's, Ford and Molson Coors from a perfect score of 100 to 75."", 'Tractor Supply & John Deere fall from 95 to 70.', ""And Harley-Davidson's Corporate Equality Index score drops from 45 to 20.The companies mentioned in this article did not immediately respond to requests for comment."", 'In the letter to the Fortune 1000 companies, the civil rights groups argued pulling back from DEI not only hurts their standing with consumers, but also risks their ability to keep the most talented workforce possible.', '""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent,"" the letter read.', '""We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', '""The full text of the letter and list of signatories is below.', ""Diversity, equity and inclusion programs, policies, and practices make business-sense and they're broadly popular among the public, consumers, and employees."", 'But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.', ""Recently, some CEOs have caved and announced their company's divestment from diversity, equity and inclusion efforts."", 'These capitulations weaken businesses and the American economy more broadly.', 'And, these shortsighted decisions make our workplaces less safe and less inclusive for hard-working Americans.', 'Meanwhile this exposes businesses to legal risk by increasing the likelihood of bias and discrimination within organizations.', 'Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.', ""Businesses that fail to include women, people of color, people with disabilities, and LGBTQ+ people neglect their financial duty to recruit and retain top talent from across the full talent pool and limit their company's performance overall."", 'A survey of 1,039 companies with at least $15 billion in annual revenue showed that companies at the top quartile for both gender and ethnic diversity are 12% more likely to outperform all other companies.', 'There is also a penalty for lagging on diversity which has only gotten larger with time.', 'Companies in the bottom quartile of executive diversity on gender and ethnicity underperform all other companies by 27%. (', 'Diversity Wins: How Inclusion Matters, McKinsey & Company 2020 report)Critically, these decisions are not supported by your employees.', ""According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022."", 'In addition, according to Pew, only 16 percent of employees think focusing on DEI ""is a bad thing.', '""Furthermore, divestment from DEI will alienate diverse consumer segments including women, people of color, people with disabilities, and the LGBTQ+ community.', 'Women control an estimated two-thirds of global consumer spending and are projected to control two-thirds of all consumer wealth within the next decade, with estimates ranging from $12 trillion to $40 trillion.', 'Today, Black consumers hold $1.7 trillion in purchasing power and the LGBTQ+ community wields $1.4 trillion in spending power.', 'Future-proofing businesses also means recognizing the increasing diversity of consumers and employees.', 'One-in-four GenZers are Hispanic, 14% are Black, 6% are Asian, 5% are some other race or multiple races, and 30% are LGBTQ+ identified.', ""Our nation's disabled population continues to grow: recent CDC data showed the number of disabled adults in the United States grew, from 61 million in 2018 to 70 million in 2024, or more than 1 in 4 Americans (28.7%)."", 'This immense financial influence by populations often served by DEI programs are seen across various sectors, from consumer goods to financial services, demonstrating that DEI is a critical driver of business.', 'Put simply, hastily abandoning efforts that ensure fair, safe, and inclusive work environments is bad for business, unpopular and unwise.', ""As business leaders who helped to build DEI programs, you know it's good business,and we have the receipts that show it."", 'At this moment, we call on business leaders and corporate board members to lead.', 'When values of diversity, equity and inclusion are tested by politically motivated, anti-business forces, CEOs and corporate board members must defend them unequivocally.', ""To be clear, women workers, people of color and disabled workers aren't making political statements when they show up to work and ask for equal policies, benefits and treatment."", ""By abandoning best practice programs to support these workers, you not only capitulate to political forces and disregard what's good for your bottom line, but you introduce risks of discrimination and bias to your employees and your company."", 'We welcome your partnership and understand the safety risks posed by bad actors are serious -- these are threats that impact us all.', 'Backing down from long-standing commitments only serves to empower those who threaten your workers and customers.', 'We call on business leaders to speak out publicly, defending decades long, pro-business decisions to support inclusion.', 'Your trusted voices together will future proof the business community against anti-business, politically motivated extremists.']",0.1168112373655638,"This is bottom line the best thing to do for businesses, and that's why I think that we're seeing so much energy from employees, from consumers and from shareholders starting to push back on these decisions.","A range of corporations have curbed their DEI efforts, which picked up in 2020 after a national reckoning over racial injustice sparked by the police killing of George Floyd.",-0.3417430231648107,"According to an Edelman survey in 2024, 60% percent of people say an inclusive work culture with a well-supported diversity program is critical to attracting and retaining them as an employee -- that's up 9 points from 2022.",These capitulations weaken businesses and the American economy more broadly.,2024-09-23
"UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages",https://www.cnbc.com/2024/09/19/uaw-warns-of-potential-strikes-at-ford-stellantis.html,2024-09-19T16:56:36+0000,"In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck.The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.Stellantis has contended such a strike would be illegal.Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments.""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.""In addition to Monday's NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union.""Once we've authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.",CNBC,19/09/2024,"['In this articleDETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.', ""The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker's Rouge Complex near Detroit – one of two U.S. plants that produce the company's highly profitable F-150 pickup truck."", 'The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities.', 'The union has not announced similar actions against General Motors.', 'UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.', 'Local contracts have historically taken months, if not years, to settle after a national agreement is reached.', 'Sometimes they are not settled at all during the terms of the national deal.', ""Last year's auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once."", 'The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.', 'The most recent strike deadline for Ford was called over local plant negotiations involving ""job security, wage parity for Skilled Trades, as well as work rules,"" according to the union.', 'A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts.', 'The plant employs fewer than 500 workers.', 'Ford, in a statement Thursday, said negotiations with the union are ongoing: ""Ford invested $15 million in the plant last year and we have been at the table problem-solving.', 'Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.', '""The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting.', 'Strike authorization votes are procedural.', 'They are votes by workers to authorize UAW leaders to call a strike, if warranted.', 'Such votes for the national contract negotiations typically pass with more than 90% of worker approval.', 'The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.', '""The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,"" Fain said Tuesday night during an online broadcast.', 'Stellantis has contended such a strike would be illegal.', ""Fain has been adamant that the union won the right to strike over the automakers' product and investment commitments during national bargaining."", 'However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.', ""Stellantis Tuesday night after Fain's strike authorization vote announcement criticized the union leader for his actions and comments."", '""Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims.', 'Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.', 'Stellantis said a strike ""does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.', '""In addition to Monday\'s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker.', ""Those complaints cover about 98% of Stellantis' UAW-represented workforce, according to the union."", '""Once we\'ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,"" Fain said.', 'As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.', 'The union this week also began contract negotiations with Volkswagen.', 'VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.']",-0.0612021813540973,"UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.","The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to ""provide the Union with relevant information"" regarding investments and products.",-0.3007441163063049,"The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.","Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,"" Stellantis said in an emailed statement.",2024-09-23
FTC sues drug middlemen for allegedly inflating insulin prices,https://www.cnbc.com/2024/09/20/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices.html,2024-09-21T13:58:35+0000,"In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients. The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC. The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July report that claimed that the PBM industry is hiking drug prices.PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. The agency's suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices."" It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC's Bureau of Competition, said in a statement. ""The FTC's administrative action seeks to put an end to the Big Three PBMs' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued. Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC's suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. 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.The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.""An Eli Lilly spokesperson said the FTC's suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform."" They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs. But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin."" Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company's insulin savings card programs.Correction: This story has been updated to correct a quote from the FTC.",CNBC,21/09/2024,"['In this articleThe Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while ""artificially"" inflating costs for patients.', ""The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group's Optum Rx, CVS Health's Caremark and Cigna's Express Scripts."", ""All are owned by or connected to health insurers and collectively administer about 80% of the nation's prescriptions, according to the FTC.The FTC's lawsuit also includes each PBM's affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers."", 'The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.', 'A UnitedHealth spokesperson said the suit ""demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has ""aggressively and successfully"" negotiated with drug manufacturers.', 'A CVS spokesperson said Caremark is ""proud of the work"" it has done to make insulin more affordable for Americans, adding that ""to suggest anything else, as the FTC did today, is simply wrong.', '""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.', 'It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly ""defamatory"" July reportthat claimed that the PBM industry is hiking drug prices.', 'PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans.', 'They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.', 'The FTC has been investigating PBMs since 2022.The agency\'s suit argues that the three PBMs have created a ""perverse"" drug rebate system that prioritizes high rebates from drugmakers, which leads to ""artificially inflated insulin list prices.""', 'It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available.', 'The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.', '""Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,"" Rahul Rao, deputy director of the FTC\'s Bureau of Competition, said in a statement.', '""The FTC\'s administrative action seeks to put an end to the Big Three PBMs\' exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,"" Rao continued.', 'Roughly 8 million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.The White House has no comment on the FTC\'s suit, but has ""made clear that no one should pay higher prices because of corporate greed,"" White House press secretary Karine Jean-Pierre said in a statement Saturday.', ""President Joe Biden's signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month."", 'That policy currently does not extend to patients with private insurance.', 'The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs.', 'On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to afact sheetfrom the White House.', 'The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs\' demands for higher rebates.', 'Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.', 'For example, Eli Lilly\'s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.', '""An Eli Lilly spokesperson said the FTC\'s suit concerns ""aspects of the U.S. health care system that we have long been advocating to reform.""', 'They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance.', 'Eli Lilly also cut some insulin list prices by up to 70%.Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin.', ""Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.A spokesperson for Sanofi said the company has not seen and will not comment on the FTC's complaint against PBMs."", 'But the French drugmaker agrees with the FTC\'s claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.', '""A Novo Nordisk spokesperson said the company is ""committed to ensuring patients have affordable access to their medicines, including insulin.""', 'Novo Nordisk does not control the prices patients pay at the pharmacy in the ""complex U.S. healthcare system,"" the spokesperson noted, pointing to the company\'s insulin savings card programs.', 'Correction: This story has been updated to correct a quote from the FTC.']",0.0147564345555198,"But the French drugmaker agrees with the FTC's claim that PBMs have ""leveraged their position as powerful industry middlemen and have exploited rebates...to benefit themselves while increasing costs for patients and payers at the same time.","""And, a spokesperson for Express Scripts said the suit ""continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks"" on PBMs.",0.3033737738927205,"For example, Eli Lilly's Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.The FTC said all drugmakers should ""be on notice that their participation in the type of conduct challenged here raises serious concerns.","The FTC said it remains ""deeply troubled"" by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs' demands for higher rebates.",2024-09-23
Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs,https://www.cnbc.com/2024/09/17/apple-jpmorgan-creditcard-goldman-sachs.html,2024-09-17T21:16:40+0000,"In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said.The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal. The talks could fall apart over these or other matters in the coming months, this person said.But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter.The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said. Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts. Those losses were supposed to ease over time.But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said. The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.",CNBC,17/09/2024,"[""In this articleApple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs, a person with knowledge of the negotiations said."", 'The discussions are still early and key elements of a deal — such as price and whether JPMorgan would continue certain features of the Apple Card — are yet to be decided, said the person, who requested anonymity to discuss the nature of the potential deal.', 'The talks could fall apart over these or other matters in the coming months, this person said.', ""But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy."", 'There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny.', ""JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter."", 'The bank is seeking to pay less than face value for the roughly $17 billion in loans on the Apple Card because of elevated losses on the cards, the person familiar with the matter said.', 'Sources close to Goldman argued that higher-than-average delinquencies and defaults on the Apple Card portfolio were mostly because the users were new accounts.', 'Those losses were supposed to ease over time.', 'But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.', 'JPMorgan is also seeking to do away with a key Apple Card feature known as calendar-based billing, which means that all customers get statements at the start of the month rather than staggered throughout the period, the person familiar with the matter said.', 'The feature, while appealing to customers, means service personnel are flooded with calls at the same time every month.', 'Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by The Wall Street Journal.']",0.0145671139135517,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy.,-0.6349310576915741,Those losses were supposed to ease over time.,But questions around credit quality have made the portfolio less attractive to issuers at a time when there are concerns the U.S. economy could be headed for a slowdown.,2024-09-23
"SpaceX Starlink has 2,500 airplanes under contract after United megadeal, director says",https://www.cnbc.com/2024/09/17/spacexs-starlink-has-2500-aircraft-under-contract.html,2024-09-17T16:24:28+0000,"PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday.""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that's going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market. Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi.The United megadeal was Starlink's largest IFC agreement yet. It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years.SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020. The company initially targeted consumers, but has expanded into other markets, including enterprise services such as aviation and maritime.There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft. Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.""We're trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we've proven on Hawaiian's and JSX's fleets,"" Galano said.By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline's managing director of in-flight entertainment and connectivity. But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing.""A retrofit for us is removing the system that's there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[Hawaiian] have never had a satcom system, so that's one of the differences to take into account.""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline. Both Delta and United are in a battle for high-end customers.""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.— CNBC's Leslie Josephs contributed to this article.",CNBC,17/09/2024,"[""PARIS — SpaceX nearly doubled its backlog of Starlink in-flight Wi-Fi orders with last week's United Airlines deal, a company director said Tuesday."", '""Very excited that we have about 2,500 aircraft under contract now, bringing what was effectively a startup to now what we think is a growing experience that\'s going to resonate with all the passengers and the airlines worldwide,"" Nick Galano, SpaceX director of Starlink aviation sales and partnerships, said during a panel at the World Space Business Week conference in Paris.', ""The satellite internet arm of Elon Musk's space company is pushing into the in-flight connectivity, or IFC, market."", ""Last week, United said it will outfit its more than 1,000 planes with Starlink and won't charge customers for the Wi-Fi."", ""The United megadeal was Starlink's largest IFC agreement yet."", ""It will also push out United's existing quartet of WiFi providers — Viasat, Panasonic, Thales and Gogo — as Starlink is installed on the airline's planes in the next several years."", ""SpaceX has previously announced in-flight deals and has started service with Hawaiian Airlines, Qatar Airways, Japan's Zipair, Latvia's airBaltic and semi-private charter airline JSX.SpaceX has steadily expanded its Starlink network and product offerings since its debut in 2020."", 'The company initially targeted consumers, buthasexpanded into other markets, including enterprise services such as aviation and maritime.', 'There are currently about 6,400 Starlink satellites in orbit that connect more than 3 million customers in 100 countries, according to the company.', 'Galano touted ""the sheer factor of the capacity that we can provide"" via Starlink, saying the current satellite constellation is ""probably over 100 times what all the legacy systems have provided"" due to ""over 300 terabits per second worth of capacity today.', '""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.', 'Galano also emphasized that SpaceX is trying to reduce the time it takes to install new antennas on aircraft.', 'Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.', '""We\'re trying to simplify those installations — innovation is a word we use — to get them done in under a day, which we\'ve proven on Hawaiian\'s and JSX\'s fleets,"" Galano said.', 'By comparison, Delta Air Lines said its satellite IFC retrofits take ""on average about three days,"" according to Glenn Latta, the airline\'s managing director of in-flight entertainment and connectivity.', ""But Latta said Delta's process, which requires retrofitting 1,200 aircraft, is also more intensive compared with Starlink's installation on Hawaiian's fleet, which stood at 66 aircraft in mid-2024, according to a securities filing."", '""A retrofit for us is removing the system that\'s there ... and then you can do your install,"" Latta told CNBC after the conference panel. ""[', ""Hawaiian] have never had a satcom system, so that's one of the differences to take into account."", '""Delta, which relies on Viasat for in-flight service, said in early 2023 it would make its Wi-Fi free to members of its frequent flyer program — a decision that Latta says has proven to be well worth it to the airline.', 'Both Delta and United are in a battle for high-end customers.', '""We\'ve gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—', ""CNBC's Leslie Josephs contributed to this article.""]",0.2761100833366544,"""We've gotten 3 million additional SkyMiles members as part of our loyalty program by offering free internet access,"" Latta said.—","Known as retrofitting, the process is a pain point for airlines that requires taking aircraft out of active service for days at a time in order to upgrade or replace a satellite communications system.",0.9684703528881072,"""SpaceX continues to increase that capacity as well, launching rockets carrying new Starlink satellites about every three days on average this year, according to the company.",,2024-09-23
"Charter rolls out new Spectrum pricing and internet speeds, aims to 'be a better service operator'",https://www.cnbc.com/2024/09/16/charter-new-pricing-internet-speeds.html,2024-09-16T16:52:32+0000,"In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum's new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.""It is hard to be loved when you're providing a critical service to the household that's a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber.""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV. The company is also increasing the baseline internet speed for current customers at no additional cost.The company also said it's planning to be upfront about costs. Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said. Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past.In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours. Service issues such as those caused by weather, natural disasters or power outages don't count.Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said.""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out.""The announced changes are some of Charter's biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016. Winfrey was CFO at the time and spearheaded the mergers.Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.""For all the value that the industry's brought over the years, and the service and reliability investments that we've made, we haven't always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.Winfrey had been a low-key and not widely known executive in the media industry, but he started off swinging.At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network. The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.Charter's stock price has fluctuated greatly in recent years. On Sept. 12, 2021, the stock price was $787.12. It closed at $340.17 on Friday.That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports. Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson. Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018. Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.""For wireless, the 'Spectrum One' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.Winfrey doesn't expect ARPU to be affected by the new promotions.""When I think about Wall Street, I think about the customer,"" Winfrey said. ""If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.""Customers have been dropping pay TV rapidly across all providers, including Charter. But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership.The biggest moment came in 2023 when Disney-owned networks went dark for Charter's customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.For Charter, the sticking point wasn't just the fees. The company wanted Disney's ad-supported streaming options to be part of its TV offering.Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms. Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability.""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""They had to be the leader in the space, and we knew that.""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages. In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.""I give Charter a ton of credit because they walked into the room and they had very specific ideas. They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision's Vix.The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals. That's relatively uncommon in an industry where carriage negotiations often come down to the wire.Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast. The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.""We still have hurdles to get through,"" Winfrey said, noting that Charter's goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal's Peacock is still not part of that roster, however. A Charter representative said the company doesn't discuss renewals and declined to comment.Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.",CNBC,16/09/2024,"['In this articleCharter Communications CEO Chris Winfrey said he wants customers to think of reliability and credibility when they think of their cable and broadband provider.', 'The cable giant told CNBC it is unveiling a series of changes Monday to bolster that goal, including rolling out new bundles and pricing, increasing internet speeds, offering credits for service outages and promising heightened reliability for customers.', 'Charter — which provides broadband, cable TV and mobile services and is known to customers under the name of Spectrum — said it is also trying to make the company more approachable and remove the longtime negative connotations around cable companies by announcing Spectrum\'s new ""first-of-its-kind customer commitment,"" branded as ""Life Unlimited.', '""The rollout comes as Charter and its industry peers contend with several trends: slowing broadband customer growth, continued defections from the cable TV bundle, and a young but speedily expanding mobile business.', '""It is hard to be loved when you\'re providing a critical service to the household that\'s a physical infrastructure that charges over $100 a month,"" Winfrey said in an interview with CNBC. ""', ""And to the extent there's a problem, sometimes somebody has to enter your home ... in the same vein that it is for an electrician or plumber."", '""The first step to changing a less-favorable consumer view is with ""pricing and packaging that creates more value than you can replicate anywhere else in the marketplace,"" he said.', 'Spectrum said it will charge as low as $30 a month for its 500Mbps internet plan, or $40 a month for 1GB service, when either are bundled with two mobile lines or cable TV.', 'The company is also increasing the baseline internet speed for current customers at no additional cost.', ""The company also said it's planning to be upfront about costs."", 'Under its new plan, taxes and fees are baked in, there are no annual contracts and pricing is guaranteed up to three years, it said.', ""Charter even eliminated the 99 cents it had tacked on to most of Spectrum's pricing in the past."", ""In addition, Spectrum pledged to give customers credits when the company's customer service doesn't live up to its promises, or for internet outages that are out of the customer's control but are due to an issue on the company's part and last more than two hours."", ""Service issues such as those caused by weather, natural disasters or power outages don't count."", ""Life Unlimited — a new platform for Spectrum's internet, mobile and TV services — will roll out across its 41-state footprint this week, the company said."", '""We wanted to make a bold statement about our commitment and our capabilities,"" Winfrey said. ""', ""We also wanted to recognize that we're not perfect and we're putting ourselves under pressure, concrete pressure, to make sure that we can be a better service operator every month and every year from here on out."", '""The announced changes are some of Charter\'s biggest moves since Winfrey took the helm as CEO in December 2022.He followed Tom Rutledge, who held the post for a decade and turned a relatively small cable operator into the second-largest cable company in the U.S. through the takeovers of Time Warner Cable and Bright House Networks in 2016.', 'Winfrey was CFO at the time and spearheaded the mergers.', 'Winfrey recalled the various investments and advancements cable companies had made over the years: namely in broadband, but also in the pay TV bundle and the landline and mobile phone businesses.', '""For all the value that the industry\'s brought over the years, and the service and reliability investments that we\'ve made, we haven\'t always gotten the full credit that we deserve, and in some cases, we did get the credit we deserve because we could have done things better,"" Winfrey said.', 'He entered the top job at a moment when it was clear growth was unlikely to return to the cable TV bundle.', 'Winfrey had been a low-key and not widely known executivein the media industry, but he started off swinging.', 'At an investor day in December 2022, Charter announced an aggressive capital investment plan that included putting $5.5 billion over three years in its broadband infrastructure network.', 'The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.', ""Charter's stock price has fluctuated greatly in recent years."", 'On Sept. 12, 2021, the stock price was $787.12.', 'It closed at $340.17 on Friday.', ""That's in part because broadband customer growth at providers including Charter and Comcast has struggled, according to the companies' earnings reports."", 'Increased competition from wireless companies such as AT&T and Verizon has also played a role in the stagnation, as has the slowdown in the buying and selling of houses due to high interest rates.', 'The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.', 'Charter lost 149,000 subscribers and had a total of 30.4 million residential and small business broadband customers as of June 30, according to its second-quarter earnings report.', ""While the losses weren't as substantial as analysts had feared, Charter's growth bright spot is now its mobile business, which launched in 2018."", 'Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.', 'In late 2022, Charter announced its ""Spectrum One"" plan, the first time it offered broadband, Wi-Fi and mobile in a bundle with promotions that included competitive rates and, in some cases, free mobile lines.', '""For wireless, the \'Spectrum One\' promotion will almost certainly turn out to have been a home run,"" analyst Craig Moffett said in a research note in July. ""', 'Despite the fact that it was initially viewed as shockingly aggressive, it was, in fact, a rather modest offer.', '""Moffett called mobile an ""underappreciated growth engine"" for Charter, not only because of customer additions but also growth in average revenue per user, or ARPU, which is a metric often used by cable companies.', ""Winfrey doesn't expect ARPU to be affected by the new promotions."", '""When I think about Wall Street, I think about the customer,"" Winfrey said. ""', 'If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.', '""Customers have been dropping pay TV rapidly across all providers, including Charter.', ""But the company has been vocal about its efforts to preserve the business, especially under Winfrey's leadership."", 'The biggest moment came in 2023 when Disney-owned networks went dark for Charter\'s customers and Winfrey called the pay TV ecosystem ""broken"" as he pushed for a revamped deal with Disney.', 'While these disputes are common — Disney and DirecTV on Saturday ended a roughly two-week blackout fight — this one was different in the age of streaming.', ""For Charter, the sticking point wasn't just the fees."", ""The company wanted Disney's ad-supported streaming options to be part of its TV offering."", 'Pay TV providers often say the rates that programming companies such as Disney seek from them are too high, especially since the programmers are also funneling much of their content into streaming platforms.', ""Although the cable bundle loses customers, cable providers note it's still a cash cow while streaming chases profitability."", '""Credit to Disney, eventually they were willing to lean in and they understood their role in the industry,"" Winfrey said, adding that ESPN is considered the linchpin of the cable TV bundle. ""', 'They had to be the leader in the space, and we knew that.', '""The deal allowed for ad-supported Disney+ and ESPN+ to be included in ""Spectrum TV Select"" packages.', 'In addition, when ESPN launches its direct-to-consumer streaming option — which is expected to debut in fall 2025 — these customers will receive access to it, too.', '""I give Charter a ton of credit because they walked into the room and they had very specific ideas.', 'They had a vision that they wanted to execute against, and again, it was a hard negotiation,"" ESPN Chairman Jimmy Pitaro said on CNBC on Sept. 3 when discussing the blackout fight with DirecTV.Depending on the tier a customer subscribes to, their package can include the ad-supported versions of streamers Disney+, ESPN+, Max, Discovery+, Paramount+, AMC+, BET+ and/or Televisa Univision\'s Vix.', 'The deals have also given Charter the opportunity to sell and market the streaming services to its broadband-only customers — and includes a revenue share agreement.', 'The most recent deals with Warner Bros. Discovery and AMC Networks were early renewals.', ""That's relatively uncommon in an industry where carriage negotiations often come down to the wire."", 'Charter last year also started offering its own streaming devices, known as Xumo, through a joint venture with Comcast.', 'The device gets rid of the cable box and gives consumers a way to access both their cable TV and streaming apps in one place.', '""We still have hurdles to get through,"" Winfrey said, noting that Charter\'s goal is to offer all ad-supported streaming apps owned by the major programmers it negotiates with on the cable TV bundle in the first half of 2025.NBCUniversal\'s Peacock is still not part of that roster, however.', ""A Charter representative said the company doesn't discuss renewals and declined to comment."", 'Disclosure:Comcast is the parent company of NBCUniversal, which owns CNBC.Correction: A chart in this article showing changes in residential internet subscribers has been updated.']",0.091411589908943,"If you focus on the customer, provide great customer service, save them money, provide value, then your capital market strategy, your regulatory strategy, all of that just falls into place.","The third quarter was the worst ever for broadband industry subscriber losses, according to MoffettNathanson.",0.1384296152326795,"Spectrum Mobile has 8.8 million total lines and has grown rapidly due to enticing promotional deals and increased mobile usage on reliable Wi-Fi networks, the company said.","The higher-than-expected spending during a time of growing competition from 5G wireless providers sent alarms through Wall Street, and the stock dropped.",2024-09-23
"WNBA to add expansion team in Portland, bringing league to 15 franchises",https://www.cnbc.com/2024/09/18/wnba-to-add-expansion-team-in-portland-bringing-league-to-15-teams.html,2024-09-18T22:40:21+0000,"The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports. Lisa Bhathal Merage will be the controlling owner and governor.""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans.""The Portland team will play in the Moda Center, the same arena as the NBA's Portland Trailblazers.Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference. They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor.RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes. The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.Portland has had a WNBA team before, but it shut down after a few years in 2002. The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general. The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season. The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.",CNBC,18/09/2024,"['The WNBA is adding its 15th team in Portland, the third new franchise as part of its most recent expansion, the league announced Wednesday.', 'The Portland team, which was not named in a WNBA release, will begin play in 2026 and will be owned and run by RAJ Sports, an investment firm specifically focused on sports.', 'Lisa Bhathal Merage will be the controlling owner and governor.', '""As the WNBA builds on a season of unprecedented growth, bringing a team back to Portland is another important step forward,"" said WNBA Commissioner Cathy Engelbert in a release. ""', ""Portland has been an epicenter of the women's sports movement and is home to a passionate community of basketball fans."", '""The Portland team will play in the Moda Center, the same arena as the NBA\'s Portland Trailblazers.', 'Team ownership will take feedback from the community to help in naming the franchise, Bhathal Merage said at the Wednesday evening press conference.', ""They are also committed to building a practice facility for the Portland WNBA team and a training facility for the Portland Thorns, according to Alex Bhathal, who will be the WNBA team's alternate governor."", ""RAJ Sports purchased the NWSL's Portland Thorns in January, in addition to becoming co-owners of the NBA's Sacramento Kings in 2013.The WNBA is in growth mode as its popularity spikes."", 'The Golden State Valkyries will begin play in 2025, followed by teams in Toronto and Portland in the 2026 season.', 'Portland has had a WNBA team before, but it shut down after a few years in 2002.', ""The addition of the new Portland team underscores booming growth for both the WNBA and women's sports in general."", ""The National Women's Soccer League is also in expansion mode and has added several teams since 2022.The 2024 WNBA season has seen record numbers for both in-person attendance and viewership, according to data from the WNBA for the start of the season."", ""The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal."", 'In May, the WNBA also announced that teams would have leaguewide chartered flights for the first time ever, primarily via Delta Air Lines.']",0.3252009077078429,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,0.99912132024765,"The playoffs are set to start Sept. 22.A combination of existing stars such as A'ja Wilson and an exciting rookie class headlined by Caitlin Clark and Angel Reese have helped to propel the WNBA, leading to a huge jump in the value of the most recent NBA media rights deal.",,2024-09-23
"FanDuel parent Flutter looks for international growth with big acquisitions in Italy, Brazil",https://www.cnbc.com/2024/09/17/fanduel-parent-flutter-acquires-snaitech-nsx.html,2024-09-17T17:53:52+0000,"In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe's largest regulated market.""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world. Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023. But only about 21% of that came through online play.Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games. Flutter has been building up its presence in the country. It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share. Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing.The British gaming company's acquisition is only its latest to expand its international presence. Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.NSX operates Betnacional and other brands, and holds the No. 4 position in the Brazilian market.Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation. That will change Jan. 1, when new regulations and licensed gambling go into effect.Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.Flutter will face a lot of competition in the market.In Brazil, 113 companies have applied for licenses in a preferred application window. MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo. Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.",CNBC,17/09/2024,"['In this articleFanDuel parent Flutter Entertainment will spend $2.6 billion, or 2.3 billion euros, to acquire Italian gambling company Snaitech from Playtech, adding to a string of deals that aim to boost international growth.', 'In an email to CNBC, a Flutter spokesperson said the company is ""hugely excited"" to add another leading brand to its portfolio ""in what is Europe\'s largest regulated market.', '""The deal comes as Flutter pushes to invest in the top companies in regulated markets around the world.', 'Last week, the company made a major move into Brazil — which will have regulated gambling starting in January — when it bought a majority stake in NSX Group.', 'Italy is a particularly attractive market for Flutter, as it had about 21 billion euros in gross gaming revenue in 2023.', 'But only about 21% of that came through online play.', 'Snai operates roughly 1,600 gambling shops and a variety of online poker and casino games.', 'Flutter has been building up its presence in the country.', 'It also acquired Italian lottery and gaming operator Sisal in 2022, and just reported record online market share in Italy in the second quarter.', 'Flutter said it expects the Snai acquisition will close by the second quarter of 2025 and will immediately boost earnings per share.', 'Flutter said Snai had almost 10% market share in Italy last year and nearly 300,000 monthly active users.', ""The company's strong brand awareness will likely be an advantage given Italy's tough restriction on advertising and marketing."", ""The British gaming company's acquisition is only its latest to expand its international presence."", 'Flutter last week said it is taking a 56% stake in NSX Group for about $350 million and its existing Betfair Brazil business.', 'NSX operates Betnacional and other brands, and holds the No.', '4 position in the Brazilian market.', 'Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.', 'The new business will be renamed Flutter Brazil, and the deal is expected to close in the second quarter of 2025.A gambling ""gray market"" currently exists in Brazil, where players have unfettered access to online betting platforms without formal regulation.', 'That will change Jan. 1, when new regulations and licensed gambling go into effect.', 'Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.', 'Flutter will face a lot of competition in the market.', 'In Brazil,113 companies have applied for licenses in a preferred application window.', ""MGM Resorts has applied in partnership with Latin America's biggest media group, Grupo Globo."", 'Global gaming powerhouse Bet365 is already operating in Brazil and expected to be a formidable competitor.', ""Massachusetts-based DraftKings, FanDuel's main competitor in the U.S., remains focused on opportunities within its home market.""]",0.1927686915334574,"Flutter expects ""an exciting runway of future growth"" through the agreement, CEO Peter Jackson said in a statement when it was announced.","Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",0.985545684893926,"Brazil had nearly $3 billion in gross gaming revenue in 2023, and the market has grown roughly 38% since 2018, according to Flutter.",,2024-09-23
Boeing starts furloughing tens of thousands of employees amid machinist strike,https://www.cnbc.com/2024/09/18/boeing-furlough-strike.html,2024-09-19T11:22:12+0000,"In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday.Negotiations between the two sides continued this week with a mediator. Boeing had offered a 25% raise and the union endorsed the tentative contract. But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike's duration and he and his team would take ""commensurate"" pay cuts during the strike.""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time. We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.Boeing's CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.",CNBC,19/09/2024,"['In this articleBoeing will temporarily furlough thousands of U.S. executives, managers and other staff, citing the ongoing machinist strike as the company races to preserve cash, CEO Kelly Ortberg told employees Wednesday.', 'The furloughs will affect tens of thousands of Boeing employees, a company spokesperson said.', ""The plan came less than a week after Boeing's more than 30,000 machinists in the Seattle area and Oregon overwhelmingly voted down a new labor contract and 96% voted to strike, walking off the job just after midnight on Friday."", 'Negotiations between the two sides continued this week with a mediator.', 'Boeing had offered a 25% raise and the union endorsed the tentative contract.', ""But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions."", '""We will not mince words - after a full day of mediation, we are frustrated,"" the union said in a statement Tuesday.', 'Ortberg, who has been in the job for just under six weeks, said in a staff memo that affected employees would take one week of furlough every four weeks for the strike\'s duration and he and his team would take ""commensurate"" pay cuts during the strike.', '""While this is a tough decision that impacts everybody, it is in an effort to preserve our long-term future and help us navigate through this very difficult time.', 'We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship,"" Ortberg said in his message.', 'Boeing\'s CFO, Brian West, earlier this week said the company would freeze hiring and raises to cut costs, and would let ""non-essential contractors"" go temporarily.', ""The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt."", 'Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.']",-0.1388908175717513,"Ortberg said that ""activities critical to our safety, quality, customer support and key certification programs will be prioritized and continue"" including production of its 787 Dreamliners, which are made in a nonunion facility in South Carolina.","The financial impact of the strike will depend how long it lasts, West said, but it adds to pressure on Boeing's leaders, who are trying to move the company past safety and quality crises, including the fallout from a near-catastrophic door plug blowout in January, and $60 billion in debt.",-0.1453967009271894,Boeing had offered a 25% raise and the union endorsed the tentative contract.,But some workers told CNBC that the contract offer was rejected because the raises weren't sufficient enough to match the increase in the cost of living in the Seattle area and it didn't restore their pensions.,2024-09-23
ESPN's Adrian Wojnarowski will retire from company to take a job in college basketball,https://www.cnbc.com/2024/09/18/espns-adrian-wojnarowski-will-retire-take-st-bonaventure-job.html,2024-09-18T16:08:41+0000,"ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning.The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said.Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs."" He and The Athletic's Shams Charania often competed for scoops on the latest news.""I've known and admired Woj since we first worked together at Yahoo! in 2007. His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""He's extraordinarily talented and fearless. He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",CNBC,18/09/2024,"[""ESPN's star NBA insider Adrian Wojnarowski is retiring from the company, according to a post from his X account Wednesday morning."", ""The longtime sports reporter will take a job at St. Bonaventure, his alma mater, and become the general manager of its men's basketball program, the university said."", 'Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""', ""He and The Athletic's Shams Charania often competed for scoops on the latest news."", '""I\'ve known and admired Woj since we first worked together at Yahoo!', 'in 2007.', 'His work ethic is second to none,"" ESPN Chairman Jimmy Pitaro said in a statement. ""', ""He's extraordinarily talented and fearless."", 'He has led the industry at ESPN, and his dedication to the craft and to fans is legendary.', '""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.']",0.1666259000196438,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.","Wojnarowski often broke big news in the NBA world, so frequently that his breaking news reports on player transactions became colloquially known as ""Woj bombs.""",0.9996575117111206,"""The general manager position has grown in popularity in college athletics since the introduction of the Name, Image and Likeness era as athletic departments look for ways to help their programs and student-athletes navigate the new era where they can ink endorsement deals.",,2024-09-23
Levi's teases Beyoncé collaboration as denim trend takes hold,https://www.cnbc.com/2024/09/23/levis-teases-beyonc-collaboration-as-denim-trend-takes-hold.html,2024-09-23T19:26:42+0000,"In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.The brand's shares briefly popped after the update and were last up about 1% Monday.The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter."" Aside from the allusions to Beyoncé's latest album, ""Cowboy Carter,"" Levi's also tagged the superstar's account in the post, fueling buzz from her fanbase, known as the Beyhive.Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.",CNBC,23/09/2024,"['In this articleLevi Strauss summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.', ""The brand's shares briefly popped after the update and were last up about 1% Monday."", 'The post included an image of a woman wearing a cowboy hat and riding a horse with the caption ""INTRODUCING: A New Chapter.""', 'Aside from the allusions to Beyoncé\'s latest album, ""Cowboy Carter,"" Levi\'s also tagged the superstar\'s account in the post, fueling buzz from her fanbase, known as the Beyhive.', 'Beyoncé\'s country album, released earlier this year, features a song titled ""LEVII\'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.', ""Levi's second-quarter earnings in June missed Wall Street's sales expectations, but the brand's leadership has maintained that the future of denim is bright."", ""CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses."", ""Representatives for Levi's did not immediately respond to CNBC's request for comment on the potential Beyoncé collaboration.""]",0.2514010954256501,"CEO Michelle Gass told analysts at the time that the growth in denim's popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.",,0.995657280087471,"Beyoncé's country album, released earlier this year, features a song titled ""LEVII'S JEANS.""Denim has been experiencing something of a boost of late, with brands such as American Eagle and Abercrombie & Fitch calling out the trend as helping to revitalize sales.",,2024-09-23
"Darden Restaurants earnings disappoint as Olive Garden, fine dining sales struggle",https://www.cnbc.com/2024/09/19/darden-restaurants-dri-q1-2025-earnings.html,2024-09-19T20:05:55+0000,"In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits.""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.Shares of the company closed Thursday up 8%. Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large.Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier.Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share.Net sales rose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter. Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam. Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.Olive Garden's same-store sales shrank 2.9% in the quarter. The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers. Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.Darden is also looking to Uber to boost its sales. The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants. Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.It's too early to tell if delivery will lift sales significantly for Darden.""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.Darden's fine dining segment, which includes Eddie V's and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company's only division to report same-store sales growth. The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%. Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks.Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years. The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers. Darden bought Ruth's Chris a little over a year ago.Despite the gloomy quarter, Darden reiterated its full-year outlook. For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.",CNBC,19/09/2024,"['In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.', '""While we fell short of our expectations for the first quarter, I firmly believe in the strength of our business,"" CEO Rick Cardenas said in a statement. ""', ""I am confident in the actions all our brand teams are taking to address their guests' needs, which do not compromise the long-term health of our business for short-term benefits."", '""The company shared a number of initiatives that it\'s implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.', 'Shares of the company closed Thursday up 8%.', ""Excluding Thursday's gains, the stock has fallen 3% this year as investor concerns about the health of the consumer weigh on the restaurant industry at large."", ""Here's what the company reported for the quarter ended Aug. 25 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Darden reported fiscal first-quarter net income of $207.2 million, or $1.74 per share, up from $194.5 million, or $1.59 per share, a year earlier."", ""Excluding costs related to its purchase of Tex-Mex chain Chuy's, the restaurant company earned $1.75 per share."", ""Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter."", 'Traffic to its restaurants fell sharply in July but then improved, according to CFO Raj Vennam.', 'Executives at other restaurant companies have also said that traffic struggled this summer, chalking it up to increased travel or diners growing even more cautious.', ""Olive Garden's same-store sales shrank 2.9% in the quarter."", 'The chain is reviving its Never Ending Pasta Bowl later this month in the hopes of bringing back customers.', 'Olive Garden is running the promotion about a month earlier than usual and extending it for three weeks longer than last year.', 'Darden is also looking to Uber to boost its sales.', 'The two-year, exclusive deal will start with a pilot at select Olive Garden restaurants.', 'Unlike many chains, Darden rejected third-party delivery companies even during pandemic lockdowns and instead chose to use its own employees to deliver meals to diners.', ""It's too early to tell if delivery will lift sales significantly for Darden."", '""Our gut reaction is given the brand skews to a more mature customer base & is known more for hospitality than off-premise, we do not expect as material a sales lift vs other concepts launching third-party delivery,"" TD Cowen analyst Andrew Charles wrote in a note to clients on Thursday.', 'Darden\'s fine dining segment, which includes Eddie V\'s and The Capital Grille, reported same-store sales declines of 6%.""It seems like there were other places where the luxury consumer was spending dollars, especially this summer,"" Cardenas said, adding that the company is seeing a pullback from consumers who make as much as $200,000.LongHorn Steakhouse was the company\'s only division to report same-store sales growth.', ""The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%."", ""Cardenas said that consumers are trading down from fine-dining restaurants into LongHorn's steaks."", ""Darden bought Chuy's Holdings in July for roughly $605 million, its second acquisition in two years."", ""The company expects the Chuy's deal to close in its fiscal second quarter, which is also when Ruth's Chris Steak House's results will appear in its same-store sales numbers."", ""Darden bought Ruth's Chris a little over a year ago."", 'Despite the gloomy quarter, Darden reiterated its full-year outlook.', 'For fiscal 2025, the company is forecasting earnings per share from continuing operations of $9.40 to $9.60 and net sales of $11.8 billion to $11.9 billion.', ""To date, Darden's fiscal second-quarter same-store sales are growing, a promising sign that this summer's slump could just be a blip, Cardenas said.""]",0.2513742806607232,"""The company shared a number of initiatives that it's implementing to boost sales, including its first partnership with Uber, ending its resistance to third-party delivery.",In this articleDarden Restaurants on Thursday reported weaker-than-expected quarterly earnings and revenue as sales weakened at Olive Garden and its fine dining restaurants.,0.2618451476097106,"The chain, a top performer in Darden's portfolio since the pandemic, saw same-store sales growth of 3.7%.","Net salesrose 1% to $2.76 billion, but the company's same-store sales declined 1.1% in the quarter.",2024-09-23
Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes',https://www.cnbc.com/2024/09/21/boeing-strike-machinists-prepare-for-lengthy-stoppage.html,2024-09-23T13:12:29+0000,"In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.That would add to the borrowing costs of the company, already $60 billion in debt. Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers. Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty. Burn barrels provided heat for chilly overnight pickets.Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made.The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management. That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.""We can't afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture. Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes.""I take pride in my work,"" he said.Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike. They received their last paychecks Thursday, and health benefits are set to end on Sept. 30. A strike fund from the union will soon give them $250 a week.The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein. The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments. Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago.Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns. No meaningful progress was made during today's talks.""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.""While we are disappointed the discussions didn't lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote. The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.The Biden administration has encouraged Boeing and the union to reach a deal.""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for the workers and it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC's ""Squawk Box"" on Thursday.Boeing is facing a tight labor market. During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.During the pandemic, Boeing and its suppliers shed thousands of workers. They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand.""You're in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America's Epstein. ""So what do you do to not only retain them but attract them? If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""",CNBC,23/09/2024,"['In this articleRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay.', 'A failure to get a deal done could be even more expensive.', 'In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.', ""The work stoppage by Boeing's factory workers in the Pacific Northwest just entered its second week."", 'The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.', 'That would add to the borrowing costs of the company, already $60 billion in debt.', 'Boeing has burned through about $8 billion so far this year in the wake of a near-catastrophic door plug blowout from one of its 737 Max planes in January.', ""Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash."", 'At the local union office in Renton, machinists were preparing for what may become a lengthy strike: Union members carried in large pallets of bottled water, while someone mixed a giant tuna salad in the kitchen to make sandwiches for workers.', 'Union vans visited demonstration sites around Renton offering transportation to bathroom breaks for workers on picket duty.', 'Burn barrels provided heat for chilly overnight pickets.', ""Many workers spoke of their love for their jobs but fretted about the high cost of living in the Seattle area, where the majority of Boeing's aircraft are made."", ""The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management."", 'That outpaces the roughly 55% increase nationally over that period, according to data from the Federal Reserve Bank of St. Louis.', '""We can\'t afford [to own] a home,"" said Jake Meyer, a Boeing mechanic who said he will start driving for a food delivery service during the strike and is looking at picking up odd jobs such as moving furniture.', ""Meyer said although he's striking for higher pay from Boeing, he enjoys the job of building airplanes."", '""I take pride in my work,"" he said.', 'Another Boeing machinist said he has been saving for months, forgoing things such as restaurants and paying three months of mortgage payments early.', '""I can last as long as it takes,"" said the worker, who spoke on the condition of anonymity.', 'More than 30,000 Boeing machinists walked off the job at midnight Sept. 13 after turning down a tentative labor deal in a nearly 95% vote — 96% voted in favor of a strike.', 'They received their last paychecks Thursday, and health benefits are set to end on Sept. 30.', 'A strike fund from the union will soon give them $250 a week.', 'The strike is costing Boeing some $50 million a day, according to estimates by Bank of America aerospace analyst Ron Epstein.', ""The strike halted production of most of Boeing's aircraft, and that is rippling out to the aerospace giant's vast network of suppliers, some of which have already been told to halt shipments."", 'Boeing is still making 787 Dreamliners at its non-union factory in South Carolina.', 'The battle pits a struggling Boeing against a workforce seeking wage increases and other improvements.', ""Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.Workers said they were looking for wage increases closer to the 40% that the union had proposed as well as annual bonuses and a restoration of pensions lost more than a decade ago."", 'Boeing and the union were at the negotiation table this week, but both Boeing and union negotiators have said they were disappointed with the lack of progress.', '""We continue to prioritize the issues you defined in the most recent survey,"" union negotiators wrote to members Wednesday, ""yet we are deeply concerned that the company has not addressed your top concerns.', ""No meaningful progress was made during today's talks."", '""Ortberg, who is just six weeks on the job, announced temporary furloughs this week of tens of thousands of Boeing staff, including managers and executives, on the heels of a hiring freeze and other cost-cutting measures announced this week.', '""During mediation with the union this week, we continued our good faith efforts to engage the union\'s bargaining committee in meaningful negotiations to address the feedback we\'ve heard from our team,"" Ortberg said in a note to staff Friday.', '""While we are disappointed the discussions didn\'t lead to more progress, we remain very committed to reaching an agreement as soon as possible that recognizes the hard work of our employees and ends the work stoppage in the Pacific Northwest,"" Ortberg wrote.', 'The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.', 'The Biden administration has encouraged Boeing and the union to reach a deal.', '""I do believe that both parties want to get to a resolution here, and hoping to see one that makes sense for theworkersand it works for a company that really needs to find its way forward on so many fronts,"" Transportation Secretary Pete Buttigieg told CNBC\'s ""Squawk Box"" on Thursday.', 'Boeing is facing a tight labor market.', 'During the last strike, in 2008, which lasted less than two months, the company was in better financial shape, and there was less job competition in the area.', 'One Boeing supplier told CNBC that furloughing or laying off workers would cause problems for months down the road because it takes so long to train staff on such technical and detailed work.', 'During the pandemic, Boeing and its suppliers shed thousands of workers.', ""They've since struggled to hire and train workers in time for the resurgence in air travel and aircraft demand."", '""You\'re in an environment where skilled, technical labor is hard to get right now, particularly in aerospace and defense,"" said Bank of America\'s Epstein. ""', 'So what do you do to not only retain them but attract them?', 'If they really want a pension, maybe that gives you a competitive advantage over people who are trying to attract talent.""']",0.0746638250251345,"""During mediation with the union this week, we continued our good faith efforts to engage the union's bargaining committee in meaningful negotiations to address the feedback we've heard from our team,"" Ortberg said in a note to staff Friday.","The strike, which includes Boeing machinists in the Seattle area, Oregon and a few other locations, is just the latest in a series of labor battles in recent years that has included actors, autoworkers, port workers and airline employees, all of which have won raises after strikes or strike threats.",-0.0383280776441097,"The median home price in Washington state increased about 142% to $613,000 as of 2023, from $253,800 a decade earlier, according to the state's Office of Financial Management.","Boeing hasn't turned an annual profit since 2018, and its new CEO Kelly Ortberg is trying to restore the company's reputation after months of manufacturing crises that have slowed deliveries to customers, depriving it of cash.",2024-09-23
Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike,https://www.cnbc.com/2024/09/16/boeing-freezes-hiring-cost-cuts-factory-worker-strike.html,2024-09-16T16:50:14+0000,"In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""However, our business is in a difficult period. This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work. The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal.""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade. That could drive up the borrowing costs of a manufacturer that already has mounting debt.Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.",CNBC,16/09/2024,"['In this articleBoeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.', ""Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production."", 'The manufacturer will make ""significant reductions"" to supplier spending and stop most purchase orders for its 737 Max, 767 and 777 jetliners, CFO Brian West said in a note to staff.', 'It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work.', '""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""', 'However, our business is in a difficult period.', 'This strike jeopardizes our recovery in a significant way and we must take necessary actions to preserve cash and safeguard our shared future.', '""He added that Boeing is not making cuts to funding for safety, quality and direct customer support work.', 'The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday.', ""He said the company's new CEO, Kelly Ortberg, wants to get back to the bargaining table right away to reach a new deal."", '""We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks,"" West said.', ""On Friday, Moody's put all of Boeing's credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade."", 'That could drive up the borrowing costs of a manufacturer that already has mounting debt.', 'Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.']",0.0055770563572381,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. ""","Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing's aircraft production.",-0.4286157380450855,"""We are working in good faith to reach a new contract agreement that reflects their feedback and enables operations to resume,"" West said in his note. """,Boeing burned about $8 billion in the first half of the year as production slowed in the wake of a near-catastrophic door-panel blowout at the start of the year.,2024-09-23
JetBlue to open airport lounges in New York and Boston in battle for big spenders,https://www.cnbc.com/2024/09/19/jetblue-to-build-airport-lounges-in-new-york-boston.html,2024-09-19T15:23:20+0000,"In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday.The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said.JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after.JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners. The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded. ""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest.O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin.Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds. Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.American and United also have dedicated lounges for travelers in top first- and business-class cabins.Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.JetBlue is not the only airline looking at expanding perks that come with higher fares.Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying. Southwest will provide more details about its strategy at an investor day next week. Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.",CNBC,19/09/2024,"['In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.', ""The lounges will open at New York's John F. Kennedy International Airport late next year followed by Boston, JetBlue said Thursday."", 'The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.', ""Customers who have the soon-to-be-announced premium credit card, those booked in JetBlue's Mint business class for trans-Atlantic travel and high-level frequent flyer status holders will be able to access the lounges, the company said."", ""JetBlue said its 8,000-square-foot lounge in Terminal 5 of New York's JFK Airport is slated to open late next year, and an 11,000-sqare-foot space in Boston Logan International Airport's Terminal C will open shortly after."", 'JetBlue has been racing to scale back costs and return to steady profitability, including by deferring dozens of new Airbus jetliners.', 'The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.', ""Entry to the lounges will not include, at least immediately, travelers on other Mint routes such as transcontinental flights, Jayne O'Brien, JetBlue's head of marketing and customer support, told CNBC.She said JetBlue doesn't want to disappoint customers if they aren't able to get into the lounges because they are too crowded."", '""We want to be very thoughtful about how we step into this,"" she said, adding that the lounges will feature cocktail and espresso bars, ""light bites,"" as well as room to work.', ""The highest-tier of JetBlue's loyalty program and holders of the new premium card will get free access to the lounge for one guest."", ""O'Brien declined to comment on rumors that JetBlue is planning to offer a mini Mint cabin on some aircraft, a smaller format of its popular cabin."", 'Other airlines have been revamping their airport lounges in hopes of reeling in more big spenders and accommodate crowds.', 'Delta, which scaled back access to some of its popular airport Sky Clubs after complaints of long lines, in June unveiled its first Delta One lounge at JFK Airport, which is dedicated for customers in its highest-level cabin and certain invite-only elite members of its SkyMiles program.', 'American and United also have dedicated lounges for travelers in top first- and business-class cabins.', 'Credit card companies such as American Express, Chase and Capital One have also opened airport lounges in cities across the country in an effort to draw consumers.', 'JetBlue is not the only airline looking at expanding perks that come with higher fares.', 'Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.', 'Southwest will provide more details about its strategy at an investor day next week.', 'Spirit Airlines and Frontier Airlines have also launched bundles that include seats with more space and earlier boarding.']",0.323039794684955,"The airline is also planning to launch a new ""premium"" credit card with its partner, Barclays, taking a page from the likes of Delta Air Lines, United Airlines and American Airlines, which have generated billions through lucrative credit card deals.","In this articleJetBlue Airways will open its first airport lounges in its more than two decades of flying, a major shift for the low-cost airline as it chases high-spending travelers.",0.3758226037025451,"Southwest Airlines plans to offer seats with extra legroom to increase revenue, the biggest change in its more than five decades of flying.","The airline has slashed dozens of routes this year and has been looking for ways to better deploy its aircraft that are equipped with its Mint cabin, which features lie-flat seats, higher-end dining and other perks.",2024-09-23
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.",2024-09-23
Lunar company Intuitive Machines' stock jumps more than 40% after NASA moon satellite contract,https://www.cnbc.com/2024/09/18/intuitive-machines-stock-nasa-moon-satellite-contract.html,2024-09-18T21:09:36+0000,"In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites.""This contract marks an inflection point in Intuitive Machines' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency's Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth. The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program.The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses. Intuitive Machines' initial NSN award is worth $150 million.Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface. Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month.Benchmark's Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines' experience ""as elite.""""LUNR's path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter. Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.",CNBC,18/09/2024,"[""In this articleIntuitive Machines' stock jumped in early trading Wednesday after NASA awarded the lunar-focused company a major contract to build moon data satellites."", '""This contract marks an inflection point in Intuitive Machines\' leadership in space communications and navigation,"" Intuitive Machines CEO Steve Altemus said in a statement.', 'NASA said the company was the sole awardee to build ""lunar relay systems"" for the agency\'s Near Space Network, a system that communicates with government and commercial missions that are up to one million miles from Earth.', ""The contract will see Intuitive Machines build and deploy a constellation of lunar satellites to provide communications and navigation services, especially for NASA's Artemis program."", 'The five-year contract, which has a maximum total value of $4.82 billion, will incrementally issue awards as work progresses.', ""Intuitive Machines' initial NSN award is worth $150 million."", 'Intuitive Machines shares surged more than 40% in afternoon trading from its previous close at $5.40 a share.', 'Cantor Fitzgerald analyst Andres Sheppard, whose firm has a buy-equivalent rating and a $10 price target on the stock, called the NSN contract a boon for the company.', '""We see the win today as a significant catalyst and validation towards LUNR\'s outlook and the company\'s ability to continue to win contracts,"" Sheppard wrote in a note to clients.', 'The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.', ""Intuitive Machines made history in February as the first U.S. company to soft land a cargo mission on the moon's surface."", ""Since then, it became one of three companies awarded contracts under NASA's $4.6 billion crew lunar rover contract and also added its fourth cargo delivery contract with a $117 million award last month."", 'Benchmark\'s Josh Sullivan, who also has a buy rating and $10 price target, said he believes the latest award shows that NASA views Intuitive Machines\' experience ""as elite.', '""""LUNR\'s path to becoming the preeminent lunar infrastructure player took a big step forward with NSN,"" Sullivan wrote.', 'The company is preparing to launch its next cargo mission to the moon, IM-2, in the first quarter.', ""Analysts expect the company's first NSN lunar satellite will launch on the IM-3 mission that is scheduled for late 2025.""]",0.319838219468583,"""We see the win today as a significant catalyst and validation towards LUNR's outlook and the company's ability to continue to win contracts,"" Sheppard wrote in a note to clients.",,0.9992144505182902,The stock has more than doubled year to date as Intuitive Machines has steadily racked up NASA contracts.,,2024-09-23
FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle,https://www.cnbc.com/2024/09/17/fdic-banks-fintech-customer-data-synapse.html,2024-09-17T16:31:50+0000,"The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.",CNBC,17/09/2024,"['The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts.', 'The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.', ""Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership."", 'That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.', ""That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno."", 'Customers with funds in these ""for benefit of"" accounts have been unable to access their money since May.', '""In many cases, it was advertised that the funds were FDIC-insured, and consumers may have believed that their funds would remain safe and accessible due to representations made regarding placement of those funds in"" FDIC-member banks, the regulator said in its memo.', 'Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.', ""While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added."", 'If approved by the FDIC board of governors in a vote Tuesday, the rule will get published in the Federal Register for a 60-day comment period.', 'Separately, the FDIC also released a statement on its policy on bank mergers, which would heighten scrutiny of the impacts of consolidation, especially for deals creating banks with more than $100 billion in assets.', 'Bank mergers slowed under the Biden administration, drawing criticism from industry analysts who say that consolidation would create more robust competitors for the likes of megabanks including JPMorgan Chase.']",0.1672752223780706,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",-0.4236237645149231,"Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for ""pass-through insurance,"" FDIC officials said Tuesday in a briefing.","That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure.",2024-09-23
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing,https://www.cnbc.com/2024/09/17/alaska-airlines-hawaiian-airlines-merger-review.html,2024-09-18T15:27:59+0000,"In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.The carriers' merger agreement cleared the U.S. Justice Department's review last month. That put it in the hands of the Transportation Department, which must also review airline mergers.The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release. The agency said the protections will be in place for six years.The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration. Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.Another airline deal failed earlier this year. A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal.Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations.Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.",CNBC,18/09/2024,"['In this articleAlaska Airlines closed its $1.9 billion acquisition of Hawaiian Airlines, the companies said Wednesday, a day after the U.S. Department of Transportation blessed the deal on the condition that the carriers maintain the value of their frequently flyer programs and preserve several key routes.', ""The carriers' merger agreement cleared the U.S. Justice Department's review last month."", 'That put it in the hands of the Transportation Department, which must also review airline mergers.', 'The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.', 'They also must preserve ""essential air support"" for rural areas and maintain current levels of service for passenger and cargo routes between the Hawaiian islands, U.S. Secretary of Transportation Pete Buttigieg said on a press call.', '""This more proactive approach to merger review marks a new chapter of DOT\'s work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.', 'The agency said the protections will be in place for six years.', 'The Department of Transportation noted that the airlines can close the deal, but still need approval for a transfer application, which allows them to combine and operate international routes under one certificate.', ""After the DOT's announcement, Alaska said it would appoint an interim transition team to oversee the combination of the two companies as they seek a single operating certificate from the Federal Aviation Administration."", 'Joe Sprague — who is currently Alaska Airlines regional president overseeing Hawaii — will be appointed CEO of Hawaiian Airlines once the transaction is closed until the FAA process is finished, the company said.', 'Another airline deal failed earlier this year.', ""A federal judge in January blocked JetBlue's nearly $4 billion purchase of budget carrier Spirit Airlines on antitrust grounds, a win for the Justice Department, which challenged the deal."", ""Alaska and Hawaiian said in December when they announced plans to combine that they would keep each carrier's brand but operate under a single platform, combining into a more than 360-airplane fleet offering over 130 destinations."", ""Hawaiian must also adopt Alaska's practices of guaranteeing family seating without an additional fee and providing compensation if the airline causes significant flight delays or cancellations, the DOT said.""]",0.3328411957951305,"The DOT said the airlines must ensure that miles earned in the HawaiianMiles and Alaska Mileage Plan programs before the creation of a new, combined loyalty point system will not expire and that they can transfer at a 1-to-1 ratio.",Another airline deal failed earlier this year.,0.3347187836964925,"""This more proactive approach to merger review marks a new chapter of DOT's work to stand up for passengers and promote a fairer aviation sector in America,"" Buttigieg said in a news release.",Another airline deal failed earlier this year.,2024-09-23
"Boeing's defense unit chief Colbert is departing, CEO says",https://www.cnbc.com/2024/09/20/boeings-defense-unit-chief-colbert-is-departing-ceo-says.html,2024-09-20T21:33:11+0000,"In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August.""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""Working together we can and will improve our performance and ensure we deliver on our commitments.""  Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement.Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June. They will instead take SpaceX's Crew-9 vehicle back, NASA said last month.Colbert did not immediately respond to CNBC's request for comment.",CNBC,20/09/2024,"[""In this articleThe head of Boeing's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August."", '""At this critical juncture, our priority is to restore the trust of our customers and meet the high standards they expect of us to enable their critical missions around the world,"" Ortberg said in a staff memo on Friday. ""', 'Working together we can and will improve our performance and ensure we deliver on our commitments.""', ""Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement."", ""Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft."", ""In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June."", ""They will instead take SpaceX's Crew-9 vehicle back, NASA said last month."", ""Colbert did not immediately respond to CNBC's request for comment.""]",0.1692694921747481,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",0.3336819609006246,"Working together we can and will improve our performance and ensure we deliver on our commitments.""","Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft.",2024-09-23
Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits,https://www.cnbc.com/2024/09/23/southwest-airlines-staff-memo-difficult-decisions.html,2024-09-23T17:57:43+0000,"In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.""Now, all that's not enough. We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way. It's not station closures. But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""And so I apologize in advance if you as an individual are affected by it.""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4. The carrier said Watterson's video was part of a routine video series about the company's initiatives.Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter. The airline is seeking to reduce costs and focus on profitable flying, the company has said.Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year.The message was reported earlier by the View from the Wing industry blog.",CNBC,23/09/2024,"['In this articleSouthwest Airlines has warned employees that it will have to make ""difficult decisions"" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.', 'Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue.', 'It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights.', 'It has also started allowing its flights to be listed on Google Flights and Kayak and has changed its ads to target more younger consumers, COO Andrew Watterson said in a video message to staff last week.', '""Now, all that\'s not enough.', 'We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.', ""It's not station closures."", 'But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""', 'And so I apologize in advance if you as an individual are affected by it.', '""Southwest plans to release an updated schedule on Wednesday for flights for sale through June 4.', ""The carrier said Watterson's video was part of a routine video series about the company's initiatives."", ""Southwest isn't planning to announce furloughs, but it could cut its footprint in certain cities and staff could transfer to other locations, according to a person familiar with the matter."", 'The airline is seeking to reduce costs and focus on profitable flying, the company has said.', 'Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.', 'Southwest is set to provide more details about its initiatives and route changes at an investor day this Thursday at its Dallas headquarters.', ""Elliott has pushed for a leadership change at the airline and has criticized Southwest management for not doing enough to improve the company's bottom line."", ""Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year."", 'The message was reported earlier by the View from the Wing industry blog.']",0.0570691530869261,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. ""","We also have to change our network,"" Watterson said in the video, a transcript of which was seen by CNBC.""We have a couple of difficult decisions heading our way.",-0.0860435111182076,"But we need to keep moving the network to help us drive back to profitability,"" Watterson said. """,Other carriers like JetBlue have cut routes this year to deploy aircraft on flights that generate higher revenue.,2024-09-23
"Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill",https://www.cnbc.com/2024/09/19/nike-ceo-john-donahoe-is-out-replaced-by-elliott-hill.html,2024-09-20T11:56:42+0000,"In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.""I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth,"" said Mark Parker, Nike's executive chairman.Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.The outlook was far worse than the 3.2% decline that analysts had expected. Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO. At the time, Nike co-founder Phil Knight said the company was standing by Donahoe's side and the executive had his ""unwavering confidence and full support.""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""Looking forward, I couldn't be more excited to welcome Elliott back to the team. His experience, understanding of Nike and leadership is exactly what's needed at this moment. We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace.""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.""""Elliott is the right person. I look forward to seeing Nike and Elliott's future successes,"" he said.Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand. He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I'm ready to help lead it to an even brighter future,"" Hill said in a statement. ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.""As Nike goes through its current rough patch, it's trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel. In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts.Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024. During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end. As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it. In December, it also announced a broad restructuring plan to reduce costs by about $2 billion over the next three years. It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand.Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump.""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""He does have quite some work to do across various teams but I think that's what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""",CNBC,20/09/2024,"['In this articleNike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.', ""Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13."", 'Hill is slated to take over on the following day.', 'Donahoe will stay on as an advisor through the end of January.', ""The company's shares climbed 8% in extended trading Thursday."", 'As of the close, the stock is down more than 25% this year.', '""I am excited to welcome Elliott back to Nike.', 'Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott\'s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike\'s next stage of growth,"" said Mark Parker, Nike\'s executive chairman.', 'Nike is in the midst of a broader restructuring after it shifted its strategy to sell directly to consumers.', ""Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for."", 'In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.', 'The outlook was far worse than the 3.2% decline that analysts had expected.', 'Following the rough report, Nike had its worst trading day in history and some analysts speculated that Donahoe would soon be pushed out in favor of a new CEO.', 'At the time, Nike co-founder Phil Knight said the company was standing by Donahoe\'s side and the executive had his ""unwavering confidence and full support.', '""But on Thursday, Knight said in a statement that he is excited to welcome Hill back to the team.', '""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""', ""Looking forward, I couldn't be more excited to welcome Elliott back to the team."", ""His experience, understanding of Nike and leadership is exactly what's needed at this moment."", ""We've got a lot of work to do but I'm looking forward to seeing Nike back on its pace."", '""In a statement, Donahoe said, it ""became clear that now was the time to make a leadership change.', '""""Elliott is the right person.', 'I look forward to seeing Nike and Elliott\'s future successes,"" he said.', ""Hill, who is currently based in Austin, Texas, started at Nike as an intern in the 1980s and first became interested in the company after writing a paper about it for his marketing class in graduate school, according to an interview he gave in 2020.Over the course of 32 years, Hill worked his way up the chain before becoming president of the company's consumer and marketplace division where he was responsible for leading all commercial and marketing operations for Nike and the Jordan brand."", 'He was known to be well liked among employees before retiring in 2020, people close to him told CNBC.""Nike has always been a core part of who I am, and I\'m ready to help lead it to an even brighter future,"" Hill said in a statement. ""', ""I'm eager to reconnect with the many employees and trusted partners I've worked with over the years, and just as excited to build new, impactful relationships that will move us ahead."", 'Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.', '""As Nike goes through its current rough patch, it\'s trying to get back to the fundamentals that had long defined the business and made it the market leader in sneakers and athletic apparel.', ""In contrast to Nike's previous leaders, Donahoe was not a retailer and he'd previously helmed companies like eBay and the consulting firm Bain & Co. He was appointed in part for his digital chops so he could help lead Nike through its direct selling strategy, which involved building out robust e-commerce operations and data-gathering efforts."", ""Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024."", 'During Covid, online sales were booming and the strategy to transform Nike from a brand into a retailer seemed to be working — until the pandemic started to end.', 'As Nike worked to cut off its wholesale partners, it paved the way for a slew of upstart competitors such as On Running and Hoka to take over that crucial shelf space and grab market share.', 'Earlier this year, Donahoe acknowledged that Nike went too far in its efforts to move away from its wholesale partners and said the company was in the process of fixing it.', 'In December, it also announced abroad restructuring planto reduce costs by about $2 billion over the next three years.', ""It later said it would shed 2% of its workforce, or more than 1,500 jobs, so it could invest in its growth areas, such as running, the women's category and the Jordan brand."", ""Jessica Ramirez, senior research analyst at Jane Hali & Associates, said Hill's appointment is a positive for Nike because of his deep understanding of the company's culture, which she said is struggling from a morale slump."", '""He is up against a tough environment in terms of morale at the company, rebuilding some of that culture that the company has lost,"" said Ramirez. ""', 'He does have quite some work to do across various teams but I think that\'s what needs to be the focus, its culture and therefore, enabling the ability to have better products and newness.""']",0.2372571841440179,"""Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,"" said Knight. ""","Critics say in the process of building out sales at Nike's own stores and website, it lost sight of innovation and failed to churn out the types of groundbreaking sneakers the company was known for.",0.3689597867153309,"Under Donahoe's tenure, Nike grew annual sales from $39.1 billion in fiscal 2019 to $51.4 billion in fiscal 2024.","In late June when it reported fiscal fourth-quarter results, Nike warned that it expected sales to drop 10% during its current quarter, citing soft demand in China and ""uneven"" consumer trends across the globe.",2024-09-23