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
Google introduces new way to search by filming video,https://www.bbc.co.uk/news/articles/c93pdw7y12no,2024-10-03T16:00:14.563Z,"Google has released a new feature which will allow people to search the internet by taking a video. Video search will let people point their camera at something, ask a question about it, and get search results. Android and iPhone users globally will gain access to the feature from 1700 GMT by enabling ""AI Overviews"" in their Google app, but it will only support English at launch. It is the latest move from the tech giant to change how people search online by utilising artificial intelligence (AI). It comes three months after ChatGPT-maker OpenAI announced it was trialling the ability to search by asking its chatbot questions. Google introduced AI-generated results at the top of certain search queries this year, with mixed results.  In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"". At the time, a Google spokesperson said the issues were ""isolated examples"". The results have since become better, with fewer inaccuracies. Since then, there have been further moves to include AI in search, which included the ability to ask questions about still images using Google Lens. The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further. Google's head of search Liz Reid said the new capability would let people ask questions about the world around them more easily. She gave the example of a person at an aquarium, who might want to find out why a group of fish are swimming in unison. Instead of having to search for the fish online and write out the query, the new feature will let them point their camera, record a short clip and ask a question out loud. Google's AI will analyse the video, identify the fish, combine that with the question and produce search results. Industry analyst Paolo Pescatore said this was a ""big thing"" for Google. ""We are now seeing AI in everything and people connect best with visuals,"" he said. ""This latest development further demonstrates new ways of bringing content to life with something like search which is one of the most common tasks carried out on the internet. ""Here lies scope for AI to be truly collaborative and an innovator in everyday life - we are on the brink of AI becoming personalised and unique based upon our usage patterns and habits."" As well as introducing a way to search by video, Google has also released several other updates. It says it has improved its shopping results, which will now incorporate reviews and pricing information from different sellers. And it is also introducing a competitor to the music-identifying app Shazam, which is owned by Apple. The rival tool, accessible through Circle to Search on an Android device, will let people identify songs from a website they're on or a show they're streaming without leaving the app. Google's new features come as it faces growing challengers in the search space, where it is estimated to have cornered more than 90% of the market globally. This includes OpenAI, which revealed in July it was trialling a search feature within ChatGPT. SearchGPT lets people search the internet by asking questions to a chatbot, and it is being tested by a limited number of users in the US. OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft. Google's new announcements are likely a way to combat the growth of rival firms -  though none are yet to truly threaten its massive dominance. ",BBC,03/10/2024,"['Google has released a new feature which will allow people to search the internet by taking a video.', 'Video search will let people point their camera at something, ask a question about it, and get search results.', 'Android and iPhone users globally will gain access to the feature from 1700 GMT by enabling ""AI Overviews"" in their Google app, but it will only support English at launch.', 'It is the latest move from the tech giant to change how people search online by utilising artificial intelligence (AI).', 'It comes three months after ChatGPT-maker OpenAI announced it was trialling the ability to search by asking its chatbot questions.', 'Google introduced AI-generated results at the top of certain search queries this year, with mixed results.', 'In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".', 'At the time, a Google spokesperson said the issues were ""isolated examples"".', 'The results have since become better, with fewer inaccuracies.', 'Since then, there have been further moves to include AI in search, which included the ability to ask questions about still images using Google Lens.', 'The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further.', ""Google's head of search Liz Reid said the new capability would let people ask questions about the world around them more easily."", 'She gave the example of a person at an aquarium, who might want to find out why a group of fish are swimming in unison.', 'Instead of having to search for the fish online and write out the query, the new feature will let them point their camera, record a short clip and ask a question out loud.', ""Google's AI will analyse the video, identify the fish, combine that with the question and produce search results."", 'Industry analyst Paolo Pescatore said this was a ""big thing"" for Google. ""', 'We are now seeing AI in everything and people connect best with visuals,"" he said. ""', 'This latest development further demonstrates new ways of bringing content to life with something like search which is one of the most common tasks carried out on the internet. ""', 'Here lies scope for AI to be truly collaborative and an innovator in everyday life - we are on the brink of AI becoming personalised and unique based upon our usage patterns and habits.""', 'As well as introducing a way to search by video, Google has also released several other updates.', 'It says it has improved its shopping results, which will now incorporate reviews and pricing information from different sellers.', 'And it is also introducing a competitor to the music-identifying app Shazam, which is owned by Apple.', ""The rival tool, accessible through Circle to Search on an Android device, will let people identify songs from a website they're on or a show they're streaming without leaving the app."", ""Google's new features come as it faces growing challengers in the search space, where it is estimated to have cornered more than 90% of the market globally."", 'This includes OpenAI, which revealed in July it was trialling a search feature within ChatGPT.', 'SearchGPT lets people search the internet by asking questions to a chatbot, and it is being tested by a limited number of users in the US.', ""OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft."", ""Google's new announcements are likely a way to combat the growth of rival firms - though none are yet to truly threaten its massive dominance.""]",0.2061765360919675,"The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further.","In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".",0.7629874511198564,OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft.,"In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".",2024-10-04
The fraught battle over the holy grail of shipwrecks,https://www.bbc.co.uk/news/articles/ckgn18xl3j7o,2024-10-02T23:04:50.691Z,"It has been hailed as the most valuable shipwreck in the world. A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago. It had a cargo of gold, silver and emeralds worth billions of dollars. But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck. The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America. There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague. The Colombian government says it wants to raise the remains of the vessel and put it in a museum. Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn). But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is. Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters. I don’t think there’s any way that everyone can be satisfied.” The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia. From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it. The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake. The ship blew up and sank within minutes. The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it. It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle. In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed. Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure. The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty. They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups.  “This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it. How many years have gone by? Three hundred years? They owe us that debt.” The Colombians have released tantalising videos of the San José, taken with submersible cameras. They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor. As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo. It estimates its value at $7-18bn. “This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada. He described it as “the biggest treasure in the history of humanity”. Others are less convinced. “I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now? Or do we look at what collectors might pay of these gold coins? ""To me it’s almost meaningless to try to come up with a number now. The estimates of the treasure hunters, to me, they’re laughable.” While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors. There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it. In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks. Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention. That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters. Colombia and the US, for example, have not signed it. “The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK. A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.” For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff. There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “You can just count coins, you can count porcelain, but there is no ‘why was this on board? Who was the owner? Where was it going?’ – the human story behind it.” Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “The treasure is part of the archaeological context, and as such has no commercial value. Its value is strictly scientific.” ",BBC,02/10/2024,"['It has been hailed as the most valuable shipwreck in the world.', 'A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago.', 'It had a cargo of gold, silver and emeralds worth billions of dollars.', 'But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck.', 'The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America.', 'There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague.', 'The Colombian government says it wants to raise the remains of the vessel and put it in a museum.', 'Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn).', 'But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is.', 'Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “', 'It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “', 'The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters.', 'I don’t think there’s any way that everyone can be satisfied.”', 'The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia.', 'From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.', 'The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake.', 'The ship blew up and sank within minutes.', 'The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it.', 'It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle.', 'In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed.', 'Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure.', 'The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty.', 'They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “', 'That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups. “', 'This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it.', 'How many years have gone by?', 'Three hundred years?', 'They owe us that debt.”', 'The Colombians have released tantalising videos of the San José, taken with submersible cameras.', 'They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor.', 'As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo.', 'It estimates its value at $7-18bn. “', 'This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada.', 'He described it as “the biggest treasure in the history of humanity”.', 'Others are less convinced. “', 'I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""', 'If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now?', 'Or do we look at what collectors might pay of these gold coins? ""', 'To me it’s almost meaningless to try to come up with a number now.', 'The estimates of the treasure hunters, to me, they’re laughable.”', 'While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors.', 'There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it.', 'In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks.', 'Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention.', 'That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.', 'Colombia and the US, for example, have not signed it. “', 'The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK.', 'A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.”', 'For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “', 'If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff.', 'There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “', 'You can just count coins, you can count porcelain, but there is no ‘why was this on board?', 'Who was the owner?', 'Where was it going?’ –', 'the human story behind it.”', 'Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “', 'The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “', 'The treasure is part of the archaeological context, and as such has no commercial value.', 'Its value is strictly scientific.”']",-0.0135551505786931,"For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “","From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.",-0.5429760813713074,It has been hailed as the most valuable shipwreck in the world.,"That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.",2024-10-04
US jobs creation surges unexpectedly in September,https://www.bbc.co.uk/news/articles/c3e903nx51qo,2024-10-04T12:43:58.610Z,"Hiring in the US surged unexpectedly last month, in a rebuttal to those worried that the economy might be headed for a sudden, sharp downturn.  Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%%, the Labor Department said.  That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast. The closely watched report comes a few weeks before Americans will head to the polls in an election in which the state of the economy has been cited as a top concern.  Jobs growth has slowed significantly since last year and the unemployment rate has been ticking higher, though it remains at historically low levels.  Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.  But the stronger-than-expected jobs figure this month might mean the Federal Reserve makes smaller rate cuts in the future. ""Today’s jobs figures suggest the Fed’s action is working well to support its full-employment mandate,"" said Richard Flynn, managing director at Charles Schwab UK.  ""With high inflation largely in the rearview mirror, this could be less good news for markets, as it may slow the pace of future rate cuts.” The Labor Department updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought. In September, bars and restaurants led the hiring. Retailers and health care firms also added jobs, while the manufacturing sector shed positions.  The survey also showed solid wage growth, with average hourly pay up 4% over the past 12 months.  ",BBC,04/10/2024,"['Hiring in the US surged unexpectedly last month, in a rebuttal to those worried that the economy might be headed for a sudden, sharp downturn.', 'Employers in the US added 254,000 jobs in September, much more than expected, while the jobless rate dipped from 4.2% to 4.1%%, the Labor Department said.', 'That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.', 'The closely watched report comes a few weeks before Americans will head to the polls in an election in which the state of the economy has been cited as a top concern.', 'Jobs growth has slowed significantly since last year and the unemployment rate has been ticking higher, though it remains at historically low levels.', 'Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.', 'But the stronger-than-expected jobs figure this month might mean the Federal Reserve makes smaller rate cuts in the future. ""', 'Today’s jobs figures suggest the Fed’s action is working well to support its full-employment mandate,"" said Richard Flynn, managing director at Charles Schwab UK. ""', 'With high inflation largely in the rearview mirror, this could be less good news for markets, as it may slow the pace of future rate cuts.”', 'The Labor Department updated its estimates of job creation in August and July, saying employers had added about 72,000 more jobs than previously thought.', 'In September, bars and restaurants led the hiring.', 'Retailers and health care firms also added jobs, while the manufacturing sector shed positions.', 'The survey also showed solid wage growth, with average hourly pay up 4% over the past 12 months.']",0.1507443438875899,"That was the strongest gain since March, and was far higher than the roughly 150,000 many analysts had forecast.","Last month, the US central bank cut interest rates by a bigger-than-usual 0.5 percentage points, saying it wanted to avoid any further weakening in the labour market.",0.6420451077547941,"The survey also showed solid wage growth, with average hourly pay up 4% over the past 12 months.","Jobs growth has slowed significantly since last year and the unemployment rate has been ticking higher, though it remains at historically low levels.",2024-10-04
Interest rates: Bank of England could be 'more aggressive' on cuts,https://www.bbc.co.uk/news/articles/cx2lp5l9dpro,2024-10-03T07:21:37.844Z,"The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.  Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation. The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.      Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation. The Bank of England has two more more meetings left this year to decide on interest rates, in November and December. At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall. But he said at the time it was ""vital"" inflation remained low.  The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine. However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made. Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate. However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately. For savers, a cut in rates is likely to reduce the amount they earn on their money. Many analysts expect the Bank to reduce rates at its meeting in November. However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well. The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets. One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “Geopolitical concerns are very serious. It is tragic what’s going on,"" Mr Bailey told the Guardian. ""There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.” The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted. However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia's invasion of Ukraine in 2022. ""My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said. Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “I don’t know what she means by that,” Mr Bailey told the Guardian. He added that he had never met Truss, who was Britain's prime minister for 49 days. Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets. The Bank of England will announce its next interest rate decision on 7 November. Read more here ",BBC,03/10/2024,"['The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.', 'Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation.', 'The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.', 'Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation.', 'The Bank of England has two more more meetings left this year to decide on interest rates, in November and December.', ""At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall."", 'But he said at the time it was ""vital"" inflation remained low.', ""The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine."", ""However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made."", 'Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate.', 'However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately.', 'For savers, a cut in rates is likely to reduce the amount they earn on their money.', 'Many analysts expect the Bank to reduce rates at its meeting in November.', ""However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well."", 'The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.', 'One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “', 'Geopolitical concerns are very serious.', 'It is tragic what’s going on,"" Mr Bailey told the Guardian. ""', 'There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.”', 'The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted.', 'However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia\'s invasion of Ukraine in 2022. ""', 'My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.', 'Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “', 'I don’t know what she means by that,” Mr Bailey told the Guardian.', ""He added that he had never met Truss, who was Britain's prime minister for 49 days."", 'Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets.', 'The Bank of England will announce its next interest rate decision on 7 November.', 'Read more here']",0.0199761448790627,"My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.","It is tragic what’s going on,"" Mr Bailey told the Guardian. """,-0.096221911907196,"However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well.","The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.",2024-10-04
Mystery surrounds Elon Musk interview with US regulators,https://www.bbc.co.uk/news/articles/c0e1xgw4dqdo,2024-10-03T08:50:29.903Z,"US regulators and representatives of Elon Musk have remained tight-lipped over whether the billionaire attended an interview on Thursday about his takeover of Twitter - now called X, as required by a federal court. Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles. However, Mr Musk fell unusually quiet on X not posting for several hours on Thursday morning, and on Friday wrote a post indicating he had visited Los Angeles. The SEC is investigating whether Mr Musk waited too long to disclose he was building up a stake in Twitter before his 2022 takeover - a delay he has previously described as a mistake.   The nation's top securities regulator had called for possible sanctions, if Mr Musk failed to attend.  For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul. But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear. Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk's deposition date.  And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch. The SEC says he did not inform them of those plans.  The government lawyers only learned of the post and interview later.  They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared. Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022. The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws. But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment. In October, the SEC asked a court to order him to provide more testimony. Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing. They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.  Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added. Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others.  ""In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote. Mr Musk's lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"". The SEC declined to comment when approached by the BBC. But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.  ",BBC,03/10/2024,"['US regulators and representatives of Elon Musk have remained tight-lipped over whether the billionaire attended an interview on Thursday about his takeover of Twitter - now called X, as required by a federal court.', 'Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles.', 'However, Mr Musk fell unusually quiet on X not posting for several hours on Thursday morning, and on Friday wrote a post indicating he had visited Los Angeles.', 'The SEC is investigating whether Mr Musk waited too long to disclose he was building up a stake in Twitter before his 2022 takeover - a delay he has previously described as a mistake.', ""The nation's top securities regulator had called for possible sanctions, if Mr Musk failed to attend."", 'For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul.', ""But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear."", 'Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk\'s deposition date.', 'And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch.', 'The SEC says he did not inform them of those plans.', 'The government lawyers only learned of the post and interview later.', 'They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared.', 'Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022.', 'The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws.', 'But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment.', 'In October, the SEC asked a court to order him to provide more testimony.', 'Mr Musk\'s reason for missing last month\'s appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.', 'They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.', 'Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added.', 'Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others. ""', 'In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote.', 'Mr Musk\'s lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"".', 'The SEC declined to comment when approached by the BBC.', 'But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""', 'The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.']",-0.1038664010811857,"In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote.","They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.",-0.8115430921316147,,"Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.",2024-10-04
Toyota delays US electric car production plans as EV sales slow,https://www.bbc.co.uk/news/articles/clylzgmp3zpo,2024-10-03T04:20:54.375Z,"Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.  The Japanese motor industry giant was aiming to start production in late 2025 or early 2026. Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News. Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market."" Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there. The company has also announced plans to build another electric model at a plant in Indiana. To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year. Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.  On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries. Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date. The company blamed changing market conditions for its decision to give up a target it had announced only three years ago. In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck. Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"". ",BBC,03/10/2024,"['Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.', 'The Japanese motor industry giant was aiming to start production in late 2025 or early 2026.', 'Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News.', 'Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""', 'We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market.""', 'Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there.', 'The company has also announced plans to build another electric model at a plant in Indiana.', 'To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.', ""Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets."", ""On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries."", 'Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date.', 'The company blamed changing market conditions for its decision to give up a target it had announced only three years ago.', 'In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck.', 'Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"".']",-0.1222315369881398,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.",Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.,-0.7159020975232124,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.","On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries.",2024-10-04
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-04
Mortgage rates: When will UK interest rates fall again?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year. Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate is what it charges other lenders to borrow money. This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time. When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years. However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979. Inflation is now far below the peak of 11.1% in October 2022.  The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August. It means prices are rising at a much slower rate than in 2022 and 2023. Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months. But, he added, ""it's vital that inflation stays low, so we need to be careful not to cut too fast or by too much"". The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like. Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months. It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards. In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.  However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation. Many analysts expect the Bank to cut rates at its next meeting on 7 November.  Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025. So, it is difficult to predict exactly what will happen to interest rates. In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.  The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control. But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"". Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey. More than half a million homeowners have a mortgage that ""tracks"" the Bank of England's rate.  But more than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, future deals are. Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts. Mortgage lenders have been in intense competition for customers and have dropped their rates. But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago. About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers earn on their money.  Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates. In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years. It cut rates again to 3.5% in September.  US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.  The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024. ",BBC,16/07/2021,"['The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year.', 'Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.', 'The first drop in rates for more than four years came in August, but borrowing costs remain high.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate is what it charges other lenders to borrow money."", 'This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.', 'When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', 'The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years.', 'However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979.', 'Inflation is now far below the peak of 11.1% in October 2022.', 'The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.', 'It means prices are rising at a much slower rate than in 2022 and 2023.', 'Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months.', 'But, he added, ""it\'s vital that inflation stays low, so we need to be careful not to cut too fast or by too much"".', 'The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like.', 'Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months.', 'It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.', 'In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.', 'However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation.', 'Many analysts expect the Bank to cut rates at its next meeting on 7 November.', ""Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025."", 'So, it is difficult to predict exactly what will happen to interest rates.', 'In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.', 'The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control.', 'But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"".', ""Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'More than half a million homeowners have a mortgage that ""tracks"" the Bank of England\'s rate.', 'But more than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts.', 'Mortgage lenders have been in intense competition for customers and have dropped their rates.', 'But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers earn on their money.', 'Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates.', 'In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.', 'In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years.', 'It cut rates again to 3.5% in September.', 'US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.', 'The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024.']",0.1393217529356994,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.","It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.",-0.307106423945654,"The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.","US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.",2024-10-04
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-04
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-04
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.', ""Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-04
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-04
Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks,https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html,2024-10-03T15:16:52+0000,"Major League Baseball is out of here.Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan.Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.MLB's regular season ended earlier this week, and the postseason has already begun. Regional sports networks primarily air regular-season games.""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible.""He added the company is still in negotiations with the individual clubs, but its discussions with MLB's Commissioner's Office have ended.MLB's attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again."" A spokesperson for MLB declined to comment. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games. But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates. As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month.A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan. While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists. Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.""Today marks an important step forward for Diamond with the filing of a baseline plan to enable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans. We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.""Diamond's tussles with MLB began before the filing.Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.",CNBC,03/10/2024,"['Major League Baseball is out of here.', 'Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.', 'Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.', ""A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan."", 'Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.', ""MLB's regular season ended earlier this week, and the postseason has already begun."", 'Regional sports networks primarily air regular-season games.', '""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""', ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible."", '""He added the company is still in negotiations with the individual clubs, but its discussions with MLB\'s Commissioner\'s Office have ended.', 'MLB\'s attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again.""', 'A spokesperson for MLB declined to comment.', ""Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal."", 'For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games.', 'But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.', ""This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates."", 'As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.', ""In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month."", 'A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan.', 'While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists.', 'Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.', '""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""', 'We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans.', 'We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.', '""Diamond\'s tussles with MLB began before the filing.', 'Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.', 'Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.']",0.1290548242003872,We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.,"But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",-0.1579184710979461,"""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""","But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",2024-10-04
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-10-04
"Rivian shares fall after EV maker slashes production forecast, misses Q3 delivery expectations",https://www.cnbc.com/2024/10/04/rivian-lowers-production-forecast-misses-q3-delivery-expectations.html,2024-10-04T16:09:15+0000,"In this articleShares of Rivian Automotive dropped more than 6% in midday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time. Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.Shares of Rivian are down by more than 50% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.",CNBC,04/10/2024,"['In this articleShares of Rivian Automotive dropped more than 6% in midday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.', '""This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues.', 'As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.', 'A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.', 'Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We\'ve had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.', '""Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.', 'Rivian disclosed the component shortage as part of reporting its vehicle production and delivery for the third quarter.', 'The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time.', 'Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.', 'Shares of Rivian are down by more than 50% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.']",-0.1619318674277561,"Shares of Rivian are down by more than 50% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.","Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: ""We've had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.",-0.6658160984516144,"As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,"" the company said in a statement.","In this articleShares of Rivian Automotive dropped more than 6% in midday trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a ""production disruption due to a shortage of a shared component"" for its R1 vehicles and commercial van.",2024-10-04
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-04
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-04
"Ford reveals new 2025 Expedition SUV, including off-road and 'Ultimate' models",https://www.cnbc.com/2024/10/03/2025-ford-expedition-new-off-road-and-ultimate-models-revealed.html,2024-10-04T12:40:19+0000,"In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system.""We spent more than 1,100 hours talking with customers about their everyday lives. And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring. That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon.While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs.Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor. The off-road inspired Tremor is new for the Expedition but is available on other vehicles.The Expedition will continue to be available in a standard version or longer ""Max"" model. It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.",CNBC,04/10/2024,"['In this articleDETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.', ""The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker's BlueCruise hands-free highway driving system."", '""We spent more than 1,100 hours talking with customers about their everyday lives.', 'And with those insights we\'ve rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.', 'Ford said the 2025 Expedition will start around $63,000, including destination charges, when the vehicles will arrive in dealerships in the spring.', ""That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles."", ""The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford's crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon."", ""While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market."", ""Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford's current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs."", 'Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.', 'Segment sales totaled roughly 312,500 units through September of this year.', 'Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an ""Ultimate"" version), King Ranch and Tremor.', 'The off-road inspired Tremor is new for the Expedition but is available on other vehicles.', 'The Expedition will continue to be available in a standard version or longer ""Max"" model.', 'It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque.']",0.134815351609088,"And with those insights we've rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,"" said Trevor Scott, general manager of Ford Utilities.","While GM's vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.",0.5859340826670328,"Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017.","That's more than $5,000 higher than the 2024 model, but still less than the $70,000 average transaction price of current vehicles.",2024-10-04
Masato Kanda: The man behind Japan's $170bn bid to prop up the yen,https://www.bbc.co.uk/news/articles/c98496yd005o,2024-10-02T23:28:19.277Z,"For several years, Masato Kanda hardly slept. ""Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more."" So why was this 59 year-old bureaucrat's schedule so punishing? Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar. Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies. Historically, authorities intervened to weaken the value of the Japanese currency. A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers. But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise. In his three years in the role, the value of the yen against the US dollar weakened by more than 45%. To control the yen's slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan's first such intervention in almost a quarter of a century. ""The Bank of Japan and the Ministry of Finance are very clear. They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll. Japan now finds itself on the US Treasury's watchlist of potential currency manipulators. But Mr Kanda argues that what he did was not market manipulation. ""Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don't reflect fundamentals which don't change overnight,"" he says. ""When it affects ordinary consumers who have to buy food or fuel, that is when we intervened."" While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy. Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""It is not the right thing to do, but in my opinion it is the only thing they can do.""  The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister.  So was the $170bn bid to prop up the yen a waste of money? No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal. On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""  Markets or historians should be the final judges, he adds.  After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan's prospects. ""We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says. A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos. ",BBC,02/10/2024,"['For several years, Masato Kanda hardly slept. ""', 'Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""', 'I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more.""', ""So why was this 59 year-old bureaucrat's schedule so punishing?"", ""Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar."", ""Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies."", 'Historically, authorities intervened to weaken the value of the Japanese currency.', 'A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers.', ""But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise."", 'In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.', 'To control the yen\'s slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan\'s first such intervention in almost a quarter of a century. ""', 'The Bank of Japan and the Ministry of Finance are very clear.', 'They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll.', ""Japan now finds itself on the US Treasury's watchlist of potential currency manipulators."", 'But Mr Kanda argues that what he did was not market manipulation. ""', 'Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don\'t reflect fundamentals which don\'t change overnight,"" he says. ""', 'When it affects ordinary consumers who have to buy food or fuel, that is when we intervened.""', 'While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy.', 'Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""', 'It is not the right thing to do, but in my opinion it is the only thing they can do.""', ""The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister."", 'So was the $170bn bid to prop up the yen a waste of money?', 'No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal.', 'On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""', 'Markets or historians should be the final judges, he adds.', 'After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan\'s prospects. ""', 'We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.', 'A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.']",0.1115478480186821,"A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.",So why was this 59 year-old bureaucrat's schedule so punishing?,0.1734220633904139,"We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.","In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.",2024-10-04
'Crumblgate' : How a A$17.50 cookie sparked a social media storm,https://www.bbc.co.uk/news/articles/cvglmr40lzlo,2024-10-04T06:31:04.755Z,"Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under. So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions. With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following. But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii. Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline. Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat. It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"". The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box. All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""This is actually very bad... the texture is just weird,"" one vlogger said. ""I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review. Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10. The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm. All of which prompted a confusing story, followed by an apology by the Sydney organisers. In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage. He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"". And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “We kept them to these requirements. Some were warmed to enhance their texture, which is what Crumbl does as well. ""We apologise that they don’t live up to expectations. However, they are just cookies at the end of the day,” the statement added. The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new. One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan. But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer. To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""In an age where information travel so quickly… people don’t want to be behind the curve. They act out of impulse instead of logic,” he explains. It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act. But beyond a few cease-and-desist letters, Hughes thinks it's unlikely the US-brand will take further action. ""They'll deny it. They'll say it's bad. But at the end of the day, it's good publicity because it raises their brand awareness in Australia. ""All of a sudden, people who hadn't heard of them are now talking about them."" ",BBC,04/10/2024,"['Set against a backdrop of cliffside mansions, bronzed bodies, and vast ocean views - Bondi is the go-to suburb for international brands looking to launch down under.', ""So, when news broke on TikTok that a Crumbl Cookie pop-up was coming to Sydney's iconic beachside hub, few raised questions."", 'With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.', 'But when Australian foodies sunk their teeth into the treats, outrage spread like wildfire after it became clear they were eating days-old goods, sold by a few enterprising locals - with no connection to Crumbl - who had brought the cookies back in suitcases from Hawaii.', 'Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.', 'Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.', 'It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".', 'The saga unfolded after scores of people spent the day snaking around a commercial block in North Bondi on Sunday to secure their brightly coloured signature Crumbl box.', 'All of it was seemingly captured on TikTok - often in real-time - as consumer after consumer filmed themselves biting into the hardened treats, responding with a series of grimaces rather than delight. ""', 'This is actually very bad... the texture is just weird,"" one vlogger said. ""', 'I spent A$150 on 10 cookies,"" another woman blurted out mid-video, before offering a scathing review.', 'Another group recorded themselves simply sniffing the battered treats, before offering a ranking of 3/10.', 'The founder of the US company, quickly took to social media to clarify that the Australian pop-up, was not affiliated with his firm.', 'All of which prompted a confusing story, followed by an apology by the Sydney organisers.', 'In a statement, a spokesperson - who declined to give his full name - said that hundreds of the cookies had been purchased while on a trip to Hawaii and then brought back to Australia in luggage.', 'He said that everything the pop-up had done - including using professionally shot photographs of the sweets and mimicking the Crumbl branding - was ""legal"".', ""And that they'd tried to adhere to the Crumbl storage requirements, which advises that the products can still be consumed after three days, if kept in an airtight container. “"", 'We kept them to these requirements.', 'Some were warmed to enhance their texture, which is what Crumbl does as well. ""', 'We apologise that they don’t live up to expectations.', 'However, they are just cookies at the end of the day,” the statement added.', 'The strangeness of a group of people ""going on an international flight to go and procure biscuits"" is not lost on Australian marketing expert Andrew Hughes, however he says the bait and switch tactics are far from new.', 'One recent example he pointed to was when scores of people bought tickets to a so-called Bridgerton-themed ball in Detroit, Michigan.', 'But instead of being met with the glitz, glamour and expensive food event organisers had promised, they were left with soggy noodles, a single violin, and a pole dancer.', 'To understand how these viral scams lure people in, it’s important to examine the powerful emotions elicited by the ""fear of missing out"" - or FOMO for short – Hughes says. ""', 'In an age where information travel so quickly… people don’t want to be behind the curve.', 'They act out of impulse instead of logic,” he explains.', ""It's unclear whether the Crumbl spin off violated Australian consumer law, or whether those affected have grounds to act."", 'But beyond a few cease-and-desist letters, Hughes thinks it\'s unlikely the US-brand will take further action. ""', ""They'll deny it."", ""They'll say it's bad."", 'But at the end of the day, it\'s good publicity because it raises their brand awareness in Australia. ""', 'All of a sudden, people who hadn\'t heard of them are now talking about them.""']",0.0606615654917613,"Labelled the great ""cookie controversy"" and ""Crumblgate"" by commentators, the doughy drama has sparked debate online - prompting calls for legal action to be taken against the sellers, as well as jabs against those willing to pay such an exorbitant amount simply to be pictured indulging in the latest trendy treat.","Adding insult to injury was the eye-watering price tag, with consumers paying A$17.50 ($12;£9) for the stale snacks, which had aged inside the belly of a commercial airline.",-0.4098753929138183,"With a host of famous fans, the US-based bakery chain - which only sells domestically and in Canada - has secured a cult-like following.","It even inspired a last-minute Washington Post Food review of the cookies, which ruled them ""underwhelming"" and ""under baked"".",2024-10-04
Postmaster jailed for wife's murder seeks appeal on Horizon evidence,https://www.bbc.co.uk/news/articles/czrm6zxv65go,2024-10-02T23:04:03.343Z,"A former sub-postmaster serving life in prison for murdering his wife is making another attempt to appeal his conviction, arguing the Post Office Inquiry has shed new light on his case. Robin Garbutt was found guilty in 2011 of murdering his wife Diana at their home in North Yorkshire the previous year, but has always maintained his innocence. Evidence from the Horizon IT system and the Post Office helped convict him after prosecutors said he had been stealing money from his branch, faked a robbery and killed Diana to cover it up.  Former Post Office Minister Kevin Hollinrake said he was backing a fresh review. But Diana’s mother has previously said she believes her son-in-law is guilty.  In an interview earlier this year she said Garbutt was ""jumping on the Horizon bandwagon"".  Hundreds of sub-postmasters wrongly prosecuted for stealing had their convictions overturned after errors with the Horizon software were revealed. Garbutt's lawyers have applied to the Criminal Cases Review Commission to have his case sent back to the Court of Appeal. Garbutt's wife Diana was found dead in their flat above the post office they ran together in the village of Melsonby in North Yorkshire in 2010. She’d been attacked over the head with a metal bar in her bed. Garbutt claimed he and his wife were the victims of an armed robbery. He told police a man forced him to open his Post Office safe at gunpoint and hand over £16,000 before he was able to run upstairs where he discovered Diana's body. But the jury didn’t believe him. The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.  They claimed he was in financial difficulty and their relationship also had problems. The court was told Diana had been unfaithful and up until the night she died she had been logging on to an internet dating site. There was no physical evidence linking Garbutt to the murder.  A key plank of the case against him was based on data from the Horizon system and how it was interpreted by the Post Office. Unlike the familiar tales from hundreds of other sub-postmasters, this one isn’t about shortfalls in branch accounts. The prosecution claimed Garbutt was concealing his theft by making false declarations on the amount of cash he was holding in his Post Office safe. The suggestion being that he was requesting more than was needed and that there was never £16,000 in the safe on the morning of the murder because he’d stolen it. Two Post Office witnesses testified against him, relying on data from the Horizon computer system. One investigator said the amount of cash he’d been requesting for his branch account was suspicious and indicative of fraud. Garbutt’s lawyers now argue, in essence, that key parts of the Horizon-related evidence cannot be trusted given what’s emerged from the public inquiry into the scandal and fresh evidence from other sources. “We believe that fresh evidence and other important developments that have come to light since the original trial, now mean that Mr Garbutt’s conviction is not safe,” says his solicitor Martin Rackstraw from Russell-Cooke, who along with James Sturman KC, has been representing Garbutt for some years. Conservative MP Hollinrake has written a letter of support. He went to the same school as Garbutt but says that is not why he’s given his backing for a review.  ""I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC. Garbutt has failed three times already to persuade the Criminal Cases Review Commission to send his case back to the Court of Appeal as new information has come to light. At his last attempt in 2021, his legal team raised the lack of knowledge about the Horizon system, but the application was dismissed because the watchdog decided the flaws in Horizon did not affect the reliability of the data used by the prosecution at his trial. “I think this is the final roll of the dice,” says Garbutt's close friend and former neighbour Barry Conachy. “We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough. Robin’s always said that he wasn’t stealing any money from the Post Office.” ",BBC,02/10/2024,"['A former sub-postmaster serving life in prison for murdering his wife is making another attempt to appeal his conviction, arguing the Post Office Inquiry has shed new light on his case.', 'Robin Garbutt was found guilty in 2011 of murdering his wife Diana at their home in North Yorkshire the previous year, but has always maintained his innocence.', 'Evidence from the Horizon IT system and the Post Office helped convict him after prosecutors said he had been stealing money from his branch, faked a robbery and killed Diana to cover it up.', 'Former Post Office Minister Kevin Hollinrake said he was backing a fresh review.', 'But Diana’s mother has previously said she believes her son-in-law is guilty.', 'In an interview earlier this year she said Garbutt was ""jumping on the Horizon bandwagon"".', 'Hundreds of sub-postmasters wrongly prosecuted for stealing had their convictions overturned after errors with the Horizon software were revealed.', ""Garbutt's lawyers have applied to the Criminal Cases Review Commission to have his case sent back to the Court of Appeal."", ""Garbutt's wife Diana was found dead in their flat above the post office they ran together in the village of Melsonby in North Yorkshire in 2010."", 'She’d been attacked over the head with a metal bar in her bed.', 'Garbutt claimed he and his wife were the victims of an armed robbery.', ""He told police a man forced him to open his Post Office safe at gunpoint and hand over £16,000 before he was able to run upstairs where he discovered Diana's body."", 'But the jury didn’t believe him.', 'The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.', 'They claimed he was in financial difficulty and their relationship also had problems.', 'The court was told Diana had been unfaithful and up until the night she died she had been logging on to an internet dating site.', 'There was no physical evidence linking Garbutt to the murder.', 'A key plank of the case against him was based on data from the Horizon system and how it was interpreted by the Post Office.', 'Unlike the familiar tales from hundreds of other sub-postmasters, this one isn’t about shortfalls in branch accounts.', 'The prosecution claimed Garbutt was concealing his theft by making false declarations on the amount of cash he was holding in his Post Office safe.', 'The suggestion being that he was requesting more than was needed and that there was never £16,000 in the safe on the morning of the murder because he’d stolen it.', 'Two Post Office witnesses testified against him, relying on data from the Horizon computer system.', 'One investigator said the amount of cash he’d been requesting for his branch account was suspicious and indicative of fraud.', 'Garbutt’s lawyers now argue, in essence, that key parts of the Horizon-related evidence cannot be trusted given what’s emerged from the public inquiry into the scandal and fresh evidence from other sources. “', 'We believe that fresh evidence and other important developments that have come to light since the original trial, now mean that Mr Garbutt’s conviction is not safe,” says his solicitor Martin Rackstraw from Russell-Cooke, who along with James Sturman KC, has been representing Garbutt for some years.', 'Conservative MP Hollinrake has written a letter of support.', 'He went to the same school as Garbutt but says that is not why he’s given his backing for a review. ""', 'I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC.', 'Garbutt has failed three times already to persuade the Criminal Cases Review Commission to send his case back to the Court of Appeal as new information has come to light.', 'At his last attempt in 2021, his legal team raised the lack of knowledge about the Horizon system, but the application was dismissed because the watchdog decided the flaws in Horizon did not affect the reliability of the data used by the prosecution at his trial. “', ""I think this is the final roll of the dice,” says Garbutt's close friend and former neighbour Barry Conachy. “"", 'We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough.', 'Robin’s always said that he wasn’t stealing any money from the Post Office.”']",-0.2660437569354915,"I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC.","The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.",-0.3207701510853237,We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough.,They claimed he was in financial difficulty and their relationship also had problems.,2024-10-04
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-04
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-04
Airlines turn to AI to allocate gates and cut waiting times,https://www.bbc.co.uk/news/articles/c80e54yjzdmo,2024-10-03T23:21:22.911Z,"Next time you're running at full tilt towards your airport gate, spare a thought for the airline staff who made sure that that gate was actually available. Gate allocation is a surprisingly complex task.  ""With 15 gates and 10 airplanes, there are more than 570 billion possibilities,"" says Dr Joseph Doetsch, who has been working on the problem of gate allocation as quantum computing lead at Lufthansa Industry Solutions. Picking the best gate for each flight can help shorten aircraft taxi times and reduce congestion, meaning that travellers spend less time waiting on the tarmac. It also cuts down on the amount of fuel required, and thus the plane's emissions. Typically gates are allocated when flight schedules are published, so as much as a year ahead, but are then revisited a month in advance, a week in advance, and then finally on the day of the flight. All sorts of priorities have to be juggled when working out where best to park an aircraft. ""For example, certain carriers may be granted access to gates near their lounges and other facilities. Additionally, flights with a high volume of connecting passengers are often placed to optimise transfer times and improve overall passenger experience,"" says George Richardson, co-founder of airport management firm AeroCloud. ""Some airlines, particularly budget carriers, may opt for more cost-effective remote stands with lower parking fees, prioritising operational savings over proximity to the main terminal."" Other factors include the direction the aircraft is coming from, the type of aircraft, the expected runway assignment, gate availability, airport staffing, customer and baggage connections and the scheduled taxiway and tarmac moves of other aircraft. To make things worse - many of these factors can change at the last minute. Meanwhile, delayed flights can add to the difficulties, forcing airports and airlines to reassign gates at the last minute, increasing the time passengers have to wait and potentially causing flight cancellations. Given that level of complexity you would think that clever computer software would be handling the job, but think again.  The job of allocating gates has often been carried out using surprisingly basic tech, according to an AeroCloud survey of the challenges faced by senior airport executives. ""You’d be surprised at how many airports globally still manage the process manually,"" says Mr Richardson. Of those airport executives that responded to AeroCloud's survey, 40% said that Excel and Word documents were used to store and manage information related to their airport operations, including gate management. But serious investment is going into more advanced systems. Last year, American Airlines introduced Smart Gating at Dallas Fort Worth International Airport. The system uses machine learning to assign arriving aircraft to the nearest available gate with the shortest taxi time. Machine learning is a branch of artificial intelligence, where large amounts of data are used to train a system that can be tweaked to improve its results. In the case of the American Airlines system real-time flight information and other data is used to choose which gate to send an aircraft to. ""Traditionally, our team members manually assigned gates using a legacy computer system. At Dallas Fort Worth International Airport, our largest hub, this process took around four hours to complete,"" says an American Airlines spokesperson. The new system can complete that process in 10 minutes, which has shortened aircraft taxi times by 20%, saving around 1.4 million gallons of jet fuel each year, the spokesperson adds. Lufthansa Industry Solutions, a subsidiary of the German airline Lufthansa,  is planning to use quantum computing to attack the problem. Quantum computing uses the strange but powerful properties of quibits to solve certain types of problems much faster than traditional computers. At the moment such computers are in their infancy. Allocating gates is one problem that traditional computers and algorithms struggle to do quickly, with calculation times increasing disproportionately to the size of the problem. But, Dr Doetsch is confident that approaches using quantum computing will crush the problem. ""Quantum algorithms will allow optimally assigning gates, and other resources, even in large airports and travel networks. These algorithms will be able to respond to changing external factors with updated optimal solutions in real time,"" he says. Lufthansa is currently investigating which of the various new quantum computing systems will be most suitable for its project. It is running simulations that can give an indication of how effective quantum computing might be.  ""In our first trials, our optimised solutions could reduce average transit times for passengers by almost 50% compared to the corresponding real-world data,"" adds Dr Doetsch. With increasing pressure on airport capacity, says AeroCloud's Mr Richardson, these improved techniques could help reduce the amount of expansion required. ""Capacity is a big issue for many airports, and even if they wanted to introduce new carriers or destinations, physical expansion acts as a blocker. ""They need to make the optimum use of their current resources."" ",BBC,03/10/2024,"[""Next time you're running at full tilt towards your airport gate, spare a thought for the airline staff who made sure that that gate was actually available."", 'Gate allocation is a surprisingly complex task. ""', 'With 15 gates and 10 airplanes, there are more than 570 billion possibilities,"" says Dr Joseph Doetsch, who has been working on the problem of gate allocation as quantum computing lead at Lufthansa Industry Solutions.', 'Picking the best gate for each flight can help shorten aircraft taxi times and reduce congestion, meaning that travellers spend less time waiting on the tarmac.', ""It also cuts down on the amount of fuel required, and thus the plane's emissions."", 'Typically gates are allocated when flight schedules are published, so as much as a year ahead, but are then revisited a month in advance, a week in advance, and then finally on the day of the flight.', 'All sorts of priorities have to be juggled when working out where best to park an aircraft. ""', 'For example, certain carriers may be granted access to gates near their lounges and other facilities.', 'Additionally, flights with a high volume of connecting passengers are often placed to optimise transfer times and improve overall passenger experience,"" says George Richardson, co-founder of airport management firm AeroCloud. ""', 'Some airlines, particularly budget carriers, may opt for more cost-effective remote stands with lower parking fees, prioritising operational savings over proximity to the main terminal.""', 'Other factors include the direction the aircraft is coming from, the type of aircraft, the expected runway assignment, gate availability, airport staffing, customer and baggage connections and the scheduled taxiway and tarmac moves of other aircraft.', 'To make things worse - many of these factors can change at the last minute.', 'Meanwhile, delayed flights can add to the difficulties, forcing airports and airlines to reassign gates at the last minute, increasing the time passengers have to wait and potentially causing flight cancellations.', 'Given that level of complexity you would think that clever computer software would be handling the job, but think again.', 'The job of allocating gates has often been carried out using surprisingly basic tech, according to an AeroCloud survey of the challenges faced by senior airport executives. ""', 'You’d be surprised at how many airports globally still manage the process manually,"" says Mr Richardson.', ""Of those airport executives that responded to AeroCloud's survey, 40% said that Excel and Word documents were used to store and manage information related to their airport operations, including gate management."", 'But serious investment is going into more advanced systems.', 'Last year, American Airlines introduced Smart Gating at Dallas Fort Worth International Airport.', 'The system uses machine learning to assign arriving aircraft to the nearest available gate with the shortest taxi time.', 'Machine learning is a branch of artificial intelligence, where large amounts of data are used to train a system that can be tweaked to improve its results.', 'In the case of the American Airlines system real-time flight information and other data is used to choose which gate to send an aircraft to. ""', 'Traditionally, our team members manually assigned gates using a legacy computer system.', 'At Dallas Fort Worth International Airport, our largest hub, this process took around four hours to complete,"" says an American Airlines spokesperson.', 'The new system can complete that process in 10 minutes, which has shortened aircraft taxi times by 20%, saving around 1.4 million gallons of jet fuel each year, the spokesperson adds.', 'Lufthansa Industry Solutions, a subsidiary of the German airline Lufthansa, is planning to use quantum computing to attack the problem.', 'Quantum computing uses the strange but powerful properties of quibits to solve certain types of problems much faster than traditional computers.', 'At the moment such computers are in their infancy.', 'Allocating gates is one problem that traditional computers and algorithms struggle to do quickly, with calculation times increasing disproportionately to the size of the problem.', 'But, Dr Doetsch is confident that approaches using quantum computing will crush the problem. ""', 'Quantum algorithms will allow optimally assigning gates, and other resources, even in large airports and travel networks.', 'These algorithms will be able to respond to changing external factors with updated optimal solutions in real time,"" he says.', 'Lufthansa is currently investigating which of the various new quantum computing systems will be most suitable for its project.', 'It is running simulations that can give an indication of how effective quantum computing might be. ""', 'In our first trials, our optimised solutions could reduce average transit times for passengers by almost 50% compared to the corresponding real-world data,"" adds Dr Doetsch.', 'With increasing pressure on airport capacity, says AeroCloud\'s Mr Richardson, these improved techniques could help reduce the amount of expansion required. ""', 'Capacity is a big issue for many airports, and even if they wanted to introduce new carriers or destinations, physical expansion acts as a blocker. ""', 'They need to make the optimum use of their current resources.""']",0.1797159959166899,"Picking the best gate for each flight can help shorten aircraft taxi times and reduce congestion, meaning that travellers spend less time waiting on the tarmac.","Allocating gates is one problem that traditional computers and algorithms struggle to do quickly, with calculation times increasing disproportionately to the size of the problem.",0.5066973716020584,"Additionally, flights with a high volume of connecting passengers are often placed to optimise transfer times and improve overall passenger experience,"" says George Richardson, co-founder of airport management firm AeroCloud. ""","Meanwhile, delayed flights can add to the difficulties, forcing airports and airlines to reassign gates at the last minute, increasing the time passengers have to wait and potentially causing flight cancellations.",2024-10-04
OpenAI value surges to $157bn in funding deal,https://www.bbc.co.uk/news/articles/c8rd0jd1g6xo,2024-10-02T20:43:05.246Z,"OpenAI, the maker of ChatGPT, has raised $6.6bn in its latest funding round, as investors including its early backer Microsoft continue to bet big on artificial intelligence (AI). The deal gave the tech company a value of $157bn (£118bn) - similar to investment bank Goldman Sachs and more than most of America's biggest companies - making it one of the most valuable start-ups in the world. OpenAI said the money would allow it to stay at the cutting edge of AI research. The influx comes as the company has been in the spotlight, in part for internal leadership drama and debate over its future status. Chief executive Sam Altman is said to be restructuring the company to become a for-profit entity, stripping it of its non-profit board. While the company's transformation has helped attract investors, it has alienated some members of its staff and critics. Those critics include OpenAI co-founder Elon Musk who departed the firm in 2018. He has said the company has abandoned its founding mission of developing AI for the benefit of humanity. OpenAI is widely credited with helping bring artificial intelligence tools into the mainstream and sparking a gush of wider investment and interest in the sector.   ""The new funding will allow us to double down on our leadership in frontier AI research, increase compute capacity, and continue building tools that help people solve hard problems,"" OpenAI said. Funders in the latest round included investment firm Thrive Capital, Japanese tech conglomerate SoftBank, American chip giant Nvidia, and Microsoft, which already has a large stake in the company. Under the terms of the deal, investors can renegotiate or claw back their funds if the structural change into a for-profit does not take effect within two years. It also hinges on and the removal of cap on returns for investors. While the valuation announced Wednesday looked high by normal standards, ""these are not normal times,"" said Karl Freund, principal analyst at Cambrian AI Research.  ""Unless AI is somehow a bust, which I cannot imagine, OpenAI will be a powerful force to be reckoned with."" OpenAI said it has 250 million weekly active users, as well as one million paying business customers.  The company is on track to generate $3.6bn in revenue. But projected losses of more than $5bn are set to outpace revenue, according to Reuters. Pressure to quickly rollout new versions of its blockbuster chatbot has also strained relations between OpenAI's research and safety teams and staff focused on monetising the company's products, according to reports. OpenAI has seen an exodus of key executives in the year since Mr Altman was briefly ousted as its top executive in November, with departures including former chief scientist Ilya Sutskever. Last week, the company’s long-time chief technology officer Mira Murati stepped down, saying in a statement that she had ""made the difficult decision to leave"" after much reflection. Two top OpenAI researchers also announced their departures the same day as Murati. ",BBC,02/10/2024,"['OpenAI, the maker of ChatGPT, has raised $6.6bn in its latest funding round, as investors including its early backer Microsoft continue to bet big on artificial intelligence (AI).', ""The deal gave the tech company a value of $157bn (£118bn) - similar to investment bank Goldman Sachs and more than most of America's biggest companies - making it one of the most valuable start-ups in the world."", 'OpenAI said the money would allow it to stay at the cutting edge of AI research.', 'The influx comes as the company has been in the spotlight, in part for internal leadership drama and debate over its future status.', 'Chief executive Sam Altman is said to be restructuring the company to become a for-profit entity, stripping it of its non-profit board.', ""While the company's transformation has helped attract investors, it has alienated some members of its staff and critics."", 'Those critics include OpenAI co-founder Elon Musk who departed the firm in 2018.', 'He has said the company has abandoned its founding mission of developing AI for the benefit of humanity.', 'OpenAI is widely credited with helping bring artificial intelligence tools into the mainstream and sparking a gush of wider investment and interest in the sector. ""', 'The new funding will allow us to double down on our leadership in frontier AI research, increase compute capacity, and continue building tools that help people solve hard problems,"" OpenAI said.', 'Funders in the latest round included investment firm Thrive Capital, Japanese tech conglomerate SoftBank, American chip giant Nvidia, and Microsoft, which already has a large stake in the company.', 'Under the terms of the deal, investors can renegotiate or claw back their funds if the structural change into a for-profit does not take effect within two years.', 'It also hinges on and the removal of cap on returns for investors.', 'While the valuation announced Wednesday looked high by normal standards, ""these are not normal times,"" said Karl Freund, principal analyst at Cambrian AI Research. ""', 'Unless AI is somehow a bust, which I cannot imagine, OpenAI will be a powerful force to be reckoned with.""', 'OpenAI said it has 250 million weekly active users, as well as one million paying business customers.', 'The company is on track to generate $3.6bn in revenue.', 'But projected losses of more than $5bn are set to outpace revenue, according to Reuters.', ""Pressure to quickly rollout new versions of its blockbuster chatbot has also strained relations between OpenAI's research and safety teams and staff focused on monetising the company's products, according to reports."", 'OpenAI has seen an exodus of key executives in the year since Mr Altman was briefly ousted as its top executive in November, with departures including former chief scientist Ilya Sutskever.', 'Last week, the company’s long-time chief technology officer Mira Murati stepped down, saying in a statement that she had ""made the difficult decision to leave"" after much reflection.', 'Two top OpenAI researchers also announced their departures the same day as Murati.']",0.2157845445416301,"OpenAI is widely credited with helping bring artificial intelligence tools into the mainstream and sparking a gush of wider investment and interest in the sector. ""","But projected losses of more than $5bn are set to outpace revenue, according to Reuters.",0.1749827315409978,"The new funding will allow us to double down on our leadership in frontier AI research, increase compute capacity, and continue building tools that help people solve hard problems,"" OpenAI said.","But projected losses of more than $5bn are set to outpace revenue, according to Reuters.",2024-10-04
As communist China turns 75 can Xi fix its economy?,https://www.bbc.co.uk/news/articles/c3dvrxg8mllo,2024-10-03T23:17:53.585Z,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy. The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending. Shares in mainland China and Hong Kong chalked up record gains after the announcements. But economists warn the policies may not be enough to fix China's economic problems. Some of the new measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market. The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares. PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending. Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo. Officials promised to intensify government spending aimed to support the economy. On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%. The following day, with markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""Investors loved the announcements"", China analyst, Bill Bishop said. While investors may have been popping champagne corks, Xi has deeper issues to tackle. The People's Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state - the Soviet Union - which collapsed 74 years after its founding. ""Avoiding the fate of the Soviet Union has long been a key concern for China's leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. At the forefront of officials' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence."" One of the main drags on the world's second-largest economy has been the downturn in the country's property market which began three years ago.  Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry. It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers. But there's scepticism that such moves are enough to shore up the housing market. ""Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. ""China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so."" At the Politburo session, leaders vowed to go beyond the interest rate cuts and tap government funds to boost economic growth.  However, beyond setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the problems China's economy faces will not go away. Economists see tackling entrenched problems in the real estate market as key to fixing the broader economy. Property is the biggest investment most families will make and falling house prices have helped undermine consumer confidence. ""Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems."" On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People's Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"". According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.  The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries. The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""This is what the leadership has come to realise and is responding to."" ",BBC,03/10/2024,"['As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.', ""The plans included help for the country's crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending."", 'Shares in mainland China and Hong Kong chalked up record gains after the announcements.', ""But economists warn the policies may not be enough to fix China's economic problems."", ""Some of the new measures announced by the People's Bank of China (PBOC) on 24 September took direct aim at the country's beaten-down stock market."", 'The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.', 'PBOC governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.', ""Just two days after the PBOC's announcement, President Xi Jinping chaired a surprise economy-focused meeting of the country's top leaders, known as the Politburo."", 'Officials promised to intensify government spending aimed to support the economy.', 'On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis.', 'The move capped off a five-day rally that saw the index jump by 20%.', 'The following day, with markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""', 'Investors loved the announcements"", China analyst, Bill Bishop said.', 'While investors may have been popping champagne corks, Xi has deeper issues to tackle.', 'The People\'s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist state - the Soviet Union - which collapsed 74 years after its founding. ""', 'Avoiding the fate of the Soviet Union has long been a key concern for China\'s leaders,"" said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.', 'At the forefront of officials\' minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target. ""', 'In China targets must be met, by any means necessary,"" said Yuen Yuen Ang, professor of political economy at Johns Hopkins University. ""', 'The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""', ""One of the main drags on the world's second-largest economy has been the downturn in the country's property market which began three years ago."", 'Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.', 'It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.', 'But there\'s scepticism that such moves are enough to shore up the housing market. ""', 'Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody\'s Analytics. ""', 'China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.""', 'At the Politburo session, leaders vowed to go beyond the interest rate cuts and tap government funds to boost economic growth.', 'However, beyond setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending. ""', 'Should the fiscal stimulus fall short of market expectations, investors could be disappointed,"" warned Qian Wang, chief economist for the Asia Pacific region at Vanguard. ""', 'In addition, cyclical policy stimulus does not fix the structural problems,"" Ms Wang noted, suggesting that without deeper reforms the problems China\'s economy faces will not go away.', 'Economists see tackling entrenched problems in the real estate market as key to fixing the broader economy.', 'Property is the biggest investment most families will make and falling house prices have helped undermine consumer confidence. ""', 'Ensuring the delivery of pre-sold but unfinished homes would be key,"" said a note from Sophie Altermatt, an economist with Julius Baer. ""', 'In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.""', 'On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People\'s Daily, struck an optimistic tone, recognising that ""while the journey ahead remains challenging, the future is promising"".', 'According to the article, concepts created by President Xi such as ""high-quality development"" and ""new productive forces"" are key to unlocking that path to a better future.', ""The emphasis on those ideas reflects Xi's push to switch from the fast drivers of growth in the past such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries."", 'The challenge China faces, according to Ms Ang, is that the ""old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new"". ""', 'This is what the leadership has come to realise and is responding to.""']",0.1137966336740787,"As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.","Those measures are welcome but unlikely to shift the needle much in isolation,"" said Harry Murphy Cruise, an economist at Moody's Analytics. """,0.4072304389306477,"The following day, with markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%. ""","The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.""",2024-10-04
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-04
"Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai",https://www.cnbc.com/2024/10/03/miami-dolphins-talks-sell-minority-stake-ares-management-joe-tsai.html,2024-10-04T00:55:28+0000,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.Nothing has been signed and there is no timeline for a potential deal, the person added.The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League. An earlier version misstated the league they are in.",CNBC,04/10/2024,"['The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.', 'The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.', 'A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.', ""CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium."", 'As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said.', 'Bloomberg earlier reported the talks.', 'Nothing has been signed and there is no timeline for a potential deal, the person added.', ""The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment."", 'Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.', 'A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.', ""Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium."", 'This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.', 'The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium.', 'Ross said he wanted to keep the team within his family.', 'In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.', 'The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.', 'Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.', 'Meanwhile, Tsai has been building a sports empire.', 'The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center.', 'He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.', 'Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League.', 'An earlier version misstated the league they are in.']",0.1962544445746297,"CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",0.1584650993347168,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",2024-10-04
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-04
GM halts production at two major U.S. plants due to Hurricane Helene,https://www.cnbc.com/2024/10/04/gm-halts-production-at-two-major-us-plants-due-to-hurricane-helene.html,2024-10-04T15:14:47+0000,"DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.A GM spokeswoman declined to speculate on when the plants were expected to restart production as of Friday morning. A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard. At least 215 people have died and hundreds are still missing.GM declined to disclose what suppliers are impacted or where they are located.Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker. The strike ended later Thursday and dockworkers returned to the job Friday.Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. ""Pre-Covid, understanding what the sub-tiers were was more difficult. We've got a great inventory of what those sub-tiers are now. Not only can we control the material we directly buy, we can talk to all of our suppliers.""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.",CNBC,04/10/2024,"['DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.', 'The automaker canceled shifts Thursday and Friday at a plant in Flint, Michigan, that produces its heavy-duty trucks as well as at Arlington Assembly in Texas, which produces full-size SUVs such as the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon.', 'A GM spokeswoman declined to speculateonwhen the plants were expected to restart production as of Friday morning.', 'A Thursday message to workers in Arlington viewed by CNBC said production at that plant was expected to resume Monday.', '""We are working with these suppliers to resume operations as quickly and safely as possible for their employees and communities, as we seek to minimize impacts on our plants,"" GM said in an emailed statement.', 'Hurricane Helene made landfall in Florida late last week and hit the southeastern United States and parts of western North Carolina particularly hard.', 'At least 215 people have died and hundreds are still missing.', 'GM declined to disclose what suppliers are impacted or where they are located.', 'Jeffrey Morrison, GM vice president of global purchasing and supply chain, on Thursday said the hurricane and the port workers strike were disruptive events for the automaker.', 'The strike ended later Thursday and dockworkers returned to the job Friday.', 'Morrison said that since GM dealt with disruptions during the pandemic, the automaker has taken a deeper look into its supply chains to better track parts and potential issues.', '""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson\'s Rainbow Push Coalition in Detroit. ""', 'Pre-Covid, understanding what the sub-tiers were was more difficult.', ""We've got a great inventory of what those sub-tiers are now."", 'Not only can we control the material we directly buy, we can talk to all of our suppliers.', '""Morrison also said the automaker tries to assist such suppliers as much as possible with production disruptions.']",0.0386024478705646,We've got a great inventory of what those sub-tiers are now.,At least 215 people have died and hundreds are still missing.,-0.1178106307983398,"""Covid really helped us map our value chain a lot deeper,"" he told CNBC during an auto conference for the Rev. Jesse Jackson's Rainbow Push Coalition in Detroit. """,DETROIT — General Motors has temporarily halted vehicle production at two U.S. factories that assemble highly profitable large pickups and SUVs due to impacts to suppliers as a result of Hurricane Helene.,2024-10-04
Government pledges nearly £22bn for carbon capture projects,https://www.bbc.co.uk/news/articles/cy4301n3771o,2024-10-04T00:17:16.453Z,"The government has pledged nearly £22bn for projects to capture and store carbon emissions from energy, industry and hydrogen production. It said the funding for two ""carbon capture clusters"" on Merseyside and Teesside, promised over the next 25 years, would create thousands of jobs, attract private investment and help the UK meet climate goals. Sir Keir Starmer, who is to visiting the north-west of England with Chancellor Rachel Reeves and Energy Secretary Ed Miliband to confirm the projects, said the move would ""reignite our industrial heartlands"" and ""kickstart growth"".   But some green campaigners have said the investment would ""extend the life of planet-heating oil and gas production"".  Carbon capture and storage facilities aim to prevent carbon dioxide (CO2) produced from industrial processes and power stations from being released into the atmosphere. Most of the CO2 produced is captured, transported, and then stored deep underground. It is seen by the likes of the International Energy Agency (IEA) and the Climate Change Committee as a key element in meeting targets to cut the greenhouse gases driving dangerous climate change. Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.  Speaking at a glassmaking factory in Cheshire, Sir Keir said: ""For our energy intensive industries like glassmaking here, or cement, or steel, or ceramics, you are familiar with these, the security that the future belongs to them. ""That the necessary mission of decarbonisation does not mean de-industrialisation. This if you like, is the politics of national renewal in action."" Speaking to the Today programme, Miliband said the project was ""essential if we are to decarbonise without industrialising"". He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security."" He paid tribute to the end of coal-fired energy production in the UK, saying: ""If Monday was the end of an era, today with this government's decisions a new era begins. ""Carbon capture and storage, a new industry, a new generation of good jobs in our industrial heartlands."" Up to £21.7bn will subsidise three projects on Teesside and Merseyside to support the development of the clusters, including the infrastructure to transport and store carbon. It will also support two transport and storage networks carrying captured carbon to deep geological storage in Liverpool Bay and the North Sea. The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term. It will also help remove 8.5 million tonnes of carbon emissions each year, officials said.  The projects are expected to start storing captured carbon from 2028. Last year the Conservative government announced £20bn plans for carbon capture, but Labour said it had never committed any cash. In her strongest indication yet of a significant increase to levels of state investment, the chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. Reeves added: ""This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country."" Emma Pinchbeck, chief executive of Energy UK, described carbon capture, utilisation and storage as a ""tool in our armoury of technologies which we need to decarbonise parts of energy that we currently can't do with clean electricity"". James Richardson, acting chief executive of the Climate Change Committee, said: ""It's fantastic to see funding coming through for these big projects."" However Greenpeace UK's policy director, Doug Parr called for spending instead on  offshore wind or nationwide home insulation. He said £22bn was ""a lot of money to... extend the life of planet-heating oil and gas production."" Meanwhile Friends of the Earth said the government should be spending the money insulating people’s homes, not on a technology it said would just extend the lifespan of the fossil fuel industry. But Miliband questioned what the alternative was to carbon capturing. He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what's the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn't blow or the sun doesn't shine - but the alternative is unabated gas"". He added the UK needed ""all the technologies at our disposal"" as the ""backbone of our system will be renewables"".  The Merseyside and Teesside projects are part of several announced in 2023 to capture and store 20-30 million tonnes of CO2 a year by 2030. Sign up for our Future Earth newsletter to get exclusive insight on the latest climate and environment news from the BBC's Climate Editor Justin Rowlatt, delivered to your inbox every week. Outside the UK? Sign up to our international newsletter here. Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram. You can also send story ideas to northwest.newsonline@bbc.co.uk and via Whatsapp to 0808 100 2230. ",BBC,04/10/2024,"['The government has pledged nearly £22bn for projects to capture and store carbon emissions from energy, industry and hydrogen production.', 'It said the funding for two ""carbon capture clusters"" on Merseyside and Teesside, promised over the next 25 years, would create thousands of jobs, attract private investment and help the UK meet climate goals.', 'Sir Keir Starmer, who is to visiting the north-west of England with Chancellor Rachel Reeves and Energy Secretary Ed Miliband to confirm the projects, said the move would ""reignite our industrial heartlands"" and ""kickstart growth"".', 'But some green campaigners have said the investment would ""extend the life of planet-heating oil and gas production"".', 'Carbon capture and storage facilities aim to prevent carbon dioxide (CO2) produced from industrial processes and power stations from being released into the atmosphere.', 'Most of the CO2 produced is captured, transported, and then stored deep underground.', 'It is seen by the likes of the International Energy Agency (IEA) and the Climate Change Committee as a key element in meeting targets to cut the greenhouse gases driving dangerous climate change.', 'Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.', 'Speaking at a glassmaking factory in Cheshire, Sir Keir said: ""For our energy intensive industries like glassmaking here, or cement, or steel, or ceramics, you are familiar with these, the security that the future belongs to them. ""', 'That the necessary mission of decarbonisation does not mean de-industrialisation.', 'This if you like, is the politics of national renewal in action.""', 'Speaking to the Today programme, Miliband said the project was ""essential if we are to decarbonise without industrialising"".', 'He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security.""', 'He paid tribute to the end of coal-fired energy production in the UK, saying: ""If Monday was the end of an era, today with this government\'s decisions a new era begins. ""', 'Carbon capture and storage, a new industry, a new generation of good jobs in our industrial heartlands.""', 'Up to £21.7bn will subsidise three projects on Teesside and Merseyside to support the development of the clusters, including the infrastructure to transport and store carbon.', 'It will also support two transport and storage networks carrying captured carbon to deep geological storage in Liverpool Bay and the North Sea.', 'The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term.', 'It will also help remove 8.5 million tonnes of carbon emissions each year, officials said.', 'The projects are expected to start storing captured carbon from 2028.', 'Last year the Conservative government announced £20bn plans for carbon capture, but Labour said it had never committed any cash.', 'In her strongest indication yet of a significant increase to levels of state investment, the chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', 'Reeves added: ""This game-changing technology will bring 4,000 good jobs and billions of private investment into communities across Merseyside and Teesside, igniting growth in these industrial heartlands and powering up the rest of the country.""', 'Emma Pinchbeck, chief executive of Energy UK, described carbon capture, utilisation and storage as a ""tool in our armoury of technologies which we need to decarbonise parts of energy that we currently can\'t do with clean electricity"".', 'James Richardson, acting chief executive of the Climate Change Committee, said: ""It\'s fantastic to see funding coming through for these big projects.""', ""However Greenpeace UK's policy director, Doug Parr called for spending instead on offshore wind or nationwide home insulation."", 'He said £22bn was ""a lot of money to... extend the life of planet-heating oil and gas production.""', 'Meanwhile Friends of the Earth said the government should be spending the money insulating people’s homes, not on a technology it said would just extend the lifespan of the fossil fuel industry.', 'But Miliband questioned what the alternative was to carbon capturing.', 'He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what\'s the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn\'t blow or the sun doesn\'t shine - but the alternative is unabated gas"".', 'He added the UK needed ""all the technologies at our disposal"" as the ""backbone of our system will be renewables"".', 'The Merseyside and Teesside projects are part of several announced in 2023 to capture and store 20-30 million tonnes of CO2 a year by 2030.', ""Sign up for our Future Earth newsletter to get exclusive insight on the latest climate and environment news from the BBC's Climate Editor Justin Rowlatt, delivered to your inbox every week."", 'Outside the UK?', 'Sign up to our international newsletter here.', 'Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram.', 'You can also send story ideas to northwest.newsonline@bbc.co.uk and via Whatsapp to 0808 100 2230.']",0.2640829486848988,"He said: ""This is a government willing to invest in the future of Britain to create good jobs of the future, as the good jobs used to exist in coal but this is a new era for Britain and a new set of good jobs bringing us energy security.""","He said: ""Just take net-zero Teesside, that provides us a gas-fired power station but capturing the carbon, now what's the alternative to that, because that provides low carbon, a flexible power generation when the wind doesn't blow or the sun doesn't shine - but the alternative is unabated gas"".",0.8406184812386831,"The government said the move would give industry confidence to invest in the UK, attracting £8bn of private investment, directly creating 4,000 jobs and supporting 50,000 in the long term.","Despite Miliband first announcing plans to develop carbon capture projects for power plants in 2009 during the last Labour government, little progress has been made since in the UK.",2024-10-04
Electric cars: EU hits China with tariffs in battle for sales,https://www.bbc.co.uk/news/articles/cly20n4d0g9o,2024-10-04T08:56:04.312Z,"Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans. The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars. Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers. The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist. China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry. Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices. The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years. The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation. The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely. EU members were divided on tariffs. Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them. Many EU members abstained in the vote. German carmakers have been vocal in opposition. Volkswagen says tariffs are ""the wrong approach"". However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes. The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it. Germany's top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"". The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles. China's Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations. The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China. A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""We do not understand why our sector is being sacrificed in this way."" It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".  Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier. In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body. The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"". The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles. Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030. Car makers are required to meet electric vehicle sales targets. Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035. Manufacturers that fail to hit quotas could be fined £15,000 per car. The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets. They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"". The average cost to buy an electric car in the UK is around £48,000. They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric. ",BBC,04/10/2024,"['Big taxes will be imposed on imports of electric vehicles from China to the EU after the majority of member states backed the plans.', 'The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars.', 'Tariffs on electric cars made in China are set to rise from 10% to up to 45% for the next five years, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers.', 'The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.', ""China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry."", 'Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.', ""The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday's vote was to decide if they were implemented for the next five years."", 'The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation.', 'The European Commission set individual duties on three major Chinese EV brands - SAIC, BYD and Geely.', 'EU members were divided on tariffs.', 'Germany, whose car manufacturing industry is heavily dependent on exports to China, was against them.', 'Many EU members abstained in the vote.', 'German carmakers have been vocal in opposition.', 'Volkswagen says tariffs are ""the wrong approach"".', 'However, France, Italy, the Netherlands and Poland were reported to have backed the import taxes.', 'The tariffs proposal could only have been blocked if a qualified majority of 15 members voted against it.', 'Germany\'s top industry association, BDI, called on the European Union and China to continue trade talks over tariffs to avoid an ""escalating trade conflict"".', 'The European Commission, which held the vote, said the EU and China would ""work hard to explore an alternative solution"" to the import taxes to address what it called ""injurious subsidisation"" of Chinese electric vehicles.', 'China\'s Commerce Ministry called the decision to impose tariffs ""unfair"" and ""unreasonable"", but added the issue could be resolved through negotiations.', 'The dispute has raised fears among industry groups outside the car sector that they could face retaliatory tariffs from China.', 'A trade body for the French cognac industry said the French authorities ""have abandoned us"". ""', 'We do not understand why our sector is being sacrificed in this way.""', 'It said a negotiated solution needed to be found that would ""prevent our products from facing a surtax that could exclude them from the Chinese market"".', 'Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.', 'In the UK, demand for new electric vehicles hit a new record in September, but orders were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body.', 'The Society of Motor Manufacturers and Traders (SMMT) said firms had ""serious concerns as the market is not growing quickly enough to meet mandated targets"".', 'The industry has warned that drivers need better incentives to buy electric to help manufacturers ahead of the planned ban on sales of new petrol and diesel vehicles.', 'Under the Conservative government the deadline for this ban was pushed back to 2035 from 2030, but Labour has pledged to bring it back to 2030.', 'Car makers are required to meet electric vehicle sales targets.', 'Under the Zero Emission Vehicle (ZEV) mandate, at least 22% of vehicles sold this year must be zero-emission, with the target expected to hit 80% by 2030 and 100% by 2035.', 'Manufacturers that fail to hit quotas could be fined £15,000 per car.', 'The bosses of several car companies, including BMW, Ford and Nissan, wrote to Chancellor Rachel Reeves on Friday saying the industry was likely to miss these targets.', 'They said economic factors such as higher energy and material costs and interest rates had meant electric cars remained ""stubbornly more expensive and consumers are wary of investing"".', 'The average cost to buy an electric car in the UK is around £48,000.', 'They said a ""lack of confidence"" in the UK’s charging infrastructure was another barrier to encourage people to switch to electric.']",-0.0882379991331963,China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country's electric car industry.,"The decision, which split EU member states such as France and Germany, risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.",-0.3424473875447323,"Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.","Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.",2024-10-04
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-10-04
Rachel Reeves signals plan to spend more on big projects,https://www.bbc.co.uk/news/articles/czxdnq24v7ro,2024-10-03T23:07:20.658Z,"The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said. In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years. She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”. But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects. After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment. The green schemes are two new carbon capture and storage projects on Merseyside and Teesside. The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals. The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT. She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%. However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects. She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"". But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""I’m not going to make those mistakes,” she said. Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit. That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds. She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days. ",BBC,03/10/2024,"['The government will prioritise and increase investment in major projects at this month’s Budget, Chancellor Rachel Reeves has said.', 'In addition, she announced a nearly £22bn investment in two major new carbon capture schemes over 25 years.', 'She criticised plans she inherited from the previous government to cut investment as a share of the economy, saying she would not repeat “those mistakes”.', 'But the Conservatives said it was thanks to them that funding had already been announced for the carbon capture projects.', 'After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.', 'The green schemes are two new carbon capture and storage projects on Merseyside and Teesside.', 'The government said they would create and support thousands of jobs, draw in private investment and help the UK meet its climate goals.', 'The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.', ""She directly criticised the fact that the UK's capital budget is due to fall from 2.5% of the size of the economy to 1.6%."", 'However, shadow energy secretary Claire Coutinho said the previous Conservative government had paved the way for the carbon capture projects.', 'She also said the announcement would ""not make up for the mass deindustrialisation pathway that Ed Miliband’s costly net zero and energy policies are leading us to, with the devastating impact of his zealotry on jobs already seen in steel-making, refineries and in the North Sea"".', 'But Ms Reeves said the previous government had been ""cutting back on investment at exactly the time we needed to be increasing investment in our economy"". ""', 'I’m not going to make those mistakes,” she said.', 'Her words are the clearest confirmation of a shift in approach to spending on major projects at the Budget and Spending Review, connected with attempts to attract significant private investment at the upcoming International Investment Summit.', 'That summit will be a ""massive opportunity for us to show what Britain has to offer to some of the biggest investors"", she said, including private equity, venture capitalists, and sovereign wealth funds.', 'She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.']",0.0631907369324557,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",0.1054802374406294,"After weeks of hints about the chancellor changing her self-imposed borrowing rules to allow significantly more investment in major projects, Ms Reeves has given her strongest indication yet of a significant increase to levels of state investment.","She also denied suggestions that the government’s Budget rhetoric had spread gloom among consumers and businesses, saying there would be a “drum beat” of major investments in the coming days.",2024-10-04
Starbucks invests in two innovation farms to help climate-proof its coffee,https://www.cnbc.com/2024/10/03/starbucks-innovation-farms-climate-proof-coffee.html,2024-10-03T14:53:14+0000,"In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica. Now the coffee giant has added two more to its portfolio.The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change.Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply. For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers. Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions. The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall.""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn't mean that it's going to be working everywhere,"" Vega said.Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change.For example, the company's new Guatemalan farm is small, with depleted soil and low productivity. Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.""The farm is not necessarily in good shape, and that's exactly what we were looking for. We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.",CNBC,03/10/2024,"['In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica.', 'Now the coffee giant has added two more to its portfolio.', ""The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change."", 'Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.', ""For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers."", 'Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.', '""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.', 'The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.', 'At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions.', ""The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall."", '""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn\'t mean that it\'s going to be working everywhere,"" Vega said.', ""Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change."", ""For example, the company's new Guatemalan farm is small, with depleted soil and low productivity."", 'Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.', '""The farm is not necessarily in good shape, and that\'s exactly what we were looking for.', 'We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.', 'At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.', 'Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.']",0.0235090567272819,The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",0.3018690678808424,Now the coffee giant has added two more to its portfolio.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",2024-10-04
Meta must limit data for personalised ads - EU court,https://www.bbc.co.uk/news/articles/c4gr4r5ln03o,2024-10-04T11:54:29.565Z,"Facebook-owner Meta must minimise the amount of people's data it uses for personalised advertising, the EU’s highest court says. The Court of Justice for the European Union (CJEU) ruled in favour of privacy campaigner Max Schrems, who complained that Facebook misused his personal data about his sexual orientation to target ads at him. In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform. The CJEU said on Friday that data protection law does not unequivocally allow the company to use such data for personalised adverting. ""An online social network such as Facebook cannot use all of the personal data obtained for the purposes of targeted advertising, without restriction as to time and without distinction as to type of data,"" it said. Data relating to someone’s sexual orientation, race or ethnicity or health status is classed as sensitive and carries strict requirements for processing under EU data protection law. Meta says it does not use so-called special category data to personalise adverts. ""We await the publication of the Court’s judgment and will have more to share in due course,"" said a Meta spokesperson responding to a summary of the judgement on Friday. They said the company takes privacy ""very seriously"" and it has invested more than five billion Euros ""to embed privacy at the heart of all of our products"". Facebook users can also access a wide range of tools and settings to manage how their information is used, they added. ""We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems' lawyer Katharina Raabe-Stuppnig.  ""Following this ruling only a small part of Meta's data pool will be allowed to be used for advertising - even when users consent to ads,"" they added. Dr Maria Tzanou, a senior lecturer in law at the University of Sheffield, told the BBC that Friday's judgement showed data protection principles are not ""toothless"".  ""They do matter when big tech companies process personal data,"" she added. Will Richmond-Coggan, a partner at law firm Freeths, said the EU court's decision will have ""significant implications"" despite not being binding for UK courts. ""Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.  He added the company could face similar challenges in other jurisdictions based on the same concerns - noting Mr Schrems' challenge was based on principles that exist in UK law. Austria's Supreme Court referred questions over how the GDPR applied to Mr Schrems' complaint, answered on Friday, to the EU's top court in 2021.  It asked whether Mr Schrems referring to his sexuality in a public setting meant he gave firms the green light to process this data for personalised advertising, by making it public. The CJEU said that while it was for the Austrian court to decide if he had made the information ""manifestly public data"", his public reference to his sexual orientation did not mean he authorised processing of any other personal data. Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement. They said they expect the Supreme Court's final judgement in the coming weeks or months. Mr Schrems has taken Meta to court several times over its approach to processing EU user data. Additional reporting by Chris Vallance ",BBC,04/10/2024,"[""Facebook-owner Meta must minimise the amount of people's data it uses for personalised advertising, the EU’s highest court says."", 'The Court of Justice for the European Union (CJEU) ruled in favour of privacy campaigner Max Schrems, who complained that Facebook misused his personal data about his sexual orientation to target ads at him.', 'In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform.', 'The CJEU said on Friday that data protection law does not unequivocally allow the company to use such data for personalised adverting. ""', 'An online social network such as Facebook cannot use all of the personal data obtained for the purposes of targeted advertising, without restriction as to time and without distinction as to type of data,"" it said.', 'Data relating to someone’s sexual orientation, race or ethnicity or health status is classed as sensitive and carries strict requirements for processing under EU data protection law.', 'Meta says it does not use so-called special category data to personalise adverts. ""', 'We await the publication of the Court’s judgment and will have more to share in due course,"" said a Meta spokesperson responding to a summary of the judgement on Friday.', 'They said the company takes privacy ""very seriously"" and it has invested more than five billion Euros ""to embed privacy at the heart of all of our products"".', 'Facebook users can also access a wide range of tools and settings to manage how their information is used, they added. ""', 'We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems\' lawyer Katharina Raabe-Stuppnig. ""', 'Following this ruling only a small part of Meta\'s data pool will be allowed to be used for advertising - even when users consent to ads,"" they added.', 'Dr Maria Tzanou, a senior lecturer in law at the University of Sheffield, told the BBC that Friday\'s judgement showed data protection principles are not ""toothless"". ""', 'They do matter when big tech companies process personal data,"" she added.', 'Will Richmond-Coggan, a partner at law firm Freeths, said the EU court\'s decision will have ""significant implications"" despite not being binding for UK courts. ""', 'Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.', ""He added the company could face similar challenges in other jurisdictions based on the same concerns - noting Mr Schrems' challenge was based on principles that exist in UK law."", ""Austria's Supreme Court referred questions over how the GDPR applied to Mr Schrems' complaint, answered on Friday, to the EU's top court in 2021."", 'It asked whether Mr Schrems referring to his sexuality in a public setting meant he gave firms the green light to process this data for personalised advertising, by making it public.', 'The CJEU said that while it was for the Austrian court to decide if he had made the information ""manifestly public data"", his public reference to his sexual orientation did not mean he authorised processing of any other personal data.', ""Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement."", ""They said they expect the Supreme Court's final judgement in the coming weeks or months."", 'Mr Schrems has taken Meta to court several times over its approach to processing EU user data.', 'Additional reporting by Chris Vallance']",0.1872301299592376,Mr Schrems' legal team told the BBC that the Austrian Supreme Court is bound by the Court of Justice's judgement.,"In complaints first heard by Austrian courts in 2020, Mr Schrems said he was targeted with adverts aimed at gay people despite never sharing information about his sexuality on the platform.",-0.2465819716453552,"We are very pleased by the ruling, even though this result was very much expected,"" said Mr Schrems' lawyer Katharina Raabe-Stuppnig. ""","Meta has suffered a serious challenge to its preferred business model of collecting, aggregating and leveraging substantial data troves in respect of as many individuals as possible, in order to produce rich insights and deep targeting of personalised advertising,"" he said.",2024-10-04
Bank transfers could be delayed for four days to investigate fraud,https://www.bbc.co.uk/news/articles/cn7yel28rx6o,2024-10-02T23:02:55.494Z,"Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days. For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly. The long-proposed new regulations will come into force at the end of October - later than originally planned. The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month. Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.  Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money. Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers. The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.   Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC's Today programme. Some groups have said the powers should be used in a careful and targeted way.  The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly. But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud."" Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges. The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation. Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam. The maximum compensation has been reduced from a previous proposal of £415,000.  ",BBC,02/10/2024,"['Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said.', 'Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.', 'For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly.', 'The long-proposed new regulations will come into force at the end of October - later than originally planned.', ""The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month."", 'Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.', 'Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money.', 'Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.', 'The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.', 'Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""', 'This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC\'s Today programme.', 'Some groups have said the powers should be used in a careful and targeted way.', 'The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.', 'But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud.""', 'Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges.', 'The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation.', 'Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.', 'The maximum compensation has been reduced from a previous proposal of £415,000.']",-0.3797295744309324,"Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.","Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.",-0.5093206912279129,"Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.",The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.,2024-10-04
Luton mould misery as botched insulation sparks calls for action,https://www.bbc.co.uk/news/articles/ce3zxx1gek1o,2024-10-03T23:02:46.330Z,"Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation. Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"". Mrs Khatun’s case is far from unique. A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector. The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with. Mrs Khatun is 84 and recently had a stroke. Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards.  ""Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall. In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4. It is designed to help low-income households make their homes warmer and cut their energy bills. Insulation boards are fixed to the exterior brickwork of a house and then coated in render. More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.  The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard. Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house. A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot. Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""We just want to wake up from this nightmare and get our lives back."" He gives me a tour of the house. As we move from room to room, he cuts mushrooms off the walls.  He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990.  ""They were passionate about having their own house. And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’ More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.  Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""I think the government and the people they’re working with have to take more responsibility. Without these things resolved at a national level, I think this could create a form of crisis.’’ The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible. A growing number of MPs are sounding the alarm. The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem.  ""The tragedy is it's not a problem that's impacting Luton alone. In my own constituency, we've had very similar situations. I think there is a duty upon government to look at this.’’ The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"". For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.  The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered. In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives. When customers have concerns, we urge them to follow our disputes process. Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme."" Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work. Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party. We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’ A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “Any measures installed must be safe and effective, with issues promptly and properly rectified.” ",BBC,03/10/2024,"['Tormuja Khatun’s house in Luton is being consumed by black mould, mushrooms and dry rot after the botched installation of external wall insulation.', 'Her family say they have been warned it could cost more than £100,000 to repair, and describe the situation as a ""nightmare"".', 'Mrs Khatun’s case is far from unique.', 'A growing number of MPs are worried about the impact on their constituents of poorly installed insulation, while Citizens Advice is calling on the government to ""urgently fix"" regulation of the sector.', 'The government urged anyone with concerns about their insulation to engage with Trustmark, whom companies who carry out work under government schemes must be registered with.', 'Mrs Khatun is 84 and recently had a stroke.', 'Not far from where she sits, large growths of dry rot fungus are feeding off the floorboards. ""', 'Worry, worry,’’ she says as she points to the black mould that is growing on her sitting room wall.', 'In November 2022, Mrs Khatun had her house insulated under a government scheme known as ECO 4.', 'It is designed to help low-income households make their homes warmer and cut their energy bills.', 'Insulation boards are fixed to the exterior brickwork of a house and then coated in render.', 'More than three million homes in the UK have had insulation fitted under government ECO schemes, which are paid for by the energy companies, with the cost passed on to all consumers through their energy bills.', 'The BBC revealed earlier this year that hundreds of thousands of these homes could have insulation that wasn’t installed to the required standard.', 'Within months of Mrs Khatun getting her insulation fitted, it became clear that this was the case in her house.', 'A surveyor’s report shows how rainwater penetrated the house leading to the damp, mould and dry rot.', 'Mrs Khatun’s son, Lukman Ashraf, says he doesn’t feel like there’s any guarantee the companies involved will cover the costs of repairs. ""', 'We’ve been dealing with this for nearly a year whilst the situation has been getting progressively worse and the repair costs are going up. ""', 'We just want to wake up from this nightmare and get our lives back.""', 'He gives me a tour of the house.', 'As we move from room to room, he cuts mushrooms off the walls.', 'He breaks down when he thinks about how hard his father worked at the Vauxhall car factory to be able to buy the house in 1990. ""', 'They were passionate about having their own house.', ""And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’"", 'More than 3,000 homes in Luton have had external wall insulation fitted and growing numbers of residents are contacting the council for help.', 'Its deputy chief executive, Mark Fowler, says he is ‘‘very worried’’ and wants to know why there isn’t more regulation. ""', 'I think the government and the people they’re working with have to take more responsibility.', 'Without these things resolved at a national level, I think this could create a form of crisis.’’', ""The council fears some of the installations are potentially a fire risk because some fitters haven't notified them whether the materials they have used are non-combustible."", 'A growing number of MPs are sounding the alarm.', 'The MP for Bradford East, Imran Hussain, is calling on the government to investigate the scale of the problem. ""', ""The tragedy is it's not a problem that's impacting Luton alone."", ""In my own constituency, we've had very similar situations."", 'I think there is a duty upon government to look at this.’’', 'The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “', 'The government needs to urgently fix regulation of the sector,"" the charity said, adding that it was ""basically not fit for purpose"".', 'For the last five years, insulation installers who want to carry out work under ECO have to be registered with an organisation called Trustmark.', 'The company that carried out the work on Mrs Khatun’s house, Saviour Energy Solutions, is Trustmark-registered.', 'In a statement, Trustmark’s chief executive, Simon Ayers, said: “We are always concerned when we hear about instances of poor-quality workmanship, particularly when it affects people’s lives.', 'When customers have concerns, we urge them to follow our disputes process.', 'Our Scheme Provider NAPIT, which has responsibility for monitoring Saviour Energy, is carrying out a detailed review to ensure they meet the standards required by our scheme.""', 'Under the disputes process the family is supposed to let Saviour carry out the repairs, but they say they don’t trust the company to do the work.', 'Saviour Energy Solutions said: ""Despite several offers from us to resolve the issues, the customer has said he is not interested in getting the work done by Saviour, he wants to get it done by a third party.', 'We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’', 'A Department for Energy Security and Net Zero spokesperson said: “While we are unable to comment on individual cases, we would urge Mrs Khatun and anyone with concerns to engage with Trustmark for a resolution. “', 'Insulation and other energy efficiency measures fitted under government schemes must be fitted by a Trustmark-registered installer and to the highest standards. “', 'Any measures installed must be safe and effective, with issues promptly and properly rectified.”']",0.056749690022046,We remain committed to working closely with the customer and any relevant regulatory bodies to ensure that any issue is resolved fairly and efficiently.’’,"And seeing it go downhill, because someone's done a really, really, bad job - it's just really shocking.’’",-0.626567929983139,It is designed to help low-income households make their homes warmer and cut their energy bills.,"The call is echoed by Citizens Advice, who said trust in the sector was being damaged ""by the actions of rogue traders"". “",2024-10-04
Stalker 2: Making a game in Kyiv during a Russian invasion,https://www.bbc.co.uk/news/articles/cgq843dg4geo,2024-10-04T00:07:18.739Z,"""I would say that maybe half of our studio is currently working under the constant threat of being killed,"" says Evgeniy Kulik. Evgeniy is a technical producer on Stalker 2: Heart of Chornobyl, an upcoming video game developed by Kyiv-based developer GSC Game World. It's a title fans of the original, released in 2007, have been awaiting for some time. But it might not have happened at all, due to the Russian invasion of Ukraine. BBC Newsbeat spoke to Evgeniy about how Stalker 2's developers kept going, losing colleagues to war, and why the studio feels it's so important for them to complete the game. The Chernobyl power plant was the site of the world's worst-ever nuclear accident. In 1986, when the country was under the control of the Soviet Union, there was an explosion at the nuclear power plant 90 miles from Ukrainian capital Kyiv.  At least 31 people were killed in the immediate aftermath and the blast created a fire that burned for 10 days, sending a plume of radioactive smoke across Europe. A 30-mile exclusion zone was set up around the nuclear reactor to keep people out, although the Ukrainian government had begun to admit tourists into the area before Russia's invasion. The original Stalker: Shadow of Chernobyl, was set on an alternative timeline where a second nuclear disaster had struck, creating an array of mutant creatures and other unnatural phenomena. Players took the role of a character tasked with exploring the post-apocalyptic setting and navigating the various factions fighting for control of the wasteland. The decision to set the game at the site was controversial - one developer has said ""the blood was still warm and it flowed in our veins"" - even 30 years later. But the game was a big hit, and Stalker 2 was first announced in 2010 - with the intention to build on the original's survival gameplay style. In 2018, GSC Game World announced that it was working towards an April 2022 release date. But just two months before that arrived, Russian troops and planes began to cross the border with Ukraine. War had begun. Stalker 2 is now due to come out on PC and Xbox in November, but a documentary about the making of the game was released this week. It shows members of the development team talking about the dawning realisation that Russia was about to invade.  Lead producer Mariia Grygorovych remembers commissioning buses to wait outside the company's offices in Kyiv, ready to transport employees and their families to Ukraine's western border. Ultimately, just over 180 made the journey when the invasion began, with 139 choosing to stay behind and help the war effort. Some have joined the military while others have continued to work on Stalker 2 in between their duties. Those who evacuated eventually set up a second studio in Prague, in the Czech Republic, rebuilding motion capture and audio studios from scratch. It also features members of the team who stayed in Ukraine talking about fighting for their country while continuing to work on the game. ""We load our weapons with one hand and make our game with the other,"" says one. Speaking to Newsbeat during the Gamescom expo in Cologne, Germany, Evgeniy tells Newsbeat much of Stalker 2's large Russian fanbase was unsupportive during the early days of the war. After the conflict broke out, the game's subtitle was altered to Heart of Chornobyl, to reflect the Ukrainian spelling of the name. Russian voiceovers and subtitles have also been removed, and GSC has refused to release the game in Russia. The developers have blamed Ukraine's opponent for regular attempts to hack its servers. ""We tried to get some support from those people,"" says Evgeniy. ""But instead we received a lot of negativity.  ""So we decided to join up with the sanctions, let's say.""  Ukraine has tried to keep cultural events going during wartime - it won Eurovision in 2022 and its largest music festival made a comeback this summer. Evgeniy feels the same applies to Stalker 2. ""We would like to remind the world that Ukraine is capable of doing great games once again,"" he says. ""Games are part of the culture as well, just like music, movies, arts, books, and so on. ""So, yeah, it is an important work to the world."" Evgeniy says the studio also owes it to staff who've upended their lives to move, or who've joined the military, to see their work through. And the studio also wants to honour friends and colleagues who've died, such as Volodymyr Yehzov, a developer who was killed while defending Bahkmut from Russian troops. ""All those people really worked hard to make this happen and we should really push forward to make this happen and appreciate their effort,"" says Evgeniy. ""To make this happen in the memory of those people."" War Game: The Making of Stalker 2 can be viewed on YouTube. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,04/10/2024,"['""I would say that maybe half of our studio is currently working under the constant threat of being killed,"" says Evgeniy Kulik.', 'Evgeniy is a technical producer on Stalker 2: Heart of Chornobyl, an upcoming video game developed by Kyiv-based developer GSC Game World.', ""It's a title fans of the original, released in 2007, have been awaiting for some time."", 'But it might not have happened at all, due to the Russian invasion of Ukraine.', ""BBC Newsbeat spoke to Evgeniy about how Stalker 2's developers kept going, losing colleagues to war, and why the studio feels it's so important for them to complete the game."", ""The Chernobyl power plant was the site of the world's worst-ever nuclear accident."", 'In 1986, when the country was under the control of the Soviet Union, there was an explosion at the nuclear power plant 90 miles from Ukrainian capital Kyiv.', 'At least 31 people were killed in the immediate aftermath and the blast created a fire that burned for 10 days, sending a plume of radioactive smoke across Europe.', ""A 30-mile exclusion zone was set up around the nuclear reactor to keep people out, although the Ukrainian government had begun to admit tourists into the area before Russia's invasion."", 'The original Stalker: Shadow of Chernobyl, was set on an alternative timeline where a second nuclear disaster had struck, creating an array of mutant creatures and other unnatural phenomena.', 'Players took the role of a character tasked with exploring the post-apocalyptic setting and navigating the various factions fighting for control of the wasteland.', 'The decision to set the game at the site was controversial - one developer has said ""the blood was still warm and it flowed in our veins"" - even 30 years later.', ""But the game was a big hit, and Stalker 2 was first announced in 2010 - with the intention to build on the original's survival gameplay style."", 'In 2018, GSC Game World announced that it was working towards an April 2022 release date.', 'But just two months before that arrived, Russian troops and planes began to cross the border with Ukraine.', 'War had begun.', 'Stalker 2 is now due to come out on PC and Xbox in November, but a documentary about the making of the game was released this week.', 'It shows members of the development team talking about the dawning realisation that Russia was about to invade.', ""Lead producer Mariia Grygorovych remembers commissioning buses to wait outside the company's offices in Kyiv, ready to transport employees and their families to Ukraine's western border."", 'Ultimately, just over 180 made the journey when the invasion began, with 139 choosing to stay behind and help the war effort.', 'Some have joined the military while others have continued to work on Stalker 2 in between their duties.', 'Those who evacuated eventually set up a second studio in Prague, in the Czech Republic, rebuilding motion capture and audio studios from scratch.', 'It also features members of the team who stayed in Ukraine talking about fighting for their country while continuing to work on the game. ""', 'We load our weapons with one hand and make our game with the other,"" says one.', ""Speaking to Newsbeat during the Gamescom expo in Cologne, Germany, Evgeniy tells Newsbeat much of Stalker 2's large Russian fanbase was unsupportive during the early days of the war."", ""After the conflict broke out, the game's subtitle was altered to Heart of Chornobyl, to reflect the Ukrainian spelling of the name."", 'Russian voiceovers and subtitles have also been removed, and GSC has refused to release the game in Russia.', 'The developers have blamed Ukraine\'s opponent for regular attempts to hack its servers. ""', 'We tried to get some support from those people,"" says Evgeniy. ""', 'But instead we received a lot of negativity. ""', 'So we decided to join up with the sanctions, let\'s say.""', 'Ukraine has tried to keep cultural events going during wartime - it won Eurovision in 2022 and its largest music festival made a comeback this summer.', 'Evgeniy feels the same applies to Stalker 2. ""', 'We would like to remind the world that Ukraine is capable of doing great games once again,"" he says. ""', 'Games are part of the culture as well, just like music, movies, arts, books, and so on. ""', 'So, yeah, it is an important work to the world.""', ""Evgeniy says the studio also owes it to staff who've upended their lives to move, or who've joined the military, to see their work through."", 'And the studio also wants to honour friends and colleagues who\'ve died, such as Volodymyr Yehzov, a developer who was killed while defending Bahkmut from Russian troops. ""', 'All those people really worked hard to make this happen and we should really push forward to make this happen and appreciate their effort,"" says Evgeniy. ""', 'To make this happen in the memory of those people.""', 'War Game: The Making of Stalker 2 can be viewed on YouTube.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",-0.101888235552476,"We would like to remind the world that Ukraine is capable of doing great games once again,"" he says. ""","""I would say that maybe half of our studio is currently working under the constant threat of being killed,"" says Evgeniy Kulik.",0.3395670453707377,Ukraine has tried to keep cultural events going during wartime - it won Eurovision in 2022 and its largest music festival made a comeback this summer.,"Speaking to Newsbeat during the Gamescom expo in Cologne, Germany, Evgeniy tells Newsbeat much of Stalker 2's large Russian fanbase was unsupportive during the early days of the war.",2024-10-04
QVC to add USA Pickleball to its home shopping experience,https://www.cnbc.com/2024/10/03/qvc-to-add-usa-pickleball-to-its-home-shopping-experience.html,2024-10-03T13:37:55+0000,"In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.In QVC's case, the choice to bring on pickleball was intentional.Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC's vice president of brand marketing.""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps' late-night talk show, ""Busy This Week.""""As you look at what those relevant, highly successful examples of media have been, it's live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""It was really that perfect next place to go.""",CNBC,03/10/2024,"['In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.', 'In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport.', ""The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups."", 'As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.', ""The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming."", ""In QVC's case, the choice to bring on pickleball was intentional."", 'Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC\'s vice president of brand marketing.', '""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""', 'We thought, what two perfect partners to come together.', 'We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.', '""Pickleball has been booming in the U.S. and has been called the country\'s fastest-growing sport.', 'More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.', 'Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.', 'As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps\' late-night talk show, ""Busy This Week.', '""""As you look at what those relevant, highly successful examples of media have been, it\'s live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""', 'It was really that perfect next place to go.""']",0.2956397488085089,"The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups.",,0.9692991205624172,"""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport.",,2024-10-04
LVMH and Formula One announce 10-year partnership,https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html,2024-10-02T16:25:28+0000,"In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.""The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei. ""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""We look forward to working with Bernard and Frédéric Arnault in the years to come.""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.More details of the partnership are set to come in 2025 and there were no financial details included in the release. Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.The next Grand Prix is Oct. 20 in Austin, Texas.",CNBC,02/10/2024,"['In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.', 'The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.', '""The official arrangement will not be the first time that LVMH and F1 have worked together.', ""F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei."", '""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""', 'We look forward to working with Bernard and Frédéric Arnault in the years to come.', '""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.', '""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.', 'More details of the partnership are set to come in 2025 and there were no financial details included in the release.', ""Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years."", 'Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers.', 'The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.', 'The next Grand Prix is Oct. 20 in Austin, Texas.']",0.3087355541446604,"F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.",More details of the partnership are set to come in 2025 and there were no financial details included in the release.,0.8942435483137766,Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.,,2024-10-04
Costco adds platinum bars to its precious metals lineup,https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html,2024-10-02T18:56:52+0000,"In this articleCostco continues to chip away at the gold mine that is the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins. The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.It's no surprise the company has continued to delve into the precious metals market. Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.""I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company's earnings call in September 2023. ""When we load them on the site, they're typically gone within a few hours, and we limit two per member.""The value of gold has risen more than 40% in the past year and over 70% in the last five years. But the price of platinum has been a little more rocky in recent years. The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.— CNBC's Jeff Cox contributed to this report.",CNBC,02/10/2024,"['In this articleCostco continues to chip away at the gold mine that is the precious metals market.', 'The wholesaler is adding Swiss-made platinum bars to its selection.', 'Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins.', 'The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.', 'Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.', ""It's no surprise the company has continued to delve into the precious metals market."", 'Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.', 'Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.', '""I\'ve gotten a couple of calls that people have seen online that we\'ve been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company\'s earnings call in September 2023. ""', ""When we load them on the site, they're typically gone within a few hours, and we limit two per member."", '""The value of gold has risen more than 40% in the past year and over 70% in the last five years.', 'But the price of platinum has been a little more rocky in recent years.', 'The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.—', ""CNBC's Jeff Cox contributed to this report.""]",0.1985392723854112,In this articleCostco continues to chip away at the gold mine that is the precious metals market.,,0.3339467048645019,"""The value of gold has risen more than 40% in the past year and over 70% in the last five years.",But the price of platinum has been a little more rocky in recent years.,2024-10-04
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-04
International Longshoremen's Association suspends ports strike until January,https://www.bbc.co.uk/news/articles/cn8jxnn76qwo,2024-10-03T23:06:53.586Z,"The union representing tens of thousands of dockworkers across the US has agreed to suspend its strike while negotiations continue. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and Gulf coasts, halting container traffic from Maine to Texas. The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining table to negotiate ""all other outstanding issues"". The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. ""Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,"" said a joint statement by the ILA and the employers' group - United States Maritime Alliance (USMX). Under the tentative agreement, wages would go up by 62% over the next six years, BBC News understands. But negotiations will continue over a number of outstanding issues, including automation. The union had been calling for a 77% wage hike, while USMX had previously increased its pay rise offer to almost 50%. The BBC has contacted the ILA and USMX for comment. “The short ILA strike... will surely be ranked as one of the most lucrative 3 days in labour-management history,"" said Patrick L Anderson, CEO of business consultancy Anderson Economic Group. ""The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy."" German shipping group Hapag-Lloyd told Reuters on Friday that it could take three to four weeks to make up for the strike-related vessel backlog in US ports. The strike started on Tuesday after negotiations failed to produce a new six-year contract. The walkout was the ILA's first major stoppage since 1977. The affected ports included some of the nation's busiest, including in New York, Georgia and Texas. They are estimated by experts to handle more than a third of US imports and exports. US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"".  ""I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic,"" Biden said.  ""And I applaud the port operators and carriers who are members of the US Maritime Alliance for working hard and putting a strong offer on the table."" Biden noted the need for ports to be open to ""ensure the availability of critical supplies"" for those hit by Hurricane Helene, which has left more than 200 people dead in the US south-east. The news that the stoppage had been suspended was also welcomed by business owners. “The decision to end the current strike and allow the East and Gulf coast ports to reopen is good news for the nation’s economy,"" said Matthew Shay, president and CEO of the National Retail Federation in a statement. Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy. Some firms had been building up supplies as warnings of the strike circulated over the summer. Many consumers had also been fearful and were stocking up on some supplies, like baby formula and toilet paper. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties linked to container traffic. Harold Daggett, head of the ILA, demanded companies agree to boost hourly pay by $5 for each year of the contract.  The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ",BBC,03/10/2024,"['The union representing tens of thousands of dockworkers across the US has agreed to suspend its strike while negotiations continue.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and Gulf coasts, halting container traffic from Maine to Texas."", 'The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining table to negotiate ""all other outstanding issues"".', 'The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. ""', 'Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,"" said a joint statement by the ILA and the employers\' group - United States Maritime Alliance (USMX).', 'Under the tentative agreement, wages would go up by 62% over the next six years, BBC News understands.', 'But negotiations will continue over a number of outstanding issues, including automation.', 'The union had been calling for a 77% wage hike, while USMX had previously increased its pay rise offer to almost 50%.', 'The BBC has contacted the ILA and USMX for comment. “', 'The short ILA strike... will surely be ranked as one of the most lucrative 3 days in labour-management history,"" said Patrick L Anderson, CEO of business consultancy Anderson Economic Group. ""', 'The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy.""', 'German shipping group Hapag-Lloyd told Reuters on Friday that it could take three to four weeks to make up for the strike-related vessel backlog in US ports.', 'The strike started on Tuesday after negotiations failed to produce a new six-year contract.', ""The walkout was the ILA's first major stoppage since 1977."", ""The affected ports included some of the nation's busiest, including in New York, Georgia and Texas."", 'They are estimated by experts to handle more than a third of US imports and exports.', 'US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"". ""', 'I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic,"" Biden said. ""', 'And I applaud the port operators and carriers who are members of the US Maritime Alliance for working hard and putting a strong offer on the table.""', 'Biden noted the need for ports to be open to ""ensure the availability of critical supplies"" for those hit by Hurricane Helene, which has left more than 200 people dead in the US south-east.', 'The news that the stoppage had been suspended was also welcomed by business owners. “', 'The decision to end the current strike and allow the East and Gulf coast ports to reopen is good news for the nation’s economy,"" said Matthew Shay, president and CEO of the National Retail Federation in a statement.', 'Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy.', 'Some firms had been building up supplies as warnings of the strike circulated over the summer.', 'Many consumers had also been fearful and were stocking up on some supplies, like baby formula and toilet paper.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties linked to container traffic.', 'Harold Daggett, head of the ILA, demanded companies agree to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.']",0.138293433768684,"US President Joe Biden applauded the tentative agreement in a statement on Thursday evening, saying it ""represents critical progress toward a strong contract"". ""","The action marked the first such shutdown in almost 50 years and threatened to wreak chaos amid the busy holiday shopping season and forthcoming presidential election. """,0.4157872305196874,"The ILA workers have apparently gained 60% wage increases after giving up 3 days of work in a strike that inflicted no serious damage on the US economy.""","Businesses had been bracing for the possibility of a prolonged shutdown, which threatened to disrupt global trade and the US economy.",2024-10-04
Oil price rises on Biden Iran oil strike comments,https://www.bbc.co.uk/news/articles/cx250ygn9ddo,2024-10-03T15:41:26.276Z,"The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."" Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China. Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year. Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices. The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022. But the escalation of violence in the Middle East and threat of further action is now stalking the markets. Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass. Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers. Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant. Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”. All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war. It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack. ",BBC,03/10/2024,"['The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.', 'Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.""', 'Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.', 'Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.', 'Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.', 'So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.', 'The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.', 'But the escalation of violence in the Middle East and threat of further action is now stalking the markets.', 'Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.', 'Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.', 'Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.', 'Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.', 'All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.', 'It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.']",-0.2695893627206487,"Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.",But the escalation of violence in the Middle East and threat of further action is now stalking the markets.,0.2404266744852066,"Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.","So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.",2024-10-04
CVS is under pressure and considering a breakup. Here's why that could be risky,https://www.cnbc.com/2024/10/04/cvs-is-considering-a-break-up-heres-why-that-could-be-risky.html,2024-10-04T15:30:17+0000,"In this articleIt's time for a wellness check at CVS Health.Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.CVS has engaged advisors in a strategic review of its business, CNBC reported Monday. One option being weighed is splitting up its retail pharmacy and insurance units. It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.Some analysts contend that a breakup of CVS would be challenging and unlikely. CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark. That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters. ""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported. But Glenview on Tuesday denied rumors that it is pushing to break up the company.If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits. CVS on Monday said that plan involves laying off nearly 3,000 employees.Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year. That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane.CVS' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup. ""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement. Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses. Separating them could come with risks, they added. ""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy.""Many of CVS' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI. Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue. Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions. That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses. In the event of a breakup, it's not clear where Caremark would fall.Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal. But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said. That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business. CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March. Walgreens trailed behind with nearly 15% of that share last year. Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues, largely due to falling reimbursement rates for prescription drugs. Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store. Meanwhile, burnout among pharmacy staff is also putting pressure on the industry. CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S. CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut. He said a spinoff of CVS' retail pharmacies would be more likely.""There's a reason they're cutting down stores. Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?"" Tanquilut said. CVS has other assets that would need to be distributed in the event of a breakup. That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022. Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years. Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday. The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services. CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers. But CVS has also started to integrate Oak Street Health with its retail pharmacies. The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year. Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care. That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut. Walgreens could potentially exit that market altogether. The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they're actually hitting their numbers."" Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added. ""Why get rid of them when they're still strategic in nature?"" Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny. He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said. Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year. Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision. Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry. More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF. But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon. Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits. In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year. Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services. Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing. But things may start to look up in 2025. For example, one of the company's large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August. ""We're giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said. During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track."" The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits. That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them. Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.",CNBC,04/10/2024,"[""In this articleIt's time for a wellness check at CVS Health."", 'Shares of the company are down more than 20% this year as it grapples with higher-than-expected medical costs in its insurance unit and pharmacy reimbursement pressure, among other issues.', 'As it seeks to claw back faith with Wall Street, the company is considering breaking itself up.', 'CVS has engaged advisors in a strategic review of its business, CNBC reported Monday.', 'One option being weighed is splitting up its retail pharmacy and insurance units.', 'It would be a stunning reversal for the company, which has spent tens of billions of dollars on acquisitions over the last two decades to turn itself into a one-stop health destination for patients.', 'Some analysts contend that a breakup of CVS would be challenging and unlikely.', 'CVS risks losing customers and revenue if it splits up its vertically integrated business segments, which includes health insurer Aetna and the major pharmacy benefits manager Caremark.', 'That could translate to more lost profits for a health-care giant that has slashed its full-year 2024 earnings guidance for three consecutive quarters.', '""There really is no perfect option for a split,"" said eMarketer senior analyst Rajiv Leventhal, who believes a breakup is still a possibility. ""', 'If that does happen, one side of the split becomes really successful and prosperous, and the other would significantly struggle.', '""Notably, CVS executives on Monday met with major shareholder Glenview Capital to discuss how to fix the flailing business and recover its stock, CNBC previously reported.', 'But Glenview on Tuesday denied rumors that it is pushing to break up the company.', 'If CVS stays intact, CEO Karen Lynch and the rest of the management team will have to execute major changes to address what industry experts say are glaring issues battering its bottom line and stock price.', 'The company has already undertaken a $2 billion cost-cutting plan, announced in August, to help shore up profits.', 'CVS on Monday said that plan involves laying off nearly 3,000 employees.', 'Some analysts said the health-care giant must prioritize recovering the margins in its insurance business, which they believe is the main issue weighing on its stock price and financial guidance for the year.', ""That pressure drove a leadership change earlier this year, with Lynch assuming direct oversight of the company's insurance unit in August, displacing then-President Brian Kane."", 'CVS\' management team and board of directors ""are continually exploring ways to create shareholder value,"" a company spokesperson told CNBC, declining to comment on the rumors of a breakup.', '""We remain focused on driving performance and delivering high quality healthcare products and services enabled by our unmatched scale and integrated model,"" the spokesperson said in a statement.', 'Investors may get more clarity on the path forward for the company during its upcoming earnings call in November.', 'Some analysts said the likelihood of CVS separating its retail pharmacy and insurance segments is low given the synergies between the three combined businesses.', 'Separating them could come with risks, they added.', '""The strategy itself is still vertical integration,"" Jefferies analyst Brian Tanquilut told CNBC. ""', ""The execution might not have been the greatest, but I think it's a little too early to really conclude that it's a broken strategy."", '""Many of CVS\' clients contract with the company across its three business units, according to Elizabeth Anderson, analyst at Evercore ISI.', 'Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.', ""Pharmacy benefits managers like CVS' Caremark sit at the center of the drug supply chain in the U.S., negotiating drug rebates with manufacturers on behalf of insurers, creating lists of preferred medications covered by health plans and reimbursing pharmacies for prescriptions."", ""That means Caremark also sits at the intersection of CVS' retail pharmacy operation and its Aetna insurer, boosting the competitive advantage of both of the businesses."", ""In the event of a breakup, it's not clear where Caremark would fall."", ""Separating Caremark from Aetna would put the insurance business at a competitive disadvantage since all of its largest rivals, including UnitedHealth Group, Cigna and Humana, also have their own PBMs, said eMarketer's Leventhal."", 'But Caremark, in some cases, also funnels drug prescriptions to CVS retail pharmacies, he said.', ""That has helped the company's drugstores gain meaningful prescription market share over its chief rival, Walgreens, which has been struggling to operate as a largely stand-alone pharmacy business."", 'CVS is the top U.S. pharmacy in terms of prescription drug revenue, holding more than 25% of the market share in 2023, according to Statista data released in March.', 'Walgreens trailed behind with nearly 15% of that share last year.', 'Now, CVS drugstores must maintain an edge over competitors at a time when the broader retail pharmacy industry faces profitability issues,largely due to falling reimbursement rates for prescription drugs.', 'Increased competition from Amazon and other retailers, inflation, and softer consumer spending are making it more difficult to turn a profit at the front of the store.', 'Meanwhile, burnout among pharmacy staff is also putting pressure on the industry.', ""CVS' operating margin for its pharmacy and consumer wellness business was 4.6% last year, up from 3.3% in 2022 but down from 8.5% in 2019 and 9.9% in 2015.CVS and Walgreens have both pivoted from years of endless retail drugstore store expansions to shuttering hundreds of locations across the U.S.CVS is wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August."", 'The rocky outlook for retail pharmacies could make it difficult for CVS to find a buyer for its drugstores in the event of a split, according to Tanquilut.', ""He said a spinoff of CVS' retail pharmacies would be more likely."", '""There\'s a reason they\'re cutting down stores.', 'Why break it up when the relationship between Caremark and CVS retail is what keeps it outperforming the rest of the pharmacy peer group?""', 'Tanquilut said.', 'CVS has other assets that would need to be distributed in the event of a breakup.', 'That includes two recent acquisitions: fast-growing primary care clinic operator Oak Street Health, which the company purchased for $10.6 billion last year, and Signify Health, an in-home health-care company that CVS bought for about $8 billion in 2022.', ""Those deals aimed to build on CVS' major push into health care – a strategy that Walgreens and other retailers have also pursued over the last few years."", 'Oak Street Health could theoretically be spun out with Aetna in the case of a split, Mizuho managing director Ann Hynes wrote in a research note Tuesday.', ""The primary care clinic operator complements Aetna's Medicare business because it takes care of older adults, offering routine health screenings and diagnoses, among other services."", ""CVS also sells Aetna health plans that offer discounts when patients use the company's medical care providers."", 'But CVS has also started to integrate Oak Street Health with its retail pharmacies.', 'The company has opened those primary care clinics side by side with some drugstore locations in Texas and Illinois, with plans to introduce around two dozen more in the U.S. by the end of the year.', 'Several companies, including Amazon, Walmart, CVS and Walgreens, are feeling the pain from bets on primary care.', ""That's because building clinics requires a lot of capital, and the locations typically lose money for several years before becoming profitable, according to Tanquilut."", 'Walgreens could potentially exit that market altogether.', 'The company said in a securities filing in August it is considering a sale of its primary care provider VillageMD.But Tanquilut said it may not make sense for CVS to sell Oak Street Health or Signify Health because ""they\'re actually hitting their numbers.', '""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.', 'Oak Street ended the quarter with 207 centers, an increase of 30 from last year, executives added.', '""Why get rid of them when they\'re still strategic in nature?""', 'Tanquilut told CNBC, adding that it would be difficult to find a buyer for Oak Street given the challenging market for primary care centers.', 'If CVS doesn\'t undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.', ""He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said."", 'Cherny said he is confident the issue is ""fixable,"" but it will depend on whether CVS can execute the steps it has already outlined to improve margins in its insurance unit next year.', 'Aetna includes plans for the Affordable Care Act, Medicare Advantage and Medicaid, as well as dental and vision.', 'Medical costs from Medicare Advantage patients have jumped over the last year for insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic, such as hip and joint replacements.', 'Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the broader insurance industry.', 'More than half of Medicare beneficiaries are enrolled in those plans as of 2024, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research organization KFF.But investors are now concerned about the skyrocketing costs from Medicare Advantage plans, which insurers warn may not come down anytime soon.', 'Cherny said CVS faced a ""double whammy"" in Medicare Advantage this year, grappling with excess membership growth at a time when many seniors are using more benefits.', ""In August, CVS also said its lowered full-year outlook reflected a decline in the company's Medicare Advantage star ratings for the 2024 payment year."", 'Those crucial ratings help patients compare the quality of Medicare health and drug plans and determine how much an insurer receives in bonus payments from the Centers for Medicare & Medicaid Services.', 'Plans that receive four stars or above get a 5% bonus for the following year and have their benchmark increased, giving them a competitive advantage in their markets.', 'Last year, CVS projected it would lose up to $1 billion in 2024 due to lower star ratings, the company disclosed in a securities filing.', 'But things may start to look up in 2025.For example, one of the company\'s large Medicare Advantage contracts regained its four-star rating, which will ""create an incremental tailwind"" in 2025, CVS executives said in August.', '""We\'re giving them the benefit of the doubt because we know that the stars rating bonus payments will come back in 2025,"" Tanquilut said.', 'During a conference In May, CVS said it would pursue a ""margin over membership"" strategy: CVS CFO Tom Cowhey said the company is prepared to lose up to 10% of its existing Medicare members next year in an effort to get its margins ""back on track.', '""The company will make significant changes to its Medicare Advantage plans for 2025, such as increasing copays and premiums and cutting back certain health benefits.', 'That will eliminate the expenses tied to those benefits and drive away patients who need or want to use them.', 'Those actions will help the company achieve its target of 100- to 200-basis-points margin improvement in its Medicare Advantage business, CVS executives said in August.']",0.2494791947242859,"If CVS doesn't undergo a breakup, the ""single best value-creating opportunity"" for the company is addressing the ongoing issues on the insurance side of the business, according to Leerink Partners analyst Michael Cherny.","Anderson said ""carving out and pulling apart a whole contract"" in the event of a breakup might be ""quite difficult operationally"" and lead to lost customers and revenue.",-0.1334115386009216,"""Signify saw 27% year-over-year revenue growth in the second quarter, while Oak Street sales grew roughly 32% compared with the same period last year, reflecting strong patient membership, CVS executives said in an earnings call in August.","He said the segment's performance has fallen short of expectations this year due to higher-than-expected medical costs — by far the biggest hit to the company's financial 2024 guidance and stock performance, he said.",2024-10-04
Ford's third-quarter sales up 0.7% as GM overtakes it in EVs,https://www.cnbc.com/2024/10/02/fords-third-quarter-sales-up-0point7percent-as-gm-overtakes-it-in-evs.html,2024-10-02T17:05:20+0000,"In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.",CNBC,02/10/2024,"[""In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed."", 'Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.', 'The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units.', 'That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.', 'Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.', 'The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.', 'GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies.', 'Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.', '""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""', ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."", '""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand\'s ranking in sales.', 'The Ford brand maintains its No.', '2 sales position behind Tesla, according to the Detroit automaker.', ""Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry."", 'Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.', 'Traditional vehicles for the automaker were down by 2.8% year over year.', ""Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.""]",0.0544563419545526,"Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.","Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.",0.4970227132240931,"Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.","In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.",2024-10-04
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-04
Levi Strauss trims guidance as it weighs sale of Dockers business,https://www.cnbc.com/2024/10/02/levi-levi-earnings-q3-2024.html,2024-10-03T13:39:37+0000,"In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday. Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected. Shares of Levi's fell more than 8% in extended trading Wednesday.Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier. Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier. With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG. It expects earnings per share to be at the midpoint of that range.It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%. That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers. It started that brand in 1986 to offer consumers an alternative to denim: khakis. Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion. The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans.During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million. ""Over the last couple of years, the brand has underperformed. … We felt this was the right decision for the long term. Our view financially is the exit of Dockers will improve the company's overall margins and also minimize volatility in top-line growth,"" Levi's finance chief, Harmit Singh, told CNBC in an interview. ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."" Levi's has tapped Bank of America to lead the sale process. Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers.During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold. Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's. The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII'S JEANS"" earlier this year on her country album.""Our strategic decision was to actually have Beyoncé represent some of our core product. So in the first ad, chapter one, she's in ... 501s and an essential white t-shirt and it doesn't get more Levi's than that,"" CEO Michelle Gass told CNBC. ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.""Sales in Levi's Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower. Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected. In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million. ""China was a drag,"" Singh said of the region, which represents about 2% of Levi's overall business. ""It's got this macro headwinds, and we had some execution issues. We've just changed the leadership in China and over time we still believe in the long-term potential of China.""In the Americas, beyond a slowdown at Docker's, sales were also impacted by one of Levi's largest wholesale customers in Mexico, Singh said. During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales. The region is also working through some ""execution issues,"" said Singh.",CNBC,03/10/2024,"['In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday.', ""Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected."", ""Shares of Levi's fell more than 8% in extended trading Wednesday."", ""Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier."", ""Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share."", 'Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.', ""With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG.It expects earnings per share to be at the midpoint of that range."", 'It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%.', ""That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers."", 'It started that brand in 1986 to offer consumers an alternative to denim: khakis.', ""Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion."", ""The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans."", 'During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million.', '""Over the last couple of years, the brand has underperformed. …', 'We felt this was the right decision for the long term.', 'Our view financially is the exit of Dockers will improve the company\'s overall margins and also minimize volatility in top-line growth,"" Levi\'s finance chief, Harmit Singh, told CNBC in an interview. ""', ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."", '""Levi\'s has tapped Bank of America to lead the sale process.', ""Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers."", ""During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold."", ""Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's."", 'The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.', ""During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce."", 'Overall, direct sales comprised 44% of total revenue and Levi\'s wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII\'S JEANS"" earlier this year on her country album.', '""Our strategic decision was to actually have Beyoncé represent some of our core product.', 'So in the first ad, chapter one, she\'s in ... 501s and an essential white t-shirt and it doesn\'t get more Levi\'s than that,"" CEO Michelle Gass told CNBC. ""', ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that."", '""Sales in Levi\'s Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower.', ""Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected."", ""In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million."", '""China was a drag,"" Singh said of the region, which represents about 2% of Levi\'s overall business. ""', ""It's got this macro headwinds, and we had some execution issues."", ""We've just changed the leadership in China and over time we still believe in the long-term potential of China."", '""In the Americas, beyond a slowdown at Docker\'s, sales were also impacted by one of Levi\'s largest wholesale customers in Mexico, Singh said.', 'During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales.', 'The region is also working through some ""execution issues,"" said Singh.']",0.1341454095251397,"Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.","Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion.",0.0854245259844023,"During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold.","Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.",2024-10-04
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-04
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1484142111167556,"Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0644681208273943,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-04
Zambia electricity crisis: Drought hits hydro-powered Kariba Dam,https://www.bbc.co.uk/news/articles/cx2krr137x9o,2024-10-02T23:18:50.113Z,"Despite having the mighty Zambezi River and the massive hydro-powered Kariba Dam, Zambia is currently grappling with the worst electricity blackouts in living memory. The crisis is so severe that cities and towns across the country are sometimes without electricity for three consecutive days, with people counting themselves lucky if the lights come on for an hour or two. The power cuts have come as a shock to the 43% of Zambians who are connected to the grid and have taken electricity for granted all their lives. But one of the severest droughts in decades - caused by the El Niño weather phenomenon - has decimated Zambia’s power-generation capacity. Nowadays, I sometimes go to bars and restaurants to find people not eating or drinking - they are there just to charge their phones amid the pounding noise of generators.  There is also a booming business of people making money by charging the phones of those without power. Zambia sources up to 84% of its electricity from water reservoirs such as lakes and rivers, while only 13% comes from coal. Contributions from solar, diesel and heavy fuel oil are even lower, accounting for 3%. For several weeks, the crisis was compounded while the country's only coal-fired power plant, Maamba Energy, was not operating at maximum capacity as it underwent routine maintenance work.  On Wednesday, there was finally some good news when Minister of Energy Makozo Chikote said the plant was now fully operational, and Zambians would have at least three hours of electricity a day.  President Hakainde Hichilema declared the drought a national disaster in February but the government has been unable to solve the energy crisis because Zambia is heavily reliant on the Kariba Dam for its electricity. A financial crunch also severely restricted the government's ability to import power as suppliers wanted payment upfront, though a spokesman for state-owned power utility Zesco, Matongo Maumbi, told the BBC's Focus on Africa podcast that electricity was being imported from Mozambique and South Africa to ease the crisis, especially in the mining industry - Zambia's main export earner and source of foreign currency. Located on the Zambezi, the fourth-longest river in Africa, Kariba was built in the 1950s and is the reservoir for the country’s largest underground power station, Kariba North Bank Power Station. A power station on the other bank serves Zimbabwe. But because of the drought that has led to parts of the river drying up, only one of the six turbines at Zambia's power station is operating, resulting in the generation of a paltry 7% of the 1,080 MW installed at Kariba. The dam retains the water of the Zambezi with a curving wall that is 128m (420ft) high, 579m (1,900ft) long and 21m (69ft) thick. Engineer Cephas Museba - who has been working for Zesco for 19 years - says he has never seen water levels so low at Kariba. “I think we stopped receiving the rains as early as February. It’s supposed to rain up to April. If we compare the history of this basin, this is the lowest we have received,” he told me. It has triggered an electricity crisis that is being felt in every business and home. Some companies are opening for fewer hours, and retrenching staff. It can even be difficult to find bread - bakeries are making fewer loaves because they find it too expensive to keep generators running. Fortunately, the government has installed huge generators in some markets, government offices and hospitals, though stories are still being shared on social media of how kidney patients are struggling to cope. Some patients need to be hooked up to a dialysis machine for up to three hours a day but power only gets restored for about an hour or two, sometimes after midnight. On other occasions, there is no electricity at all for 72 hours in a row. On those days, I wear the same clothes as the previous day, rather than a washed but wrinkled shirt that has not been ironed. Life has become more difficult for everyone.  One day recently, I woke up to be greeted by a foul smell as blood flowed from under the fridge. All the meat we had bought had gone off and we had to give it to our German Shepherd dog, the happiest member of our household these days. The other day I bought relish from a supermarket - but when I opened the package at the dinner table I realised that it was more food for our dog. My food budget, already tight because of the cost-of-living crisis, is now even tighter. Buying perishable items in bulk at a cheaper price is completely out of the question as they will just rot. The government has been encouraging homes and businesses to switch to solar, and has scrapped import taxes for solar equipment to make it cheaper to buy. But some people say their solar panels do not generate enough electricity when there is little sunlight - and they cannot afford to install more panels. Most Zambians cannot afford solar panels at all. Now, many families have resorted to cooking and heating water on portable gas stoves - but shops have been running out of gas too because of high demand. So in desperation and because it is cheaper, they buy charcoal to cook and heat water - despite its negative impact on the environment and the climate. The electricity crisis has also had an impact on the boreholes that middle-class families have dug on their properties. As boreholes work with electricity and solar-powered pumps, homes are now also without a constant supply of water, making it impossible to even flush the toilet. In some schools, children are advised to take five litres of water each day to reduce the possibility of a sanitation crisis - and the outbreak of waterborne diseases like cholera, which hit the country at the start of the year. Many families now fill buckets - or bath tubs - with water, hoping it will last until the lights are back, and toilets can be flushed. All of this has left Zambians frustrated and angry. They point out that the blackouts highlight the failure of successive governments to plan ahead - something that President Hichilema's administration has now pledged to do. Mr Maumbi said that Zesco was investing in more energy sources, including solar plants, so that dependency on hydro-power falls to around 60%. But Zambia's focus is not only on green energy - coal is also in the mix. In July, the energy regulator approved plans to build only the country's second coal-fired power plant. It is the dirtiest fossil fuel, producing the most greenhouse gases when burnt, but the government feels that to avoid a similar crisis in the future, it has little option but to press ahead. Go to BBCAfrica.com for more news from the African continent.  Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica ",BBC,02/10/2024,"['Despite having the mighty Zambezi River and the massive hydro-powered Kariba Dam, Zambia is currently grappling with the worst electricity blackouts in living memory.', 'The crisis is so severe that cities and towns across the country are sometimes without electricity for three consecutive days, with people counting themselves lucky if the lights come on for an hour or two.', 'The power cuts have come as a shock to the 43% of Zambians who are connected to the grid and have taken electricity for granted all their lives.', 'But one of the severest droughts in decades - caused by the El Niño weather phenomenon - has decimated Zambia’s power-generation capacity.', 'Nowadays, I sometimes go to bars and restaurants to find people not eating or drinking - they are there just to charge their phones amid the pounding noise of generators.', 'There is also a booming business of people making money by charging the phones of those without power.', 'Zambia sources up to 84% of its electricity from water reservoirs such as lakes and rivers, while only 13% comes from coal.', 'Contributions from solar, diesel and heavy fuel oil are even lower, accounting for 3%.', ""For several weeks, the crisis was compounded while the country's only coal-fired power plant, Maamba Energy, was not operating at maximum capacity as it underwent routine maintenance work."", 'On Wednesday, there was finally some good news when Minister of Energy Makozo Chikote said the plant was now fully operational, and Zambians would have at least three hours of electricity a day.', 'President Hakainde Hichilema declared the drought a national disaster in February but the government has been unable to solve the energy crisis because Zambia is heavily reliant on the Kariba Dam for its electricity.', ""A financial crunch also severely restricted the government's ability to import power as suppliers wanted payment upfront, though a spokesman for state-owned power utility Zesco, Matongo Maumbi, told the BBC's Focus on Africa podcast that electricity was being imported from Mozambique and South Africa to ease the crisis, especially in the mining industry - Zambia's main export earner and source of foreign currency."", 'Located on the Zambezi, the fourth-longest river in Africa, Kariba was built in the 1950s and is the reservoir for the country’s largest underground power station, Kariba North Bank Power Station.', 'A power station on the other bank serves Zimbabwe.', ""But because of the drought that has led to parts of the river drying up, only one of the six turbines at Zambia's power station is operating, resulting in the generation of a paltry 7% of the 1,080 MW installed at Kariba."", 'The dam retains the water of the Zambezi with a curving wall that is 128m (420ft) high, 579m (1,900ft) long and 21m (69ft) thick.', 'Engineer Cephas Museba - who has been working for Zesco for 19 years - says he has never seen water levels so low at Kariba. “', 'I think we stopped receiving the rains as early as February.', 'It’s supposed to rain up to April.', 'If we compare the history of this basin, this is the lowest we have received,” he told me.', 'It has triggered an electricity crisis that is being felt in every business and home.', 'Some companies are opening for fewer hours, and retrenching staff.', 'It can even be difficult to find bread - bakeries are making fewer loaves because they find it too expensive to keep generators running.', 'Fortunately, the government has installed huge generators in some markets, government offices and hospitals, though stories are still being shared on social media of how kidney patients are struggling to cope.', 'Some patients need to be hooked up to a dialysis machine for up to three hours a day but power only gets restored for about an hour or two, sometimes after midnight.', 'On other occasions, there is no electricity at all for 72 hours in a row.', 'On those days, I wear the same clothes as the previous day, rather than a washed but wrinkled shirt that has not been ironed.', 'Life has become more difficult for everyone.', 'One day recently, I woke up to be greeted by a foul smell as blood flowed from under the fridge.', 'All the meat we had bought had gone off and we had to give it to our German Shepherd dog, the happiest member of our household these days.', 'The other day I bought relish from a supermarket - but when I opened the package at the dinner table I realised that it was more food for our dog.', 'My food budget, already tight because of the cost-of-living crisis, is now even tighter.', 'Buying perishable items in bulk at a cheaper price is completely out of the question as they will just rot.', 'The government has been encouraging homes and businesses to switch to solar, and has scrapped import taxes for solar equipment to make it cheaper to buy.', 'But some people say their solar panels do not generate enough electricity when there is little sunlight - and they cannot afford to install more panels.', 'Most Zambians cannot afford solar panels at all.', 'Now, many families have resorted to cooking and heating water on portable gas stoves - but shops have been running out of gas too because of high demand.', 'So in desperation and because it is cheaper, they buy charcoal to cook and heat water - despite its negative impact on the environment and the climate.', 'The electricity crisis has also had an impact on the boreholes that middle-class families have dug on their properties.', 'As boreholes work with electricity and solar-powered pumps, homes are now also without a constant supply of water, making it impossible to even flush the toilet.', 'In some schools, children are advised to take five litres of water each day to reduce the possibility of a sanitation crisis - and the outbreak of waterborne diseases like cholera, which hit the country at the start of the year.', 'Many families now fill buckets - or bath tubs - with water, hoping it will last until the lights are back, and toilets can be flushed.', 'All of this has left Zambians frustrated and angry.', ""They point out that the blackouts highlight the failure of successive governments to plan ahead - something that President Hichilema's administration has now pledged to do."", 'Mr Maumbi said that Zesco was investing in more energy sources, including solar plants, so that dependency on hydro-power falls to around 60%.', ""But Zambia's focus is not only on green energy - coal is also in the mix."", ""In July, the energy regulator approved plans to build only the country's second coal-fired power plant."", 'It is the dirtiest fossil fuel, producing the most greenhouse gases when burnt, but the government feels that to avoid a similar crisis in the future, it has little option but to press ahead.', 'Go to BBCAfrica.com for more news from the African continent.', 'Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica']",-0.1337971654478762,"All the meat we had bought had gone off and we had to give it to our German Shepherd dog, the happiest member of our household these days.","It is the dirtiest fossil fuel, producing the most greenhouse gases when burnt, but the government feels that to avoid a similar crisis in the future, it has little option but to press ahead.",-0.6034038994047377,"On Wednesday, there was finally some good news when Minister of Energy Makozo Chikote said the plant was now fully operational, and Zambians would have at least three hours of electricity a day.",But one of the severest droughts in decades - caused by the El Niño weather phenomenon - has decimated Zambia’s power-generation capacity.,2024-10-03
Postmaster jailed for wife's murder seeks appeal on Horizon evidence,https://www.bbc.co.uk/news/articles/czrm6zxv65go,2024-10-02T23:04:03.343Z,"A former sub-postmaster serving life in prison for murdering his wife is making another attempt to appeal his conviction, arguing the Post Office Inquiry has shed new light on his case. Robin Garbutt was found guilty in 2011 of murdering his wife Diana at their home in North Yorkshire the previous year, but has always maintained his innocence. Evidence from the Horizon IT system and the Post Office helped convict him after prosecutors said he had been stealing money from his branch, faked a robbery and killed Diana to cover it up.  Former Post Office Minister Kevin Hollinrake said he was backing a fresh review. But Diana’s mother has previously said she believes her son-in-law is guilty.  In an interview earlier this year she said Garbutt was ""jumping on the Horizon bandwagon"".  Hundreds of sub-postmasters wrongly prosecuted for stealing had their convictions overturned after errors with the Horizon software were revealed. Garbutt's lawyers have applied to the Criminal Cases Review Commission to have his case sent back to the Court of Appeal. Garbutt's wife Diana was found dead in their flat above the post office they ran together in the village of Melsonby in North Yorkshire in 2010. She’d been attacked over the head with a metal bar in her bed. Garbutt claimed he and his wife were the victims of an armed robbery. He told police a man forced him to open his Post Office safe at gunpoint and hand over £16,000 before he was able to run upstairs where he discovered Diana's body. But the jury didn’t believe him. The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.  They claimed he was in financial difficulty and their relationship also had problems. The court was told Diana had been unfaithful and up until the night she died she had been logging on to an internet dating site. There was no physical evidence linking Garbutt to the murder.  A key plank of the case against him was based on data from the Horizon system and how it was interpreted by the Post Office. Unlike the familiar tales from hundreds of other sub-postmasters, this one isn’t about shortfalls in branch accounts. The prosecution claimed Garbutt was concealing his theft by making false declarations on the amount of cash he was holding in his Post Office safe. The suggestion being that he was requesting more than was needed and that there was never £16,000 in the safe on the morning of the murder because he’d stolen it. Two Post Office witnesses testified against him, relying on data from the Horizon computer system. One investigator said the amount of cash he’d been requesting for his branch account was suspicious and indicative of fraud. Garbutt’s lawyers now argue, in essence, that key parts of the Horizon-related evidence cannot be trusted given what’s emerged from the public inquiry into the scandal and fresh evidence from other sources. “We believe that fresh evidence and other important developments that have come to light since the original trial, now mean that Mr Garbutt’s conviction is not safe,” says his solicitor Martin Rackstraw from Russell-Cooke, who along with James Sturman KC, has been representing Garbutt for some years. Conservative MP Hollinrake has written a letter of support. He went to the same school as Garbutt but says that is not why he’s given his backing for a review.  ""I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC. Garbutt has failed three times already to persuade the Criminal Cases Review Commission to send his case back to the Court of Appeal as new information has come to light. At his last attempt in 2021, his legal team raised the lack of knowledge about the Horizon system, but the application was dismissed because the watchdog decided the flaws in Horizon did not affect the reliability of the data used by the prosecution at his trial. “I think this is the final roll of the dice,” says Garbutt's close friend and former neighbour Barry Conachy. “We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough. Robin’s always said that he wasn’t stealing any money from the Post Office.” ",BBC,02/10/2024,"['A former sub-postmaster serving life in prison for murdering his wife is making another attempt to appeal his conviction, arguing the Post Office Inquiry has shed new light on his case.', 'Robin Garbutt was found guilty in 2011 of murdering his wife Diana at their home in North Yorkshire the previous year, but has always maintained his innocence.', 'Evidence from the Horizon IT system and the Post Office helped convict him after prosecutors said he had been stealing money from his branch, faked a robbery and killed Diana to cover it up.', 'Former Post Office Minister Kevin Hollinrake said he was backing a fresh review.', 'But Diana’s mother has previously said she believes her son-in-law is guilty.', 'In an interview earlier this year she said Garbutt was ""jumping on the Horizon bandwagon"".', 'Hundreds of sub-postmasters wrongly prosecuted for stealing had their convictions overturned after errors with the Horizon software were revealed.', ""Garbutt's lawyers have applied to the Criminal Cases Review Commission to have his case sent back to the Court of Appeal."", ""Garbutt's wife Diana was found dead in their flat above the post office they ran together in the village of Melsonby in North Yorkshire in 2010."", 'She’d been attacked over the head with a metal bar in her bed.', 'Garbutt claimed he and his wife were the victims of an armed robbery.', ""He told police a man forced him to open his Post Office safe at gunpoint and hand over £16,000 before he was able to run upstairs where he discovered Diana's body."", 'But the jury didn’t believe him.', 'The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.', 'They claimed he was in financial difficulty and their relationship also had problems.', 'The court was told Diana had been unfaithful and up until the night she died she had been logging on to an internet dating site.', 'There was no physical evidence linking Garbutt to the murder.', 'A key plank of the case against him was based on data from the Horizon system and how it was interpreted by the Post Office.', 'Unlike the familiar tales from hundreds of other sub-postmasters, this one isn’t about shortfalls in branch accounts.', 'The prosecution claimed Garbutt was concealing his theft by making false declarations on the amount of cash he was holding in his Post Office safe.', 'The suggestion being that he was requesting more than was needed and that there was never £16,000 in the safe on the morning of the murder because he’d stolen it.', 'Two Post Office witnesses testified against him, relying on data from the Horizon computer system.', 'One investigator said the amount of cash he’d been requesting for his branch account was suspicious and indicative of fraud.', 'Garbutt’s lawyers now argue, in essence, that key parts of the Horizon-related evidence cannot be trusted given what’s emerged from the public inquiry into the scandal and fresh evidence from other sources. “', 'We believe that fresh evidence and other important developments that have come to light since the original trial, now mean that Mr Garbutt’s conviction is not safe,” says his solicitor Martin Rackstraw from Russell-Cooke, who along with James Sturman KC, has been representing Garbutt for some years.', 'Conservative MP Hollinrake has written a letter of support.', 'He went to the same school as Garbutt but says that is not why he’s given his backing for a review. ""', 'I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC.', 'Garbutt has failed three times already to persuade the Criminal Cases Review Commission to send his case back to the Court of Appeal as new information has come to light.', 'At his last attempt in 2021, his legal team raised the lack of knowledge about the Horizon system, but the application was dismissed because the watchdog decided the flaws in Horizon did not affect the reliability of the data used by the prosecution at his trial. “', ""I think this is the final roll of the dice,” says Garbutt's close friend and former neighbour Barry Conachy. “"", 'We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough.', 'Robin’s always said that he wasn’t stealing any money from the Post Office.”']",-0.2660437569354915,"I can’t speculate whether Robin Garbutt is guilty or innocent, but I think we all want to make sure that people when they go through the justice system get a fair hearing,"" he told the BBC.","The prosecution said he had staged the robbery and had been stealing money from his branch, and then killed Diana to cover it up, fearing he was about to be discovered.",-0.3207701510853237,We’ve never doubted his innocence and we’re all really hoping this is the one that gives him a breakthrough.,They claimed he was in financial difficulty and their relationship also had problems.,2024-10-03
Google introduces new way to search by filming video,https://www.bbc.co.uk/news/articles/c93pdw7y12no,2024-10-03T16:00:14.563Z,"Google has released a new feature which will allow people to search the internet by taking a video. Video search will let people point their camera at something, ask a question about it, and get search results. Android and iPhone users globally will gain access to the feature from 1700 GMT by enabling ""AI Overviews"" in their Google app, but it will only support English at launch. It is the latest move from the tech giant to change how people search online by utilising artificial intelligence (AI). It comes three months after ChatGPT-maker OpenAI announced it was trialling the ability to search by asking its chatbot questions. Google introduced AI-generated results at the top of certain search queries this year, with mixed results.  In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"". At the time, a Google spokesperson said the issues were ""isolated examples"". The results have since become better, with fewer inaccuracies. Since then, there have been further moves to include AI in search, which included the ability to ask questions about still images using Google Lens. The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further. Google's head of search Liz Reid said the new capability would let people ask questions about the world around them more easily. She gave the example of a person at an aquarium, who might want to find out why a group of fish are swimming in unison. Instead of having to search for the fish online and write out the query, the new feature will let them point their camera, record a short clip and ask a question out loud. Google's AI will analyse the video, identify the fish, combine that with the question and produce search results. Industry analyst Paolo Pescatore said this was a ""big thing"" for Google. ""We are now seeing AI in everything and people connect best with visuals,"" he said. ""This latest development further demonstrates new ways of bringing content to life with something like search which is one of the most common tasks carried out on the internet. ""Here lies scope for AI to be truly collaborative and an innovator in everyday life - we are on the brink of AI becoming personalised and unique based upon our usage patterns and habits."" As well as introducing a way to search by video, Google has also released several other updates. It says it has improved its shopping results, which will now incorporate reviews and pricing information from different sellers. And it is also introducing a competitor to the music-identifying app Shazam, which is owned by Apple. The rival tool, accessible through Circle to Search on an Android device, will let people identify songs from a website they're on or a show they're streaming without leaving the app. Google's new features come as it faces growing challengers in the search space, where it is estimated to have cornered more than 90% of the market globally. This includes OpenAI, which revealed in July it was trialling a search feature within ChatGPT. SearchGPT lets people search the internet by asking questions to a chatbot, and it is being tested by a limited number of users in the US. OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft. Google's new announcements are likely a way to combat the growth of rival firms -  though none are yet to truly threaten its massive dominance. ",BBC,03/10/2024,"['Google has released a new feature which will allow people to search the internet by taking a video.', 'Video search will let people point their camera at something, ask a question about it, and get search results.', 'Android and iPhone users globally will gain access to the feature from 1700 GMT by enabling ""AI Overviews"" in their Google app, but it will only support English at launch.', 'It is the latest move from the tech giant to change how people search online by utilising artificial intelligence (AI).', 'It comes three months after ChatGPT-maker OpenAI announced it was trialling the ability to search by asking its chatbot questions.', 'Google introduced AI-generated results at the top of certain search queries this year, with mixed results.', 'In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".', 'At the time, a Google spokesperson said the issues were ""isolated examples"".', 'The results have since become better, with fewer inaccuracies.', 'Since then, there have been further moves to include AI in search, which included the ability to ask questions about still images using Google Lens.', 'The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further.', ""Google's head of search Liz Reid said the new capability would let people ask questions about the world around them more easily."", 'She gave the example of a person at an aquarium, who might want to find out why a group of fish are swimming in unison.', 'Instead of having to search for the fish online and write out the query, the new feature will let them point their camera, record a short clip and ask a question out loud.', ""Google's AI will analyse the video, identify the fish, combine that with the question and produce search results."", 'Industry analyst Paolo Pescatore said this was a ""big thing"" for Google. ""', 'We are now seeing AI in everything and people connect best with visuals,"" he said. ""', 'This latest development further demonstrates new ways of bringing content to life with something like search which is one of the most common tasks carried out on the internet. ""', 'Here lies scope for AI to be truly collaborative and an innovator in everyday life - we are on the brink of AI becoming personalised and unique based upon our usage patterns and habits.""', 'As well as introducing a way to search by video, Google has also released several other updates.', 'It says it has improved its shopping results, which will now incorporate reviews and pricing information from different sellers.', 'And it is also introducing a competitor to the music-identifying app Shazam, which is owned by Apple.', ""The rival tool, accessible through Circle to Search on an Android device, will let people identify songs from a website they're on or a show they're streaming without leaving the app."", ""Google's new features come as it faces growing challengers in the search space, where it is estimated to have cornered more than 90% of the market globally."", 'This includes OpenAI, which revealed in July it was trialling a search feature within ChatGPT.', 'SearchGPT lets people search the internet by asking questions to a chatbot, and it is being tested by a limited number of users in the US.', ""OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft."", ""Google's new announcements are likely a way to combat the growth of rival firms - though none are yet to truly threaten its massive dominance.""]",0.2061765360919675,"The firm said this feature has increased the popularity of Lens, within its mobile app, which has motivated it to expand the feature further.","In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".",0.7629874511198564,OpenAI's value surged to $157bn (£120bn) on Wednesday after it raised $6.6bn in its latest funding round from high-profile investors including Microsoft.,"In May, the feature drew criticism for providing erratic, inaccurate answers, which included advising people to make cheese stick to pizza by using ""non-toxic glue"".",2024-10-03
More staff and new equipment for Coventry aluminium firm awarded £6m,https://www.bbc.co.uk/news/articles/cn0exr4r4reo,2024-10-02T05:09:33.212Z,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network. Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components. It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly. Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said. A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme. Funds will also work to move away from aluminium that has been directly mined. Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.  ",BBC,02/10/2024,"['An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.', 'Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components.', 'It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly.', 'Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said.', 'A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme.', 'Funds will also work to move away from aluminium that has been directly mined.', 'Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way.', 'Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.']",0.3319146891112798,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,0.9984492361545564,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,2024-10-03
Toyota delays US electric car production plans as EV sales slow,https://www.bbc.co.uk/news/articles/clylzgmp3zpo,2024-10-03T04:20:54.375Z,"Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.  The Japanese motor industry giant was aiming to start production in late 2025 or early 2026. Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News. Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market."" Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there. The company has also announced plans to build another electric model at a plant in Indiana. To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year. Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.  On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries. Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date. The company blamed changing market conditions for its decision to give up a target it had announced only three years ago. In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck. Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"". ",BBC,03/10/2024,"['Toyota is pushing back the start date for electric vehicle (EV) manufacturing in the US, as global demand for battery-powered cars continues to soften.', 'The Japanese motor industry giant was aiming to start production in late 2025 or early 2026.', 'Toyota now expects to launch its US EV operation at an unspecified time in 2026, a company spokesperson told BBC News.', 'Several other major car makers, including Volvo and Ford, have recently scaled back their EV plans. ""', 'We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,"" said Toyota spokesperson Scott Vazin, adding that in the next two years it plans to introduce ""5 to 7 [battery electric vehicles] in the US market.""', 'Earlier this year, the firm announced it was investing $1.3bn (£980m) in its Kentucky factory as part of plans to build a three-row, electric sport utility vehicle (SUV) there.', 'The company has also announced plans to build another electric model at a plant in Indiana.', 'To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.', ""Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets."", ""On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries."", 'Last month, Volvo abandoned its target to produce only fully electric cars by 2030, saying it now expected to be selling some hybrid vehicles by that date.', 'The company blamed changing market conditions for its decision to give up a target it had announced only three years ago.', 'In August, Ford announced that it is shaking up its strategy for electric vehicles, scrapping plans for a large, three-row, all-electric SUV and postponing the launch of its next electric pickup truck.', 'Chief financial officer John Lawler said the firm was adjusting its plans in response to ""pricing and margin compression"".']",-0.1222315369881398,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.",Toyota's announcement came as the global car industry continues to struggle with weakening demand for electric vehicles in some major markets.,-0.7159020975232124,"To support these goals Toyota is ramping up its lithium-ion battery production with a factory in North Carolina, which it expects will come online next year.","On Wednesday, Tesla's quarterly figures missed Wall Street expectations, putting leading EV maker at risk of its first-ever decline in annual deliveries.",2024-10-03
Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-10-03
Ford's third-quarter sales up 0.7% as GM overtakes it in EVs,https://www.cnbc.com/2024/10/02/fords-third-quarter-sales-up-0point7percent-as-gm-overtakes-it-in-evs.html,2024-10-02T17:05:20+0000,"In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units. That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more. The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies. Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy.""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand's ranking in sales.The Ford brand maintains its No. 2 sales position behind Tesla, according to the Detroit automaker.Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry. Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter. Traditional vehicles for the automaker were down by 2.8% year over year.Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.",CNBC,02/10/2024,"[""In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed."", 'Ford on Wednesday reported a 0.7% increase in third-quarter U.S. new vehicle sales, including a 12.2% rise in EVs compared with a year earlier.', 'The third-quarter results for Ford contributed to a 45% increase in EV sales this year through September to 67,689 units.', 'That compares with GM on Tuesday reporting EV sales of 70,450 units through September, including a roughly 60% year-over-year rise during the third quarter.', 'Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.', 'The South Korean automaker remains a distant second in U.S. EV sales to market leader Tesla.', 'GM has been significantly increasing its number of EV models, including by offering eight ""Ultium-based"" EVs for consumers — referring to its electric vehicle architecture and battery technologies.', 'Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.', '""Different lifestyles and use cases require unique types of power,"" Andrew Frick, president of Ford Blue and customer service, said in a release. ""', ""We've listened to customers to offer them vehicles with powertrains to meet their specific needs, and their response validates our product strategy."", '""While Ford has de-emphasized its near-term EV plans, company executives such as CEO Jim Farley have touted the brand\'s ranking in sales.', 'The Ford brand maintains its No.', '2 sales position behind Tesla, according to the Detroit automaker.', ""Regarding Ford's overall third-quarter sales, the company is expected to have outpaced the industry."", 'Auto industry forecasters such as Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.', 'Traditional vehicles for the automaker were down by 2.8% year over year.', ""Ford's U.S. sales this year through the third quarter were up 2.7% compared with a year earlier to more than 1.5 million vehicles sold.""]",0.0544563419545526,"Ford, on the other hand, only has three EVs and is focusing more on expanding hybrid models in the short term.","Both Ford and GM continue to trail Hyundai Motor, including Kia, in EVs by roughly 18,000 units or more.",0.4970227132240931,"Ford was led by gains in its EVs and hybrid models, which combined to account for 14% of its sales during the third quarter.","In this articleDETROIT – Ford Motor lost its lead in electric vehicle sales to crosstown rival General Motors during the third quarter, as the automaker's EV growth slowed.",2024-10-03
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-03
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-03
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-03
"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-10-03
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1484142111167556,"Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0644681208273943,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-03
Kolkata trams: Iconic Indian city landmark faces extinction,https://www.bbc.co.uk/news/articles/ckgn4mzn224o,2024-10-01T23:30:25.439Z,"Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop. In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides. Sandip Roy reports. In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia. Melbourne and Kolkata boast two of the oldest operational tramways in the world. Melbourne’s trams date back to 1885. Kolkata’s first tram, a horse-drawn one, started in 1873.  That’s where the similarities end. Melbourne's tram system is going strong despite the government once attempting to get rid of them. The system has been upgraded and some trams are solar-powered.  Kolkata’s trams have been steadily declining over the years. From 52 routes in the 1970s, down to 25 in 2015 and now to just three.  The tram cars rattle and wheeze, having not been updated in years. Even the signs inside have not changed. “Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”. Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route. But a dogged group of tram activists is fighting back. “It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years.  “More than 400 cities run tram systems. Cities that dismantled their tramways are rebuilding  them at great expense in places like Sydney and Helsinki and all over France. Hong Kong runs trams at high frequency on narrow streets,” he says. But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened. Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”  Both those cities once had trams. Mumbai had double-decker ones. Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars. In a way they have become emblematic of the city itself.  The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre. But just as London has its iconic red double-decker buses, Kolkata has its trams. The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to. They are a familiar sight in films made in the state. “I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.  Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work. Here, the tram stands in for the city itself,  both its dreams and the daily grind.  In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “A Kolkata film means they have to show a tram.” Trams are very much part of the history of the city and its sense of itself.  In 1902, Calcutta as it was known then, became the first Asian city with electric trams. Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968. The cars were built by companies with names like Burn Standard and Jessop.  And it wasn't just a transportation system. The tram lines knit the city together. When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy.  “My own father helped save some people from a mob,” says tram driver Gopal Ram. ""Tram workers were like a family. It didn’t matter if you were Hindu or Muslim.”  Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days. His grandfather Mahavir and father Jagannath worked for the trams as well. Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams. In some ways, the mystery is that Kolkata’s trams have survived this long.  “In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth.  “Now they are making a comeback. The light rail in many cities in the United States is just a newer version of trams. It’s sad that we had it all the time and are neglecting it instead of improving it.”  Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.  Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas. In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them.  “I protested,” says Mr Bhattacharyya. “If trams went, I felt my whole existence was threatened. I did exhibitions, slide shows, brought in foreign experts. The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ” Recently, activists have been trying to use culture to save trams.  Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea. Art students paint the trams and local bands perform in the streetcars.  Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival.  “Tramjatra helped expose younger people to trams too,” says Shi.  One north Kolkata tram route was reopened recently. The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum. When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.  But now he seems to have forgotten that pledge. The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system. Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government. The tram depots also sit on valuable real estate the government can sell.  But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action. Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time. Perhaps because it too senses what trams mean for the city, he says.  ""Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams. It’s heart-breaking to think we could be losing one of them.” ",BBC,01/10/2024,"['Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop.', 'In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides.', 'Sandip Roy reports.', 'In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.', 'Melbourne and Kolkata boast two of the oldest operational tramways in the world.', 'Melbourne’s trams date back to 1885.', 'Kolkata’s first tram, a horse-drawn one, started in 1873.', 'That’s where the similarities end.', ""Melbourne's tram system is going strong despite the government once attempting to get rid of them."", 'The system has been upgraded and some trams are solar-powered.', 'Kolkata’s trams have been steadily declining over the years.', 'From 52 routes in the 1970s, down to 25 in 2015 and now to just three.', 'The tram cars rattle and wheeze, having not been updated in years.', 'Even the signs inside have not changed. “', 'Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”.', 'Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route.', 'But a dogged group of tram activists is fighting back. “', ""It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years. “"", 'More than 400 cities run tram systems.', 'Cities that dismantled their tramways are rebuilding them at great expense in places like Sydney and Helsinki and all over France.', 'Hong Kong runs trams at high frequency on narrow streets,” he says.', 'But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened.', 'Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”', 'Both those cities once had trams.', 'Mumbai had double-decker ones.', 'Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars.', 'In a way they have become emblematic of the city itself.', 'The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre.', 'But just as London has its iconic red double-decker buses, Kolkata has its trams.', 'The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to.', 'They are a familiar sight in films made in the state. “', 'I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.', ""Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work."", 'Here, the tram stands in for the city itself, both its dreams and the daily grind.', 'In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “', 'Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “', 'A Kolkata film means they have to show a tram.”', 'Trams are very much part of the history of the city and its sense of itself.', 'In 1902, Calcutta as it was known then, became the first Asian city with electric trams.', 'Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968.', 'The cars were built by companies with names like Burn Standard and Jessop.', ""And it wasn't just a transportation system."", 'The tram lines knit the city together.', 'When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy. “', 'My own father helped save some people from a mob,” says tram driver Gopal Ram. ""', 'Tram workers were like a family.', 'It didn’t matter if you were Hindu or Muslim.”', 'Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days.', 'His grandfather Mahavir and father Jagannath worked for the trams as well.', 'Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams.', 'In some ways, the mystery is that Kolkata’s trams have survived this long. “', 'In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth. “', 'Now they are making a comeback.', 'The light rail in many cities in the United States is just a newer version of trams.', 'It’s sad that we had it all the time and are neglecting it instead of improving it.”', 'Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.', 'Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas.', 'In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them. “', 'I protested,” says Mr Bhattacharyya. “', 'If trams went, I felt my whole existence was threatened.', 'I did exhibitions, slide shows, brought in foreign experts.', 'The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”', 'Recently, activists have been trying to use culture to save trams.', 'Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea.', 'Art students paint the trams and local bands perform in the streetcars.', 'Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival. “', 'Tramjatra helped expose younger people to trams too,” says Shi.', 'One north Kolkata tram route was reopened recently.', 'The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum.', 'When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.', 'But now he seems to have forgotten that pledge.', 'The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system.', 'Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.', 'The tram depots also sit on valuable real estate the government can sell.', ""But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action."", 'Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time.', 'Perhaps because it too senses what trams mean for the city, he says. ""', 'Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams.', 'It’s heart-breaking to think we could be losing one of them.”']",0.1143630946943061,"In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.",The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”,-0.3470679338161762,Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.,Kolkata’s trams have been steadily declining over the years.,2024-10-03
"Post Office scandal payouts won't be done by March, says minister",https://www.bbc.co.uk/news/articles/cp3wvdlq7pwo,2024-10-01T23:06:11.872Z,"Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"". It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year. Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office. Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""I think we will have made substantial progress by next summer."" But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"". Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again."" Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts. It has been described as the biggest miscarriage of justice in British legal history. Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods. Some died while waiting for justice. Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019. Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case. The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since. Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers. A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024. Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress.  ""We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""There are four compensation schemes in place, two of which the government runs, and two of which the post office runs. I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""My message...to him [Sir Alan] is keep holding our feet to the fire."" ",BBC,01/10/2024,"['Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"".', 'It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year.', 'Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office.', 'Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""', 'I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""', 'I think we will have made substantial progress by next summer.""', 'But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"".', 'Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""', 'They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again.""', 'Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts.', 'It has been described as the biggest miscarriage of justice in British legal history.', 'Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.', 'Some died while waiting for justice.', 'Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019.', 'Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case.', 'The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since.', 'Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers.', 'A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024.', 'Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""', 'We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""', 'There are four compensation schemes in place, two of which the government runs, and two of which the post office runs.', 'I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""', 'My message...to him [Sir Alan] is keep holding our feet to the fire.""']",-0.052868849603408,"Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""","Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.",-0.3736910711635243,"I think we will have made substantial progress by next summer.""","I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" """,2024-10-03
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-03
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-03
"Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai",https://www.cnbc.com/2024/10/03/miami-dolphins-talks-sell-minority-stake-ares-management-joe-tsai.html,2024-10-03T16:27:53+0000,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.Nothing has been signed and there is no timeline for a potential deal, the person added.The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both Premier Lacrosse teams, in addition to the Los Angeles FC of Major League Soccer.",CNBC,03/10/2024,"['The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.', 'The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.', 'A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.', ""CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium."", 'As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said.', 'Bloomberg earlier reported the talks.', 'Nothing has been signed and there is no timeline for a potential deal, the person added.', ""The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment."", 'Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.', 'A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.', ""Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team's stadium."", 'This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.', 'The Dolphins made $673 million in revenue in 2023.Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium.', 'Ross said he wanted to keep the team within his family.', 'In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.', 'The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.', 'Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.', 'Meanwhile, Tsai has been building a sports empire.', 'The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center.', 'He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both Premier Lacrosse teams, in addition to the Los Angeles FC of Major League Soccer.']",0.2158798890320927,"CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",0.1584650993347168,"The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.","The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.",2024-10-03
Mortgage rates: When will UK interest rates fall again?,https://www.bbc.co.uk/news/business-57764601,2021-07-16T11:52:58.000Z,"The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year. Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high. An interest rate tells you how much it costs to borrow money, or the reward for saving it. The Bank of England's base rate is what it charges other lenders to borrow money. This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings. The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time. When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target. The idea is to encourage people to spend less, to help bring inflation down by reducing demand. Once this starts to happen, the Bank may hold rates, or cut them. The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years. However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979. Inflation is now far below the peak of 11.1% in October 2022.  The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August. It means prices are rising at a much slower rate than in 2022 and 2023. Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months. But, he added, ""it's vital that inflation stays low, so we need to be careful not to cut too fast or by too much"". The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like. Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months. It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards. In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.  However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation. Many analysts expect the Bank to cut rates at its next meeting on 7 November.  Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025. So, it is difficult to predict exactly what will happen to interest rates. In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.  The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control. But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"". Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey. More than half a million homeowners have a mortgage that ""tracks"" the Bank of England's rate.  But more than eight in 10 mortgage customers have fixed-rate deals. While their monthly payments aren't immediately affected, future deals are. Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts. Mortgage lenders have been in intense competition for customers and have dropped their rates. But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago. About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance. You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.  Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England. However, if rates fall, interest payments may get cheaper. Savings The Bank of England interest rate also affects how much savers earn on their money.  Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers. The UK's financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates. In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world's seven largest so-called ""advanced"" economies. In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years. It cut rates again to 3.5% in September.  US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.  The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024. ",BBC,16/07/2021,"['The Bank of England kept interest rates on hold at 5% in September, but a further cut is expected later in the year.', 'Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.', 'The first drop in rates for more than four years came in August, but borrowing costs remain high.', 'An interest rate tells you how much it costs to borrow money, or the reward for saving it.', ""The Bank of England's base rate is what it charges other lenders to borrow money."", 'This influences what they charge their customers for loans such as mortgages, as well as the interest rate they pay on savings.', 'The Bank of England moves rates up and down in order to control UK inflation - which is the increase in the price of something over time.', 'When inflation is high, the Bank may decide to raise rates to keep it at or near the 2% target.', 'The idea is to encourage people to spend less, to help bring inflation down by reducing demand.', 'Once this starts to happen, the Bank may hold rates, or cut them.', 'The current Bank rate is 5%, after many months at 5.25% - which was the highest level for 16 years.', 'However, interest rates were significantly above this for much of the 1980s and 1990s, hitting 17% in November 1979.', 'Inflation is now far below the peak of 11.1% in October 2022.', 'The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.', 'It means prices are rising at a much slower rate than in 2022 and 2023.', 'Announcing the decision to hold rates in September - which had been widely predicted - Bank of England governor Andrew Bailey said cooling inflation pressures means the Bank should be able to cut interest rates gradually over the upcoming months.', 'But, he added, ""it\'s vital that inflation stays low, so we need to be careful not to cut too fast or by too much"".', 'The Bank also considers other measures of inflation when deciding how to change rates, and some of these remain higher than it would like.', 'Some parts of the economy, like the services sector - which includes everything from restaurants to hairdressers - were still seeing more significant price rises in recent months.', 'It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.', 'In October, Mr Bailey told the Guardian newspaper that the Bank could be a ""bit more aggressive"" about cutting interest rates, meaning they could fall more quickly.', 'However, he also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices which could fuel inflation.', 'Many analysts expect the Bank to cut rates at its next meeting on 7 November.', ""Although UK inflation briefly hit the Bank's 2% target in May and June, it is forecast to remain slightly above that level for the rest of 2024, before settling back down in early 2025."", 'So, it is difficult to predict exactly what will happen to interest rates.', 'In May, the International Monetary Fund (IMF) recommended that UK interest rates should fall to 3.5% by the end of 2025.', 'The organisation, which advises its members on how to improve their economies, acknowledged that the Bank had to balance the risk of not cutting too quickly before inflation is under control.', 'But in its latest forecast in July, the IMF warned that persistent inflation in countries including the UK and US might mean interest rates have to stay ""higher for even longer"".', ""Mortgage rates Just under a third of households have a mortgage, according to the government's English Housing Survey."", 'More than half a million homeowners have a mortgage that ""tracks"" the Bank of England\'s rate.', 'But more than eight in 10 mortgage customers have fixed-rate deals.', ""While their monthly payments aren't immediately affected, future deals are."", 'Mortgage rates are much higher than they have been for much of the past decade, with the average two-year fixed rate now at 5.47%, according to the financial information service Moneyfacts.', 'Mortgage lenders have been in intense competition for customers and have dropped their rates.', 'But homebuyers and those remortgaging are still having to pay a lot more than if they had borrowed the same amount a few years ago.', 'About 1.6 million mortgage deals are expiring in 2024, according to banking trade body UK Finance.', 'You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.', 'Lenders can decide to put their rates up if they expect higher interest rates from the Bank of England.', 'However, if rates fall, interest payments may get cheaper.', 'Savings The Bank of England interest rate also affects how much savers earn on their money.', 'Individual banks and building societies have been under pressure to pass on the recent higher interest rates to customers.', 'The UK\'s financial watchdog warned banks will face ""robust action"" if they offer unjustifiably low savings rates.', 'In recent years, the UK has had one of the highest interest rates in the G7 - the group representing the world\'s seven largest so-called ""advanced"" economies.', 'In June, the European Central Bank (ECB) cut its main interest rate from an all-time high of 4% to 3.75%, the first drop in five years.', 'It cut rates again to 3.5% in September.', 'US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.', 'The cut - the first in four years - was larger than many analysts had predicted, and the bank signalled that rates could fall by another half percentage point by the end of 2024.']",0.1393217529356994,"You can see how your mortgage may be affected by interest rate changes by using our calculator: Credit cards and loans Bank of England interest rates also influence the amount charged on credit cards, bank loans and car loans.","It has to balance the need to slow price rises against the risk of damaging the economy, and avoid cutting rates only to have to raise them again shortly afterwards.",-0.307106423945654,"The main inflation measure, CPI, rose slightly to 2.2% in the year to July and remained at that level in August.","US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.",2024-10-03
Blast from unexploded US bomb grounds flights at Japanese airport,https://www.bbc.co.uk/news/articles/cly5l4nxgg9o,2024-10-02T20:25:20.646Z,"A US bomb buried at a Japanese airport exploded on Wednesday, causing a crater in a taxiway and the cancellation of more than 80 flights.  The minor blast left a hole about seven meters (23 feet) wide but no casualties were reported and no aircraft were nearby at the time.  The bomb, which exploded at Miyazaki Airport in south-west Japan, is thought to have been dropped during World War Two to stem ""kamikaze"" planes on suicide missions. ""There is no threat of a second explosion, and police and firefighters are currently examining the scene,"" chief cabinet secretary Yoshimasa Hayashi said, adding that the airport aimed to reopen on Thursday.   A bomb disposal team from Japan's Self-Defense Forces confirmed a 500lb US bomb had been the source of the blast. While a transport minister said they could not confirm when the bomb was dropped, local media reported it was likely during World War Two. Located at the south-east end of Kyushu island, Miyazaki Airport was built in 1943 as an imperial Japanese navy base. Other unexploded ordinance dropped by the US was reportedly found at a nearby construction site in 2009 and 2011. Unexploded bombs remain buried around the country. Reuters news agency said a total of 2,348 bombs weighing 41 tonnes were disposed of during 2023. ",BBC,02/10/2024,"['A US bomb buried at a Japanese airport exploded on Wednesday, causing a crater in a taxiway and the cancellation of more than 80 flights.', 'The minor blast left a hole about seven meters (23 feet) wide but no casualties were reported and no aircraft were nearby at the time.', 'The bomb, which exploded at Miyazaki Airport in south-west Japan, is thought to have been dropped during World War Two to stem ""kamikaze"" planes on suicide missions. ""', 'There is no threat of a second explosion, and police and firefighters are currently examining the scene,"" chief cabinet secretary Yoshimasa Hayashi said, adding that the airport aimed to reopen on Thursday.', ""A bomb disposal team from Japan's Self-Defense Forces confirmed a 500lb US bomb had been the source of the blast."", 'While a transport minister said they could not confirm when the bomb was dropped, local media reported it was likely during World War Two.', 'Located at the south-east end of Kyushu island, Miyazaki Airport was built in 1943 as an imperial Japanese navy base.', 'Other unexploded ordinance dropped by the US was reportedly found at a nearby construction site in 2009 and 2011.', 'Unexploded bombs remain buried around the country.', 'Reuters news agency said a total of 2,348 bombs weighing 41 tonnes were disposed of during 2023.']",-0.4273311999949861,,"The bomb, which exploded at Miyazaki Airport in south-west Japan, is thought to have been dropped during World War Two to stem ""kamikaze"" planes on suicide missions. """,-0.9672964811325072,,"A US bomb buried at a Japanese airport exploded on Wednesday, causing a crater in a taxiway and the cancellation of more than 80 flights.",2024-10-03
Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks,https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html,2024-10-03T15:16:52+0000,"Major League Baseball is out of here.Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan.Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.MLB's regular season ended earlier this week, and the postseason has already begun. Regional sports networks primarily air regular-season games.""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible.""He added the company is still in negotiations with the individual clubs, but its discussions with MLB's Commissioner's Office have ended.MLB's attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again."" A spokesperson for MLB declined to comment. Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal.For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games. But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates. As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month.A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan. While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists. Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.""Today marks an important step forward for Diamond with the filing of a baseline plan to enable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans. We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.""Diamond's tussles with MLB began before the filing.Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.",CNBC,03/10/2024,"['Major League Baseball is out of here.', 'Diamond Sports — the owner of Bally Sports-branded regional sports networks — said Wednesday that it plans to drop all MLB teams from its channels except for the Atlanta Braves.', 'Bally Sports has more than a dozen networks across the U.S. Diamond has reached out to all of the 11 teams on its air — the Cincinnati Reds, Cleveland Guardians, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, Milwaukee Brewers, Minnesota Twins, St. Louis Cardinals, Tampa Bay Rays and Texas Rangers — with amended, proposed contracts, to determine the future of MLB on the networks.', ""A Diamond attorney made the comments before a U.S. bankruptcy judge on Wednesday as part of an update on the company's ongoing bankruptcy process and attempt at finalizing a reorganization plan."", 'Some of those teams were already slated to see their contracts end this season, and some contracts are not being determined by the bankruptcy process, a Diamond spokesperson said.', ""MLB's regular season ended earlier this week, and the postseason has already begun."", 'Regional sports networks primarily air regular-season games.', '""To be clear, rejecting these teams is not our preferred path,"" Diamond attorney Andrew Goldman said on Wednesday. ""', ""Our preferred plan is to bring as many teams into the reorganized [company's] fold as possible."", '""He added the company is still in negotiations with the individual clubs, but its discussions with MLB\'s Commissioner\'s Office have ended.', 'MLB\'s attorney James Bromley on Wednesday told the bankruptcy judge it was ""unfortunate we are being sandbagged this way,"" and added that ""some of our clubs are being left out in the cold again.""', 'A spokesperson for MLB declined to comment.', ""Goldman said Diamond had warned the league about this outcome in August, noting it was a possibility if the MLB rejected Diamond's latest proposal."", 'For decades, the regional sports networks were a lucrative business model for the teams and leagues, and networks paid high fees to air games.', 'But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.', ""This — and the heavy debt load Diamond has contended with since Sinclair acquired the business from Disney in 2019 — led the owner of the largest portfolio of regional sports networks to file for bankruptcy in March 2023.Diamond's lawyers have been trying to reset those rights payments to reflect so-called market rates."", 'As a result, Diamond has rejected contracts, seeing a number of teams find new TV and streaming homes.', ""In June, the NBA and NHL voiced concerns about the viability of Diamond's business, particularly ahead of the seasons that will begin this month."", 'A Diamond attorney said Wednesday was a ""watershed moment"" for the company as it was able to file an amended reorganization plan.', 'While Diamond aims to exit bankruptcy protection, the possibility of winding down the business still exists.', 'Still, attorneys said the company promised the NBA and NHL they would honor their contracts through the end of the season.', '""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""', 'We have delivered proposals to and remain in discussions with our MLB team partners around go-forward plans.', 'We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.', '""Diamond\'s tussles with MLB began before the filing.', 'Diamond had been pushing unsuccessfully for some time to hold the streaming rights for all MLB teams that air on its networks.', 'Last year, the San Diego Padres and Arizona Diamondbacks left their Bally Sports networks, and the league began producing and distributing the games on pay-TV bundles and MLB TV instead.']",0.1290548242003872,We firmly believe that through our linear and digital offerings we have created the best economic and fan-friendly engine for all of our team partners.,"But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",-0.1579184710979461,"""Today marks an important step forward for Diamond with thefiling of a baseline plan toenable us to emerge from bankruptcy as a viable, go-forward business before year-end,"" a Diamond spokesperson said in a statement. ""","But they have suffered as cord-cutting has hit the pay-TV business, leading to fewer subscribers.",2024-10-03
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-03
US ports strike causes first shutdown in almost 50 years,https://www.bbc.co.uk/news/articles/c3vkdp3rx17o,2024-09-30T18:13:29.842Z,"Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas. The action marks the first such shutdown in almost 50 years. President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act. Talks have been stalled for months and the current contract between parties expired on Monday. The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly."" The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators. On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options. Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation. USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table. Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience. Workers also receive other benefits, such as bonuses connected to container trade.  Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.  The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear. The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.  Time-sensitive imports, such as food, are likely to be among the goods first impacted. The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau. Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit. Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""I don't think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues. More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher. She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs. That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added. The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time. The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks. The strike risks putting President Biden in a tricky spot.  US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue. In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union. The US Chamber of Commerce business group has called on President Biden to take action. ""Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group. The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump last year. Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University. But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.   Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union's image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers' concerns about cost-of living and automation. ""As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don't think they will be swayed by public opinion in any meaningful way,"" he said.  ""What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer."" ",BBC,30/09/2024,"['Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas."", 'The action marks the first such shutdown in almost 50 years.', 'President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.', 'Talks have been stalled for months and the current contract between parties expired on Monday.', 'The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""', 'The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly.""', 'The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.', ""On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options."", 'Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.', 'USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.', ""Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience."", 'Workers also receive other benefits, such as bonuses connected to container trade.', 'Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.', 'The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries.', 'It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.', 'The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.', 'Time-sensitive imports, such as food, are likely to be among the goods first impacted.', 'The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.', 'Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said.', 'Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.', 'Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""', 'I don\'t think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.', 'More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.', 'She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""', 'This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.', 'That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added.', 'The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time.', 'The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.', 'The strike risks putting President Biden in a tricky spot.', 'US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.', 'In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union.', 'The US Chamber of Commerce business group has called on President Biden to take action. ""', 'Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021.', 'It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group.', ""The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago."", 'He met with Donald Trump last year.', 'Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.', 'But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors.', 'A related civil suit remains unresolved.', 'Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union\'s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers\' concerns about cost-of living and automation. ""', 'As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don\'t think they will be swayed by public opinion in any meaningful way,"" he said. ""', 'What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.""']",-0.0917301619336249,"On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options.","It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.",-0.4163661077618599,"Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.","More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.",2024-10-03
Chancellor Rachel Reeves says she needs to raise £20bn. How might she do it?,https://www.bbc.co.uk/news/articles/ced0553gdzzo,2024-10-02T10:11:03.292Z,"You’re the chancellor. You want around £20bn of extra tax revenue each year. So how should you go about finding it? We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money. There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year. Now, whether that really is a newly discovered black hole is a matter of dispute. Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending. So if you were in her position, how might you go about raising it? Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake. This figure is somewhat arbitrary. In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time. And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond. In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well. So a lot will change by 30 October. How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas. Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax. Together, they represent two-thirds of the total cash that the government receives. However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges. So for our purposes, such tax rises are clearly verboten. That is a significant constraint. Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance. One way of raising money would simply be to reverse that cut and take us back to where we were before last November. So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing. But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at. One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs). But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “It might bring in a few billion, it’s not going to give you £20bn.” Another route is through inheritance tax. But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates. Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes. However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates. When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions. At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings. And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary. Between them, these perks cost the exchequer about £50bn a year. Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker. It is an area ripe for reform. Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago. A left-of-centre chancellor will be keen on the potential revenue to be found here. Now it has to be said, when it comes to squeezing more tax out of a population,  there are two broad approaches a chancellor can take. We might call them the expedient and the economic. The expedient is to search for places where you can raise money with a minimum of squealing. On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners. The economic approach is slightly different. It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways. In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions. On this account, you need to have a vision for how all the pieces of the tax system interact. “Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible. And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do. The basic principle is that people should pay tax once - not twice - on pensions. So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old. Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out. Judged against these principles of neutrality, our current system is a bit of a mess. Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out. That’s not logical. Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that. You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking. And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic. Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “The question is how far, how fast does she go?” he says.  “Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?” I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible? It’s possible, of course, that there could be important tax changes other than those I’ve talked about. More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats). It may be a step too far for this Budget, even if it’s one that many economists find appealing. An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms. It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four. Another way of looking at it is that would keep NHS England going for about 40 days a year. Or putting it another way, £20bn is less than 1% of our annual national income. And it’s about 1.7% of total government spending. It’s not revolutionary, but nor is it nothing. And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes. BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,02/10/2024,"['You’re the chancellor.', 'You want around £20bn of extra tax revenue each year.', 'So how should you go about finding it?', 'We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money.', 'There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.', 'Now, whether that really is a newly discovered black hole is a matter of dispute.', 'Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending.', 'So if you were in her position, how might you go about raising it?', 'Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake.', 'This figure is somewhat arbitrary.', ""In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time."", 'And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond.', 'In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well.', 'So a lot will change by 30 October.', 'How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas.', 'Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax.', 'Together, they represent two-thirds of the total cash that the government receives.', 'However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges.', 'So for our purposes, such tax rises are clearly verboten.', 'That is a significant constraint.', 'Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance.', 'One way of raising money would simply be to reverse that cut and take us back to where we were before last November.', 'So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing.', 'But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at.', 'One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).', 'But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “', 'It might bring in a few billion, it’s not going to give you £20bn.”', 'Another route is through inheritance tax.', 'But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates.', 'Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes.', 'However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates.', 'When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions.', 'At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings.', 'And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary.', 'Between them, these perks cost the exchequer about £50bn a year.', 'Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker.', 'It is an area ripe for reform.', 'Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago.', 'A left-of-centre chancellor will be keen on the potential revenue to be found here.', 'Now it has to be said, when it comes to squeezing more tax out of a population, there are two broad approaches a chancellor can take.', 'We might call them the expedient and the economic.', 'The expedient is to search for places where you can raise money with a minimum of squealing.', 'On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners.', 'The economic approach is slightly different.', 'It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways.', 'In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.', 'On this account, you need to have a vision for how all the pieces of the tax system interact. “', 'Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible.', 'And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do.', 'The basic principle is that people should pay tax once - not twice - on pensions.', 'So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old.', 'Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out.', 'Judged against these principles of neutrality, our current system is a bit of a mess.', 'Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out.', 'That’s not logical.', 'Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that.', 'You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking.', 'And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic.', 'Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “', 'The question is how far, how fast does she go?”', 'he says. “', 'Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?”', 'I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible?', 'It’s possible, of course, that there could be important tax changes other than those I’ve talked about.', 'More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats).', 'It may be a step too far for this Budget, even if it’s one that many economists find appealing.', 'An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.', 'It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four.', 'Another way of looking at it is that would keep NHS England going for about 40 days a year.', 'Or putting it another way, £20bn is less than 1% of our annual national income.', 'And it’s about 1.7% of total government spending.', 'It’s not revolutionary, but nor is it nothing.', 'And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes.', 'BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",0.0949456303972857,"One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).","In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.",0.0452926913897196,"An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.","There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.",2024-10-03
How a top-level gangster was brought down by boxes of bananas,https://www.bbc.co.uk/news/articles/c4g4e3pvngno,2024-10-02T11:57:38.742Z,"In the early summer of 2020, Jamie Stevenson was taking advantage of the lifting of lockdown restrictions to meet associates outside a four-star Glasgow hotel. They were sitting at a picnic table when they heard shouts and the screech of tyres. Men in plain clothes were moving rapidly towards them so Stevenson, a notorious crime boss who had reputedly been the target of numerous attempts on his life, took to his heels. He ran 100 yards before stumbling down a steep grass slope and falling on to a path, where his pursuers brought his flight to a halt. An investigator who witnessed the scene said Stevenson had thought he was going to be ""taken out"". ""Once we got hold of him, he was relieved it was the police,"" the investigator said. Stevenson was taken to England and was no doubt relieved a second time when the authorities released him on bail. Within a month, the veteran criminal - nicknamed the Iceman - had fled abroad. He spent 18 months on the run until Britain's version of the FBI, the National Crime Agency (NCA), tracked him down in the Netherlands. Dutch national police grabbed Stevenson while he was out jogging with another Scottish fugitive, convicted killer Dean Ferguson. Stevenson had thought he was safe and was said to be shocked to find himself back in custody, this time with no chance of escape.  Now he has been jailed for 20 years for masterminding an international cocaine smuggling operation where the drugs were hidden in a shipment of bananas, and setting up a drugs factory in England. There are parts of this story which read like a darkly satirical crime thriller but Stevenson was very much the real deal - a top-level gangster who made a fortune from trafficking drugs linked to hundreds of deaths. The man dubbed a real-life Tony Soprano tried to flood Scotland with a tonne of cocaine estimated to be worth £100m and millions of deadly Etizolam tablets. This happened in 2020, the year the country suffered its worst ever drugs death toll. In 2019, Etizolam, better known as street valium, had been implicated in 756 deaths, half that year's total.  By the end of 2020, it had been linked to 814. Police are convinced that had Stevenson succeeded, many more people would have lost their lives while he raked in millions of pounds. Det Ch Supt Dave Ferry of Police Scotland said: ""Serious and organised crime ruins lives, kills people and leaves families devastated. ""Has this operation saved lives in Scotland?  I think you can definitely say that."" Stevenson, 59, and his gang were brought down by four years of intensive police work, international co-operation between law enforcement agencies, the infiltration of an encrypted messaging service and an overwhelming body of evidence presented by Crown Office prosecutors in court. The public first heard Stevenson's name after he was accused of shooting his criminal associate Tony McGovern outside a Glasgow pub in September 2000. Stevenson and McGovern had once been so close they were the best man at each other's weddings. The murder charge was later dropped because of a lack of evidence. In 2004, the Scottish Crime and Drug Enforcement Agency launched Operation Folklore, a three-year investigation which targeted Stevenson with unprecedented electronic surveillance and forensic financial analysis. Boxed into a legal corner, Stevenson pleaded guilty to laundering £1m of drugs money and was jailed for 12 years and nine months. By 2018 Police Scotland and the National Crime Agency had formed an organised crime partnership based at the Scottish Crime Campus at Gartcosh in North Lanarkshire. The aim was to take down top-tier criminals.  Stevenson was out of prison and on their list. Their big break came after they received intelligence that a Glasgow fruit merchant, David Bilsland, had links to organised crime and was trying to further his business interests in South America. Operation Pepperoni was launched. Read nothing into the comical name, which was chosen at random. Bilsland was planning to import consignments of bananas from Ecuador, close to the cocaine producing countries of Peru, Bolivia and Colombia. Experts told the Pepperoni team it was a loss leader; only supermarkets could turn a profit by bringing in bananas from South America. In February 2020, the police and NCA became aware that Bilsland was making an unusually brief visit to Spain, flying out on Valentine's Day and coming back the next.  He wasn't taking bags and it was assessed to be “a criminal matter"". They didn't know who Bilsland was going to meet but at the request of the NCA, Spanish police secretly photographed the two men at Alicante's Melia Hotel and sent the pictures back to Scotland. Bilsland was with none other than Jamie Stevenson. Asked how his team felt when they heard the news, Det Ch Supt Ferry said: ""It was a relief that we knew who he was meeting.  That kicked the investigation into a different level."" Around this point, two different strands of this case began to converge. Through conventional intelligence gathering, the police learned Stevenson had been involved in setting up a pill factory which was churning out millions of Etizolam tablets in Rochester in Kent. The factory was raided on 12 June 2020. That same day, police arrested Stevenson as he ran from the picnic table at the Sherbrooke Castle Hotel in Glasgow.  He was carrying a phone which turned out to be an EncroChat device. EncroChat was a highly secure encrypted messaging platform used by criminals who felt able to communicate with each other without fear of being caught. Each device had a handle, chosen at random.  Stevenson's were ""elusiveale"" and ""bigtastey"". He was so confident it was safe, he sent someone an image of his own driving licence via the platform. In April 2020, French law enforcement had infiltrated the system. They harvested vast quantities of incriminating data and shared it with colleagues around Europe. On 12 or 13 June 2020, EncroChat's administrators became aware the system had been compromised and advised their customers to turn off and dispose of their devices. The warning came too late for Stevenson. The raid on the pill factory in Kent meant it was an English case, so Stevenson was taken south of the border. After being released on police bail, he fled the country.  Scottish investigators say that under the English system, there wasn't enough evidence to justify his being kept behind bars at that early stage of the inquiry. That summer, UK Border Force officials kept a close eye on the consignments of Ecuadorian bananas coming into Dover addressed to David Bilsland's business in Glasgow. They searched several to no avail until the 18th shipment was found to contain nearly a tonne of cocaine hidden in 119 foil packages. In the months that followed, the organised crime partnership analysed 50,000 pieces of EncroChat data, a painstaking process titled Operation Dragonfire. Stevenson's EncroChat conversations with his associates yielded evidence which proved their involvement with the cocaine and Etizolam. The group's top tier was ensnared, along with people further down the ladder like Bilsland. Appeal court decisions in England had upheld the admissibility of EncroChat evidence and it was not challenged in the High Court in Glasgow, where Stevenson and his colleagues eventually pleaded guilty. The NCA's regional head of investigations in Scotland and Northern Ireland, Gerry McLean, said Stevenson was operating at the top table of organised crime north of the border. He was on an ""upward trajectory"" and re-establishing himself after his 2007 jail term. ""What I think this conviction demonstrates is that he truly had a global international reputation,"" said Mr McLean. ""He would not have been able to bring these amounts of drugs into the UK if he didn't have that network of contacts right around the world."" He said the pill factory in Kent had been manufacturing ""industrial quantities"" of Etizolam. ""The venture that Jamie Stevenson was involved in was of a scale that I don't think we've seen before, certainly in Scotland and really within the United Kingdom."" Deputy procurator fiscal Sineidin Corrins leads the organised crime unit at the Crown Office, Scotland's prosecution service. ""These convictions are monumental. Jamie Stevenson and his criminal gang were involved in drug trafficking on an industrial and a global scale,"" she said. ""It's also a marker from law enforcement and the criminal justice in Scotland. ""Collaboratively, all the preparation and effort brought this serious organised crime gang into the dock at the high court. The evidence was presented in a way that was absolutely watertight."" Det Ch Supt Ferry said Stevenson would have made tens of millions of pounds during his long criminal career. The next step will be for the Crown to pursue Stevenson's assets under proceeds of crime legislation. Its success will depend on what can be found and what can be proved in court. ",BBC,02/10/2024,"['In the early summer of 2020, Jamie Stevenson was taking advantage of the lifting of lockdown restrictions to meet associates outside a four-star Glasgow hotel.', 'They were sitting at a picnic table when they heard shouts and the screech of tyres.', 'Men in plain clothes were moving rapidly towards them so Stevenson, a notorious crime boss who had reputedly been the target of numerous attempts on his life, took to his heels.', 'He ran 100 yards before stumbling down a steep grass slope and falling on to a path, where his pursuers brought his flight to a halt.', 'An investigator who witnessed the scene said Stevenson had thought he was going to be ""taken out"". ""', 'Once we got hold of him, he was relieved it was the police,"" the investigator said.', 'Stevenson was taken to England and was no doubt relieved a second time when the authorities released him on bail.', 'Within a month, the veteran criminal - nicknamed the Iceman - had fled abroad.', ""He spent 18 months on the run until Britain's version of the FBI, the National Crime Agency (NCA), tracked him down in the Netherlands."", 'Dutch national police grabbed Stevenson while he was out jogging with another Scottish fugitive, convicted killer Dean Ferguson.', 'Stevenson had thought he was safe and was said to be shocked to find himself back in custody, this time with no chance of escape.', 'Now he has been jailed for 20 years for masterminding an international cocaine smuggling operation where the drugs were hidden in a shipment of bananas, and setting up a drugs factory in England.', 'There are parts of this story which read like a darkly satirical crime thriller but Stevenson was very much the real deal - a top-level gangster who made a fortune from trafficking drugs linked to hundreds of deaths.', 'The man dubbed a real-life Tony Soprano tried to flood Scotland with a tonne of cocaine estimated to be worth £100m and millions of deadly Etizolam tablets.', 'This happened in 2020, the year the country suffered its worst ever drugs death toll.', ""In 2019, Etizolam, better known as street valium, had been implicated in 756 deaths, half that year's total."", 'By the end of 2020, it had been linked to 814.', 'Police are convinced that had Stevenson succeeded, many more people would have lost their lives while he raked in millions of pounds.', 'Det Ch Supt Dave Ferry of Police Scotland said: ""Serious and organised crime ruins lives, kills people and leaves families devastated. ""', 'Has this operation saved lives in Scotland?', 'I think you can definitely say that.""', 'Stevenson, 59, and his gang were brought down by four years of intensive police work, international co-operation between law enforcement agencies, the infiltration of an encrypted messaging service and an overwhelming body of evidence presented by Crown Office prosecutors in court.', ""The public first heard Stevenson's name after he was accused of shooting his criminal associate Tony McGovern outside a Glasgow pub in September 2000."", ""Stevenson and McGovern had once been so close they were the best man at each other's weddings."", 'The murder charge was later dropped because of a lack of evidence.', 'In 2004, the Scottish Crime and Drug Enforcement Agency launched Operation Folklore, a three-year investigation which targeted Stevenson with unprecedented electronic surveillance and forensic financial analysis.', 'Boxed into a legal corner, Stevenson pleaded guilty to laundering £1m of drugs money and was jailed for 12 years and nine months.', 'By 2018 Police Scotland and the National Crime Agency had formed an organised crime partnership based at the Scottish Crime Campus at Gartcosh in North Lanarkshire.', 'The aim was to take down top-tier criminals.', 'Stevenson was out of prison and on their list.', 'Their big break came after they received intelligence that a Glasgow fruit merchant, David Bilsland, had links to organised crime and was trying to further his business interests in South America.', 'Operation Pepperoni was launched.', 'Read nothing into the comical name, which was chosen at random.', 'Bilsland was planning to import consignments of bananas from Ecuador, close to the cocaine producing countries of Peru, Bolivia and Colombia.', 'Experts told the Pepperoni team it was a loss leader; only supermarkets could turn a profit by bringing in bananas from South America.', ""In February 2020, the police and NCA became aware that Bilsland was making an unusually brief visit to Spain, flying out on Valentine's Day and coming back the next."", 'He wasn\'t taking bags and it was assessed to be “a criminal matter"".', ""They didn't know who Bilsland was going to meet but at the request of the NCA, Spanish police secretly photographed the two men at Alicante's Melia Hotel and sent the pictures back to Scotland."", 'Bilsland was with none other than Jamie Stevenson.', 'Asked how his team felt when they heard the news, Det Ch Supt Ferry said: ""It was a relief that we knew who he was meeting.', 'That kicked the investigation into a different level.""', 'Around this point, two different strands of this case began to converge.', 'Through conventional intelligence gathering, the police learned Stevenson had been involved in setting up a pill factory which was churning out millions of Etizolam tablets in Rochester in Kent.', 'The factory was raided on 12 June 2020.', 'That same day, police arrested Stevenson as he ran from the picnic table at the Sherbrooke Castle Hotel in Glasgow.', 'He was carrying a phone which turned out to be an EncroChat device.', 'EncroChat was a highly secure encrypted messaging platform used by criminals who felt able to communicate with each other without fear of being caught.', 'Each device had a handle, chosen at random.', 'Stevenson\'s were ""elusiveale"" and ""bigtastey"".', 'He was so confident it was safe, he sent someone an image of his own driving licence via the platform.', 'In April 2020, French law enforcement had infiltrated the system.', 'They harvested vast quantities of incriminating data and shared it with colleagues around Europe.', ""On 12 or 13 June 2020, EncroChat's administrators became aware the system had been compromised and advised their customers to turn off and dispose of their devices."", 'The warning came too late for Stevenson.', 'The raid on the pill factory in Kent meant it was an English case, so Stevenson was taken south of the border.', 'After being released on police bail, he fled the country.', ""Scottish investigators say that under the English system, there wasn't enough evidence to justify his being kept behind bars at that early stage of the inquiry."", ""That summer, UK Border Force officials kept a close eye on the consignments of Ecuadorian bananas coming into Dover addressed to David Bilsland's business in Glasgow."", 'They searched several to no avail until the 18th shipment was found to contain nearly a tonne of cocaine hidden in 119 foil packages.', 'In the months that followed, the organised crime partnership analysed 50,000 pieces of EncroChat data, a painstaking process titled Operation Dragonfire.', ""Stevenson's EncroChat conversations with his associates yielded evidence which proved their involvement with the cocaine and Etizolam."", ""The group's top tier was ensnared, along with people further down the ladder like Bilsland."", 'Appeal court decisions in England had upheld the admissibility of EncroChat evidence and it was not challenged in the High Court in Glasgow, where Stevenson and his colleagues eventually pleaded guilty.', ""The NCA's regional head of investigations in Scotland and Northern Ireland, Gerry McLean, said Stevenson was operating at the top table of organised crime north of the border."", 'He was on an ""upward trajectory"" and re-establishing himself after his 2007 jail term. ""', 'What I think this conviction demonstrates is that he truly had a global international reputation,"" said Mr McLean. ""', 'He would not have been able to bring these amounts of drugs into the UK if he didn\'t have that network of contacts right around the world.""', 'He said the pill factory in Kent had been manufacturing ""industrial quantities"" of Etizolam. ""', 'The venture that Jamie Stevenson was involved in was of a scale that I don\'t think we\'ve seen before, certainly in Scotland and really within the United Kingdom.""', 'Deputy procurator fiscal Sineidin Corrins leads the organised crime unit at the Crown Office, Scotland\'s prosecution service. ""', 'These convictions are monumental.', 'Jamie Stevenson and his criminal gang were involved in drug trafficking on an industrial and a global scale,"" she said. ""', 'It\'s also a marker from law enforcement and the criminal justice in Scotland. ""', 'Collaboratively, all the preparation and effort brought this serious organised crime gang into the dock at the high court.', 'The evidence was presented in a way that was absolutely watertight.""', 'Det Ch Supt Ferry said Stevenson would have made tens of millions of pounds during his long criminal career.', ""The next step will be for the Crown to pursue Stevenson's assets under proceeds of crime legislation."", 'Its success will depend on what can be found and what can be proved in court.']",-0.0910392314006623,"He was so confident it was safe, he sent someone an image of his own driving licence via the platform.","Det Ch Supt Dave Ferry of Police Scotland said: ""Serious and organised crime ruins lives, kills people and leaves families devastated. """,0.2256149649620056,"What I think this conviction demonstrates is that he truly had a global international reputation,"" said Mr McLean. """,Experts told the Pepperoni team it was a loss leader; only supermarkets could turn a profit by bringing in bananas from South America.,2024-10-03
Ex-Harrods director won't take job as Fenwick boss,https://www.bbc.co.uk/news/articles/cq5ejjnp812o,2024-10-01T23:05:04.351Z,"A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned. Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed. It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods. Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment. A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role. The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.  On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods. About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position."" No reason for the decision has been given. Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK. It closed its branch on Bond Street in London earlier this year.  Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.  The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm. He is still listed as chief executive of Morleys on the LinkedIn social networking site. He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003. There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults.   Al Fayed died last year aged 94. Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.  In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.  It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017. The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation.  Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.  He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour. ",BBC,01/10/2024,"['A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned.', 'Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed.', 'It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.', 'Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment.', 'A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role.', 'The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.', ""On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods."", 'About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position.""', 'No reason for the decision has been given.', 'Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.', 'It closed its branch on Bond Street in London earlier this year.', 'Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.', 'The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm.', 'He is still listed as chief executive of Morleys on the LinkedIn social networking site.', 'He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003.', ""There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults."", 'Al Fayed died last year aged 94.', 'Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.', 'In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.', 'It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017.', ""The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation."", 'Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.', 'He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour.']",-0.1559910863863216,"Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.",It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.,,,,2024-10-03
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-03
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-03
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-03
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-03
Energy price cap: People urged to read meter as bills rise,https://www.bbc.co.uk/news/articles/c7v6l26v585o,2024-09-30T23:03:31.139Z,"Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect. A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717. Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate. It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners. Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem. It is set every three months and affects the price paid for each unit of gas and electricity. Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user. The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill. By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate. Those with operational smart meters have the reading taken automatically. Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system. The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.  The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. It affects those on default, variable tariffs, not those who have fixed a price for a set period. That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.  Some households have built up debt to their suppliers. Ofgem said nearly £3.7bn is owed collectively. Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further."" James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[The price rise] is a big disappointment. You feel it inside,"" he said. ""You can be big and proud and say I can manage, and make that bit of extra money. But when you take everything else we are being put through, it is just that bit too much."" Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February. For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits. The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners. While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out. Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January. Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy. Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers. The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need. In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it. The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,30/09/2024,"['Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect.', 'A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717.', 'Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.', 'It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.', 'Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem.', 'It is set every three months and affects the price paid for each unit of gas and electricity.', 'Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.', 'The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill.', 'By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate.', 'Those with operational smart meters have the reading taken automatically.', 'Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system.', 'The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.', 'The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'It affects those on default, variable tariffs, not those who have fixed a price for a set period.', 'That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.', 'Some households have built up debt to their suppliers.', 'Ofgem said nearly £3.7bn is owed collectively.', 'Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further.""', 'James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[', 'The price rise] is a big disappointment.', 'You feel it inside,"" he said. ""', 'You can be big and proud and say I can manage, and make that bit of extra money.', 'But when you take everything else we are being put through, it is just that bit too much.""', 'Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February.', 'For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits.', 'The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out.', 'Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January.', 'Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.', 'Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers.', ""The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need."", 'In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it.', 'The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.1123342265505845,"Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.",The price rise] is a big disappointment.,0.0570179939270019,"Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.","Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.",2024-10-03
Costco adds platinum bars to its precious metals lineup,https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html,2024-10-02T18:56:52+0000,"In this articleCostco continues to chip away at the gold mine that is the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins. The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.It's no surprise the company has continued to delve into the precious metals market. Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.""I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company's earnings call in September 2023. ""When we load them on the site, they're typically gone within a few hours, and we limit two per member.""The value of gold has risen more than 40% in the past year and over 70% in the last five years. But the price of platinum has been a little more rocky in recent years. The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.— CNBC's Jeff Cox contributed to this report.",CNBC,02/10/2024,"['In this articleCostco continues to chip away at the gold mine that is the precious metals market.', 'The wholesaler is adding Swiss-made platinum bars to its selection.', 'Costco on Wednesday announced the 1-ounce platinum bars, on sale for $1,089.99 on its website alongside its now-famed gold bars and silver coins.', 'The bars are only sold online, and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.', 'Interested buyers will also need a Costco membership, which costs between $65 and $130 a year.', ""It's no surprise the company has continued to delve into the precious metals market."", 'Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.', 'Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million worth of gold bars a month.', '""I\'ve gotten a couple of calls that people have seen online that we\'ve been selling 1-ounce gold bars,"" said Richard Galanti, then-chief financial officer of Costco, on the company\'s earnings call in September 2023. ""', ""When we load them on the site, they're typically gone within a few hours, and we limit two per member."", '""The value of gold has risen more than 40% in the past year and over 70% in the last five years.', 'But the price of platinum has been a little more rocky in recent years.', 'The value of platinum has risen more than 15% over the past 12 months, though it has dropped more than 8% since topping $1,100 earlier in 2024.—', ""CNBC's Jeff Cox contributed to this report.""]",0.1985392723854112,In this articleCostco continues to chip away at the gold mine that is the precious metals market.,,0.3339467048645019,"""The value of gold has risen more than 40% in the past year and over 70% in the last five years.",But the price of platinum has been a little more rocky in recent years.,2024-10-03
Union boss on US ports strike: 'I'm not playing games',https://www.bbc.co.uk/news/articles/c78d442v3e6o,2024-10-01T18:35:13.924Z,"Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said. Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""We're going to fight for it and we're going to win or this port will never open up again,"" he said. ""I'm not playing games here."" Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy. President Joe Biden has so far rebuffed calls by some of country's biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation.  ""It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said.  ""Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits."" Republican presidential candidate Donald Trump also backed the striking port workers. ""American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement. The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas. The ports are estimated by experts to handle more than a third of the US's imports and exports. Disruption could lead to delays on goods deliveries for businesses and consumers. The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages. Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.  USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.  The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.  However, the ILA's Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike. He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract. The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.   ""I'm going to fight for it because those greedy companies are making billions of dollars and they don't want to share,"" he said. ""I want my members taken care of for the rest of their lives and that's why we're out here."" If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world.  ""We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,""  said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""The disruption is going to be massive if the strike lasts,"" she said. Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""It's going to interfere with the proper functioning of the flow of goods,"" he told the BBC. Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said. Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike. But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded. He said he was most worried about potential delays for special-order bridal gowns for November and December weddings.  ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us. That's a hard thing to explain to a potential bride,"" he said. About 75% of his merchandise is routed through east coast ports, he added. He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""I think it's beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can't be done to open this things back up."" ",BBC,01/10/2024,"['Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said.', 'Harold Daggett, head of the International Longshoremen\'s Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""', 'We\'re going to fight for it and we\'re going to win or this port will never open up again,"" he said. ""', 'I\'m not playing games here.""', 'Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.', 'President Joe Biden has so far rebuffed calls by some of country\'s biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation. ""', 'It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""', 'Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits.""', 'Republican presidential candidate Donald Trump also backed the striking port workers. ""', 'American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement.', ""The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas."", ""The ports are estimated by experts to handle more than a third of the US's imports and exports."", 'Disruption could lead to delays on goods deliveries for businesses and consumers.', 'The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages.', 'Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.', 'USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.', 'The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""', 'We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.', 'However, the ILA\'s Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike.', 'He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ""', 'I\'m going to fight for it because those greedy companies are making billions of dollars and they don\'t want to share,"" he said. ""', 'I want my members taken care of for the rest of their lives and that\'s why we\'re out here.""', 'If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. ""', 'We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,"" said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""', 'The disruption is going to be massive if the strike lasts,"" she said.', 'Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""', 'It\'s going to interfere with the proper functioning of the flow of goods,"" he told the BBC.', 'Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said.', ""Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike."", 'But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded.', 'He said he was most worried about potential delays for special-order bridal gowns for November and December weddings. ""', ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us."", 'That\'s a hard thing to explain to a potential bride,"" he said.', 'About 75% of his merchandise is routed through east coast ports, he added.', 'He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""', 'I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""', 'I think it\'s beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can\'t be done to open this things back up.""']",0.0899861931710234,"Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""","Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.",-0.124877218157053,"It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""","If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. """,2024-10-03
U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-10-03
Musk faces SEC questions over X takeover - but will he show up?,https://www.bbc.co.uk/news/articles/c0e1xgw4dqdo,2024-10-03T08:50:29.903Z,"Elon Musk has been ordered by a federal court to answer further questions from lawyers about his takeover of Twitter - now called X - on Thursday. And the financial world has one question: Will he be there? Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles. Thursday's planned interview is part of a high-level investigation into whether Mr Musk waited too long to disclose he was building up a stake in Twitter before acquiring the social media platform in 2022. The billionaire has previously said this delay was a mistake.   The nation's top securities regulator is trying to force him to appear on Thursday by calling for possible sanctions.  For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul. But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear. Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk's deposition date.  And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch. The SEC says he did not inform them of those plans.  The government lawyers only learned of the post and interview later.  They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared. Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022. The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws. But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment. In October, the SEC asked a court to order him to provide more testimony. Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing. They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.  Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added. Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others.  ""In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote. Mr Musk's lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"". The SEC declined to comment when approached by the BBC. But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.  ",BBC,03/10/2024,"['Elon Musk has been ordered by a federal court to answer further questions from lawyers about his takeover of Twitter - now called X - on Thursday.', 'And the financial world has one question: Will he be there?', 'Last month, he was a no-show for a court ordered appearance at the US Securities and Exchange Commission (SEC) office in Los Angeles.', ""Thursday's planned interview is part of a high-level investigation into whether Mr Musk waited too long to disclose he was building up a stake in Twitter before acquiring the social media platform in 2022."", 'The billionaire has previously said this delay was a mistake.', ""The nation's top securities regulator is trying to force him to appear on Thursday by calling for possible sanctions."", 'For the 10 September court hearing, the SEC said it spent thousands of dollars to dispatch three lawyers - two from San Francisco and another from Washington DC -so they could take a sworn deposition from the billionaire tech mogul.', ""But three hours before the appointment, Mr Musk's lawyers notified the SEC that he would not be able to appear."", 'Mr Musk, his lawyers wrote in a declaration, had urgently travelled to the East Coast a day earlier for a ""high-risk"" launch by his rocket company SpaceX. But SpaceX had posted about the timing of the scheduled launch two days before Mr Musk\'s deposition date.', 'And a day ahead of the meeting, he told interviewers at a conference that he planned to travel to Florida ""if the weather is holding up"" for the launch.', 'The SEC says he did not inform them of those plans.', 'The government lawyers only learned of the post and interview later.', 'They rescheduled the suddenly cancelled meeting and then they asked a federal court to make sure Mr Musk appeared.', 'Mr Musk has given two depositions since the SEC began looking into his $44bn (£34bn) purchase of Twitter in 2022.', 'The agency has said in legal filings that it is probing whether his stock purchases before he bought the company outright and statements he made about those investments broke securities laws.', 'But Mr Musk refused to give testimony a third time, with his lawyers sending a letter to the SEC accusing it of harassment.', 'In October, the SEC asked a court to order him to provide more testimony.', 'Mr Musk\'s reason for missing last month\'s appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.', 'They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.', 'Mr Musk was supposed to seek written consent from the SEC or an order from the court to reschedule, they added.', 'Replying in his own filing, his lawyer Alex Spiro of the law firm Quinn Emanuel, said his client and his companies have cooperated with the SEC in this investigation and several others. ""', 'In this investigation alone, Mr Musk has produced hundreds of documents, he has sat for testimony twice, his wealth manager has sat for testimony three times, and other individuals connected to Mr Musk have also sat for testimony, all without rescheduling or cancelling any of those testimonies,"" Mr Spiro wrote.', 'Mr Musk\'s lawyers say they too had travelled to Los Angeles to be at his deposition last month and ""immediately notified the SEC of the emergency"".', 'The SEC declined to comment when approached by the BBC.', 'But in a court filing, SEC lawyer Robin Andrews asked US District Judge Jacqueline Corley to take a hard line against the billionaire. ""', 'The Court must make clear that gamesmanship and delay tactics must cease,"" Mr Andrews wrote.']",-0.0792538550331102,The nation's top securities regulator is trying to force him to appear on Thursday by calling for possible sanctions.,"They asked US District Judge Jacqueline Corley to impose a penalty on him if he skipped the next meeting, arguing it was needed to deter him from ""failing to show up"" on Thursday.",-0.8296063244342804,,"Mr Musk's reason for missing last month's appointment ""smacks of gamesmanship,"" SEC lawyers wrote in a 20 September filing.",2024-10-03
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-03
Workers must keep all tips from customers under new law,https://www.bbc.co.uk/news/articles/czj9mxnyezdo,2024-09-30T23:01:15.422Z,"Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card. More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.  If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal. It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most. Under the new law, all tips must be passed to employees by the end of the following month from when they were received. Workers will still need to pay tax on their tips, as was the law previously. Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""I'm delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""There's such high turnover in these professions. What happened in my experience was that they said: 'If you don't hand over your 3%, then we won't employ you anymore.'"" Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme. Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff. However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""There are going to be some casualties because of this law,"" she said. Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth. She is a waitress and gets tips, but he does not. Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash."" Tom added: ""I'm the fryer and I don't get the tips. I get paid a little extra. The tips are for their service - it's not for the business."" Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""We have jars with everybody's name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar."" Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out. Staff can now request a breakdown of how tips are being distributed every three months. However, Mr Moyes said the question of ""fairness"" is not clear cut. ""Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true? There isn't any guidance on that,"" he said.   Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"". The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday. It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses. Opinions vary on how much customers should tip. According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK. It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that. Tipping in bars and pubs is not expected. However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard."" ",BBC,30/09/2024,"['Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card.', 'More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.', 'If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal.', 'It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most.', 'Under the new law, all tips must be passed to employees by the end of the following month from when they were received.', 'Workers will still need to pay tax on their tips, as was the law previously.', 'Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""', 'I\'m delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""', ""There's such high turnover in these professions."", 'What happened in my experience was that they said: \'If you don\'t hand over your 3%, then we won\'t employ you anymore.\'""', 'Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""', ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme."", 'Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff.', 'However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""', 'There are going to be some casualties because of this law,"" she said.', ""Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth."", 'She is a waitress and gets tips, but he does not.', 'Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash.""', 'Tom added: ""I\'m the fryer and I don\'t get the tips.', 'I get paid a little extra.', 'The tips are for their service - it\'s not for the business.""', 'Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""', 'We have jars with everybody\'s name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""', 'If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar.""', 'Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out.', 'Staff can now request a breakdown of how tips are being distributed every three months.', 'However, Mr Moyes said the question of ""fairness"" is not clear cut. ""', 'Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true?', 'There isn\'t any guidance on that,"" he said.', 'Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".', ""The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday."", 'It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses.', 'Opinions vary on how much customers should tip.', 'According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK.', 'It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that.', 'Tipping in bars and pubs is not expected.', 'However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""', 'Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""', 'This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard.""']",0.1498799206343021,"Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth.","Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".",0.4230172208377293,"These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme.",There's such high turnover in these professions.,2024-10-03
Bank transfers could be delayed for four days to investigate fraud,https://www.bbc.co.uk/news/articles/cn7yel28rx6o,2024-10-02T23:02:55.494Z,"Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said. Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days. For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly. The long-proposed new regulations will come into force at the end of October - later than originally planned. The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month. Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.  Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money. Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers. The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.   Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC's Today programme. Some groups have said the powers should be used in a careful and targeted way.  The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly. But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud."" Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges. The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation. Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam. The maximum compensation has been reduced from a previous proposal of £415,000.  ",BBC,02/10/2024,"['Banks will have the power to pause payments for up to four days to give them more time to investigate fraud, the government has said.', 'Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.', 'For years, banks have needed to have reasonable grounds to suspect fraud before being able to investigate but have also faced pressure from customers who want payments to be made instantly.', 'The long-proposed new regulations will come into force at the end of October - later than originally planned.', ""The previous government's draft legislation had proposed giving banks the new powers by 7 October, but now they will take effect from the end of the month."", 'Fraud is the most common offence in the country, accounting for a third of all crime in England and Wales.', 'Criminals have stolen billions of pounds through romance scams or by impersonating a genuine trader to trick victims into transferring money.', 'Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.', 'The new law will give them time to look at unusual spending patterns, contact a customer, and investigate further before the money is transferred.', 'Ben Donaldson, managing director of economic crime at UK Finance, which represents the banking industry, thinks the new law will be used ""fairly sparingly"". ""', 'This is really relevant to cases of investment fraud and romance fraud where there is psychological manipulation of the victim,"" he told the BBC\'s Today programme.', 'Some groups have said the powers should be used in a careful and targeted way.', 'The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.', 'But Mr Donaldson said: ""We will only use this power where we’ve got reasonable grounds to suspect it is a fraud.""', 'Banks will need to inform customers when a payment is being delayed, explain what the customer needs to do in order to unblock the payment and pay compensation if the delay lands the customer with extra charges.', 'The rules will come into force a few weeks after the introduction of a stricter mandatory scheme on fraud compensation.', 'Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.', 'The maximum compensation has been reduced from a previous proposal of £415,000.']",-0.3797295744309324,"Currently, transfers must be processed or declined by the end of the next business day, but the new law will allow an extension of three more days.","Those new powers, which come into force on Monday, will see fraud victims receiving up to £85,000 in refunds from banks within five days of an authorised push payment scam.",-0.5093206912279129,"Banks have lobbied for permission to take longer to agree to payments, to allow them to investigate suspicious transfers.",The Society of Licensed Conveyancers said it was “deeply concerned” that a four- day freeze could be catastrophic for people who are buying a home and have to transfer large amounts of money quickly.,2024-10-03
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-10-03
Oil price rises on Biden Iran oil strike comments,https://www.bbc.co.uk/news/articles/cx250ygn9ddo,2024-10-03T15:41:26.276Z,"The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry. Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that."" Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China. Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year. Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices. The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022. But the escalation of violence in the Middle East and threat of further action is now stalking the markets. Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass. Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers. Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant. Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”. All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war. It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack. ",BBC,03/10/2024,"['The price of oil has jumped 5% after US President Joe Biden said the US was discussing possible strikes by Israel on Iran’s oil industry.', 'Asked on a visit if he would support Israel striking Iran’s oil facilities, Biden said: “We’re discussing that.""', 'Iran is the seventh largest oil producer in the world, exporting around half its production abroad, mainly to China.', 'Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.', 'Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.', 'So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.', 'The reaction in oil markets has, so far, been far more muted than, for example, to Russia’s invasion of Ukraine in 2022.', 'But the escalation of violence in the Middle East and threat of further action is now stalking the markets.', 'Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.', 'Since Russia’s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.', 'Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.', 'Bank of England governor Andrew Bailey warned on Thursday of the “very serious” potential impact and that he was watching developments “extremely closely”.', 'All this could come at the very moment the world’s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.', 'It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran’s attack.']",-0.2695893627206487,"Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.",But the escalation of violence in the Middle East and threat of further action is now stalking the markets.,0.2404266744852066,"Since Iran’s missile attack on Israel on Monday, the price of benchmark Brent crude oil has risen 10% to $77 a barrel, although this remains below levels seen earlier this year.","So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.",2024-10-03
Interest rates: Bank of England could be 'more aggressive' on cuts,https://www.bbc.co.uk/news/articles/cx2lp5l9dpro,2024-10-03T07:21:37.844Z,"The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.  Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation. The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.      Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation. The Bank of England has two more more meetings left this year to decide on interest rates, in November and December. At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall. But he said at the time it was ""vital"" inflation remained low.  The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine. However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made. Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate. However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately. For savers, a cut in rates is likely to reduce the amount they earn on their money. Many analysts expect the Bank to reduce rates at its meeting in November. However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well. The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets. One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “Geopolitical concerns are very serious. It is tragic what’s going on,"" Mr Bailey told the Guardian. ""There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.” The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted. However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia's invasion of Ukraine in 2022. ""My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said. Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “I don’t know what she means by that,” Mr Bailey told the Guardian. He added that he had never met Truss, who was Britain's prime minister for 49 days. Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets. The Bank of England will announce its next interest rate decision on 7 November. Read more here ",BBC,03/10/2024,"['The Bank of England could cut interest rates more quickly if price rises remain under control, its governor has suggested.', 'Andrew Bailey told the Guardian that the Bank could be a “bit more aggressive” at cutting borrowing costs, depending on the rate of inflation.', 'The Bank cut interest rates from 5.25% to 5% in August, which was the first drop in more than four years.', 'Mr Bailey also said that the Bank was watching developments in the Middle East ""extremely closely"", in particular any movement in oil prices that could fuel inflation.', 'The Bank of England has two more more meetings left this year to decide on interest rates, in November and December.', ""At the Bank's last gathering in September, Mr Bailey was optimistic that borrowing costs would continue to fall."", 'But he said at the time it was ""vital"" inflation remained low.', ""The Bank raised interest rates steadily from the end of 2021 as inflation - the rate at which prices rise - surged, partly due to the increase in energy prices following Russia's invasion of Ukraine."", ""However, now that inflation is currently close to the Bank's 2% target, attention has focused on how many rate cuts will be made."", 'Falling interest rates will cut mortgage payments for households who have deals that track the Bank of England rate.', 'However, the majority of mortgage customers have fixed-rate deals, so will not be affected immediately.', 'For savers, a cut in rates is likely to reduce the amount they earn on their money.', 'Many analysts expect the Bank to reduce rates at its meeting in November.', ""However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well."", 'The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.', 'One factor that could affect inflation is any impact on energy prices following an escalation in the conflict between Israel and the Iran-backed armed group Hezbollah in Lebanon. “', 'Geopolitical concerns are very serious.', 'It is tragic what’s going on,"" Mr Bailey told the Guardian. ""', 'There are obviously stresses and the real issue then is how they might interact with some still quite stretched markets in places.”', 'The oil price has risen above $76 a barrel this week over fears that supplies could be disrupted.', 'However, the oil price is still lower than levels seen earlier this year, and well below the peak of more than $130 a barrel seen in the aftermath of Russia\'s invasion of Ukraine in 2022. ""', 'My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.', 'Mr Bailey was asked about claims from former Prime Minister Liz Truss, who alleged that her mini-budget in 2022 was not implemented because the Bank of England - among other members of the so-called ""deep state"" - had undermined her. “', 'I don’t know what she means by that,” Mr Bailey told the Guardian.', ""He added that he had never met Truss, who was Britain's prime minister for 49 days."", 'Mortgage rates soared in the wake of the mini-budget following turmoil on the financial markets.', 'The Bank of England will announce its next interest rate decision on 7 November.', 'Read more here']",0.0199761448790627,"My sense from all the conversations I have with counterparts in the region is that there is, for the moment, a strong commitment to keep the market stable,"" Mr Bailey said.","It is tragic what’s going on,"" Mr Bailey told the Guardian. """,-0.096221911907196,"However, following Mr Bailey's interview with the Guardian, expectations increased of a rate cut in December as well.","The pound fell by nearly 1% against the dollar to $1.317 on Thursday morning, with expectations of lower rates meaning people think they will make less money on their cash in UK assets.",2024-10-03
"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-10-03
The fraught battle over the holy grail of shipwrecks,https://www.bbc.co.uk/news/articles/ckgn18xl3j7o,2024-10-02T23:04:50.691Z,"It has been hailed as the most valuable shipwreck in the world. A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago. It had a cargo of gold, silver and emeralds worth billions of dollars. But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck. The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America. There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague. The Colombian government says it wants to raise the remains of the vessel and put it in a museum. Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn). But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is. Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters. I don’t think there’s any way that everyone can be satisfied.” The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia. From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it. The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake. The ship blew up and sank within minutes. The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it. It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle. In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed. Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure. The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty. They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups.  “This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it. How many years have gone by? Three hundred years? They owe us that debt.” The Colombians have released tantalising videos of the San José, taken with submersible cameras. They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor. As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo. It estimates its value at $7-18bn. “This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada. He described it as “the biggest treasure in the history of humanity”. Others are less convinced. “I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now? Or do we look at what collectors might pay of these gold coins? ""To me it’s almost meaningless to try to come up with a number now. The estimates of the treasure hunters, to me, they’re laughable.” While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors. There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it. In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks. Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention. That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters. Colombia and the US, for example, have not signed it. “The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK. A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.” For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff. There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “You can just count coins, you can count porcelain, but there is no ‘why was this on board? Who was the owner? Where was it going?’ – the human story behind it.” Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “The treasure is part of the archaeological context, and as such has no commercial value. Its value is strictly scientific.” ",BBC,02/10/2024,"['It has been hailed as the most valuable shipwreck in the world.', 'A Spanish galleon, the San José, was sunk by the British off the coast of Colombia more than 300 years ago.', 'It had a cargo of gold, silver and emeralds worth billions of dollars.', 'But years after it was discovered, a debate still rages over who owns that treasure and what should be done with the wreck.', 'The Colombian and Spanish states have staked a claim to it, as have a US salvage company and indigenous groups in South America.', 'There have been court battles in Colombia and the US, and the case is now before the Permanent Court of Arbitration at the Hague.', 'The Colombian government says it wants to raise the remains of the vessel and put it in a museum.', 'Treasure hunters point to the commercial value of the cargo, which could be as much as $18bn (£13.bn).', 'But archaeologists say the wreck – and thousands like it scattered across the world – should be left where it is.', 'Maritime historians remind us that the San José is a graveyard and should be respected as such: around 600 people drowned when the ship went down. “', 'It’s a great mess and I see no easy way out of this,” says Carla Rahn Phillips, a historian who has written a book about the San José. “', 'The Spanish state, the Colombian government, the various indigenous groups, the treasure hunters.', 'I don’t think there’s any way that everyone can be satisfied.”', 'The San José sank in 1708 as it sailed from what is now Panama towards the port city of Cartagena in Colombia.', 'From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.', 'The British wanted to seize the ship and its treasure, but fired a cannonball into the San José’s powder magazines by mistake.', 'The ship blew up and sank within minutes.', 'The wreck lay on the seabed until the 1980s, when a US salvage company, Glocca Mora, said it had found it.', 'It tried to persuade the Colombians to go into partnership to raise the treasure and split the proceeds, but the two sides could not agree on who should get what share, and plunged into a legal battle.', 'In 2015, the Colombians said they had found the ship, independently of the information provided by the Americans, on a different part of the sea bed.', 'Since then they have argued that Glocca Mora, now known as Sea Search Armada, has no right to the ship or its treasure.', 'The Spanish state has staked its claim, arguing that the San José and its cargo remains state property, and indigenous groups from Bolivia and Peru say they are entitled to at least a part of the booty.', 'They argue that it is not Spanish treasure because it was plundered by the Spanish from mines in the Andes during the colonial period. “', 'That wealth came from the mines of Potosí in the Bolivian highlands,” says Samuel Flores, a representative of the Qhara Qhara people, one of the indigenous groups. “', 'This cargo belongs to our people – the silver, the gold – and we think it should be raised from the sea bed to stop treasure hunters looting it.', 'How many years have gone by?', 'Three hundred years?', 'They owe us that debt.”', 'The Colombians have released tantalising videos of the San José, taken with submersible cameras.', 'They show the prow of a wooden ship, encrusted with marine life, a few bronze cannons scattered across the sand, and blue-and-white porcelain and gold coins shining on the ocean floor.', 'As part of its court case at the Hague, Sea Search Armada commissioned a study of the cargo.', 'It estimates its value at $7-18bn. “', 'This treasure that sank with the ship included seven million pesos, 116 steel chests full of emeralds, 30 million gold coins,” says Rahim Moloo, the lawyer representing Sea Search Armada.', 'He described it as “the biggest treasure in the history of humanity”.', 'Others are less convinced. “', 'I try to resist giving present-day estimates of anything,” says Ms Rahn Phillips. ""', 'If you’re talking about gold and silver coins, do we make an estimate based on the weight of the gold now?', 'Or do we look at what collectors might pay of these gold coins? ""', 'To me it’s almost meaningless to try to come up with a number now.', 'The estimates of the treasure hunters, to me, they’re laughable.”', 'While the San José is often described as the holy grail of shipwrecks, it is – according to the United Nations - just one of around three million sunken vessels on our ocean floors.', 'There is often very little clarity over who owns them, who has the right to explore them, and – if there is treasure on board – who has the right to keep it.', 'In 1982, the United Nations adopted the Convention on the Law of the Sea – often described as “the constitution of the oceans”, but it says very little about shipwrecks.', 'Because of that, the UN adopted a second set of rules in 2001 – the Unesco Underwater Cultural Heritage 2001 Convention.', 'That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.', 'Colombia and the US, for example, have not signed it. “', 'The legal framework right now is neither clear nor comprehensive,” says Michail Risvas, a lawyer at Southampton University in the UK.', 'A specialist in international arbitration and maritime disputes, he adds: “I’m afraid international law does not have clear-cut answers.”', 'For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “', 'If you just go down and take lots of artefacts and bring them to the surface, you just have a pile of stuff.', 'There’s no story to tell,” says Rodrigo Pacheco Ruiz, a Mexican deep-sea diver who has explored dozens of wrecks around the world. “', 'You can just count coins, you can count porcelain, but there is no ‘why was this on board?', 'Who was the owner?', 'Where was it going?’ –', 'the human story behind it.”', 'Juan Guillermo Martín, a Colombian maritime archaeologist who has followed the case of the San José closely, agrees. “', 'The treasure of the San José should remain at the bottom of the sea, along with the human remains of the 600 crew members who died there,” he says. “', 'The treasure is part of the archaeological context, and as such has no commercial value.', 'Its value is strictly scientific.”']",-0.0135551505786931,"For many archaeologists, wrecks like the San José should be left in peace and explored “in situ” – on the ocean floor. “","From there it was due to cross the Atlantic to Spain, but the Spanish were at war with the British at the time, and a British warship intercepted it.",-0.5429760813713074,It has been hailed as the most valuable shipwreck in the world.,"That says far more about wrecks, but many countries have refused to ratify it, fearing it will weaken their claim to riches in their waters.",2024-10-03
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-10-03
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.', ""Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-03
Masato Kanda: The man behind Japan's $170bn bid to prop up the yen,https://www.bbc.co.uk/news/articles/c98496yd005o,2024-10-02T23:28:19.277Z,"For several years, Masato Kanda hardly slept. ""Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more."" So why was this 59 year-old bureaucrat's schedule so punishing? Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar. Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies. Historically, authorities intervened to weaken the value of the Japanese currency. A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers. But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise. In his three years in the role, the value of the yen against the US dollar weakened by more than 45%. To control the yen's slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan's first such intervention in almost a quarter of a century. ""The Bank of Japan and the Ministry of Finance are very clear. They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll. Japan now finds itself on the US Treasury's watchlist of potential currency manipulators. But Mr Kanda argues that what he did was not market manipulation. ""Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don't reflect fundamentals which don't change overnight,"" he says. ""When it affects ordinary consumers who have to buy food or fuel, that is when we intervened."" While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy. Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""It is not the right thing to do, but in my opinion it is the only thing they can do.""  The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister.  So was the $170bn bid to prop up the yen a waste of money? No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal. On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""  Markets or historians should be the final judges, he adds.  After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan's prospects. ""We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says. A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos. ",BBC,02/10/2024,"['For several years, Masato Kanda hardly slept. ""', 'Three hours a night is an exaggeration,"" he laughs as he speaks to the BBC from Tokyo. ""', 'I slept for three hours consecutively before being woken up but I then went back to bed, so if you add them up, I got a bit more.""', ""So why was this 59 year-old bureaucrat's schedule so punishing?"", ""Until the end of July, he was Japan's vice finance minister for international affairs, the country's top currency diplomat, or yen czar."", ""Key to the role was fending off currency market speculators who could trigger turmoil in one of the world's largest economies."", 'Historically, authorities intervened to weaken the value of the Japanese currency.', 'A weak yen is good for exporters like Toyota and Sony as it makes goods cheaper for overseas buyers.', ""But when the yen plummeted during Mr Kanda's time in office it increased the cost of importing essential items like food and fuel, causing a cost of living crisis in a country more used to seeing prices fall rather than rise."", 'In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.', 'To control the yen\'s slide, Mr Kanda unleashed an estimated 25 trillion yen ($173bn) to support the currency, marking Japan\'s first such intervention in almost a quarter of a century. ""', 'The Bank of Japan and the Ministry of Finance are very clear.', 'They intervene not at a particular level of the currency, but they intervene when market volatility is too much,"" says economist Jesper Koll.', ""Japan now finds itself on the US Treasury's watchlist of potential currency manipulators."", 'But Mr Kanda argues that what he did was not market manipulation. ""', 'Markets should move based on fundamentals but occasionally they fluctuate excessively because of speculation, and they don\'t reflect fundamentals which don\'t change overnight,"" he says. ""', 'When it affects ordinary consumers who have to buy food or fuel, that is when we intervened.""', 'While countries like the US and UK can raise interest rates to boost the value of their currencies, Japan had for years been unable to put up the cost of borrowing due to the weakness of its economy.', 'Professor Seijiro Takeshita of the University of Shizuoka says Japan had no other option other than to intervene in the currency markets. ""', 'It is not the right thing to do, but in my opinion it is the only thing they can do.""', ""The irony is that the yen's value jumped in recent months without Mr Kanda or his successor lifting a finger after the Bank of Japan surprised the markets with a rate hike, and the country got a new prime minister."", 'So was the $170bn bid to prop up the yen a waste of money?', 'No, says Mr Kanda and points out that his interventions actually made a profit although he emphasises that it was never a goal.', 'On whether or not his actions were ultimately successful he says: ""It is not up to me to evaluate, but many say our exchange management stopped the excessive level of speculation.""', 'Markets or historians should be the final judges, he adds.', 'After decades of economic stagnation, Mr Kanda also sounds an optimistic note about Japan\'s prospects. ""', 'We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.', 'A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.']",0.1115478480186821,"A more surprising legacy for this ""humble public servant"" is him becoming a star on the internet after Japanese social media users celebrated his ability to surprise financial markets with a series of AI generated dancing videos.",So why was this 59 year-old bureaucrat's schedule so punishing?,0.1734220633904139,"We are finally seeing investments and wages rising, and we have a chance to go back to a normal market economy,"" he says.","In his three years in the role, the value of the yen against the US dollar weakened by more than 45%.",2024-10-03
QVC to add USA Pickleball to its home shopping experience,https://www.cnbc.com/2024/10/03/qvc-to-add-usa-pickleball-to-its-home-shopping-experience.html,2024-10-03T13:37:55+0000,"In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.In QVC's case, the choice to bring on pickleball was intentional.Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC's vice president of brand marketing.""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps' late-night talk show, ""Busy This Week.""""As you look at what those relevant, highly successful examples of media have been, it's live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""It was really that perfect next place to go.""",CNBC,03/10/2024,"['In this articleQVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.', 'In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport.', ""The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups."", 'As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.', ""The deal showcases the media industry's continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming."", ""In QVC's case, the choice to bring on pickleball was intentional."", 'Earlier this year QVC launched a new brand platform called ""Age of Possibility,"" geared to women over 50, said Annette Dunleavy, QVC\'s vice president of brand marketing.', '""Pickleball is the fastest-growing sport in America and really resonates with that demographic,"" said Dunleavy. ""', 'We thought, what two perfect partners to come together.', 'We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.', '""Pickleball has been booming in the U.S. and has been called the country\'s fastest-growing sport.', 'More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.', 'Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.', 'As QVC builds out its streaming platform it has been experimenting with live shows and events, including its ""The Ultimate Gift Wrapping Challenge"" series and actress Busy Philipps\' late-night talk show, ""Busy This Week.', '""""As you look at what those relevant, highly successful examples of media have been, it\'s live sports,"" said Stacie Tedesco, vice president of streaming at Qurate Retail Group. ""', 'It was really that perfect next place to go.""']",0.2956397488085089,"The deal begins with USA Pickleball's 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC's free streaming platform, QVC+/HSN+.QVC, a subsidiary of John Malone's Qurate Retail, will mix the shopping experience with the live matchups.",,0.9692991205624172,"""Pickleball has been booming in the U.S. and has been called the country's fastest-growing sport.",,2024-10-03
Levi Strauss trims guidance as it weighs sale of Dockers business,https://www.cnbc.com/2024/10/02/levi-levi-earnings-q3-2024.html,2024-10-03T13:39:37+0000,"In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday. Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected. Shares of Levi's fell more than 8% in extended trading Wednesday.Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier. Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share. Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier. With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG. It expects earnings per share to be at the midpoint of that range.It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%. That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers. It started that brand in 1986 to offer consumers an alternative to denim: khakis. Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion. The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans.During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million. ""Over the last couple of years, the brand has underperformed. … We felt this was the right decision for the long term. Our view financially is the exit of Dockers will improve the company's overall margins and also minimize volatility in top-line growth,"" Levi's finance chief, Harmit Singh, told CNBC in an interview. ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."" Levi's has tapped Bank of America to lead the sale process. Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers.During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold. Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's. The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce. Overall, direct sales comprised 44% of total revenue and Levi's wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII'S JEANS"" earlier this year on her country album.""Our strategic decision was to actually have Beyoncé represent some of our core product. So in the first ad, chapter one, she's in ... 501s and an essential white t-shirt and it doesn't get more Levi's than that,"" CEO Michelle Gass told CNBC. ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.""Sales in Levi's Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower. Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected. In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million. ""China was a drag,"" Singh said of the region, which represents about 2% of Levi's overall business. ""It's got this macro headwinds, and we had some execution issues. We've just changed the leadership in China and over time we still believe in the long-term potential of China.""In the Americas, beyond a slowdown at Docker's, sales were also impacted by one of Levi's largest wholesale customers in Mexico, Singh said. During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales. The region is also working through some ""execution issues,"" said Singh.",CNBC,03/10/2024,"['In this articleDenim-crazed consumers are turning to Levi Strauss & Co. for new jeans, but its overall business is being dragged down by its Dockers brand, which the company is now considering selling off, it announced Wednesday.', ""Sales at Levi's brand were up 5% during its fiscal third quarter — the biggest gain in two years — but overall revenue came in flat and lower than Wall Street had expected."", ""Shares of Levi's fell more than 8% in extended trading Wednesday."", ""Here's how the denim maker performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended Aug. 25 was $20.7 million, or 5 cents per share, compared with $9.6 million, or 2 cents per share, a year earlier."", ""Excluding one-time items, Levi's posted earnings of $132 million, or 33 cents per share."", 'Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.', ""With one quarter left to go in the fiscal year, Levi's reaffirmed its full-year adjusted earnings per share guidance of $1.17 to $1.27, in line with expectations of $1.25, according to LSEG.It expects earnings per share to be at the midpoint of that range."", 'It trimmed its revenue guidance and is now expecting sales to grow 1%, compared with a previous range of between 1% and 3%.', ""That's below the 2.3% growth that analysts had expected, according to LSEG.Levi's, which owns its namesake brand, as well as Dockers and Beyond Yoga, would have printed quite a different set of results had it not been for Dockers."", 'It started that brand in 1986 to offer consumers an alternative to denim: khakis.', ""Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion."", ""The efforts that Levi's has made to differentiate Dockers led to too much overlap with the Levi's brand, which has expanded into a lifestyle brand that offers a lot more products than jeans."", 'During the quarter, sales at Dockers were down 15% to $73.7 million while Beyond Yoga, the buzzy athleisure brand it acquired in 2021, saw sales grow 19% to $32.2 million.', '""Over the last couple of years, the brand has underperformed. …', 'We felt this was the right decision for the long term.', 'Our view financially is the exit of Dockers will improve the company\'s overall margins and also minimize volatility in top-line growth,"" Levi\'s finance chief, Harmit Singh, told CNBC in an interview. ""', ""We believe the exit of Dockers will allow both Dockers and Levi's to independently operate and maximize each other's value independently."", '""Levi\'s has tapped Bank of America to lead the sale process.', ""Beyond Docker's, Levi's is making gains in growing its profitability as it continues to shift its focus to selling directly to consumers."", ""During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold."", ""Like other brands, Levi's has been working to carve out its direct selling strategy and reach more customers through its own stores and websites rather than through wholesalers like Macy's."", 'The strategy is a boon to profits because the margins are higher and it also allows brands to get closer to their customers through data collection.', ""During the quarter, Levi's direct channel was up about 10%, driven by strength in the U.S. and 16% growth in e-commerce."", 'Overall, direct sales comprised 44% of total revenue and Levi\'s wants to get that number closer to 55%.Behind those numbers are a slew of splashy marketing campaigns, which include a new partnership the jeans brand announced with Beyoncé on Monday after the pop star released a song titled ""LEVII\'S JEANS"" earlier this year on her country album.', '""Our strategic decision was to actually have Beyoncé represent some of our core product.', 'So in the first ad, chapter one, she\'s in ... 501s and an essential white t-shirt and it doesn\'t get more Levi\'s than that,"" CEO Michelle Gass told CNBC. ""', ""Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that."", '""Sales in Levi\'s Europe business came in higher than expected at $406.6 million, ahead of StreetAccount estimates of $392 million, but sales in the Americas and Asia were lower.', ""Levi's posted $757.2 million in sales in the Americas, below the $789.2 million that StreetAccount analysts had expected."", ""In Asia, Levi's saw revenue of $247.1 million, below StreetAccount estimates of $258 million."", '""China was a drag,"" Singh said of the region, which represents about 2% of Levi\'s overall business. ""', ""It's got this macro headwinds, and we had some execution issues."", ""We've just changed the leadership in China and over time we still believe in the long-term potential of China."", '""In the Americas, beyond a slowdown at Docker\'s, sales were also impacted by one of Levi\'s largest wholesale customers in Mexico, Singh said.', 'During the quarter, the partner had a cybersecurity breach, which constrained shipping times and impacted sales.', 'The region is also working through some ""execution issues,"" said Singh.']",0.1341454095251397,"Part of the success recipe for Levi's has been and will continue to be us living in the center of culture and bringing together the icon of Beyoncé with the icon of Levi's, I don't think there's any better example of that.","Throughout the 1990s and 2000s, khakis were a mainstay in most consumers' closets but these days, they have fallen out of fashion.",0.0854245259844023,"During the quarter, its gross margin rose by 4.4 percentage points, which Singh attributed to the direct-selling strategy, lower cotton costs and better products that didn't need to be marked down to be sold.","Sales were largely flat at $1.52 billion, compared with $1.51 billion a year earlier.",2024-10-03
"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-10-03
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-03
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-03
Starbucks invests in two innovation farms to help climate-proof its coffee,https://www.cnbc.com/2024/10/03/starbucks-innovation-farms-climate-proof-coffee.html,2024-10-03T14:53:14+0000,"In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica. Now the coffee giant has added two more to its portfolio.The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change.Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply. For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers. Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions. The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall.""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn't mean that it's going to be working everywhere,"" Vega said.Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change.For example, the company's new Guatemalan farm is small, with depleted soil and low productivity. Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.""The farm is not necessarily in good shape, and that's exactly what we were looking for. We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.",CNBC,03/10/2024,"['In this articleMore than a decade ago, Starbucks bought its first coffee farm, in Costa Rica.', 'Now the coffee giant has added two more to its portfolio.', ""The Seattle-based company said Thursday that it's invested in another farm in Costa Rica and its first in Guatemala in the hopes of getting closer to its goal of protecting its coffee supply from climate change."", 'Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.', ""For Starbucks, which buys 3% of the world's coffee, the shortages can mean scrambling to find Arabica beans — and higher prices for its customers."", 'Consumer coffee prices have risen 18% over the last five years as of August, according to the Bureau of Labor Statistics.', '""Frosts in Brazil have already impacted volumes of up to 50%, so we can have really severe impact in terms of product availability, and that is more and more regular in the whole Coffee Belt,"" said Roberto Vega, Starbucks vice president of global coffee agronomy, research and development, and sustainability.', 'The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.', 'At the two new farms, Starbucks will study how hybrid coffee varieties perform at different elevations and soil conditions.', ""The hybrid plants' attributes include higher productivity and resistance against coffee leaf rust, a fungus that thrives in higher temperatures and rainfall."", '""We can develop new hybrids, but the fact that a hybrid works in one country and under certain conditions doesn\'t mean that it\'s going to be working everywhere,"" Vega said.', ""Vega's team is also hoping to tackle other challenges faced by its coffee farmers that aren't the direct result of climate change."", ""For example, the company's new Guatemalan farm is small, with depleted soil and low productivity."", 'Starbucks is hoping to stage a turnaround by recovering its soil and then will use those learnings to teach other farmers how to do the same.', '""The farm is not necessarily in good shape, and that\'s exactly what we were looking for.', 'We wanted a farm that really mirrors the challenges that farmers are having today,"" Vega said.', 'At the second farm in Costa Rica, which is located next to its existing property Hacienda Alsacia, Starbucks plans to use drones, mechanization and other tech to address the labor shortages faced by many Latin American farmers.', 'Starbucks eventually plans to buy two more farms in Africa and Asia, stretching its agricultural portfolio across the Coffee Belt.']",0.0235090567272819,The Coffee Belt refers to the equatorial region with the ideal conditions to grow coffee beans.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",0.3018690678808424,Now the coffee giant has added two more to its portfolio.,"Rising temperatures, frosts in Brazil, three consecutive years of La Nina and other extreme weather have been hurting coffee production in recent years, putting pressure on supply.",2024-10-03
LVMH and Formula One announce 10-year partnership,https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html,2024-10-02T16:25:28+0000,"In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon. The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.""The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei. ""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""We look forward to working with Bernard and Frédéric Arnault in the years to come.""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.More details of the partnership are set to come in 2025 and there were no financial details included in the release. Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.The next Grand Prix is Oct. 20 in Austin, Texas.",CNBC,02/10/2024,"['In this articleLiberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.', 'The partnership will officially launch at the start of next F1 season and will include ""hospitality, bespoke activations, limited editions and outstanding content.', '""The official arrangement will not be the first time that LVMH and F1 have worked together.', ""F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei."", '""The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,"" Maffei said in the release. ""', 'We look forward to working with Bernard and Frédéric Arnault in the years to come.', '""LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.', '""Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,"" LVMH Group chairman and CEO Bernard Arnault said in the release.', 'More details of the partnership are set to come in 2025 and there were no financial details included in the release.', ""Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years."", 'Netflix released a behind-the-scenes series ""Formula 1: Drive to Survive"" in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers.', 'The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.', 'The next Grand Prix is Oct. 20 in Austin, Texas.']",0.3087355541446604,"F1 worked with one of LVMH's brands during last year's Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.",More details of the partnership are set to come in 2025 and there were no financial details included in the release.,0.8942435483137766,Liberty Media purchased F1 in 2017 and has turbocharged the league's growth in recent years.,,2024-10-03
"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-10-03
Energy price cap: People urged to read meter as bills rise,https://www.bbc.co.uk/news/articles/c7v6l26v585o,2024-09-30T23:03:31.139Z,"Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect. A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717. Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate. It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners. Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem. It is set every three months and affects the price paid for each unit of gas and electricity. Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user. The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill. By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate. Those with operational smart meters have the reading taken automatically. Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system. The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.  The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity. It affects those on default, variable tariffs, not those who have fixed a price for a set period. That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.  Some households have built up debt to their suppliers. Ofgem said nearly £3.7bn is owed collectively. Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further."" James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[The price rise] is a big disappointment. You feel it inside,"" he said. ""You can be big and proud and say I can manage, and make that bit of extra money. But when you take everything else we are being put through, it is just that bit too much."" Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February. For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits. The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners. While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out. Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January. Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy. Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers. The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need. In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it. The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments. You can check your eligibility for pension credit via the government's online calculator. Information is also available on how to make a claim. There is also a phone line available on weekdays - 0800 99 1234. Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government. Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us. ",BBC,30/09/2024,"['Billpayers have been urged to give an accurate meter reading as gas and electricity price rises take effect.', 'A household in England, Wales and Scotland using a typical amount of gas and electricity will now see their annual bill rise by about £149 to £1,717.', 'Experts have encouraged people to submit a meter reading as the change comes in so they can avoid being charged on estimated usage at the higher rate.', 'It comes as winter approaches without extra cost-of-living payments for those on low incomes, and as winter fuel payments are withdrawn for about 10 million pensioners.', 'Energy prices for about 27 million homes in England, Wales and Scotland are governed by a price cap, calculated by the energy regulator Ofgem.', 'It is set every three months and affects the price paid for each unit of gas and electricity.', 'Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.', 'The final bill will depend on the amount of energy used, but to estimate the effect on annual costs, billpayers can add 10% to their current bill.', 'By reading their meters and submitting those to their supplier, price comparison website Uswitch says billpayers can avoid being charged in the short-term for energy they have not used, or having a bill based on an estimated reading at a higher rate.', 'Those with operational smart meters have the reading taken automatically.', 'Standing charges have risen by one penny a day for gas and also for electricity, but the regulator is considering reforming the system.', 'The Utility Regulator in Northern Ireland says there will not be any price changes in October to the suppliers that it regulates.', 'The price cap is illustrated by Ofgem in terms of an annual bill for a household using a typical amount of gas and electricity.', 'It affects those on default, variable tariffs, not those who have fixed a price for a set period.', 'That annual bill is lower than last winter, but charities say many people will struggle to cover the cost.', 'Some households have built up debt to their suppliers.', 'Ofgem said nearly £3.7bn is owed collectively.', 'Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: ""This only highlights what we have been saying for some time - without urgent support for households facing unaffordable arrears, energy debt will only rise further.""', 'James McMahon, from Blackburn, is slightly behind on his gas bill, which he said he was ""not proud about"" but unavoidable. ""[', 'The price rise] is a big disappointment.', 'You feel it inside,"" he said. ""', 'You can be big and proud and say I can manage, and make that bit of extra money.', 'But when you take everything else we are being put through, it is just that bit too much.""', 'Some households will have less support because the final cost-of-living payment was made to eight million people on means-tested benefits in February.', 'For pensioners, the previously universal winter fuel payment, worth up to £300, will now be paid only to those on low incomes who receive certain benefits.', 'The payment is a devolved matter in Scotland and Northern Ireland and the Scottish government confirmed it will also no longer provide winter fuel payments to all pensioners.', 'While some previous recipients say they do not need it, charities and many MPs are concerned about pensioners still on a relatively small income who will miss out.', 'Forecasters have given some comfort with a change to their prediction for energy bills when the next cap comes into force in January.', 'Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.', 'Energy companies have said a voluntary initiative they have run in the last four years has identified vulnerable customers.', ""The sector's trade body, Energy UK, said extra support totalling £500m had been given to those in need."", 'In specific terms, the latest change in prices means: Hundreds of thousands of low-income pensioner households eligible for pension credit currently fail to claim it.', 'The government says it is worth an average of £3,900 a year and claiming it can qualify people for other financial support such as winter fuel payments.', ""You can check your eligibility for pension credit via the government's online calculator."", 'Information is also available on how to make a claim.', 'There is also a phone line available on weekdays - 0800 99 1234.', 'Guide to benefits, when you qualify and what to do if something goes wrong, are provided by the independent MoneyHelper website, backed by government.', 'Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.']",0.1123342265505845,"Benefits calculators are also run by Policy in Practice, and charities Entitledto, and Turn2us.",The price rise] is a big disappointment.,0.0570179939270019,"Under the cap, prices have fallen twice this year - in April and July - but now, at the start of October, they have increased by about £12 a month for a typical user.","Consultancy Cornwall Insight, which analyses the sector, has predicted a 1% fall in January to an annual bill of £1,697 for a household using a typical amount of energy.",2024-10-02
Aston Martin and Stellantis shares slump after profit warnings,https://www.bbc.co.uk/news/articles/c9qvy913012o,2024-09-30T12:43:28.522Z,"Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year. The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China. The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning. Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings. Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities. Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region. However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.  It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models. As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.  Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations. Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.  But he added that he was “even more convinced than before” about the brand’s potential for growth. Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook. The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.  It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad. As a result, it said it expects its profit margins to be significantly lower than previously thought this year.  The announcement sent its shares tumbling. By lunchtime on Monday, the price was down more than 14%. The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.  On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history. Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks. Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets. According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains. Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe. According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023. The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany. On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China. The measures are designed to protect local producers from unfair competition. The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.  But the plan is controversial, and has received a mixed reception from manufacturers. ",BBC,30/09/2024,"[""Luxury carmaker Aston Martin's share price sank more than 20% after it said profits will be lower than expected this year."", 'The company, famed for its links to fictional superspy James Bond, has been hit by supply chain issues and falling sales in China.', 'The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.', 'Carmakers across Europe have been suffering lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings.', 'Aston Martin is a prestige brand which makes upmarket cars in relatively small quantities.', 'Last year, it sold 6,620 vehicles, with about a fifth of those going to the Asia-Pacific region.', 'However, the company says it has been hit by a fall in demand in China, where a slowing economy has affected sales of luxury cars.', 'It has also been affected by problems at a number of suppliers, which have affected its ability to build a number of new models.', 'As a result, Aston says it will make about 1,000 fewer cars than originally planned this year.', 'Sales, which had originally been forecast to rise, are now expected to be lower than in 2023, and earnings will fall short of current market expectations.', 'Adrian Hallmark, who became Aston Martin’s chief executive a few weeks ago, said it had become clear that “decisive action” was needed to adjust output.', 'But he added that he was “even more convinced than before” about the brand’s potential for growth.', 'Meanwhile, Stellantis has become the latest large-scale carmaker to revise its financial forecasts, thanks to a deterioration in the industry outlook.', 'The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.', 'It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.', 'As a result, it said it expects its profit margins to be significantly lower than previously thought this year.', 'The announcement sent its shares tumbling.', 'By lunchtime on Monday, the price was down more than 14%.', 'The problems at Stellantis and Aston Martin reflect a wider malaise in the European car industry.', 'On Friday, Volkswagen issued its second profit warning in three months, while it has also suggested it might have to close plants in Germany for the first time in its history.', 'Its German rivals Mercedes-Benz and BMW have also downgraded their profit forecasts in recent weeks.', 'Among the common issues are falling sales in China – until recently a highly lucrative market for expensive and profitable high-end models – coupled with growing competition from Chinese brands in other markets.', 'According to Matthias Schmidt of Schmidt Automotive Research, European firms have been caught out by a wave of ""unsustainable"" discounting by Chinese brands in their home market, which has affected sales of high-priced vehicles. “', 'German brands, and VW in particular, have been caught off-guard by the pace of change in China” he explains.', 'Sales of electric cars, which manufacturers have invested huge sums in developing, have been faltering badly in Europe.', 'According to data from the European Automobile Manufacturers Association, sales of battery-powered cars were down nearly 44% in August compared to the same period a year ago, while their share of the market dropped to 14.4%, compared to 21% in 2023.', 'The decline has followed the removal or reduction of incentives for electric car buyers in a number of European markets, including France and Germany.', 'On Friday, EU nations are due to vote on plans to impose steep tariffs on imports of electric vehicles from China.', 'The measures are designed to protect local producers from unfair competition.', 'The European Commission claims Chinese manufacturers benefit from illegal subsidies from the Chinese government – and believes tariffs will create a level playing field.', 'But the plan is controversial, and has received a mixed reception from manufacturers.']",0.037036244295243,But he added that he was “even more convinced than before” about the brand’s potential for growth.,"The company has been struggling with weak demand in the US, a key market, where it has been forced to offer discounts in order to shift unsold stock.",-0.7676948606967926,"It has also been facing increased competition from Chinese brands, which have been expanding aggressively abroad.","The share price of Stellantis, the owner of brands such as Peugeot, Citroen, Fiat and Jeep, also plummeted on Monday after a profit warning.",2024-10-02
Kolkata trams: Iconic Indian city landmark faces extinction,https://www.bbc.co.uk/news/articles/ckgn4mzn224o,2024-10-01T23:30:25.439Z,"Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop. In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides. Sandip Roy reports. In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia. Melbourne and Kolkata boast two of the oldest operational tramways in the world. Melbourne’s trams date back to 1885. Kolkata’s first tram, a horse-drawn one, started in 1873.  That’s where the similarities end. Melbourne's tram system is going strong despite the government once attempting to get rid of them. The system has been upgraded and some trams are solar-powered.  Kolkata’s trams have been steadily declining over the years. From 52 routes in the 1970s, down to 25 in 2015 and now to just three.  The tram cars rattle and wheeze, having not been updated in years. Even the signs inside have not changed. “Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”. Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route. But a dogged group of tram activists is fighting back. “It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years.  “More than 400 cities run tram systems. Cities that dismantled their tramways are rebuilding  them at great expense in places like Sydney and Helsinki and all over France. Hong Kong runs trams at high frequency on narrow streets,” he says. But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened. Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”  Both those cities once had trams. Mumbai had double-decker ones. Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars. In a way they have become emblematic of the city itself.  The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre. But just as London has its iconic red double-decker buses, Kolkata has its trams. The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to. They are a familiar sight in films made in the state. “I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.  Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work. Here, the tram stands in for the city itself,  both its dreams and the daily grind.  In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “A Kolkata film means they have to show a tram.” Trams are very much part of the history of the city and its sense of itself.  In 1902, Calcutta as it was known then, became the first Asian city with electric trams. Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968. The cars were built by companies with names like Burn Standard and Jessop.  And it wasn't just a transportation system. The tram lines knit the city together. When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy.  “My own father helped save some people from a mob,” says tram driver Gopal Ram. ""Tram workers were like a family. It didn’t matter if you were Hindu or Muslim.”  Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days. His grandfather Mahavir and father Jagannath worked for the trams as well. Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams. In some ways, the mystery is that Kolkata’s trams have survived this long.  “In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth.  “Now they are making a comeback. The light rail in many cities in the United States is just a newer version of trams. It’s sad that we had it all the time and are neglecting it instead of improving it.”  Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.  Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas. In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them.  “I protested,” says Mr Bhattacharyya. “If trams went, I felt my whole existence was threatened. I did exhibitions, slide shows, brought in foreign experts. The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ” Recently, activists have been trying to use culture to save trams.  Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea. Art students paint the trams and local bands perform in the streetcars.  Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival.  “Tramjatra helped expose younger people to trams too,” says Shi.  One north Kolkata tram route was reopened recently. The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum. When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.  But now he seems to have forgotten that pledge. The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system. Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government. The tram depots also sit on valuable real estate the government can sell.  But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action. Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time. Perhaps because it too senses what trams mean for the city, he says.  ""Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams. It’s heart-breaking to think we could be losing one of them.” ",BBC,01/10/2024,"['Last week, authorities in the Indian city of Kolkata announced plans to eliminate trams entirely, retaining only a small heritage loop.', 'In response, a group of activists is fighting to ensure that trams remain a vital mode of transport rather than mere nostalgic joyrides.', 'Sandip Roy reports.', 'In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.', 'Melbourne and Kolkata boast two of the oldest operational tramways in the world.', 'Melbourne’s trams date back to 1885.', 'Kolkata’s first tram, a horse-drawn one, started in 1873.', 'That’s where the similarities end.', ""Melbourne's tram system is going strong despite the government once attempting to get rid of them."", 'The system has been upgraded and some trams are solar-powered.', 'Kolkata’s trams have been steadily declining over the years.', 'From 52 routes in the 1970s, down to 25 in 2015 and now to just three.', 'The tram cars rattle and wheeze, having not been updated in years.', 'Even the signs inside have not changed. “', 'Beware of pickpockets”, “No change available for 100 rupees ($1.19; $0.89) or 50” and “To stop the car please ring the bell only once”.', 'Now, the state government has announced that it wants to do away with trams entirely, save for one small loop as a heritage route.', 'But a dogged group of tram activists is fighting back. “', ""It's a huge backward step as cities worldwide are 'decarbonising transport' because of global warming and climate change,” says Mr D’Andrea, who has helped foster a Kolkata-Melbourne tram friendship over the years. “"", 'More than 400 cities run tram systems.', 'Cities that dismantled their tramways are rebuilding them at great expense in places like Sydney and Helsinki and all over France.', 'Hong Kong runs trams at high frequency on narrow streets,” he says.', 'But West Bengal transport minister Snehasis Chakraborty told the media: “The population and vehicular count of Kolkata have multiplied several times but the city’s roads have not widened.', 'Road space continues to hover around 6% which is way less than Mumbai’s 18% and Delhi’s 10%.”', 'Both those cities once had trams.', 'Mumbai had double-decker ones.', 'Both have done away with them, leaving Kolkata as the only Indian city to hold onto the trundling streetcars.', 'In a way they have become emblematic of the city itself.', 'The city has other landmarks - the steel Howrah bridge, the white-domed Victoria Memorial monument, the colonial buildings in the city’s centre.', 'But just as London has its iconic red double-decker buses, Kolkata has its trams.', 'The ding-ding sound of the first tram of the day rattling down streets was the alarm clock many in Kolkata woke up to.', 'They are a familiar sight in films made in the state. “', 'I have used trams in two of my films and the tram depot as well,” says filmmaker Anjan Dutt.', ""Mahanagar (1963), by celebrated filmmaker Satyajit Ray, opens with a stunning two-minute-long tram sequence, sparks flying from the overhead cables before the camera moves inside to settle on the protagonist's tired face as he returns home from work."", 'Here, the tram stands in for the city itself, both its dreams and the daily grind.', 'In fact, Kolkata’s Belgachia tram depot, once bustling with workmen repairing, maintaining, even building trams, nowadays often doubles as a film set. “', 'Even on a working day I saw films being shot in the workshop,” says Subir Bose, a tram company worker who retired in 2022 after 39 years of service. “', 'A Kolkata film means they have to show a tram.”', 'Trams are very much part of the history of the city and its sense of itself.', 'In 1902, Calcutta as it was known then, became the first Asian city with electric trams.', 'Even after independence, the Calcutta Tramways Company was run from London and was listed on the London Stock Exchange till 1968.', 'The cars were built by companies with names like Burn Standard and Jessop.', ""And it wasn't just a transportation system."", 'The tram lines knit the city together.', 'When bloody Hindu-Muslim riots gripped Calcutta during partition in 1947, tram workers patrolled the city in empty trams to help restore normalcy. “', 'My own father helped save some people from a mob,” says tram driver Gopal Ram. ""', 'Tram workers were like a family.', 'It didn’t matter if you were Hindu or Muslim.”', 'Mr Ram’s great grandfather Antu Ram was a tram employee from the steam-powered days.', 'His grandfather Mahavir and father Jagannath worked for the trams as well.', 'Mr Ram retired recently, the fourth and last generation of his family in Kolkata trams.', 'In some ways, the mystery is that Kolkata’s trams have survived this long. “', 'In the 1950s and 60s, during the personal automobile boom, people were getting rid of trams everywhere, not just in India,” says transport consultant Suvendu Seth. “', 'Now they are making a comeback.', 'The light rail in many cities in the United States is just a newer version of trams.', 'It’s sad that we had it all the time and are neglecting it instead of improving it.”', 'Mr Seth says that instead of complaining about lack of road space, an innovative solution could be to make some roads open only to pedestrians and trams.', 'Debashis Bhattacharyya, a retired academic and president of the Calcutta Tram Users Association, thinks trams survived in Kolkata all these years because they connected the city’s schools, hospitals and cinemas.', 'In the 1990s, as the count of cars and buses increased, the then Communist government in the state called trams “obsolete” and wanted to get rid of them. “', 'I protested,” says Mr Bhattacharyya. “', 'If trams went, I felt my whole existence was threatened.', 'I did exhibitions, slide shows, brought in foreign experts.', 'The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”', 'Recently, activists have been trying to use culture to save trams.', 'Since 1996, filmmaker Mahadeb Shi has been organising the Tramjatra festival, often in collaboration with Mr D’Andrea.', 'Art students paint the trams and local bands perform in the streetcars.', 'Each Tramjatra has a theme, like Nobel laureate Rabindranath Tagore’s Gitanjali or the city’s Durga Puja festival. “', 'Tramjatra helped expose younger people to trams too,” says Shi.', 'One north Kolkata tram route was reopened recently.', 'The West Bengal Transport Corporation also tried to make trams cool again with special projects like a tram library, an Independence Day special tram and a short-lived Tram World museum.', 'When Kolkata received a C40 Cities “Green Mobility” award in Copenhagen in 2019, mayor Firhad Hakim said trams were a key part of his vision to make the city’s transportation all-electric by 2030.', 'But now he seems to have forgotten that pledge.', 'The government admits trams are a “green” mode of transport but says they are investing in other forms instead - electric buses and cars and expanding the underground metro system.', 'Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.', 'The tram depots also sit on valuable real estate the government can sell.', ""But Shi insists the final bell hasn’t rung yet, as the issue is now with the Calcutta High Court, which formed an advisory committee last year to explore how Kolkata’s tram services can be restored and maintained, with the state awaiting the committee's report before taking further action."", 'Mr Bose, the retired tram worker, says the government could have shut down the trams long ago, but that something held it back every time.', 'Perhaps because it too senses what trams mean for the city, he says. ""', 'Three things made Kolkata Kolkata - the Howrah Bridge, the Victoria Memorial and the trams.', 'It’s heart-breaking to think we could be losing one of them.”']",0.1143630946943061,"In February 2023, Kolkata celebrated 150 years of its tramways with music, cake, a beauty parade of vintage trams, including a century-old wooden car, and a cheerful tram conductor, Roberto D’Andrea, who travelled all the way from Melbourne, Australia.",The government should be applying for UNESCO heritage status for trams instead of trying to kill it off. ”,-0.3470679338161762,Mr Bhattacharyya says tram routes have been gobbled up by tuk-tuks which generate more employment and votes for the government.,Kolkata’s trams have been steadily declining over the years.,2024-10-02
Workers must keep all tips from customers under new law,https://www.bbc.co.uk/news/articles/czj9mxnyezdo,2024-09-30T23:01:15.422Z,"Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card. More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.  If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal. It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most. Under the new law, all tips must be passed to employees by the end of the following month from when they were received. Workers will still need to pay tax on their tips, as was the law previously. Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""I'm delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""There's such high turnover in these professions. What happened in my experience was that they said: 'If you don't hand over your 3%, then we won't employ you anymore.'"" Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme. Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff. However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""There are going to be some casualties because of this law,"" she said. Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth. She is a waitress and gets tips, but he does not. Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash."" Tom added: ""I'm the fryer and I don't get the tips. I get paid a little extra. The tips are for their service - it's not for the business."" Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""We have jars with everybody's name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar."" Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out. Staff can now request a breakdown of how tips are being distributed every three months. However, Mr Moyes said the question of ""fairness"" is not clear cut. ""Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true? There isn't any guidance on that,"" he said.   Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"". The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday. It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses. Opinions vary on how much customers should tip. According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK. It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that. Tipping in bars and pubs is not expected. However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard."" ",BBC,30/09/2024,"['Workers should receive all tips from customers under a new law which bans firms from withholding the payments - whether in cash or by card.', 'More than three million service workers in England, Scotland, and Wales should benefit from the law which comes into force on Tuesday.', 'If companies break the law and retain tips, staff will be able to bring claims to an employment tribunal.', 'It applies across industries, but is expected to benefit those working in restaurants, cafes, bars, pubs, hairdressers, or as taxi drivers the most.', 'Under the new law, all tips must be passed to employees by the end of the following month from when they were received.', 'Workers will still need to pay tax on their tips, as was the law previously.', 'Tom William works in property development, but he used to work for a chain restaurant which took 3% of the value all the food and drink that serving staff sold off their salary - regardless of whether or not customers had tipped. ""', 'I\'m delighted about the new law because it gives people on the lowest forms of income and shiftwork a level of protection,"" he says. ""', ""There's such high turnover in these professions."", 'What happened in my experience was that they said: \'If you don\'t hand over your 3%, then we won\'t employ you anymore.\'""', 'Bryan Simpson, hospitality organiser for the union Unite, also welcomed the move. ""', ""These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme."", 'Nisha Katona, owner of Mowgli Street Foods, told the BBC the change was needed because ""young people depend on the law to protect them"" from employers who might avoid sharing tips with staff.', 'However, while she supported the legislation, she believed it would hit some companies that were unprepared. ""', 'There are going to be some casualties because of this law,"" she said.', ""Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth."", 'She is a waitress and gets tips, but he does not.', 'Dory, 28, said: ""The tips that we get on card, we take it straight out of the till and put it in the pot as cash.""', 'Tom added: ""I\'m the fryer and I don\'t get the tips.', 'I get paid a little extra.', 'The tips are for their service - it\'s not for the business.""', 'Emma Webb from The Kitchen in Ilminster, Somerset, said the new rules would not change anything for her business. ""', 'We have jars with everybody\'s name on them and at the end of the day all the tips get shared out between all of the staff,"" she said. ""', 'If customers give a tip through the card machine I get my staff to print off the receipt so I take the tips out of the till and put them in the jar.""', 'Tom Moyes, partner at Blacks Solicitors, says the aim of the law is ""transparency and fairness"" around how tips are handed out.', 'Staff can now request a breakdown of how tips are being distributed every three months.', 'However, Mr Moyes said the question of ""fairness"" is not clear cut. ""', 'Is there an argument that more senior people should be entitled to a greater level of tip or is the reverse true?', 'There isn\'t any guidance on that,"" he said.', 'Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".', ""The Northern Ireland executive is currently drafting a workers' rights bill based on responses to a three-month consultation which closed on Monday."", 'It told the BBC that ""all responses to the consultation"", including proposals to ensure tips are passed onto workers in full, will be taken into account as the bill progresses.', 'Opinions vary on how much customers should tip.', 'According to VisitLondon, the official tourist guide for the city, a 10-15% tip is customary when eating out in the capital or anywhere else in the UK.', 'It adds it is also typical to tip taxi drivers around 10% to 15% for black cabs and minicabs in London, but for taxis generally the expectation is that riders round up their payment to the nearest pound and allow the driver to keep that.', 'Tipping in bars and pubs is not expected.', 'However, Kate Nicholls, chief executive of trade body UK Hospitality, does not believe there are hard and fast rules on tipping in the UK. ""', 'Rather it is left in the hands of the customer to tip what they feel is acceptable,"" she says. ""', 'This is unlike other countries, like the US, where a tip is typically expected to be added by the customer, regardless of service standard.""']",0.1498799206343021,"Tom Howes and Dory Czicza both work at Fish'o'licious, a fish and chip restaurant and takeaway in Great Yarmouth.","Meanwhile, the law has not been introduced in Northern Ireland, which Unite said was ""completely unacceptable"".",0.4230172208377293,"These are the lowest paid workers in the British economy and they are going to benefit massively from this,” he told the BBC's Today programme.",There's such high turnover in these professions.,2024-10-02
California governor Gavin Newsom vetoes landmark AI safety bill,https://www.bbc.co.uk/news/articles/cj9jwyr3kgeo,2024-09-30T01:53:19.595Z,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies. The proposed legislation would have imposed some of the first regulations on AI in the US.  Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state. Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.  The bill would have required the most advanced AI models to undergo safety testing. It would have forced developers to ensure their technology included a so-called ""kill switch"". This would allow organisations to isolate and effectively switch off an AI system if it became a threat. It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems. The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added. At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology. Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI. California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI. The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry.  Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way."" Efforts by Congress to impose safeguards on AI have stalled. OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology. Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added. ",BBC,30/09/2024,"['The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.', 'The proposed legislation would have imposed some of the first regulations on AI in the US.', 'Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.', 'Senator Scott Wiener, who authored the bill, said the veto allows companies to continue developing an ""extremely powerful technology"" without any government oversight.', 'The bill would have required the most advanced AI models to undergo safety testing.', 'It would have forced developers to ensure their technology included a so-called ""kill switch"".', 'This would allow organisations to isolate and effectively switch off an AI system if it became a threat.', 'It would also have made official oversight compulsory for the development of so-called ""Frontier Models"" - or the most powerful AI systems.', 'The bill ""does not take into account whether an Al system is deployed in high-risk environments, involves critical decision-making or the use of sensitive data,"" Mr Newsom said in a statement. ""', 'Instead, the bill applies stringent standards to even the most basic functions - so long as a large system deploys it,"" he added.', 'At the same time, Mr Newsom announced plans to protect the public from the risks of AI and asked leading experts to help develop safeguards for the technology.', 'Over the last few weeks, Mr Newsom has also signed 17 bills, including legislation aimed at cracking down on misinformation and so-called deep fakes, which include images, video, or audio content created using generative AI.', ""California is home to many of the world's largest and most advanced AI companies, including the ChatGPT maker, OpenAI."", ""The state's role as a hub for many of the world's largest tech firms means that any bill regulating the sector would have a major national and global impact on the industry."", 'Mr Wiener said the decision to veto the bill leaves AI companies with ""no binding restrictions from US policy makers, particularly given Congress’s continuing paralysis around regulating the tech industry in any meaningful way.""', 'Efforts by Congress to impose safeguards on AI have stalled.', 'OpenAI, Google and Meta were among several major tech firms that voiced opposition to the the bill and warned it would hinder the development of a crucial technology.', 'Wei Sun, a senior analyst at Counterpoint Research, said: ""AI, as a general-purpose technology, is still in its early stages, so restricting the technology itself, as proposed, is premature. ""', 'Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.']",0.0493610676296589,"The governor of California, Gavin Newsom, has blocked a landmark artificial intelligence (AI) safety bill, which had faced strong opposition from major technology companies.","It would have forced developers to ensure their technology included a so-called ""kill switch"".",-0.5947219133377075,"Instead, it would be more beneficial to regulate specific application scenarios that may cause harm in the future,"" she added.",Mr Newsom said the bill could stifle innovation and prompt AI developers to move out of the state.,2024-10-02
Money paid to sperm donors rises as UK faces shortage,https://www.bbc.co.uk/news/articles/cm24vd6ldypo,2024-09-30T23:05:00.434Z,"Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit. The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today. It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation. Sperm donation can involve visiting a clinic once a week for three to six months. The UK fertility regulator acknowledged a shortage of egg and sperm donors. But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old. One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""I'm a married gay man and we adopted our son so we didn't have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""Going through the adoption process, you meet a lot of straight couples who have had fertility problems. So I wanted to help and give someone a chance to start a family, whether it's someone with fertility problems, a lesbian couple or a single person."" It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.  The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said. Joseph said he was happy with the new compensation rate of £45 per clinic visit. He added: ""I think it's difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive."" But there are groups who are concerned about the rise in compensation. Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""Donations cannot be called altruistic while money is exchanged,"" she said. ""Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals. If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others."" One way to tackle a sperm shortage is by importing it. The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark. Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"". She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors. Ms Nel also believes the narrative is changing surrounding the typical sperm donor. Sperm donors in the UK generally need to be between the ages of 18 and 45. ""Maybe 20 years ago it was students but I think now it's a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""I think the type of person that actually ends up becoming a donor is someone that is more aware of what they're doing, it's not your typical student just looking for an easy way to make money."" The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"". One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored. It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18. ",BBC,30/09/2024,"['Sperm donor compensation has risen from £35 to a maximum of £45 per clinic visit.', 'The £10 rise comes into effect in England, Wales and Northern Ireland from 1 October, when egg donor compensation also rises from £750 to £985, which the fertility regulator clarified today.', 'It is illegal to pay someone to donate sperm or eggs in the UK so the money is to cover expenses such as travel and accommodation.', 'Sperm donation can involve visiting a clinic once a week for three to six months.', 'The UK fertility regulator acknowledged a shortage of egg and sperm donors.', 'But it warned donating was a ""complex decision"" and any child born had the right to contact their biological parents after reaching 18 years old.', 'One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""', 'I\'m a married gay man and we adopted our son so we didn\'t have the normal route that most heterosexuals couples will have had into parenting,"" he said. ""', 'Going through the adoption process, you meet a lot of straight couples who have had fertility problems.', 'So I wanted to help and give someone a chance to start a family, whether it\'s someone with fertility problems, a lesbian couple or a single person.""', 'It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.', 'The Human Fertilisation and Embryology Authority (HFEA), which sets the amount of compensation, said the change was partly due to inflation being high in recent years, but it warned against donating sperm or eggs for the money. ""', 'Choosing to become a donor is a complex decision, with implications for the donor and their wider family, the recipient, and any child born as a result,"" a spokesperson for the fertility regulator said. ""', 'Donors will go through rigorous medical screening and must be comfortable with the fact that any children born from their donation can contact them when they turn 18,"" the HFEA spokesperson said.', 'Joseph said he was happy with the new compensation rate of £45 per clinic visit.', 'He added: ""I think it\'s difficult to strike a balance between compensating somebody and then paying too much and then making it a financial incentive.""', 'But there are groups who are concerned about the rise in compensation.', 'Helen Gibson, founder of Surrogacy Concern, a UK group which campaigns on issues relating to surrogacy and gamete donation said the organisation did not support ""any payment for gametes"". ""', 'Donations cannot be called altruistic while money is exchanged,"" she said. ""', 'Young people’s bodies are not resources to be mined for the benefit of older, wealthier couples and individuals.', 'If there is a ‘shortage’ of donors coming forward, perhaps that reflects the fact that most people do not want their genetic children to be raised by others.""', 'One way to tackle a sperm shortage is by importing it.', 'The HFEA says the majority of imported sperm in the UK comes from sperm banks in the US and Denmark.', 'Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".', 'She also claimed the way people live their lives nowadays could be affecting the quality of sperm, adding that the London Sperm Bank can only accept a small percentage of people who apply to be donors.', 'Ms Nel also believes the narrative is changing surrounding the typical sperm donor.', 'Sperm donors in the UK generally need to be between the ages of 18 and 45. ""', 'Maybe 20 years ago it was students but I think now it\'s a very healthy combination of people because infertility has become a more widely discussed topic and awareness has been increased around it,"" she said. ""', 'I think the type of person that actually ends up becoming a donor is someone that is more aware of what they\'re doing, it\'s not your typical student just looking for an easy way to make money.""', 'The HFEA said UK sperm donors commonly visit a clinic ""once a week for between three and six months"".', 'One of these visits will involve ejaculating into a sterilised cup and the sperm is then frozen and stored.', 'It is not possible to donate anonymously and all donors are made aware that any child born can contact them once they turn 18.']",0.033041129324383,"One sperm donor, who the BBC is calling Joseph, said the £35 he received for each clinic trip did not compensate him ""anywhere near enough"" for his time and travel - but said his motivation was to help people. ""","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",0.0359157919883728,"It is the first time compensation for sperm and egg donors in England, Wales and Northern Ireland has risen since 2011.","Nicole Nel, operations and laboratory manager at the London Sperm Bank, believes the shortage is not due to a ""lack of applicants"" in the UK, but ""the lack in the quality of the applicants"".",2024-10-02
Trademark dispute emerges over Tiger Woods' new logo,https://www.cnbc.com/2024/09/26/trademark-dispute-emerges-over-tiger-woods-new-logo-.html,2024-09-26T20:11:28+0000,"Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute.Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire's long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create. SDR's application should be denied,"" the court filing said.TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.""Sun Day Red was launched in May, following Woods' 27-year partnership with Nike.The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously.""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""Our products have been extremely well received.""A spokesman for Woods declined to comment on the matter.Woods and the Sun Day Red team will have 40 days to file an answer on the notice.The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC. It is unlikely to affect future production of the line, though, he said.""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there's a resolution that might be had,"" Gerben said.He expects the case to settle before it gets close to a trial.""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""",CNBC,26/09/2024,"[""Tiger Woods' new logo for his Sun Day Red golf apparel line is facing a trademark dispute."", 'Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire\'s design into their own branding.', '""The actions of SDR, TaylorMade and Tiger Woods blatantly ignore Tigeraire\'s long-standing protected mark, brand and identity, violate federal and state intellectual property law, and disregard the consumer confusion their actions create.', 'SDR\'s application should be denied,"" the court filing said.', 'TaylorMade Golf, the company behind Sun Day Red, told CNBC, ""We have full confidence in the securitization of our trademarks.', '""Sun Day Red was launched in May, following Woods\' 27-year partnership with Nike.', ""The brand pays homage to the fact that Woods always wears red on Sundays and the logo is a tribute to the 15 majors he's won over the course of his career, Woods said previously."", '""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""', 'Our products have been extremely well received.', '""A spokesman for Woods declined to comment on the matter.', 'Woods and the Sun Day Red team will have 40 days to file an answer on the notice.', 'The opposition proceeding will bring the trademark application that Woods filed for his new logo to a halt, Josh Gerben, a trademark attorney, told CNBC.', 'It is unlikely to affect future production of the line, though, he said.', '""They now likely give themselves an opportunity to negotiate with Tiger and TaylorMade to see if there\'s a resolution that might be had,"" Gerben said.', 'He expects the case to settle before it gets close to a trial.', '""By filing this opposition, the portable fan company really basically gets them a seat at the table to negotiate,"" he said. ""', 'Because in order for Tiger and TaylorMade to get this trademark registered there, you\'re gonna have to win this case.""']",0.1124615410016196,"Because in order for Tiger and TaylorMade to get this trademark registered there, you're gonna have to win this case.""","SDR's application should be denied,"" the court filing said.",0.2565224170684814,"""Sun Day Red continues to penetrate the North American marketplace,"" TaylorMade CEO David Abeles said. ""","Tigeraire, a company that makes cooling products for athletes, has filed a notice of opposition with the U.S. Patent and Trademark Office, alleging that Sun Day Red and Tiger Woods have ""unlawfully hijacked"" Tigeraire's design into their own branding.",2024-10-02
Union boss on US ports strike: 'I'm not playing games',https://www.bbc.co.uk/news/articles/c78d442v3e6o,2024-10-01T18:35:13.924Z,"Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said. Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""We're going to fight for it and we're going to win or this port will never open up again,"" he said. ""I'm not playing games here."" Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy. President Joe Biden has so far rebuffed calls by some of country's biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation.  ""It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said.  ""Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits."" Republican presidential candidate Donald Trump also backed the striking port workers. ""American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement. The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas. The ports are estimated by experts to handle more than a third of the US's imports and exports. Disruption could lead to delays on goods deliveries for businesses and consumers. The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages. Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again. Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.  USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.  The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.  However, the ILA's Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike. He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract. The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation.   ""I'm going to fight for it because those greedy companies are making billions of dollars and they don't want to share,"" he said. ""I want my members taken care of for the rest of their lives and that's why we're out here."" If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world.  ""We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,""  said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""The disruption is going to be massive if the strike lasts,"" she said. Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""It's going to interfere with the proper functioning of the flow of goods,"" he told the BBC. Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said. Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike. But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded. He said he was most worried about potential delays for special-order bridal gowns for November and December weddings.  ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us. That's a hard thing to explain to a potential bride,"" he said. About 75% of his merchandise is routed through east coast ports, he added. He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""I think it's beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can't be done to open this things back up."" ",BBC,01/10/2024,"['Major US ports will stay shut until pay demands are met, the union boss representing striking dockworkers has said.', 'Harold Daggett, head of the International Longshoremen\'s Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""', 'We\'re going to fight for it and we\'re going to win or this port will never open up again,"" he said. ""', 'I\'m not playing games here.""', 'Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.', 'President Joe Biden has so far rebuffed calls by some of country\'s biggest business groups to use federal power to reopen the ports for 80 days, suspending the strike to provide a cooling-off period for further negotiation. ""', 'It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""', 'Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits.""', 'Republican presidential candidate Donald Trump also backed the striking port workers. ""', 'American workers should be able to negotiate for better wages, especially since the shipping companies are mostly foreign flag vessels"", he said in a statement.', ""The strike, the first since 1977 for the ILA, has brought to a halt container traffic across 14 of the country's busiest ports, including in New York, Georgia and Texas."", ""The ports are estimated by experts to handle more than a third of the US's imports and exports."", 'Disruption could lead to delays on goods deliveries for businesses and consumers.', 'The president said officials would be on the alert for signs of prices being unfairly hiked in the event of potential shortages.', 'Talks on a new deal were stalled for months ahead of the strike, but the United States Maritime Alliance (USMX), which represents shipping firms and port associations, said that the two sides had started to trade proposals again.', 'Under the 2018 contract that expired on Monday, dockworkers earned a base hourly wage of $20-$39, as well as other benefits, including royalties tied to container traffic.', 'USMX said its most recent offer would boost pay by nearly 50%, triple company contributions to retirement and improve healthcare, among other concessions.', 'The organisation said the offer exceeded ""every other recent union settlement"" and called the current stand-off ""completely unavoidable"". ""', 'We look forward to hearing from the union about how we can return to the table and actually bargain, which is the only way to reach a resolution,” it said.', 'However, the ILA\'s Mr Daggett said that there had been ""nothing"" so far to bring the union and companies together to end the strike.', 'He said he was prepared to keep the ports shut until companies agreed to boost hourly pay by $5 for each year of the contract.', 'The union, which has about 47,000 active members according to federal filings, is also seeking protections against automation. ""', 'I\'m going to fight for it because those greedy companies are making billions of dollars and they don\'t want to share,"" he said. ""', 'I want my members taken care of for the rest of their lives and that\'s why we\'re out here.""', 'If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. ""', 'We are seeing now that ships are starting to anchor outside of the ports waiting to see what is going to happen,"" said Anne-Sophie Fribourg, a vice president at freight forwarding firm Zencargo, which organises shipments for exporters and importers. ""', 'The disruption is going to be massive if the strike lasts,"" she said.', 'Hamid Moghadam, chief executive of Prologis, one of the biggest warehouse companies in the world and landlord to the likes of Amazon, said while the strike was not a shock, it was ""nonetheless"" going to hurt the economy. ""', 'It\'s going to interfere with the proper functioning of the flow of goods,"" he told the BBC.', 'Already 100,000 containers are in limbo waiting to be unloaded in the New York area, and another 35 ships are expected to arrive this week, the Port Authority of New York and New Jersey said.', ""Danny Reynolds, the owner of Stephenson's, a 93-year-old clothing store in Elkhart, Indiana, said he had paid extra to expedite shipments of sweaters and coats into the country ahead of the strike."", 'But about 25% of his inventory has yet to arrive and he has his fingers crossed it has been unloaded.', 'He said he was most worried about potential delays for special-order bridal gowns for November and December weddings. ""', ""Where we get concerned is where we have special order merchandise for people's wedding days that could be locked up on a ship unable to get to us."", 'That\'s a hard thing to explain to a potential bride,"" he said.', 'About 75% of his merchandise is routed through east coast ports, he added.', 'He explained while he expected his business to be able to function through the end of the year, he feared the wider impact. ""', 'I think the results to the economy could be devastating if this goes on,"" he suggested, adding that he wanted to see the president step in. ""', 'I think it\'s beyond time, quite honestly, for the Biden administration to sit down at the table with them and see what can\'t be done to open this things back up.""']",0.0899861931710234,"Harold Daggett, head of the International Longshoremen's Association (ILA), made the vow on a picket line in New Jersey on Tuesday, as tens of thousands of dockworkers on the east and gulf coasts walked out in a bid to win a better labour deal. ""","Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to global trade and the US economy.",-0.124877218157053,"It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well,"" Biden said. ""","If prolonged, the stoppage is expected to lead to higher prices and shortages in the US, with shipping delays and other impacts rippling out across the world. """,2024-10-02
Surat: The world’s diamond polishing capital feels the Ukraine-Russia war impact,https://www.bbc.co.uk/news/articles/c1e866ypp1zo,2024-09-30T01:04:21.952Z,"Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May. The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed. Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank. Tank died by suicide in August. The last few years have been tough for India’s recession-hit diamond industry. Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers. The city has 15 big polishing units with an annual turnover of more than $100m (£75m). India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024. The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts. Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses. The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn. The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown. The BBC could not independently verify this figure. Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading  manufacturer. India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets. In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries. After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes. Traders in Surat echo that. ""India is at the low end of the value chain of the diamond industry. The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah. Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business. The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP). He said the police were investigating the suicide cases attributed to job losses. ""The government is ready to provide all possible help to polishers, traders and businessmen,” he said. But the families of at least nine workers, who recently took their lives, said they had received little help from the government. The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them. But bigger players are impacted too. Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason. In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help. But there have been others who couldn’t get help in time. Vaishali Patel, 38, lost her husband Nitin two years back. The polishing unit he worked for had laid off a majority of its staff because of a lack of business. Brokers and traders too are facing the brunt. “We have been sitting idle for days. There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers. Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market. Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise. Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless. Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""This too shall pass,"" he says. ",BBC,30/09/2024,"['Nikunj Tank, a worker in the world’s diamond polishing capital Surat in western India, had been desperate since losing his job in May.', 'The unit he worked at for seven years was facing a financial squeeze and closed down, leaving him and over a dozen others unemployed.', 'Tank was the family’s sole breadwinner - he was supporting his parents, wife and daughter and had no savings. ‘‘', 'He couldn’t find a job and unable to bear the loss, he took the extreme step,” said his retired father Jayanti Tank.', 'Tank died by suicide in August.', 'The last few years have been tough for India’s recession-hit diamond industry.', 'Surat, in Gujarat state, processes 90% of the world’s diamonds in over 5,000 units and employs more than 800,000 polishers.', 'The city has 15 big polishing units with an annual turnover of more than $100m (£75m).', 'India’s exports of cut and polished stones fell from $23bn in 2022 to $16bn in 2023 and are expected to drop further to $12bn in 2024.', 'The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.', 'Mahesh Virani of Star Gems explained that oversupply occurred because polishing units continued production despite limited demand to keep operations running, ultimately increasing their losses.', 'The state’s Diamond Workers’ Union, a group representing polishers, told BBC Gujarati that more than 30,000 have lost their jobs in the past six months alone due to the downturn.', 'The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.', 'The BBC could not independently verify this figure.', 'Experts say the Covid-19 lockdown, the Russia-Ukraine and Israel-Gaza wars, and falling demand in key markets have adversely impacted India’s diamond industry. “', 'The business of polished diamonds has gone down by more than 25-30% due to global recession,” said Vallabh Lakhani, chairman of Kiran Gems, a leading manufacturer.', 'India imports 30% of its rough diamonds from Russian mines – now under Western sanctions due to the war – and cuts and polishes them, then sells them mostly in Western markets.', 'In March, the European Union and G7 countries imposed a fresh ban on the import of Russian unpolished diamonds, including those processed in India and sold in the West via third countries.', 'After the fresh ban, India publicly raised concerns, with External Affairs Minister S Jaishankar stating in April that such measures hurt those lower in the supply chain more than Russia, as producers usually find alternative routes.', 'Traders in Surat echo that. ""', 'India is at the low end of the value chain of the diamond industry.', 'The country is highly dependent on the global market, both for raw materials as well as for final sales,"" said exporter Kirti Shah.', 'Additionally, an economic downturn in G7 countries and the UAE and Belgium - India’s key export destinations – has impacted business.', ""The downturn is also attributed to a rise in demand for lab-grown diamonds, a cheaper alternative to natural diamonds, and to the war in Gaza, as the gems form a sizeable chunk of India's trade with Israel. “"", ""The diamond sector in Surat is passing through a bad phase,” said Kumar Kanani, a lawmaker from the state's governing Bharatiya Janata Party (BJP)."", 'He said the police were investigating the suicide cases attributed to job losses. ""', 'The government is ready to provide all possible help to polishers, traders and businessmen,” he said.', 'But the families of at least nine workers, who recently took their lives, said they had received little help from the government.', 'The majority of layoffs have occurred in small and medium-sized units, which typically hire workers for quality checks of rough diamonds and for polishing and shaping them.', 'But bigger players are impacted too.', 'Last month, Kiran Gems asked its 50,000 employees to go on a 10-day vacation, citing the slowdown as a reason.', ""In July, the Diamond Workers' Union started a helpline which received over 1,600 distress calls from polishers seeking jobs or financial help."", 'But there have been others who couldn’t get help in time.', 'Vaishali Patel, 38, lost her husband Nitin two years back.', 'The polishing unit he worked for had laid off a majority of its staff because of a lack of business.', 'Brokers and traders too are facing the brunt. “', 'We have been sitting idle for days.', 'There is hardly any sale or purchase,” said Dilip Sojitra, one of the 5,000 brokers in Surat who sell diamonds to customers, traders and other brokers.', 'Lab-grown diamonds, once in high demand, have also seen prices drop from $300 to $78 per carat due to overproduction, impacting the market.', 'Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.', 'Despite the slowdown, some hope the industry will recover, as it did after the 2008 Great Recession, which shut hundreds of polishing units and left thousands jobless.', 'Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""', 'This too shall pass,"" he says.']",-0.0924295648266793,Surat Diamond Brokers Association president Nandlal Nakrani believes the situation will improve when rough diamond prices decrease and polished diamond prices rise.,"The union says that as per their data collected from victims’ families, police records and news reports, 65 workers have died by suicide in the state over one-and-a-half years due to this slowdown.",-0.6563723584016165,"Mr Sojitra says he believes the upcoming festival season, including Diwali, Christmas, and New Year, will help boost business momentum. ""","The price of polished diamonds dipped by 5%,s to 27% in 2023, due to lower demand and oversupply, say analysts.",2024-10-02
Ex-Harrods director won't take job as Fenwick boss,https://www.bbc.co.uk/news/articles/cq5ejjnp812o,2024-10-01T23:05:04.351Z,"A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned. Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed. It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods. Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment. A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role. The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.  On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods. About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position."" No reason for the decision has been given. Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK. It closed its branch on Bond Street in London earlier this year.  Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.  The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm. He is still listed as chief executive of Morleys on the LinkedIn social networking site. He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003. There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults.   Al Fayed died last year aged 94. Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.  In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.  It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017. The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation.  Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.  He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour. ",BBC,01/10/2024,"['A long-serving former Harrods executive, has decided not to become the boss of department store Fenwick despite being due to start this month, the BBC has learned.', 'Nigel Blow worked at Harrods for 14 years from 1992 to 2007, a period when the luxury London store was owned by Mohamed Al Fayed.', 'It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.', 'Following the allegations against Al Fayed, Mr Blow declined to answer multiple requests for comment.', 'A day after contacting Fenwick, however, the BBC was told he would no longer be taking the role.', 'The BBC first attempted to contact Mr Blow on 21 September - and received no response to multiple subsequent requests.', ""On 30 September Fenwick was contacted to ask if it had any comment to make about the documentary and Mr Blow's long-standing links with Harrods."", 'About 24 hours later, Fenwick told the BBC: ""Nigel Blow has informed us that he will no longer be taking up this position.""', 'No reason for the decision has been given.', 'Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.', 'It closed its branch on Bond Street in London earlier this year.', 'Mr Blow has been the chief executive of the privately-owned department store chain Morleys since 2019.', 'The BBC was told ""no comment"" when it called Morleys on Tuesday to ask if Mr Blow would retain his position at the firm.', 'He is still listed as chief executive of Morleys on the LinkedIn social networking site.', 'He joined Harrods as a merchandise controller in 1992, rising to chief merchant of the store, with a seat on the board, in 2003.', ""There were media reports of Al Fayed's alleged abuse of women during this period - a profile in Vanity Fair in 1995 alleged sexual misconduct against staff, then a documentary in 1997 and a book in 1998 alleged sexual assaults."", 'Al Fayed died last year aged 94.', 'Mr Blow left Harrods in 2007 to join the Irish retailer Brown Thomas.', 'In 2013 he took up a post with another Fayed company - this time as managing director of Turnbull and Asser, the shirt-maker with a Royal Warrant from Prince Charles.', 'It is owned by the Fayed family and chaired by Ali Fayed, Mohamed’s brother, where he stayed until 2017.', ""The BBC has been contacting as many former directors of Harrods as possible to ask what they knew about Al Fayed's behaviour and ask for their reaction to the BBC's investigation."", 'Another former Harrods executive, Andre Maeder, was recently announced as the new chief executive of the department store Selfridges.', 'He told the BBC he was ""horrified"" to watch the documentary about Al Fayed, but added he ""never saw or heard anything"" about his ""abhorrent"" behaviour.']",-0.1559910863863216,"Fenwick is best known for its 140-year-old store in Newcastle, and has eight stores around the UK.",It comes after the BBC broadcast a documentary last month based on the accounts of more than 20 women who said they had been sexually assaulted or raped by Al Fayed while working at Harrods.,,,,2024-10-02
Eli Lilly to build $4.5 billion research and manufacturing center to propel drug pipeline,https://www.cnbc.com/2024/10/02/eli-lilly-to-build-4point5-billion-research-and-manufacturing-center.html,2024-10-02T15:51:36+0000,"In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines. The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency. It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials. Lilly says the facility will be the first of its kind to combine research and production in a single location. ""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company's headquarters in Indianapolis. The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines. It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters. The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy.Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022. That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come. Lilly is already charting its future beyond tirzepatide. The company also wants to develop more drugs for Alzheimer's disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly's chief scientific officer. ""In our industry, people usually like to see what's popular and then follow the leader. So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease. OK, we're working on the next thing. Sorry."" Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.Neuroscience is one area where he and Ricks want to put particular focus. Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do. ""Neuropsych is a huge unmet need,"" Ricks said. ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there. And perhaps the gains we've made in obesity can help fund the research in new areas.""That's not to say Lilly is done with obesity.Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward. The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said. That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide. Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't. He wants to see more pills, especially ones that can go after multiple targets. He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA. Any new advances could help Lilly become the first trillion-dollar health-care company. The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly. ""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""That's how we'll get to a bigger number.""",CNBC,02/10/2024,"['In this articleEli Lilly will spend $4.5 billion to build a center aimed at finding better ways to manufacture its medicines.', 'The facility, called the Lilly Medicine Foundry, will house development of new manufacturing methods with an eye toward efficiency.', ""It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline."", 'The foundry serves a dual purpose: researching new manufacturing procedures, then putting them into practice with production of drugs for clinical trials.', 'Lilly says the facility will be the first of its kind to combine research and production in a single location.', '""The idea is to take molecules from a bench in a lab to scaled for medicines in a pharmacy, and this research and development site will do that work,"" Eli Lilly Chief Executive Officer David Ricks said in an interview from the company\'s headquarters in Indianapolis.', 'The center, which is slated to open in late 2027, will be equipped to make small molecules, biologics and genetic medicines.', 'It will be near a $9 billion manufacturing complex Lilly is building in Lebanon, Indiana, to produce pharmaceutical ingredients like tirzepatide, the active ingredient in Mounjaro and Zepbound.', ""The cranes and steel frames of the active construction site stick out amid the flat farmland, about a 40-minute drive from Lilly's Indianapolis headquarters."", ""The investments are part of Lilly's plan to build upon its success with Mounjaro and Zepbound, which are riding a wave of popularity in so-called GLP-1 drugs with Novo Nordisk's Ozempic and Wegovy."", ""Mounjaro and Zepbound are expected to bring in $50 billion alone by 2028 – almost twice the company's entire full-year revenue in 2022."", 'That gives Lilly more freedom to invest, but it also puts pressure on the company to find and develop more new medicines to keep growing in the years to come.', 'Lilly is already charting its future beyond tirzepatide.', 'The company also wants to develop more drugs for Alzheimer\'s disease and other neurodegenerative conditions like amyotrophic lateral sclerosis, or ALS.""There are all of these huge opportunities to improve human health that are hiding in plain sight,"" said Dr. Dan Skovronsky, Lilly\'s chief scientific officer. ""', ""In our industry, people usually like to see what's popular and then follow the leader."", ""So a lot of the other companies are now stopping their different research projects so they can try and figure out how to catch up to us in obesity and Alzheimer's disease."", ""OK, we're working on the next thing."", 'Sorry.', '""Lilly wants to look for ""breakthrough ideas"" in areas where the company already has a foothold such as oncology and immunology, as well as newer areas like cardiovascular disease, chronic pain and hearing loss, Skovronsky said.', 'Neuroscience is one area where he and Ricks want to put particular focus.', ""Lilly has a long history in the space between its antidepressant Prozac and its newly approved Alzheimer's drug Kisunla, but they see more work to do."", '""Neuropsych is a huge unmet need,"" Ricks said. ""', ""Addiction and mental health, but also neurodegenerative conditions, so we're investing heavily there."", ""And perhaps the gains we've made in obesity can help fund the research in new areas."", '""That\'s not to say Lilly is done with obesity.', ""Ricks acknowledged that one drug won't meet all needs and that Lilly needs to keep moving the science forward."", 'The company has 11 obesity drugs in its pipeline with different mechanisms of action and modes of delivery, he said.', 'That includes two closely watched drugs in Phase 3 trials: an experimental pill called orforglipron and another injectable medicine called retatrutide.', ""Lilly is investing everywhere it thinks makes sense in obesity, Ricks said, but he recognizes other companies might explore new mechanisms that it's possible Lilly hasn't."", 'He wants to see more pills, especially ones that can go after multiple targets.', ""He's also interested in technologies that mean giving injections less frequently, such as short interfering RNA.Any new advances could help Lilly become the first trillion-dollar health-care company."", ""The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion."", 'Ricks downplays the importance of hitting the trillion-dollar mark, saying it would be an outcome, not a goal, for Lilly.', '""We want to do valuable things, and if we\'re successful, we create value,"" Ricks said. ""', 'That\'s how we\'ll get to a bigger number.""']",0.2294570054373137,"""We want to do valuable things, and if we're successful, we create value,"" Ricks said. ""","It's a strategy that's already paying off with Lilly's obesity and weight loss drugs Mounjaro and Zepbound, and Lilly wants it to propel the rest of its pipeline.",0.9362487316131592,"The company's stock has soared nearly 65% over the past year, giving Lilly a market capitalization of about $840 billion.",,2024-10-02
More staff and new equipment for Coventry aluminium firm awarded £6m,https://www.bbc.co.uk/news/articles/cn0exr4r4reo,2024-10-02T05:09:33.212Z,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network. Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components. It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly. Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said. A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme. Funds will also work to move away from aluminium that has been directly mined. Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way. Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.  ",BBC,02/10/2024,"['An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.', 'Sarginsons, based in Coventry, will work with partners including Aston Martin as part of a research programme into developing lighter vehicle components.', 'It aims to use 100% recycled aluminium when producing vehicles to make them more sustainable and cheaper while still operating properly.', 'Artificial Intelligence (AI) will be used to produce designs of new chassis components for an existing Aston Martin model, aiming to reduce development costs, Sarginsons said.', 'A not-for-profit organisation named the Advanced Propulsion Centre and agency Innovate UK have funded the programme.', 'Funds will also work to move away from aluminium that has been directly mined.', 'Gavin Shipley, from Sarginsons, said the research could ""lay the blueprint"" for industries to increase their manufacturing efficiency in a sustainable way.', 'Follow BBC Coventry & Warwickshire on BBC Sounds, Facebook, X and Instagram.']",0.3319146891112798,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,0.9984492361545564,"An aluminium foundry awarded a £6m grant said it will fund more workers, new equipment and a better recycling network.",,2024-10-02
Datacentre construction: Worker shortage hampers boom,https://www.bbc.co.uk/news/articles/c24pvm8ly18o,2024-09-30T23:06:24.749Z,"If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.” The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school. He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres. This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"". And those clients are central to today’s technology landscape. Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services. Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment. Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them. Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year. In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE. But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.” Just finding enough land or power for new datacentres is a problem. Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on. But the industry is also struggling to find the people to build them. “There's just not enough skilled construction workers to go around,” says Dame Dawn. For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors. Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “It is very, very fast. It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “I've done commercial premises, I've worked in universities,” he explains. But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.” Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios. Operators will have strict timeframes to complete a datacentre build or upgrade. At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example. This can mean long days for Datalec’s teams, or even running shifts overnight. If the demands are high, the rewards are significant too. Experienced electrical installers can make six figure salaries. Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand. The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years. Many are concerned that the construction workforce is greying. Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.” One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades. Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"". But there are more choices to tempt young people now, he suggests, including software development or other technology careers. Or indeed being an influencer on the very platforms run out of the datacentres. Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s. Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.” However, Schneider Electric is changing its ratio of graduates to apprentices. “We’ve doubled our intake of apprentices,” says Mr Yeeles. The entire industry must rethink how it recruits younger people, he adds. “My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience. And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”. Schneider Electric, for example, has launched a sustainability apprenticeship program. Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “In terms of a purpose, we're serving the whole population,” she says. “And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.” But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life. As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer. And they look up at the sky.” ",BBC,30/09/2024,"['If someone had asked Billy Keeper five years ago what a datacentre was, he admits: “I would not have had a clue.”', 'The 24-year-old joined specialist electrical firm Datalec Precision Installations as a labourer straight from school.', 'He’s now an electrical supervisor for the UK-based firm, and oversees teams up to 40-strong carrying out electrical and cabling installations at datacentres.', 'This means, “managing the job, from a health and safety perspective, making sure everything goes smoothly, and dealing with the clients"".', 'And those clients are central to today’s technology landscape.', 'Datacentres are the massive warehouse-like buildings from which big tech firms like Amazon, Microsoft and Facebook deliver their cloud services.', 'Other organisations, large and small, run their own dedicated facilities, or rely on “co-location” datacentres to host their computer equipment.', 'Demand for datacentre space has been turbocharged in recent years by the rise of artificial intelligence, which demands ever more high-end computers, and ever more electricity to power them.', 'Total datacentre floorspace across Europe was just over six million sq ft (575,418 sq m) in 2015, according to real estate firm Savills, but will hit more than 10 million sq ft this year.', 'In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.', 'But while demand is surging, says Dame Dawn Childs, chief executive of UK-based operator, Pure Data Centres Group, “delivering and satisfying that demand is challenging.”', 'Just finding enough land or power for new datacentres is a problem.', 'Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.', 'But the industry is also struggling to find the people to build them. “', ""There's just not enough skilled construction workers to go around,” says Dame Dawn."", 'For companies like Datalec, it’s not just a case of recruiting staff from more traditional construction sectors.', 'Datacentre operators – whether co-location specialists or the big tech firms – have very specific needs. “', 'It is very, very fast.', ""It's very, very highly engineered,” says Datalec’s operations director (UK & Ireland), Matt Perrier-Flint. “"", ""I've done commercial premises, I've worked in universities,” he explains."", 'But the datacentre market is particularly regimented, he says, with everything carried out “in a calculated and structured way.”', 'Commissioning a single piece of equipment, such as one of the chiller units that keep temperatures stable within a datacentre, will involve multiple tests and “witnessing”, Mr Perrier-Flint explains, before a final full building test, with failover scenarios.', 'Operators will have strict timeframes to complete a datacentre build or upgrade.', 'At the same time, they won’t want to disrupt key business periods – ecommerce operators will typically put a freeze on any work in the runup to Christmas for example.', 'This can mean long days for Datalec’s teams, or even running shifts overnight.', 'If the demands are high, the rewards are significant too.', 'Experienced electrical installers can make six figure salaries.', 'Nevertheless, companies like Datalec face a constant battle to ensure they have enough suitably qualified staff on hand.', 'The Construction Industry Training Board predicts the UK needs to recruit 50,300 extra workers annually for the next five years.', 'Many are concerned that the construction workforce is greying.', ""Dame Dawn says, “I think, along with all of the other technical industries, we're having difficulty feeding the pipe.”"", 'One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.', 'Mr Perrier-Flint says that when he was younger, the consensus was “you can never go wrong with a trade, you can never go wrong with construction"".', 'But there are more choices to tempt young people now, he suggests, including software development or other technology careers.', 'Or indeed being an influencer on the very platforms run out of the datacentres.', 'Mark Yeeles, vice president, Secure Power Division, UK and Ireland, at power and automation firm Schneider Electric, began as an apprentice in the 1990s.', 'Given that the industry is often looking for people with 15 years’ experience, he says, “The time to start investing in apprentices was 10 years ago.”', 'However, Schneider Electric is changing its ratio of graduates to apprentices. “', 'We’ve doubled our intake of apprentices,” says Mr Yeeles.', 'The entire industry must rethink how it recruits younger people, he adds. “', 'My team needs to reflect the communities we’re working in,” he says, including in terms of gender, background, and experience.', 'And it needs to consider the career pathways it offers and recognise young people’s need for a “mission” or “purpose”.', 'Schneider Electric, for example, has launched a sustainability apprenticeship program.', 'Dame Dawn agrees about the need to increase diversity and recognise recruits’ need for a mission. “', ""In terms of a purpose, we're serving the whole population,” she says. “"", ""And if we could be part of the solution for net zero, then it's serving a significant purpose, because it's enabling humanity to drive forward.”"", 'But perhaps the first challenge is simply explaining to potential recruits why datacentres and the cloud are central to so many facets of modern life.', 'As Billy Keeper says, “You try and explain to someone what the cloud is and what we offer.', 'And they look up at the sky.”']",0.1447031489096326,"Labour’s election manifesto promised to overhaul planning to encourage the building of infrastructure, including datacentres and the power networks they rely on.",But the industry is also struggling to find the people to build them. “,0.1520353463979867,"In London alone, datacentre “take up” in 2025 will be almost triple that of 2019, predicts real estate services firm CBRE.",One reason for the shortfall is a focus on university education at the expense of traditional technical or apprenticeship routes in recent decades.,2024-10-02
Trump makes misleading claim about migrants with criminal records,https://www.bbc.co.uk/news/articles/cz04y0371lvo,2024-10-02T00:31:57.820Z,"Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.  Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"". But both claims are misleading. The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody. However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations. It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies. The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.  They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody. Of these:  However, a DHS statement said the data had been “misinterpreted"".  “It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said. So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims.  “For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council. BBC Verify has asked the DHS how many are being held in detention by other agencies.  Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America. The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration."" The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration. The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time. Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574. So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute. The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden.   “Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick. In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card. BBC Verify has asked for a breakdown. Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.” There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community. The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries. DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.  What do you want BBC Verify to investigate? ",BBC,02/10/2024,"['Newly-released figures about migrants with criminal convictions are being used to attack Democrats for the border policies under President Biden and Kamala Harris.', 'Donald Trump has used the figures to claim that ""13,000 convicted murderers entered our country during her three and a half year period as Border Czar"" and said they were allowed to ""openly roam our country"".', 'But both claims are misleading.', 'The new figures released by Immigration and Customs Enforcement (ICE) do show some 13,000 non-citizens convicted of homicide were on its records and not in its custody.', 'However, the Department of Homeland Security (DHS), which oversees ICE, said the figures cover a period of many years, and include migrants who entered the US under the Trump presidency and previous administrations.', 'It also said that those on the list may not be in ICE custody but could be detained or in prison under the supervision of other agencies.', 'The figures were released in a letter from ICE to Republican congressman Tony Gonzales, who had requested them.', 'They show that, as of July 2024, there were 425,431 non-citizens with criminal convictions on ICE’s ""non-detained docket"" - a database of people facing deportation proceedings but who are not held in ICE custody.', 'Of these: However, a DHS statement said the data had been “misinterpreted"". “', 'It also includes many who are under the jurisdiction or currently incarcerated by federal, state or local law enforcement partners,” the DHS said.', 'So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “', 'For example, Zacarias Moussaoui, who’s in a maximum security prison in Colorado for his role in the 9/11 attacks, is not currently detained by ICE so will likely be on that list,” says Aaron Reichlin-Melnick, an immigration enforcement expert at the American Immigration Council.', 'BBC Verify has asked the DHS how many are being held in detention by other agencies.', 'Trump said that the 13,000 convicted of killing someone entered the US under the Biden-Harris administration, but the ICE figures do not state when these people came to America.', 'The DHS said: ""The data goes back decades; it includes individuals who entered the country over the past 40 years or more, the vast majority of whose custody determination was made long before this [Biden-Harris] administration.""', 'The non-detained docket is not routinely released and it is only published under certain circumstances on request - so we do not have exact numbers under each administration.', 'The numbers were previously published in June 2021, five months into the Biden presidency, which showed there were 405,431 convicted criminals on the list at that time.', ""Before that, an official report published in August 2016, towards the end of Barack Obama's presidency, showed 368,574."", 'So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “', 'This data shows a significant number would have gotten on the list during the prior administrations, and the docket has grown under multiple administrations, including the Trump one,” said Michelle Mittelstadt of the Migration Policy Institute.', 'The overall number of non-citizens on the list has increased in recent years due to high levels of immigration under President Biden. “', 'Although, the number of people on the non-detained docket has increased substantially under the Biden administration, the number of people who are convicted criminals on the list hasn’t,” says Mr Reichlin-Melnick.', 'In the letter, ICE does not specify how many of the non-citizens with criminal convictions on its list are illegal immigrants and how many entered the US with, for example, a green card.', 'BBC Verify has asked for a breakdown.', 'Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “', 'The US government cannot put a person on a commercial or government flight to return them to their country of nationality without agreement by that country,” says Michelle Mittelstadt. “', 'Because the US has very limited diplomatic relations with Venezuela, Cuba, and Nicaragua, for example, deportation flights and returns to those countries are rare.”', 'There are federal laws in place which mean people can only be held in detention for six months before the US government has to show they are a danger to the community.', 'The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.', 'DHS says it has removed over 180,000 non-citizens with criminal convictions since January 2021.', 'What do you want BBC Verify to investigate?']",-0.2451082347038028,"So, just because they are not being held by ICE, it does not mean they are all ""roaming freely"", as Trump claims. “","The UN Convention Against Torture means some immigrants, even those convicted of serious crimes, can have their deportation deferred if judges determine they would likely be tortured or persecuted in their home countries.",0.6008208394050598,"So, the list grew by almost 37,000 over five years, which includes Trump’s term in office. “","Part of the reason why overall numbers are high, experts say, is because of problems with deporting certain non-citizens who have committed crimes. “",2024-10-02
US ports strike causes first shutdown in almost 50 years,https://www.bbc.co.uk/news/articles/c3vkdp3rx17o,2024-09-30T18:13:29.842Z,"Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season. Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas. The action marks the first such shutdown in almost 50 years. President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act. Talks have been stalled for months and the current contract between parties expired on Monday. The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly."" The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators. On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options. Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation. USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table. Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience. Workers also receive other benefits, such as bonuses connected to container trade.  Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.  The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries. It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear. The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.  Time-sensitive imports, such as food, are likely to be among the goods first impacted. The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau. Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said. Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit. Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""I don't think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues. More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher. She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs. That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added. The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time. The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks. The strike risks putting President Biden in a tricky spot.  US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue. In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union. The US Chamber of Commerce business group has called on President Biden to take action. ""Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021. It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group. The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago. He met with Donald Trump last year. Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University. But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors. A related civil suit remains unresolved.   Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union's image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers' concerns about cost-of living and automation. ""As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don't think they will be swayed by public opinion in any meaningful way,"" he said.  ""What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer."" ",BBC,30/09/2024,"['Tens of thousands of dockworkers have gone on strike indefinitely at ports across much of the US, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.', ""Members of the International Longshoremen's Association (ILA) walked out on Tuesday at 14 major ports along the east and gulf coasts, halting container traffic from Maine to Texas."", 'The action marks the first such shutdown in almost 50 years.', 'President Joe Biden has the power to suspend the strike for 80 days for further negotiations, but the White House has said he is not planning to act.', 'Talks have been stalled for months and the current contract between parties expired on Monday.', 'The White House said that President Biden and Vice President Kamala Harris were monitoring the strike closely. ""', 'The President has directed his team to convey his message directly to both sides that they need to be at the table and negotiating in good faith - fairly and quickly.""', 'The two sides are fighting over a six-year master contract that covers about 25,000 port workers employed in container and roll-on/roll-off operations, according to the US Maritime Alliance, known as USMX, which represents shipping firms, port associations and marine terminal operators.', ""On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options."", 'Union boss Harold Daggett has called for significant pay increases for his members, while voicing concerns about threats from automation.', 'USMX has accused the union of refusing to bargain, filing a complaint with labour regulators that asked them to order the union back to the table.', ""Under the previous contract, starting wages ranged from $20 to $39 per hour, depending on a worker's experience."", 'Workers also receive other benefits, such as bonuses connected to container trade.', 'Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.', 'The ILA said workers are owed after shipping firm profits soared during the Covid pandemic, while inflation hit salaries.', 'It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.', 'The union has said it represents more than 85,000 people; it claimed about 47,000 active members in its annual report to the Labor Department.', 'Time-sensitive imports, such as food, are likely to be among the goods first impacted.', 'The ports involved handle about 14% of agricultural exports shipped by sea and more than half of imports, including a significant share of trade in bananas and chocolate, according to the Farm Bureau.', 'Other sectors exposed to disruption include tin, tobacco and nicotine, Oxford Economics said.', 'Clothing and footwear firms, and European carmakers, which route many of their shipments through the Port of Baltimore, will also take a hit.', 'Imports in the US surged over the summer, as many businesses took steps to rush shipments ahead of the strike. ""', 'I don\'t think we will see immediate, significant economic impacts...but over the course of weeks, if the strike lasts that long, we can begin to see prices rise and for there to be some shortages in goods,"" said Seth Harris, a professor at Northeastern University and a former White House adviser on labour issues.', 'More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.', 'She said more than 100,000 people could find themselves temporarily out of work as the impact of the stoppage spreads. ""', 'This is really a trigger event, one that will see dominoes fall over the coming months,"" said Peter Sand, chief analyst at ocean freight analytics firm Xeneta, warning that the stand-off also has the potential push up wider shipping costs.', 'That would hit consumers and businesses which tend to rely on so-called ""just-in-time"" supply chains for goods, he added.', 'The stand-off marks the first time since 1977 that the ILA has gone on strike and injects uncertainty into the US economy at a delicate time.', 'The economy has been slower and the unemployment rate is ticking higher as the US election approaches in six weeks.', 'The strike risks putting President Biden in a tricky spot.', 'US presidents can intervene in labour disputes that threaten national security or safety by imposing an 80-day cooling-off period, forcing workers back on the job while negotiations continue.', 'In 2002, Republican President George W Bush intervened to open ports after 11 days of a strike action by dockworkers on the west coast, who are represented by a different union.', 'The US Chamber of Commerce business group has called on President Biden to take action. ""', 'Americans experienced the pain of delays and shortages of goods during the pandemic-era supply chain backlogs in 2021.', 'It would be unconscionable to allow a contract dispute to inflict such a shock to our economy,"" said Suzanne P. Clark, president and chief executive of the business group.', ""The ILA's Mr Daggett endorsed Democrat Biden in 2020, but has been critical of the president more recently, citing pressure on west coast dockworkers to reach a deal a year ago."", 'He met with Donald Trump last year.', 'Although any strike chaos is likely to hurt Democrats, the cost of alienating allies in the labour movement just weeks before the election would be greater, said William Brucher, a professor of labor studies and employment relations at Rutgers University.', 'But public support of strikes could be tested by the dispute, which has been championed by Mr Daggett, who was acquitted of having links to organised crime in a 2004 case by federal prosecutors.', 'A related civil suit remains unresolved.', 'Films such as the 1954 classic crime drama On the Waterfront, starring Marlon Brando, once defined the union\'s image, but Prof Brucher said he thought that historical memory had largely faded and many people shared the dockworkers\' concerns about cost-of living and automation. ""', 'As much as it could sway public opinion against the ILA, a strike by ILA members is their decision and I don\'t think they will be swayed by public opinion in any meaningful way,"" he said. ""', 'What is more likely to happen is the pressure of a strike will likely force the employers back to the table with a much more substantial offer.""']",-0.0917301619336249,"On Monday, USMX said it had increased its offer, which would raise wages by almost 50%, triple employers' contributions to pension plans and strengthen health care options.","It has warned to expect a wider strike of its members, including those not directly involved in this dispute, though the exact numbers are unclear.",-0.4163661077618599,"Mr Daggett has indicated the union wants to see per-hour pay increase by five dollars per year over the life of the six-year deal, which he estimated amounted to about 10% per year.","More than a third of exports and imports could be affected by the strike, hitting US economic growth to the tune of at least $4.5bn each week of the strike, according to Grace Zemmer, an associate US economist at Oxford Economics, though others have estimated the economic hit could be higher.",2024-10-02
Mulberry: Mike Ashley's Frasers Group makes offer for handbag maker,https://www.bbc.co.uk/news/articles/c9qvy25dq40o,2024-09-30T11:27:44.837Z,"Mike Ashley's Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand's future. Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances. Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.  As it made its offer, Frasers said it had only been made aware of Mulberry's plan to raise additional funds “immediately prior to its announcement”. ""Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said. Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry's auditor in its annual report, published on Friday, which noted there was  ""material uncertainty related to going concern"". It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration."" Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company.  ""However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year."" Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss. In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before. Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%. Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"". ",BBC,30/09/2024,"['Mike Ashley\'s Frasers Group has made a takeover approach for luxury handbag maker Mulberry, adding it was ""exceptionally concerned"" about the fashion brand\'s future.', ""Mulberry's sales have fallen sharply following a downturn in the luxury sector, and last week it announced plans to raise nearly £11m to bolster its finances."", 'Frasers Group, which owns several retailers including Sports Direct and Flannels, already holds a 37% stake in Mulberry and its proposed offer values the firm at £83m. Frasers added it wanted to avoid ""another Debenhams situation"" - referring to the department store chain that collapsed in 2019.', 'As it made its offer, Frasers said it had only been made aware of Mulberry\'s plan to raise additional funds “immediately prior to its announcement”. ""', 'Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,"" it said.', 'Frasers said it was ""exceptionally concerned"" at an opinion by Mulberry\'s auditor in its annual report, published on Friday, which noted there was ""material uncertainty related to going concern"".', 'It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""', 'Debenhams, in which Frasers held a stake, went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow.', 'Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. ""', 'Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company. ""', 'However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""', 'Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.', 'In its most recent full-year results, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before.', 'Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%.', 'Chairman Chris Roberts said the luxury sector had faced ""significant challenges"" over the past year, with ""markets across the globe facing a tightening of consumer spending"".']",-0.0349462717349051,"It said: ""As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.""","Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ""Mike Ashley’s frustration with Mulberry is plain to see. """,-0.8131950931115584,"Ms Streeter said Frasers Group had already taken steps to ""move upmarket"", such as increasing its stake in Hugo Boss.","However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.""",2024-10-02
Hoda Kotb announces she is leaving NBC's 'TODAY' show,https://www.cnbc.com/2024/09/26/hoda-kotb-leaving-nbc-today-show.html,2024-09-26T14:24:38+0000,"Hoda Kotb will be leaving her role as a co-anchor on NBC's ""TODAY"" show early next year, she announced in a letter to staff on Thursday.""As I write this, my heart is all over the map,"" she wrote. ""I know I'm making the right decision, but it's a painful one. And you all are the reason why. They say two things can be right at the same time, and I'm feeling that so deeply right now. I love you and it's time for me to leave the show.""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline."" In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager. She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018. They were the first all-women pair to anchor the news program.In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""I'll be around. How could I not? Family is family and you all will always be a part of mine.""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""",CNBC,26/09/2024,"['Hoda Kotb will be leaving her role as a co-anchor on NBC\'s ""TODAY"" show early next year, she announced in a letter to staff on Thursday.', '""As I write this, my heart is all over the map,"" she wrote. ""', ""I know I'm making the right decision, but it's a painful one."", 'And you all are the reason why.', ""They say two things can be right at the same time, and I'm feeling that so deeply right now."", ""I love youandit's time for me to leave the show."", '""Kotb first joined NBC News in 1998 as a correspondent, regularly appearing on ""Dateline.""', 'In 2007, she became the inaugural host of the fourth hour of ""TODAY,"" later joined by Kathie Lee Gifford and then Jenna Bush Hager.', ""She also became the co-anchor of the show's 7:00 a.m. ET hour with Savannah Guthrie in 2018."", 'They were the first all-women pair to anchor the news program.', 'In the letter, the veteran journalist thanked the ""TODAY"" staff and wrote that her 60th birthday celebration on the show in August was a sign that she was ready for her next chapter.', 'Kotb said she will be staying within NBCUniversal, though she did not specify in what capacity.', '""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I\'ve been lucky enough to hold close to my heart,"" she wrote. ""', ""I'll be around."", 'How could I not?', 'Family is family and you all will always be a part of mine.', '""Disclosure: NBCUniversal is the parent company of CNBC and NBC, which broadcasts ""TODAY.""']",0.0980300956305826,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. ""","I know I'm making the right decision, but it's a painful one.",0.8195086121559143,"""Happily and gratefully, I plan to remain a part of the NBC family, the longest work relationship I've been lucky enough to hold close to my heart,"" she wrote. """,,2024-10-02
"Post Office scandal payouts won't be done by March, says minister",https://www.bbc.co.uk/news/articles/cp3wvdlq7pwo,2024-10-01T23:06:11.872Z,"Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"". It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year. Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office. Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""I think we will have made substantial progress by next summer."" But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"". Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again."" Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence. Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts. It has been described as the biggest miscarriage of justice in British legal history. Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods. Some died while waiting for justice. Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019. Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case. The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since. Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers. A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024. Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress.  ""We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""There are four compensation schemes in place, two of which the government runs, and two of which the post office runs. I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""My message...to him [Sir Alan] is keep holding our feet to the fire."" ",BBC,01/10/2024,"['Post Office Horizon scandal victim Jo Hamilton has hit out at delays to compensation for sub-postmasters, saying the government should ""just pay"".', 'It comes after Post Office minister Gareth Thomas said not all payments would be made by March next year.', 'Former sub-postmaster Sir Alan Bates had called for a March 2025 deadline to compensate all involved in the initial legal action against the Post Office.', 'Thomas agreed with Sir Alan that faster progress was needed, but said it would be ""difficult"" to achieve that deadline. ""', 'I wish I could commit to Sir Alan’s time frame,"" he told BBC Breakfast. ""', 'I think we will have made substantial progress by next summer.""', 'But Ms Hamilton hit back, saying Thomas ""could pay by the end of March"", adding that the whole process is ""just nonsense"".', 'Sub-postmasters have already submitted claims on previous occasions - some as early as 2013 - and are having to re-submit them. ""', 'They could apply a broad brush approach, and if claims are reasonable, just pay them,"" she said, adding: ""It’s almost like we’re being treated like criminals all over again.""', 'Speaking for other scandal victims - Ms Hamilton settled for an undisclosed sum - she said some claims have not been submitted because sub-postmasters have to go to the Post Office, ""who is a bit like the fox in the hen house"", for evidence.', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT accounting system made it look like money was missing from branch accounts.', 'It has been described as the biggest miscarriage of justice in British legal history.', 'Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.', 'Some died while waiting for justice.', 'Sir Alan leads the Justice for Sub-postmasters Alliance, campaigning for financial redress for the 555 victims who took part in the landmark group legal action against the Post Office that culminated in 2019.', 'Their compensation was, however, swallowed up by the huge legal costs involved in bringing their case.', 'The government went on to set up a specific compensation fund to give these sub-postmasters the redress like others affected, but Sir Alan has said the deadline is needed as three years have passed since.', 'Last month, Sir Alan questioned whether the government was dragging the ""issue out to exhaust victims until their deaths"" and if the scheme has become a ""gravy train"" for its lawyers.', 'A total of £265m has been spent on lawyers relating to the Post Office scandal from 2014 to 2024.', 'Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""', 'We are trying to unblock the blockages and speed up the process of compensation,"" he added. ""', 'There are four compensation schemes in place, two of which the government runs, and two of which the post office runs.', 'I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" ""', 'My message...to him [Sir Alan] is keep holding our feet to the fire.""']",-0.052868849603408,"Post Office minister Thomas told the BBC: ""I agree with him, [Sir Alan] we need to make faster progress. ""","Some sub-postmasters ended up going to prison, while many more were financially ruined and lost their livelihoods.",-0.3736910711635243,"I think we will have made substantial progress by next summer.""","I have looked at whether we should just start afresh but that would lead to further delays in getting money out of the door."" """,2024-10-02
New Starbucks CEO Brian Niccol commits to working with union as talks move forward,https://www.cnbc.com/2024/09/25/new-starbucks-ceo-brian-niccol-commits-to-working-with-union.html,2024-09-25T14:38:53+0000,"In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union. The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company. The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union. For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions. In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized. Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize. Chipotle denied any wrongdoing.Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees. The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.",CNBC,25/09/2024,"['In this articleStarbucks CEO Brian Niccol said the coffee chain is committed to bargaining in good faith with the union that represents many of its baristas, as the two sides work to craft a labor deal.', '""I deeply respect the right of partners to choose, through a fair and democratic process, to be represented by a union,"" Niccol wrote on Tuesday in a letter to the union obtained by CNBC. ""', 'If our partners choose to be represented, I am committed to making sure we engage constructively and in good faith with the union and the partners it represents.', '""He was responding to a letter from the Starbucks Workers United bargaining delegation sent a day earlier, ahead of another bargaining session between Starbucks and the union.', 'The two sides are negotiating a framework that would be the basis for collective bargaining agreements between individual stores and the company.', 'The union is pushing for fair scheduling, a living wage, and racial and gender equity, the delegation said in its letter.', '""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.', 'Three years ago, Starbucks baristas started unionizing under Workers United, an affiliate of the Service Employees International Union.', 'For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.', ""But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media."", 'Niccol joined Starbucks several weeks ago, making him a newcomer to the union discussions.', 'In his previous role as CEO of Chipotle Mexican Grill, only one location, in Lansing, Michigan, successfully unionized.', 'Last year, the burrito chain agreed to pay former employees of an Augusta, Maine, location $240,000 as part of a settlement for closing the restaurant when workers tried to unionize.', 'Chipotle denied any wrongdoing.', ""Today, Workers United represents more than 490 of Starbucks' U.S. cafes and more than 10,500 of its employees."", 'The company has more than 16,700 locations in the U.S., more than half of which are owned by the company.']",0.3833215389811322,"""We know that many of your dedicated customers — as well as future generations of customers — have a vested interest in the outcome of our negotiations and reaching a foundational agreement,"" the group wrote in its letter to Niccol.",Chipotle denied any wrongdoing.,0.5860569973786672,But the turning point for both parties came six months ago when they agreed to work together on a path forward after mediation to resolve lawsuits sparked by the union's posts on social media.,"For two and a half years, the coffee giant tried to curb the union push, leading to battles that played out in headlines, social media and courts.",2024-10-02
Student debt fights hit home: 'I'm in limbo',https://www.bbc.co.uk/news/articles/c204ywxzl11o,2024-09-29T06:36:23.422Z,"After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight. But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government. For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan. November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity. Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College. Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""I'm just in limbo,"" she says. ""I don't know what's going to happen and it scares me.” Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years. But participation in the US repayment plan remained low, partly because of limited awareness. President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important. Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts. Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans. That's more loan forgiveness than any other president. But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power. A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review. Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans. But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief. In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help. Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years. While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""It's just a mess,"" she said. ""It's very confusing and very hard to plan when the most concrete things are no longer there."" The US put student loan payments on hold during the pandemic. As of January, a few months after payments resumed, only half of debtors were up to date on their bills. Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree. But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment. Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""There's no clear understanding on what we're supposed to do,"" she said of her loan situation. ""It's disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us."" On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue. Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver. At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"". For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy. For Democrats, it remains to be seen whether student loan forgiveness will help or hurt. A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse. Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""The politics of asking your plumber to pay for your kids' fancy liberal arts degree - this doesn't make a lot of sense,"" he said. But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said. Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020. He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education. But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it's unfair,"" he said. ""Obviously as a voter you can't have every single issue fall out the way you want it."" ",BBC,29/09/2024,"['After nearly two decades of student loan payments, Angela Carpio, 40, thought the finishing line was in sight.', ""But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government."", 'For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.', ""November's election, in which two candidates with starkly different visions for handling the debt are running neck-and-neck, is only adding to the sense of insecurity."", 'Angela took out her first student loans in 2001, eventually borrowing about $25,000 as she attended the for-profit DeVry University in Florida before earning an associate degree at Valencia College.', 'Despite making steady payments, her balance is still stuck at more than $20,000 as interest racks up. ""', 'I\'m just in limbo,"" she says. ""', ""I don't know what's going to happen and it scares me.”"", ""Since the 1990s, the US has offered some borrowers the option to repay student loans using a process similar to the UK, where bills are based on a proportion of a borrower's income and the debt is written off after 25 years."", 'But participation in the US repayment plan remained low, partly because of limited awareness.', 'President Joe Biden, initially a sceptic of loan forgiveness, made it a signature policy for his administration, aiming to shore up support among younger voters, who are most likely to hold debts and rate the issue as important.', 'Vice-President Kamala Harris, now the Democratic presidential nominee, has pledged to continue his efforts.', 'Under Biden, the government has wiped out more than $168bn in debt for over 4.7 million borrowers, over a million of them lower-income Americans.', ""That's more loan forgiveness than any other president."", ""But the US Supreme Court last year struck down the White House's most sweeping proposal - to cancel $400bn in student loans for 16 million borrowers - ruling it was an illegal use of executive power."", 'A second Biden plan called Save (Saving on a Valuable Education) - which offered lower monthly loan payments - is on hold pending federal court review.', 'Republican officials have led the legal challenges, arguing the debt write-off is unfair to the vast majority of Americans who did not take out student loans.', 'But supporters of the White House policy say they are merely trying to fix problems that they argue have unfairly deprived borrowers of relief.', 'In the meantime, the court setbacks have caused head-spinning bureaucratic headaches for precisely those Biden was trying to help.', 'Angela had enrolled in Biden’s Save payment plan, which promised to cut the $400 or so she owed each month roughly in half and cancel her debt after 20 years.', 'While the legal challenge has halted her payments - for now - she said the temporary reprieve has only stoked her worries about what comes next. ""', 'It\'s just a mess,"" she said. ""', 'It\'s very confusing and very hard to plan when the most concrete things are no longer there.""', 'The US put student loan payments on hold during the pandemic.', 'As of January, a few months after payments resumed, only half of debtors were up to date on their bills.', ""Veronica Williams, a 32-year-old from Sacramento, California, has $127,000 in student debt after earning a college and a master's degree."", 'But the court battles have also left her loan up in the air, and she says she cannot even get answers about what she owes for her monthly payment.', 'Veronica, who works for the Department of Veterans Affairs, backed Biden in 2020, but said she was still waiting to decide if she would support Democrats again. ""', 'There\'s no clear understanding on what we\'re supposed to do,"" she said of her loan situation. ""', 'It\'s disheartening because it feels like it leaves me and my friends and colleagues confused on what the future... is going to be for us.""', 'On the campaign trail, Harris, while promising support for forgiveness, has not spotlighted the issue.', 'Donald Trump, meanwhile, has argued that Democrats have ""taunted"" borrowers with hope while failing to deliver.', 'At the same time, the Republican presidential nominee has condemned student debt forgiveness as ""vile"".', ""For Republicans, who have seen college-educated and younger voters shift decisively to Democrats in recent years, the risks of opposing cancellation are minimal, said Anthony Fowler, a professor at the University of Chicago's Harris School of Public Policy."", 'For Democrats, it remains to be seen whether student loan forgiveness will help or hurt.', ""A June UChicago Harris/AP-NORC poll found just 30% of Americans approved of Biden's handling of the issue, though Republicans and the Supreme Court fared even worse."", 'Prof Fowler said he thought embracing debt forgiveness could backfire for Democrats, noting that less than 40% of US adults over age 25 hold college degrees and research has found sweeping forgiveness would benefit households with higher-than-average incomes. ""', 'The politics of asking your plumber to pay for your kids\' fancy liberal arts degree - this doesn\'t make a lot of sense,"" he said.', 'But Mallory SoRelle, professor at Duke University\'s Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""', 'If [Biden\'s plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.', 'Robert Henley, a 68-year-old public sector retiree from Tallahassee, Florida, voted for Trump in 2016 and Biden in 2020.', ""He said he opposed debt forgiveness as too costly to the government and unfair to taxpayers like him and his wife who had sacrificed to save for their children's education."", 'But he said he expected to vote for Harris in November anyway, citing other concerns - such as his mistrust of Trump. ""', 'As a country, we cannot afford to be giving away money - but really more importantly from my point of view, it\'s unfair,"" he said. ""', 'Obviously as a voter you can\'t have every single issue fall out the way you want it.""']",-0.034349422627171,"But Mallory SoRelle, professor at Duke University's Sanford School of Public Policy, noted that an estimated one-third of Americans with student debt did not graduate and that polls indicate significant support among Democrats and independents for at least some relief. ""","But now she's caught in the middle of a political tug of war over a $1.74tn (£1.31tn) mountain of student debt held by 45 million Americans, most of it owed to the federal government.",-0.4279740017194014,"If [Biden's plans] actually had gone through in a timely manner, I think we would see a much bigger boost for Democrats, but this is an issue that voters still say they care about,"" she said.","For borrowers like Angela, a mother-of-two and software developer who lives near Minneapolis, Minnesota, the logjam has upended family budgets and made it difficult to plan.",2024-10-02
BBC's Frank Gardner forced to crawl to toilet on plane,https://www.bbc.co.uk/news/articles/c7490n4rnkpo,2024-10-01T12:18:42.169Z,"On a flight from Warsaw back to London on Monday I had to crawl on the floor of the plane in order to reach the toilet. I have been paralysed ever since I was shot by al-Qaeda gunmen in Saudi Arabia 20 years ago. My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading. I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison. In this instance it was humiliating to have to shuffle along the floor of an aircraft in front of other passengers in my suit. Polish Airlines LOT, which flies in and out of Heathrow, said it was not its policy to have onboard aisle chairs. This is unacceptable for disabled passengers, since these devices are smaller than a pram, and can easily fold up to fit into a cupboard or an overhead locker.  British Airways, Easyjet, and every other airline I have flown with recently all have them on board as standard. This shouldn't be difficult to fix in my opinion. This ‘policy’ is surely wrong - it needs to be changed without delay. This is 2024, not 1970, and I find it extraordinary that an airline is allowed to fly in and out of British airports with a policy that effectively says ‘if you can’t walk, you can’t go to the toilet on our planes’. In a statement to the BBC, Polish Airlines LOT said it was ""deeply sorry for the distressing experience"", and that it ""sincerely apologises for the inconvenience and discomfort caused by the lack of an onboard wheelchair"". It said that due to ""limited space"" its short-haul flights do not have onboard wheelchairs, but that the airline understands ""the importance of accessibility"" and is ""actively testing solutions to equip our short-haul aircraft with onboard wheelchairs in the near future"". I’m afraid I don’t accept this as I flew with the airline in May from Tallinn to London, and the same thing happened there. In fact, its ground staff were really quite uncompromising and dismissed the idea that the plane should have this facility. The Polish cabin staff on Monday’s flight, however, were fantastic. They were embarrassed, apologetic and as helpful as they could be. They encouraged me to complain about this as they could see how wrong it was. I experienced something similar 12 years ago on Kenya Airways. After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline. I am surprised at having to raise this again. The UK rightly makes a big deal about disability rights. Television presenter and campaigner Sophie Morgan is doing a fantastic job of raising awareness in this area, even meeting President Biden to discuss it.  But it is shameful that disabled passengers flying out of British airports should still be so discriminated against in this way. ",BBC,01/10/2024,"['On a flight from Warsaw back to London on Monday I had to crawl on the floor of the plane in order to reach the toilet.', 'I have been paralysed ever since I was shot by al-Qaeda gunmen in Saudi Arabia 20 years ago.', 'My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading.', 'I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison.', 'In this instance it was humiliating to have to shuffle along the floor of an aircraft in front of other passengers in my suit.', 'Polish Airlines LOT, which flies in and out of Heathrow, said it was not its policy to have onboard aisle chairs.', 'This is unacceptable for disabled passengers, since these devices are smaller than a pram, and can easily fold up to fit into a cupboard or an overhead locker.', 'British Airways, Easyjet, and every other airline I have flown with recently all have them on board as standard.', ""This shouldn't be difficult to fix in my opinion."", 'This ‘policy’ is surely wrong - it needs to be changed without delay.', 'This is 2024, not 1970, and I find it extraordinary that an airline is allowed to fly in and out of British airports with a policy that effectively says ‘if you can’t walk, you can’t go to the toilet on our planes’.', 'In a statement to the BBC, Polish Airlines LOT said it was ""deeply sorry for the distressing experience"", and that it ""sincerely apologises for the inconvenience and discomfort caused by the lack of an onboard wheelchair"".', 'It said that due to ""limited space"" its short-haul flights do not have onboard wheelchairs, but that the airline understands ""the importance of accessibility"" and is ""actively testing solutions to equip our short-haul aircraft with onboard wheelchairs in the near future"".', 'I’m afraid I don’t accept this as I flew with the airline in May from Tallinn to London, and the same thing happened there.', 'In fact, its ground staff were really quite uncompromising and dismissed the idea that the plane should have this facility.', 'The Polish cabin staff on Monday’s flight, however, were fantastic.', 'They were embarrassed, apologetic and as helpful as they could be.', 'They encouraged me to complain about this as they could see how wrong it was.', 'I experienced something similar 12 years ago on Kenya Airways.', 'After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.', 'I am surprised at having to raise this again.', 'The UK rightly makes a big deal about disability rights.', 'Television presenter and campaigner Sophie Morgan is doing a fantastic job of raising awareness in this area, even meeting President Biden to discuss it.', 'But it is shameful that disabled passengers flying out of British airports should still be so discriminated against in this way.']",0.0091200448520645,"After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.","I know that the discomfort that I and other disabled passengers encounter is dwarfed by the horrors being experienced by people in conflict zones around the world, stories that I cover - so my own experience is minor by comparison.",0.0412885149319966,"After raising it publicly the airline did a wonderful job of rectifying the problem, and I had some lovely letters from travel companies telling me how grateful they were that their disabled clients now felt comfortable flying with that airline.","My experience onboard the flight was both physically deeply uncomfortable and also, of course, quite degrading.",2024-10-02
Chancellor Rachel Reeves says she needs to raise £20bn. How might she do it?,https://www.bbc.co.uk/news/articles/ced0553gdzzo,2024-10-02T10:11:03.292Z,"You’re the chancellor. You want around £20bn of extra tax revenue each year. So how should you go about finding it? We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money. There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year. Now, whether that really is a newly discovered black hole is a matter of dispute. Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending. So if you were in her position, how might you go about raising it? Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake. This figure is somewhat arbitrary. In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time. And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond. In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well. So a lot will change by 30 October. How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas. Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax. Together, they represent two-thirds of the total cash that the government receives. However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges. So for our purposes, such tax rises are clearly verboten. That is a significant constraint. Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance. One way of raising money would simply be to reverse that cut and take us back to where we were before last November. So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing. But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at. One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs). But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “It might bring in a few billion, it’s not going to give you £20bn.” Another route is through inheritance tax. But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates. Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes. However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates. When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions. At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings. And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary. Between them, these perks cost the exchequer about £50bn a year. Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker. It is an area ripe for reform. Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago. A left-of-centre chancellor will be keen on the potential revenue to be found here. Now it has to be said, when it comes to squeezing more tax out of a population,  there are two broad approaches a chancellor can take. We might call them the expedient and the economic. The expedient is to search for places where you can raise money with a minimum of squealing. On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners. The economic approach is slightly different. It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways. In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions. On this account, you need to have a vision for how all the pieces of the tax system interact. “Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible. And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do. The basic principle is that people should pay tax once - not twice - on pensions. So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old. Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out. Judged against these principles of neutrality, our current system is a bit of a mess. Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out. That’s not logical. Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that. You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking. And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic. Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “The question is how far, how fast does she go?” he says.  “Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?” I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible? It’s possible, of course, that there could be important tax changes other than those I’ve talked about. More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats). It may be a step too far for this Budget, even if it’s one that many economists find appealing. An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms. It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four. Another way of looking at it is that would keep NHS England going for about 40 days a year. Or putting it another way, £20bn is less than 1% of our annual national income. And it’s about 1.7% of total government spending. It’s not revolutionary, but nor is it nothing. And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes. BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists. Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world. And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too. We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below. ",BBC,02/10/2024,"['You’re the chancellor.', 'You want around £20bn of extra tax revenue each year.', 'So how should you go about finding it?', 'We’re just a few weeks from the government’s crucial first Budget on 30 October and it’s clear Chancellor Rachel Reeves intends to raise money.', 'There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.', 'Now, whether that really is a newly discovered black hole is a matter of dispute.', 'Either way, given Ms Reeves has ruled out borrowing to fund day-to-day spending, she is still likely to need to raise taxes to pay for that spending.', 'So if you were in her position, how might you go about raising it?', 'Let’s not pretend this is too precise a game - we’ll call the figure £20bn for simplicity’s sake.', 'This figure is somewhat arbitrary.', ""In truth, the overspend this year is of little relevance when it comes to how much extra tax you need next year or in five years' time."", 'And one imagines the Budget will mostly find tax rises that bite in 2025-26 and beyond.', 'In any event, when the Budget comes, we will have an updated economics forecast, new projections for how government revenues and spending are looking, possibly a new fiscal target as well.', 'So a lot will change by 30 October.', 'How to raise £20bn: The full series BBC Radio 4’s PM has set itself the task of answering this taxing question in a series of five interviews, each exploring a different solution, before turning to our listeners to hear their ideas.', 'Listen on BBC Sounds Nonetheless, if you were a chancellor with the task of finding £20bn in front of you, then you would probably like the option of being able to increase the rates of one of the big four taxes: income tax, VAT, National Insurance and corporation tax.', 'Together, they represent two-thirds of the total cash that the government receives.', 'However, for better or worse, the chancellor ruled out such tax rises in the election campaign, and she has made it quite clear that she is not going to abandon her pledges.', 'So for our purposes, such tax rises are clearly verboten.', 'That is a significant constraint.', 'Remember that in its last year, the Conservative government cut taxes by £20bn by slashing the rate of National Insurance.', 'One way of raising money would simply be to reverse that cut and take us back to where we were before last November.', 'So by ruling out a Tory National Insurance cut reversal, the chancellor has made our game of finding £20bn far more… taxing.', 'But once you’ve put all those tax rises to one side, there are still more potential routes to raising extra revenue that we can look at.', 'One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).', 'But when it comes to capital gains tax “I don’t think immediately it will raise a vast amount of money”, says Judith Freedman, emeritus professor of tax law and policy at the University of Oxford. “', 'It might bring in a few billion, it’s not going to give you £20bn.”', 'Another route is through inheritance tax.', 'But this “only kicks in when you are quite wealthy”, says Dan Neidle, founder of the think tank Tax Policy Associates.', 'Between them, capital gains tax and inheritance tax raise less than £25bn a year at the moment, so to get an extra £5bn would still require a sizable jump in those taxes.', 'However, there are also ways you could raise cash through higher National Insurance or income tax, without actually changing their headline rates.', 'When it comes to National Insurance and income tax, far bigger amounts are at stake if the chancellor is minded to look at the rules governing the tax treatment of pension contributions.', 'At the moment, for most people, if you put any earnings into a pension, you don’t pay income tax on those earnings.', 'And if employers contribute to a pension on your behalf, they don’t pay employers’ National Insurance on that, as they would if they gave it to you as salary.', 'Between them, these perks cost the exchequer about £50bn a year.', 'Most of that benefit goes to higher earners, who not only put more into their pension pots, but who often deduct income tax at a higher rate than the average worker.', 'It is an area ripe for reform.', 'Indeed, the right-of-centre think tank, the Centre for Policy Studies, proposed a radical reform of the system 12 years ago.', 'A left-of-centre chancellor will be keen on the potential revenue to be found here.', 'Now it has to be said, when it comes to squeezing more tax out of a population, there are two broad approaches a chancellor can take.', 'We might call them the expedient and the economic.', 'The expedient is to search for places where you can raise money with a minimum of squealing.', 'On this approach, there doesn’t have to be much logic to any tax rise - it’s just about finding the money in hidden corners.', 'The economic approach is slightly different.', 'It starts with the idea that there are more and less logical ways to tax people, and that the tax system should avoid picking on certain types of activity in arbitrary ways.', 'In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.', 'On this account, you need to have a vision for how all the pieces of the tax system interact. “', 'Fiscal neutrality” is a phrase that has sometimes been used to describe a system that is designed to tax in as level a way as possible.', 'And although our tax system is manifestly full of anomalies and illogicalities, when it comes to pensions specifically, economists often share a broad vision of what a fiscally neutral tax system should try to do.', 'The basic principle is that people should pay tax once - not twice - on pensions.', 'So you either give tax relief upfront, on the money people put into their pension savings, then you tax the pension income people enjoy when they get old.', 'Or you give no upfront relief at all and tax the income going into a pension fund, but you charge no tax on the pension when it comes out.', 'Judged against these principles of neutrality, our current system is a bit of a mess.', 'Many people get 40% income tax relief on what goes into a pension and pay 20% on what comes out.', 'That’s not logical.', 'Also, employers’ National Insurance isn’t charged at either end; and you can get a tax-free lump sum when you take a pension, even though you had tax relief on the money you contributed to that.', 'You don’t need to understand all these details to see that a chancellor who wants extra tax revenue can look at pension contributions and will see an orchard full of ripe fruit for picking.', 'And what makes it very compelling is that the orchard looks bountiful whether you’re gazing at it through the glasses of expediency or through the lens of economic logic.', 'Sir Edward Troup, a tax lawyer who has worked in the Treasury, expects the chancellor to take action in this area in the Budget. “', 'The question is how far, how fast does she go?”', 'he says. “', 'Does she really try and get some money in the next few years – which will be painful – or does she introduce some reforms that have got slow burn and build up tax receipts from people who are retiring over the next five, 10, 20, 30 years?”', 'I also wonder whether the Budget will try to tidy up the illogicalities of the system, or simply be about raising as much as possible?', 'It’s possible, of course, that there could be important tax changes other than those I’ve talked about.', 'More than one of PM’s listeners wrote in to suggest a new tax on land values (an idea popular with the Greens and sometimes the Liberal Democrats).', 'It may be a step too far for this Budget, even if it’s one that many economists find appealing.', 'An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.', 'It’s equivalent to about £6 a week, for every man, woman and child in the country or £25 each week for a family of four.', 'Another way of looking at it is that would keep NHS England going for about 40 days a year.', 'Or putting it another way, £20bn is less than 1% of our annual national income.', 'And it’s about 1.7% of total government spending.', 'It’s not revolutionary, but nor is it nothing.', 'And we’ll have to wait until 30 October to see exactly which approach Rachel Reeves takes.', 'BBC InDepth is the new home on the website and app for the best analysis and expertise from our top journalists.', 'Under a distinctive new brand, we’ll bring you fresh perspectives that challenge assumptions, and deep reporting on the biggest issues to help you make sense of a complex world.', 'And we’ll be showcasing thought-provoking content from across BBC Sounds and iPlayer too.', 'We’re starting small but thinking big, and we want to know what you think - you can send us your feedback by clicking on the button below.']",0.0949456303972857,"One is through capital gains tax, charged on profits made from the sale of an asset that has increased in value, such as second homes or shares not held in individual savings accounts (ISAs).","In this world, you usually want to avoid taxing some income or savings more than other income or savings, because that would likely be unfair and it would distort people’s decisions.",0.0452926913897196,"An important thing to note is that a £20bn tax rise will be significant for the exchequer, but it’s by no means enormous in historic terms.","There is a black hole in public finances, she says - based on her apparent discovery since arriving at No 11 Downing Street in July of an unbudgeted £22bn overspend in the current tax year.",2024-10-02
When is the Budget and what might be in it?,https://www.bbc.co.uk/news/articles/cdxl1zd07l1o,2024-09-18T07:10:56.617Z,"Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October. At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.  However, her speech at the Labour Party conference was more optimistic about the future of the economy. Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons. The speech outlines the government's plans for raising or lowering taxes.  It also includes big decisions about spending on health, schools, police and other public services. The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election. But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities. The 2024 autumn Budget is on Wednesday 30 October. The Budget speech usually starts at about 12:30 UK time and lasts about an hour. It will be broadcast live on the BBC iPlayer and on the BBC News website. The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down. The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech. It gives more details about the measures announced and what they will cost. The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.  After the statement, MPs spend several days debating the plans. They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law. The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities. Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability. A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises. Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries. However, the UK economy stalled in June and July. When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny. She said she was facing  a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result. This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years. The government has already ruled out raising VAT (value added tax), income tax and National Insurance. But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments. It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay. Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000. Fuel duty Fuel duty has not risen in more than a decade. It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine. However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed. Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount. This boosts the amount saved. At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%. The government could introduce a single flat rate of relief which would make the system less generous for higher earners. Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. As a result, they do not pay UK tax on money they make elsewhere. In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions. Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.  Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.  The plans have been criticised by some MPs, unions and charities. State pension The state pension is set to rise by 4% in April 2025. The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget. VAT on private schools The government has said VAT will be added to private school fees from 1 January. Some private schools will lose business rates relief. Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK. The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030. ",BBC,18/09/2024,"[""Chancellor Rachel Reeves will deliver Labour's first Budget on Wednesday 30 October."", 'At the beginning of September, she told the BBC it would involve ""difficult decisions"" on tax, spending and benefits.', 'However, her speech at the Labour Party conference was more optimistic about the future of the economy.', ""Each year, the chancellor of the exchequer - who is in charge of the government's finances - makes a Budget statement to MPs in the House of Commons."", ""The speech outlines the government's plans for raising or lowering taxes."", 'It also includes big decisions about spending on health, schools, police and other public services.', 'The previous Conservative Chancellor, Jeremy Hunt, delivered the last Budget on March 2024, before the general election.', 'But after a change of government, the new chancellor holds another Budget, in autumn, to set out their financial priorities.', 'The 2024 autumn Budget is on Wednesday 30 October.', 'The Budget speech usually starts at about 12:30 UK time and lasts about an hour.', 'It will be broadcast live on the BBC iPlayer and on the BBC News website.', 'The current leader of the opposition, Conservative Party leader Rishi Sunak, will give a speech responding to the Budget as soon as Reeves sits down.', 'The Treasury, the government department in charge of the economy and public spending, publishes a report alongside the Budget speech.', 'It gives more details about the measures announced and what they will cost.', 'The independent Office for Budget Responsibility (OBR), which monitors government spending, also produces an independent assessment of the health of the UK economy.', 'After the statement, MPs spend several days debating the plans.', 'They are then asked to approve the proposals and the government introduces a Finance Bill to turn the Budget announcements into law.', ""The chancellor's speech at the Labour Party conference confirmed that boosting the economy is one of the government's key priorities."", 'Reeves talked about the ""long-term prize"" that would follow if Labour can restore stability.', 'A growing economy usually means people spend more, extra jobs are created, more tax is paid and workers get better pay rises.', 'Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.', 'However, the UK economy stalled in June and July.', 'When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.', 'She said she was facing a £22bn ""black hole"", and warned that the government would have to raise some taxes as a result.', 'This gap is due to rules the government has chosen to follow over how much money it can borrow over the next five years.', 'The government has already ruled out raising VAT (value added tax), income tax and National Insurance.', 'But after the warning about ""difficult decisions"", there has been a lot of speculation about other possible tax rises which could be announced: Capital gains tax (CGT) CGT is charged on the profit made from the sale of assets that have increased in value, such as second homes or investments.', 'It is paid by individuals and some business owners, and the rates vary depending on how much income tax you pay.', ""Inheritance tax (IHT) IHT, which is currently 40%, is usually paid on the value of a deceased person's assets above a threshold of £325,000."", 'Fuel duty Fuel duty has not risen in more than a decade.', ""It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine."", 'However, some motoring groups argue the cut was never passed on to motorists and the RAC says it could be reversed.', 'Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.', 'This boosts the amount saved.', 'At the moment, savers receive tax relief at the same rate as their income tax - so basic rate taxpayers get tax relief at 20% and higher rate taxpayers at 40% or 45%.', 'The government could introduce a single flat rate of relief which would make the system less generous for higher earners.', 'Non-dom tax status The term ""non-dom"" describes a UK resident whose permanent home - or domicile - for tax purposes is outside the UK.', 'As a result, they do not pay UK tax on money they make elsewhere.', 'In the March Budget, the then-Chancellor Jeremy Hunt said non-dom tax status would be abolished, although there were some concessions.', 'Labour has said it wants to toughen the existing plans, although these plans might be reconsidered amid worries they will bring in less money than expected.', 'Winter fuel payments The government has said future payments will only be made to those getting pension credit or other means-tested help.', 'The plans have been criticised by some MPs, unions and charities.', 'State pension The state pension is set to rise by 4% in April 2025.', 'The increase will be confirmed by Work and Pensions Secretary Liz Kendall around the time of the Budget.', 'VAT on private schools The government has said VAT will be added to private school fees from 1 January.', 'Some private schools will lose business rates relief.', 'Energy windfall tax The government is increasing the windfall tax on the profits oil and gas firms make in the UK.', 'The energy profits levy is due to rise to 38% from 35% on 1 November, and will remain in place until 31 March 2030.']",0.1484142111167556,"Pension tax relief People who pay into private pension pots get tax relief on their contributions, up to a certain amount.","When Labour took power, Reeves said it had ""inherited the worst set of circumstances since the Second World War"" regarding government finances - something the Conservatives deny.",0.0644681208273943,"Following a brief recession at the end of 2023, the UK grew solidly during the first six months of 2024, and recorded the fastest growth of all the G7 countries.","It was frozen between 2012 and 2022, and cut by 5p in March 2022 when pump prices surged following Russia's invasion of Ukraine.",2024-10-02
"Irish budget repeats 'boom-to-bust' mistakes, watchdog warns",https://www.bbc.co.uk/news/articles/c4g5wdlnwp9o,2024-10-02T06:47:25.917Z,"The Irish government is repeating past economic mistakes by pumping money into an already strong economy, a budget watchdog has warned. On Tuesday, Finance Minister Jack Chambers announced a budget package of spending increases and tax cuts. The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit. It added that the country needs ""a more serious vision that delivers on the economy's needs without repeating the boom-to-bust pattern of its past"". The council said the budget again breaches the government’s own rule that spending should not increase by more than 5% a year. It calculates that spending will increase by more than 9% this year and just under 6% next year. It said the cumulative breaches of the net spending rule since 2022 are ""substantial"" with total spending at least €12.5bn (£10.4bn) above what the rule would have allowed by 2025. The criticism was anticipated by the government with the public spending minister using his budget day speech to justify the rule breaches. Paschal Donohoe said that given the challenges of inflation and the pandemic, ""the 5% anchor was simply not appropriate to cover the growth and expansion of services our country needed"". He added: ""Our strategy was the right one. We made essential adjustments to it, depending on the particular set of challenges we were facing. ""Not to do so would have meant not being able to protect and provide for our people during times of great need."" ",BBC,02/10/2024,"['The Irish government is repeating past economic mistakes by pumping money into an already strong economy, a budget watchdog has warned.', 'On Tuesday, Finance Minister Jack Chambers announced a budget package of spending increases and tax cuts.', 'The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.', 'It added that the country needs ""a more serious vision that delivers on the economy\'s needs without repeating the boom-to-bust pattern of its past"".', 'The council said the budget again breaches the government’s own rule that spending should not increase by more than 5% a year.', 'It calculates that spending will increase by more than 9% this year and just under 6% next year.', 'It said the cumulative breaches of the net spending rule since 2022 are ""substantial"" with total spending at least €12.5bn (£10.4bn) above what the rule would have allowed by 2025.', 'The criticism was anticipated by the government with the public spending minister using his budget day speech to justify the rule breaches.', 'Paschal Donohoe said that given the challenges of inflation and the pandemic, ""the 5% anchor was simply not appropriate to cover the growth and expansion of services our country needed"".', 'He added: ""Our strategy was the right one.', 'We made essential adjustments to it, depending on the particular set of challenges we were facing. ""', 'Not to do so would have meant not being able to protect and provide for our people during times of great need.""']",0.0264244531896449,"Not to do so would have meant not being able to protect and provide for our people during times of great need.""",The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.,-0.317730360560947,It calculates that spending will increase by more than 9% this year and just under 6% next year.,The Irish Fiscal Advisory Council said this will add to inflationary pressures and widen an underlying budget deficit.,2024-10-02
Irish budget: Personal tax cuts and cost-of-living help announced,https://www.bbc.co.uk/news/articles/c77x6g8rxgjo,2024-10-01T05:28:17.129Z,"The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget. There is growing speculation that the election will be held before Christmas. Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple. The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure. Further details of how it will be spent will be laid out early next year. Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added. The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn. Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year. Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported. Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing.  ""People see through the spin,"" he added. ""Your job is not to spend money; it's to get results."" ""Homeownership has collapsed under Fine Gael for young people,"" he added. The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy. The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually. Inflation in Ireland has fallen to below 2% as international energy prices have moderated. However there are some signs of growing, locally generated inflation in sectors like hospitality. The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.  However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing. The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin. Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months. ",BBC,01/10/2024,"['The Republic of Ireland’s finance minister has announced personal tax cuts and cost-of-living supports in a giveaway pre-election budget.', 'There is growing speculation that the election will be held before Christmas.', 'Official figures published last week suggest Ireland will run a €25bn budget surplus this year, partially due to a huge tax windfall from Apple.', 'The minister, Jack Chambers, said that windfall will be set aside for investment in infrastructure.', 'Further details of how it will be spent will be laid out early next year.', 'Chambers said the money has ""the capacity to be transformational"" and will be used to tackle ""known challenges"" in housing, energy, water and transport infrastructure. ""', 'Infrastructure is a fundamental component of Ireland’s competitiveness, and is vital to businesses, large and small, and to attracting new foreign investment into the State,"" he added.', 'The budget included €8.3bn in tax cuts and spending increases alongside one-off cost of living supports worth a further €2.2bn.', 'Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.', 'Sinn Féin finance spokesperson Pearse Doherty described the government as ""serial wasters"", Irish broadcaster RTÉ has reported.', 'Speaking in the Dáil, Doherty said the Budget fails to address issues affecting childcare, the health service and housing. ""', 'People see through the spin,"" he added. ""', 'Your job is not to spend money; it\'s to get results."" ""', 'Homeownership has collapsed under Fine Gael for young people,"" he added.', 'The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.', 'The Irish Fiscal Advisory Council (IFAC) said the budget plans will increase public spending by 7%, breaking the government’s own rule that spending should rise by no more than 5% annually.', 'Inflation in Ireland has fallen to below 2% as international energy prices have moderated.', 'However there are some signs of growing, locally generated inflation in sectors like hospitality.', 'The Irish economy has performed robustly since the pandemic with the number of people in work at a record high and government finances bolstered by a continuing corporation tax windfall.', 'However the country’s infrastructure has not kept pace with that growth and significant investment is needed in energy, water and housing.', 'The coalition’s record on housing has been the key point of attack for the main opposition party, Sinn Féin.', 'Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.']",0.1159864332363131,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,"The centre-right led government has already faced criticism from the country’s independent budget watchdog, which has warned that increased spending risks overheating the economy.",-0.0483902653058369,Chambers said his departmental forecasts suggest Ireland’s domestic economy will grow by 2.5% next year and 3% next year.,Sinn Féin had been performing strongly in opinion polls but seen a significant dip in support in recent months.,2024-10-02
Tom Brady to put his watch collection up for sale at Sotheby's,https://www.cnbc.com/2024/10/01/tom-brady-watch-collection-for-sale-at-sothebys.html,2024-10-01T17:14:01+0000,"Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.The sale also includes other items from Brady's career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I've been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have.""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby's senior specialist of luxury watches.It wasn't until Brady's first Super Bowl in 2002 that his collection really took off. Since then, he began acquiring watches to mark some of his biggest occasions.The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet. The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time."" It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal."" The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot's Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League's Tampa Bay Buccaneers.""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby's head of modern collectibles.Demand for luxury watches peaked during the Covid-19 pandemic. Since then, prices have come down dramatically.According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.",CNBC,01/10/2024,"['Legendary quarterback Tom Brady is putting his valuable watch collection up for sale.', 'The seven-time Super Bowl champion\'s collection will be available this December through auction house Sotheby\'s as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.', '""The watches range in value between $12,000 and $800,000, and include a Patek Philippe, Rolex and IWC, as well as a custom-made timepiece by Audemars Piguet.', 'The sale also includes other items from Brady\'s career, including the shirt he wore during the NFL combine, estimated to sell for between $100,000 and $200,000; his ""final college"" game worn jersey at the University of Michigan, estimated to sell for $300,000 to $500,000; and a Tampa Bay Buccaneers game-used helmet, estimated at $100,000 to $150,000.""I\'ve been so fortunate to have such an amazing journey in my career, and these watches and collectibles really capture those unforgettable moments and all the hard work behind them,"" Brady said in a statement. ""', ""I'm excited to give fans and collectors a chance to own and cherish these special pieces from my journey just like I have."", '""Brady said his passion for timepieces began in high school after his parents gave him his first watch as a graduation gift.', '""Just as he mastered the language of football, he has devoted himself to understanding the intricacies of watches, curating a world-class assortment of exquisite timepieces in recent years that reflects his deep passion for collecting,"" said Richard Lopez, Sotheby\'s senior specialist of luxury watches.', ""It wasn't until Brady's first Super Bowl in 2002 that his collection really took off."", 'Since then, he began acquiring watches to mark some of his biggest occasions.', 'The highlights of the sale include a white gold and diamond-set flying tourbillon Royal Oak with bracelet by Audemars Piguet.', 'The piece was worn by Brady during his Netflix special, ""Greatest Roast of All Time.""', 'It is expected to fetch in the range of $400,000 to $800,000.He will also be parting with his Richard Mille 35-03 ""Baby Nadal.""', 'The blue quartz-encased timepiece could sell for as much as $500,000.Other lots include a rose gold Patek Philippe Nautilus worn by Brady since he purchased it in 2017 and an IWC Pilot\'s Watch Top Gun edition ""SFTI"" model, which he wore during his last Super Bowl Championship parade in 2021, following his historic win with the National Football League\'s Tampa Bay Buccaneers.', '""The collection is truly unparalleled; the stories they tell, the authenticity they embody, and their historical significance elevate them beyond mere collectibles — these items are genuine pieces of sports history,"" said Brahm Wachter, Sotheby\'s head of modern collectibles.', 'Demand for luxury watches peaked during the Covid-19 pandemic.', 'Since then, prices have come down dramatically.', ""According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales."", 'The auction houses are also investing more in watches, with the major auction houses increasing their watch lots by 50% over last year, according to EveryWatch.']",0.4554399225459974,"The seven-time Super Bowl champion's collection will be available this December through auction house Sotheby's as part of ""The GOAT Collection: Watches and Treasures from Tom Brady.",,0.5126478672027588,"According to EveryWatch, the world's largest watch market database, total sales in 2024 have reached $493 million, a 6% increase over the previous year's total sales.","Since then, prices have come down dramatically.",2024-10-02
Post Office scandal: Second IT system Capture 'likely' to have caused shortfalls,https://www.bbc.co.uk/news/articles/cx24pzpgy0eo,2024-09-30T15:20:18.799Z,"An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found. A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts. Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.  Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system. Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"". Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation."" The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"". Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts. The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice. But Monday's report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office's information technology team. ""We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said. Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said. Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe. The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.  In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said. Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use."" Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total. But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""There needs to be fast action on these failings, faster than we have seen before."" Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s. It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period. Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet. The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December. Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system. ",BBC,30/09/2024,"['An accounting system used by Post Office sub-postmasters before the controversial Horizon software was introduced is likely to have also been faulty, an investigation has found.', 'A report said ""there was a reasonable likelihood"" that the IT system, called Capture, could have created cash shortfalls in accounts.', 'Capture was used in branches from 1992 to 1999, prior to the Horizon software, which has been at the centre of the Post Office scandal.', 'Post Office minister Gareth Thomas said he was ""horrified"" to learn about the issues with the Capture system.', 'Thomas said he had met with some sub-postmasters who used the Capture system and thanked them for ""coming forward to talk about the impact it had on their lives and livelihoods"".', 'Neil Hudgell, from Hudgell Solicitors, who represents 70 sub-postmasters who used Capture, said: ""It should never have needed such a long, hard battle to reach this stage, and there now must not be a long, hard battle ahead for exoneration and compensation.""', 'The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".', 'Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after faults with Horizon made it look like money was missing from branch accounts.', ""The Horizon IT system has been at the heart of what's been called the UK's most widespread miscarriage of justice."", 'But Monday\'s report from financial and risk advisory company Kroll has revealed fresh concerns over its predecessor Capture, which was developed in-house by the Post Office\'s information technology team. ""', 'We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.', 'Investigators said despite ""various control functions being in place"" at the Post Office, there was an ""acknowledgement both in internal and external communications during the 1990s that Capture had bugs and errors that varied in severity"". ""', 'The burden placed upon sub-postmasters to implement fixes, which varied in complexity, together with a reliance on communications from Post Office Limited to identify these bugs and fixes, meant there was a high capacity for errors to go unnoticed,"" the report said.', 'Kroll did not comment on whether any convictions arising from sub-postmasters using Capture could be considered unsafe.', 'The company conducted 21 interviews with former sub-postmasters and/or their families as part of its investigation.', 'In a small number of cases, it was unclear if the sub-postmasters had used Capture software, Kroll said.', 'Out of the 21 sub-postmasters, Kroll said 12 had been suspended by the Post Office, though two occurred after 1999 when Horizon had replaced Capture. ""', 'Of these 12, eight were prosecuted, two resigned, and two were terminated from their employment,"" Kroll said. ""', 'A further seven sub-postmasters were never suspended, but advised Kroll that they ended up selling their branch, in part or whole, due to losses they sustained during Capture use.""', 'Kroll did not provide an estimate as to how many sub-postmasters could have been impacted in total.', 'But Mr Hudgell said the report\'s findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""', 'We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. ""', 'There needs to be fast action on these failings, faster than we have seen before.""', 'Kroll said that the rollout of Capture did not appear to be a ""strategic project"" of the Post Office in the 1990s.', 'It estimated that a maximum of only 13.5% of all branches may have been using it as there were at least two other systems used during the period.', 'Investigators said Capture was ""in essence a back-office processing software that automated certain calculations"", and could be described as being similar to an Excel spreadsheet.', 'The government said it would examine the report and ""consider what action should be taken"" before making an announcement in December.', 'Kroll was asked in May to conduct an investigation into Capture to see if there was a reasonable likelihood the software could have incorrectly created shortfalls for sub-postmasters, following concerns that, like Horizon, there were known bugs and errors in the system.']",-0.142586103036914,"The Post Office said it was ""sincerely sorry"" and remained ""determined that wrongs must be put right as far as that can be possible"".","We know the Post Office was made aware of issues and software faults, yet when sub-postmasters experienced unexplained losses, they were blamed, made to balance the books, suspended and prosecuted. """,-0.5888237086209384,"But Mr Hudgell said the report's findings were ""hugely significant"" and mirrored the ""devastation"" caused by prosecutions linked to Horizon. ""","We consider that, based on available evidence, there was a reasonable likelihood that Capture could have created shortfalls for sub-postmasters,"" the report said.",2024-10-02
"Nuggets, Avalanche launch streaming service, with some games aired on local broadcast stations",https://www.cnbc.com/2024/09/26/nuggets-avalanche-launch-streaming-service-altitude.html,2024-09-26T19:01:59+0000,"In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season.Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season. It's also launching a direct-to-consumer streaming service.The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October. The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague. The season in North America begins on Oct. 8. The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV. It's also available on Charter Communications' Spectrum in some parts of its nine-state territory.However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market. The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market.""It certainly played a role. But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. ""And we think this deal really gives people the opportunity to do it however they want.""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast's customers. The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year. However, the two sides reached an agreement in July.In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services.Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports. Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast. The streaming option for both is free.Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season. This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna. Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations.Regional sports networks are also increasingly offering streaming options.The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall.The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors. These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.Disclosure: Comcast is the parent company of NBCUniversal and CNBC.",CNBC,26/09/2024,"[""In this articleLocal fans of the NBA's Denver Nuggets and the NHL's Colorado Avalanche will have some new ways to watch their teams' games this season."", ""Kroenke Sports & Entertainment — Stan Kroenke's company that owns several professional sports franchises including Denver's NBA and NHL teams along with their regional sports network, Altitude — is partnering with broadcast station owner Tegna to offer a chunk of Avalanche and Nuggets games this season."", ""It's also launching a direct-to-consumer streaming service."", 'The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.', ""Beginning this season, there will be 20 Nuggets and 20 Avalanche games on Tegna's free local over-the-air broadcasts, 9NEWS and My20.Kroenke Sports & Entertainment is also launching the direct-to-consumer streaming service, Altitude+, in October."", 'The platform will give fans in the Denver media market access to all Avalanche and Nuggets games for $19.95 a month.', 'The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.', 'The season in North America begins on Oct. 8.', ""The NBA season begins on Oct. 22.While both teams' local games are aired on Altitude Sports, the regional sports network is only available to fans in Denver on DirecTV and Fubo TV."", ""It's also available on Charter Communications' Spectrum in some parts of its nine-state territory."", ""However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market."", ""The availability on Tegna's broadcast stations and the introduction of the streaming service may solve problems for fans in the market."", '""It certainly played a role.', 'But what we\'re really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment\'s KSE Media Ventures, said in an interview with CNBC. ""', 'And we think this deal really gives people the opportunity to do it however they want.', '""Altitude Sports sued Comcast in 2019 after the two sides could not reach a distribution agreement, leading to a so-called blackout for Comcast\'s customers.', 'The two sides settled in March 2023, but notably the settlement did not include a restoration of Altitude Sports on Comcast.', 'The Bally Sports regional sports networks owned by Diamond Sports, which is under bankruptcy protection, went dark for Comcast customers earlier this year.', 'However, the two sides reached an agreement in July.', ""In the wake of Diamond Sports' bankruptcy, numerous teams have parted ways with their regional sports networks, opting for deals with broadcasters and launching streaming services."", ""Most recently, the NHL's Dallas Stars and Anaheim Ducks exited Bally Sports."", 'Stars games will be available on streaming service Victory+ this season, and the local Ducks games will be available via Victory+ and a local over-the-air broadcast.', 'The streaming option for both is free.', ""Meanwhile, the NBA's Dallas Mavericks and New Orleans Pelicans have both turned to local over-the-air broadcasters instead of Bally Sports for all their games this season."", ""This followed both teams reaching agreements similar to the Nuggets and Avalanche's deal with Tegna."", ""Before offering all games through broadcasters, the Pelicans had aired 10 of their matchups on Gray's stations, while the Mavericks offered 13 games in the latter part of last season on Tegna's stations."", 'Regional sports networks are also increasingly offering streaming options.', ""The YES Network, which airs MLB's New York Yankees, and MSG Networks, which offers the NBA's New York Knicks and NHL's New York Rangers, among others, are also debuting a streaming option through a joint venture this fall."", ""The pricing of regional sports networks' streaming options reflects that they must be careful not to further disrupt the pay TV model and breach contracts with distributors."", 'These pay TV contracts help support the billions of dollars in fees that the networks pay professional sports leagues to air their games.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.']",0.206001141852912,"But what we're really focused on is trying to get maximum exposure for our two great teams,"" Steve Smith, president of Kroenke Sports & Entertainment's KSE Media Ventures, said in an interview with CNBC. """,The NHL season begins on Oct. 4 when the New Jersey Devils and Buffalo Sabres play in Prague.,-0.3712466028001573,"The local broadcast partnership and new streaming service is part of a growing trend, especially among NBA and NHL teams, which are searching for more ways to offer games to fans who have turned away from the traditional pay TV bundle.","However, Altitude hasn't been available to Comcast and Dish pay TV customers since 2019, leaving a big hole in the Denver market.",2024-10-02
U.S. new vehicle sales expected to have struggled during third quarter,https://www.cnbc.com/2024/09/26/us-new-vehicle-sales-third-quarter.html,2024-09-26T18:18:47+0000,"In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com. That would be a roughly 5% decrease compared with the second quarter of this year.Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year.""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024. Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle.""Who can afford new cars seems to be the big issue. People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""The new market is quite limiting for a lot of buyers.""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts. Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year. CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands.Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated. Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports. Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.EV sales are being heavily assisted by incentives. While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles. That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines.The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle. Not all new EVs qualify for the incentive, unless they're leased.",CNBC,26/09/2024,"['In this articleDETROIT — U.S. sales of new vehicles are expected to have struggled during the third quarter amid economic and political uncertainties, as well as elevated interest rates and prices, according to industry forecasters.', 'Sales are projected to fall roughly 2% during the third quarter compared with the same time in 2023, to about 3.9 million vehicles sold, according to Cox Automotive and Edmunds.com.', 'That would be a roughly 5% decrease compared with the second quarter of this year.', ""Analysts note that the Federal Reserve's decision last week to cut rates was a step in the right direction, but it does not necessarily guarantee a major uptick in auto sales through the rest of the year."", '""2024 has been a volatile year for the new vehicle market, and more of the same is expected in Q4,"" said Charlie Chesbrough, Cox Automotive senior economist. ""', 'Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.', '""Both Cox and Edmunds expect light-duty U.S. vehicle sales to total about 15.7 million vehicles in 2024.', 'Edmunds has maintained its guidance since the beginning of the year, while Cox lowered it from an initial forecast of 16 million.', ""Jessica Caldwell, Edmunds' head of insights, said the current market is just too expensive for many consumers, limiting the number of Americans who can purchase a new vehicle."", '""Who can afford new cars seems to be the big issue.', 'People, on average, are having to finance $40,000 for a new car,"" she told CNBC. ""', 'The new market is quite limiting for a lot of buyers.', '""The average transaction price for a new vehicle is down from a year ago but remains elevated compared with historical levels at $47,870, according to Cox.', 'Honda Motor and Ford Motor are expected to be among the only major automakers to experience growth during the third quarter compared with a year earlier, according to forecasts.', ""Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year."", ""CEO Carlos Tavares has prioritized pricing and profits over market share, especially with the automaker's crucial Jeep and Ram brands."", 'Regarding electric vehicles, sales are growing but are still slower than many had previously anticipated.', 'Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.', 'The projected rise in EV sales comes despite a forecast decrease in sales of 2.4% during the quarter for U.S. EV leader Tesla, Cox reports.', 'Tesla, which has dominated EV market share for years, is expected to have its share drop below 50% for the second consecutive quarter, according to Cox.', 'EV sales are being heavily assisted by incentives.', 'While average transaction prices for new EVs is anticipated to be flat year over year, incentives for the vehicles are expected to have increased, to represent 13.3% of the average transaction price of the vehicles.', ""That's the highest rate so far this year and more than 80% higher than incentives for traditional vehicles with internal combustion engines."", 'The EV incentives include an up to $7,500 federal credit from the U.S. government for consumers to purchase or lease an electric vehicle.', ""Not all new EVs qualify for the incentive, unless they're leased.""]",0.1553405144073951,"Affordability remains the main obstacle to a stronger market, but it is improving, so we remain optimistic on the outlook for industry sales.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",-0.1700656037581594,"Sales of EVs are expected to increase about 8% during the third quarter compared with a year earlier, according to Cox.","Those with the biggest losses are expected to include Stellantis, Toyota Motor and BMW.Stellantis' sales, which Cox forecasts to be off as much as 21% in the third quarter from a year earlier, have been in a freefall for more than a year.",2024-10-02
Microsoft: 'ever present' personal AI assistants are coming,https://www.bbc.co.uk/news/articles/czj9vmnlv9zo,2024-10-01T13:59:49.714Z,"Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman. Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added. Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping. But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do. For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities. Mr Suleyman argued that many people’s privacy expectations have changed over time. He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “Most people love that feature,” he said. “Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.” He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.  Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology. But some research suggests people are not consistently using it. A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day. Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “Maybe this is different to the smartphone,” he said. “Nearly 90% of the planet has a smartphone. Maybe that will be different. Maybe 50% will reject [AI tools}.” But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks. He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it. He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “The idea that this could be a bubble is utterly beyond me.” Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper. It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity. The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session. Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it. In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it. It will be re-launched in November with additional security measures. ",BBC,01/10/2024,"[""Artificial Intelligence (AI) assistants with “really good long-term memory” are about a year away, according to Microsoft's head of AI, Mustafa Suleyman."", 'Products which can recall conversations, projects and problems will encourage users to invest more time and share more of their personal history with them, he said in an exclusive interview with the BBC. “', 'I think we’re moving to a fundamentally new age where there will be ever present, persistent, very capable co-pilot companions in your everyday life,” he added.', 'Critics have voiced strong concerns around this level of integration, including data security, privacy, the possibility of AI tools giving bad advice or wrong information, or displaying inbuilt bias towards the person they are supposed to be helping.', 'But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.', 'For example, an AI diary manager can only organise your diary if it can access that diary, edit it, and retain information about your activities.', 'Mr Suleyman argued that many people’s privacy expectations have changed over time.', 'He said that devices such as TVs, laptops, phones, in-car cameras and earbuds are already “recording continuously everywhere” in ordinary environments, and gave a further example of an iPhone feature called Live View in which video and audio is recorded at the same time as a photo is taken. “', 'Most people love that feature,” he said. “', 'Some people turn it off but that’s a very distinct shift in the default expectation of what a photo is.”', 'He added that the benefits of this kind of tech, whether people felt they could control their use of it, and whether they trusted the provider of it, were important factors in deciding whether to embrace it.', 'Microsoft has invested billions of dollars in OpenAI, the creator of ChatGPT, and has emerged as a market leader as the tech giants jostle in the race to develop and control the powerful and rapidly evolving technology.', 'But some research suggests people are not consistently using it.', 'A poll published by the Reuters Institute in August found that 29% of people in the UK that it spoke to had used ChatGPT, but only 2% used it every day.', 'Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “', 'Maybe this is different to the smartphone,” he said. “', 'Nearly 90% of the planet has a smartphone.', 'Maybe that will be different.', 'Maybe 50% will reject [AI tools}.”', 'But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.', 'He strongly rejected the idea, posed by many industry watchers including Jim Covello, head of stock research at Goldman Sachs, that AI might turn out to be a bubble, like some tech trends before it.', 'He told me about a woman he met who said she had set up her business using guidance and motivation from a chatbot he developed called Pi. “', 'We are clearly producing personalised, interactive knowledge at your fingertips at zero marginal cost,” he said. “', 'The idea that this could be a bubble is utterly beyond me.”', 'Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.', 'It also includes CoPilot Vision, a tool which will sit within its Edge web browser and, when activated, observe web pages and “assist” with online activity.', 'The firm says Vision will not record or store data, has to be switched-on manually and will close at the end of each browser session.', 'Microsoft says it has chosen to limit which sites it will work with and there is as yet no release date for it.', 'In the summer the tech giant paused the release of an AI tool called Recall, which takes screenshots every few seconds in order to help users find things they were looking at or working on previously, following a backlash from privacy campaigners and enquiries from the UK’s data watchdog about it.', 'It will be re-launched in November with additional security measures.']",0.2086285614375073,"But AI supporters argue that in order to be truly useful, these tools have to be deeply embedded into our lives: that they can only be really helpful if they know the history and context behind what they are being tasked to do.","Microsoft has today unveiled a range of new additions to the tech giant’s AI assistant range CoPilot, including a voice function, a daily news digest and a slower chatbot for more difficult or in-depth questions called Think Deeper.",-0.2069584280252456,"But he added that so far, AI had been the fastest growing and adopted technology in history, despite its potential risks.",Mr Suleyman conceded that perhaps consumer AI tools would never be as globally popular as the smartphone. “,2024-10-02
Laurene Powell Jobs is betting on these AI startups,https://www.cnbc.com/2024/09/30/laurene-powell-jobs-bets-on-ai-startups.html,2024-09-30T15:57:39+0000,"A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers.The dollar amounts of Emerson's AI investments aren't disclosed. According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.A representative for Emerson Collective declined to comment.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Emerson doesn't disclose its total assets under management. Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.Emerson is mainly focused on education, the environment and health care. According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories. Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer.The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI. Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.AI has become the most popular investment theme for family offices in 2024. According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze. In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms. In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models.Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos. Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.",CNBC,30/09/2024,"[""A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer."", 'Sign upto receive future editions, straight to your inbox.', 'News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.', ""Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform."", ""Emerson's AI bets span the globe and the industry, including a New York-based AI medical company, a San Jose, California-based image analyzer, a French developer of large language models and a Norwegian creator of AI presentations used by teachers."", ""The dollar amounts of Emerson's AI investments aren't disclosed."", 'According to Fintrx, Emerson Collective has participated in AI funding rounds totaling more than $1 billion.', 'A representative for Emerson Collective declined to comment.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', ""Emerson doesn't disclose its total assets under management."", 'Powell Jobs, the philanthropist, investor and widow of Apple co-founder Steve Jobs, has a net worth of $11.5 billion, according to the Bloomberg Billionaires Index.', 'Emerson is mainly focused on education, the environment and health care.', 'According to Finxtrx, Emerson has made over 130 investments in total, with more than half in technology, 48 in health care and life sciences, and the rest in energy, agriculture, education and human services, media, and other categories.', ""Raffi Krikorian, former executive at Uber and Twitter, is Emerson's chief technology officer."", 'The New York Times reported this week that Jony Ive, the celebrated Apple designer who worked closely with Steve Jobs and left the company in 2019, is teaming up with OpenAI CEO Sam Altman to create a new ""computing device"" for using AI.', 'Their venture aims to raise up to $1 billion by the end of the year, and Emerson Collective is one of its founding investors along with Ive, according to the report.', 'AI has become the most popular investment theme for family offices in 2024.', 'According to the UBS Global Family Office Report, 78% of family offices surveyed plan to invest in AI in the next two to three years — the most for any investment category.', 'Powell Jobs started investing in AI even before OpenAI launched ChatGPT, which kicked off the current AI investment and consumer craze.', 'In June 2022, Emerson invested in an $80 million C-round investment in Proximie, a health tech company whose platform is used to connect operating rooms.', 'In August 2022, it invested in a $14 million Series A round for Atropos Health, which provides physicians with clinical data.', ""Emerson went on to invest in AI startups around the world, including a $4.6 million seed round for Norway's Curipod, which helps teachers create interactive lessons, and a $415 million Series A round for Mistral, the French maker of large language models."", ""Emerson's two most recent AI investments are Formation Bio, an AI pharma company, which raised $372 million in June, and a $33 million follow-on round for Atropos."", ""Correction: This article has been updated to correct the number of artificial intelligence startups that Laurene Powell Jobs' family office, Emerson Collective, has invested in since 2022.""]",0.2807329304210316,"Emerson Collective, Powell Jobs' family office, investment company and philanthropy, has invested in at least nine AI-related startups since 2022, according to data provided exclusively to CNBC by Fintrx, the private wealth intelligence platform.",,0.994438886642456,"News that Laurene Powell Jobs is investing in a new artificial intelligence ""computing device"" highlights her growing appetite for AI startups, according to fresh data.",,2024-10-02
"FDA approves Bristol Myers Squibb's schizophrenia drug, the first new type of treatment in decades",https://www.cnbc.com/2024/09/26/fda-approves-bristol-myers-squibbs-schizophrenia-drug.html,2024-09-26T22:51:58+0000,"In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades. Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior. Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities. Most people are diagnosed in their late teens to early 30s.Bristol Myers Squibb expects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC. The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker. Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire. The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year. In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company. But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025. ""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia. And what you have is, unfortunately, an often disadvantaged population that doesn't get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we've actually made a difference,"" he continued. ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use.""Cobenfy will cost $1,850 for a month's supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug. Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.The company intends to launch a program aimed at helping patients afford Cobenfy, executives added. It's still unclear how much that program will increase access for people without insurance.Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments. For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients. But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements. Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC. He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics. The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation. ""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb's chief commercialization officer, told CNBC. ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."" Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients. But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.""If it were up to me, I wouldn't necessarily say we have to try X number of antipsychotics first. But I know from experience in a hospital setting that that is probably what's going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year. Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb. In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy.For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis. Bristol Myers Squibb said it expects to release data from those studies in 2026. The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism. ""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug. — CNBC's Angelica Peebles contributed to this report.",CNBC,26/09/2024,"[""In this articleThe Food and Drug Administration on Thursday approved Bristol Myers Squibb's highly anticipated schizophrenia drug Cobenfy, the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades."", 'Schizophrenia affects how a person thinks, feels and behaves, and can cause paranoia, delusions, hallucinations, and changes in emotions, movements and behavior.', ""Those symptoms can disrupt a patient's everyday life, making it difficult to go to school or work, socialize and complete other daily activities."", 'Most people are diagnosed in their late teens to early 30s.', 'Bristol Myers Squibbexpects the twice-daily pill, which will be sold under the brand name Cobenfy, to be available in late October, executives told CNBC.', 'The drug is a badly needed new option for the nearly 3 million adults in the U.S. living with schizophrenia, some medical experts say.', 'Only 1.6 million of those patients are treated for the condition, and 75% of them stop taking existing medications in the first 18 months because they struggle to find treatments that are effective or easy for them to tolerate, according to the drugmaker.', 'Cobenfy could also be a huge long-term sales opportunity for Bristol Myers Squibb, which faces pressure to offset the potential loss of revenue from top-selling treatments that will see their patents expire.', ""The drug comes from the company's whopping $14 billion acquisition of biotech company Karuna Therapeutics at the end of last year."", 'In a July research note, Guggenheim analysts said they view Cobenfy as a ""longer-term multi-billion dollar opportunity"" for the company.', 'But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb\'s top line in 2024 and 2025.""I think there\'s potentially a really transformational moment in how we treat and talk about schizophrenia.', 'And what you have is, unfortunately, an often disadvantaged population that doesn\'t get the attention they deserve from a research and health-care perspective,"" Andrew Miller, founder and former president of research and development of Karuna Therapeutics and now an advisor to Bristol Myers Squibb, told CNBC.""I think the most important moment is going to be five or 10 years from now, when we look back and say we\'ve actually made a difference,"" he continued. ""', ""We've helped people, we've improved outcomes, we've provided caregivers and physicians with another tool that they can use."", '""Cobenfy will cost $1,850 for a month\'s supply or $22,500 annually before insurance and other rebates, Bristol Myers Squibb executives said.', 'They said that pricing is in line with existing branded oral schizophrenia treatments and that they expect most patients, particularly those enrolled in Medicare and Medicaid plans, to have minimal out-of-pocket costs for the drug.', 'Around 80% of patients living with the condition are covered by government insurance, according to Bristol Myers Squibb.', 'The company intends to launch a program aimed at helping patients afford Cobenfy, executives added.', ""It's still unclear how much that program will increase access for people without insurance."", 'Cobenfy will have to compete with some existing schizophrenia drugs – called antipsychotic treatments – with lower list prices, particularly generic copycats of branded treatments.', 'For example, patients without insurance can get the generic version of an antipsychotic treatment called Abilify for as little as $16 for 30 once-daily tablets with free coupons from GoodRx.', 'Existing schizophrenia drugs work by directly blocking the dopamine receptors in the brain to generally improve symptoms in patients.', 'But they come with a long list of serious potential side effects that can cause patients to stop treatment, including weight gain, excessive fatigue and involuntary, uncontrollable movements.', ""Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics."", 'The second part of Cobenfy is called trospium, which reduces the gastrointestinal side effects linked to xanomeline, such as nausea, vomiting, diarrhea and constipation.', '""The majority of these patients have already cycled through one or two of these products,"" Adam Lenkowsky, Bristol Myers Squibb\'s chief commercialization officer, told CNBC. ""', ""So the enthusiasm that we're hearing from physicians is the opportunity to have a patient go onto treatment without seeing the side effects but also getting unprecedented like efficacy."", '""Lenkowsky said the company expects Cobenfy to eventually become the standard treatment for schizophrenia as physicians learn more about the drug and get more comfortable with prescribing it to patients.', 'But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.', '""If it were up to me, I wouldn\'t necessarily say we have to try X number of antipsychotics first.', 'But I know from experience in a hospital setting that that is probably what\'s going to have to happen because of cost, mainly,"" said Vadiei, a clinical psychiatric pharmacist who sees patients with schizophrenia at San Antonio State Hospital.', '""The approval was based on data from three clinical trials comparing Cobenfy to a placebo, as well as two longer-term studies that examined how safe and tolerable the drug is for up to one year.', 'Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.', 'In the studies, Cobenfy mostly led to mild to moderate side effects, which were mainly gastrointestinal and dissipated over time, Miller said.', ""Bristol Myers Squibb said Thursday's approval for schizophrenia may only be the beginning for Cobenfy."", ""For example, the company has ongoing late-stage clinical trials examining Cobenfy's potential in treating Alzheimer's disease patients with psychosis."", ""Bristol Myers Squibb said it expects to release data from those studies in 2026.The company also plans to study Cobenfy's potential to treat bipolar mania and irritability associated with autism."", '""When we think about Cobenfy, we think about it as multiple indications packed in one product … because we are really developing the drug not only for schizophrenia but six other indications,"" Hirawat said, referring to other potential uses for the drug.—', ""CNBC's Angelica Peebles contributed to this report.""]",0.1218170050240737,"Roughly a third of people with schizophrenia are also resistant to conventional antipsychotic treatments, according to WebMD.Cobenfy is the first treatment approved from a new class of drugs that do not directly block dopamine to improve symptoms of schizophrenia, Dr. Samit Hirawat, Bristol Myers Squibb's chief medical officer, told CNBC.He said one part of Cobenfy is a drug called xanomeline, which activates certain so-called muscarinic receptors in the brain to decrease dopamine activity without causing the side effects associated with antipsychotics.","But the price could limit use of the drug to patients who have already tried and failed with other existing treatments, said Nina Vadiei, clinical associate professor of pharmacotherapy and translational sciences at the University of Texas at Austin College of Pharmacy.",0.3386857774522569,"Cobenfy met the main goal of the three trials, significantly decreasing symptoms of schizophrenia compared with a placebo, according to Bristol Myers Squibb.","But they said the drug will likely have a slow launch, so it may not meaningfully contribute to Bristol Myers Squibb's top line in 2024 and 2025.""I think there's potentially a really transformational moment in how we treat and talk about schizophrenia.",2024-10-02
ScotRail's full timetable to return next Monday,https://www.bbc.co.uk/news/articles/c4glk63n0rlo,2024-10-01T10:24:10.912Z,"ScotRail will be restoring its full timetable from Monday 7 October. Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers. But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April. Peak time rail fares returned to train services in Scotland on 27 September. Mark Ilderton, ScotRail's service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday.  ""We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""It’s been a difficult few months for our customers and staff, and we thank everybody for their patience."" He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers."" The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working. Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing. The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations. They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services. STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure."" He added that scrapping peak fares permanently was essential for a just and sustainable future. Imogen Dow, Friends of the Earth Scotland's head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “We urgently need to move as many journeys as possible from cars to sustainable transport.  ""Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic."" The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers. A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions. There was no official overtime ban. Drivers simply said they could not do overtime. They are contractually allowed to do this as overtime at the company is entirely voluntary. Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right. It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022. It continues to recruit 160 a year. Their training takes about 18 months and, inevitably, some drivers replace others who have left. Substantially reducing the company’s dependence on overtime will not be a quick process. But if the company wants to ensure that  informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers. ",BBC,01/10/2024,"['ScotRail will be restoring its full timetable from Monday 7 October.', 'Trains have been running on a reduced timetable since 10 July following a long-running pay dispute involving train drivers.', 'But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.', 'Peak time rail fares returned to train services in Scotland on 27 September.', 'Mark Ilderton, ScotRail\'s service delivery director, said: ""We are delighted to confirm that our full timetable will return on Monday. ""', 'We have been working round the clock to deliver this in a very short space of time because we know how important a full service is to our customers. ""', 'It’s been a difficult few months for our customers and staff, and we thank everybody for their patience.""', 'He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""', 'The company said it was recruiting 160 new drivers every year to reduce its reliance on overtime working.', 'Trade unions and environmental groups have launched a petition demanding the permanent abolition of peak fare pricing.', 'The petition is led by the Scottish Trades Union Congress (STUC) and includes a number of unions and environmental organisations.', 'They argue that return of peak fares contradicts Scotland’s ambitions for sustainable travel and investment in public services.', 'STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. ""', 'This decision blatantly contradicts the government’s own commitments to reducing carbon emissions and creating a fairer society. ""', 'If we are serious about tackling the climate crisis and supporting workers, the Scottish government must end this outdated and unfair fare structure.""', 'He added that scrapping peak fares permanently was essential for a just and sustainable future.', 'Imogen Dow, Friends of the Earth Scotland\'s head of campaigns said: ""Transport is Scotland’s biggest source of climate pollution so if ministers are serious about getting our climate commitments back on track that means changing the ways we travel. “', 'We urgently need to move as many journeys as possible from cars to sustainable transport. ""', 'Making sure our public transport is affordable, accessible and reliable is essential to addressing climate change as well as tackling toxic air pollution from traffic.""', 'The emergency timetable at Scotrail highlighted the company’s ongoing dependence on overtime by drivers.', 'A withdrawal of overtime amid a pay row led to a high number of last minute cancellations – even though there was no actual industrial action by unions.', 'There was no official overtime ban.', 'Drivers simply said they could not do overtime.', 'They are contractually allowed to do this as overtime at the company is entirely voluntary.', 'Scotrail argues a dependence on overtime is a long-term issue across the rail industry which it wants to put right.', 'It says it has recruited 250 new drivers since it was brought back into public ownership in April 2022.', 'It continues to recruit 160 a year.', 'Their training takes about 18 months and, inevitably, some drivers replace others who have left.', 'Substantially reducing the company’s dependence on overtime will not be a quick process.', 'But if the company wants to ensure that informal overtime bans do not lead to widespread disruption again, it will need to ensure it has more drivers.']",0.0010924567715917,"He added: ""With a pay deal agreed and the full timetable back in place, everyone at ScotRail is focused on delivering a safe, reliable, and green service for our customers.""",There was no official overtime ban.,0.1078088100139911,"But last week 75% of Aslef members voted for a new deal, which will provide staff with a 4.5% rise backdated to April.","STUC deputy general secretary Dave Moxham said: ""Reintroducing peak fares is a slap in the face for working people across Scotland who depend on affordable public transport to get to work. """,2024-10-02
"EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming, sources say",https://www.cnbc.com/2024/09/27/echostar-nears-deal-to-sell-dish-to-directv-with-debt-payment-looming.html,2024-09-27T21:40:49+0000,"In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter. While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process. EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.The company said in public filings it remains in discussions with other debtholders.A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter. All in, the transaction may be worth more than $9 billion, according to one of the people.A spokesperson for DirecTV declined to comment. A spokesperson for Dish couldn't immediately be reached for comment.""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson's Craig Moffett said in a note to clients in August. ""They will need to raise new capital.""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks.DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt. AT&T spun it out in 2021 and sold a portion of the company to TPG. At that time, DirecTV had approximately 15.4 million subscribers. It has about 11 million today, CNBC previously reported.The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish. MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year. The bulk of its customers still use satellite dishes.Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers. The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.— CNBC's Lillian Rizzo contributed to this report.",CNBC,27/09/2024,"['In this articleCharlie Ergen is getting close to selling the pay-TV business he founded more than 40 years ago.', 'EchoStar is in advanced talks to sell satellite TV provider Dish Network to rival DirecTV, the closely held pay TV operator owned by private-equity firm TPG and AT&T, according to people familiar with the matter.', 'While the sides hope to complete a deal by Monday, no deal is assured, and the talks may still fall apart, said the people, who asked not to be named because the discussions are private.', 'The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure.', ""This time, the deal is being driven by EchoStar's desire to pay off $1.98 billion of debt that matures in November, said two of the people familiar with the process."", 'EchoStar had just $521 million in cash and cash equivalents and marketable investment securities as of June 30 and forecast negative cash flows for the remainder of 2024, according to public filings.', 'The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.', 'Dish attempted to refinance some of its debt earlier this week with bondholders, but the negotiations failed, according to a Sept. 23 filing.', 'The company said in public filings it remains in discussions with other debtholders.', 'A potential DirecTV-Dish transaction is being structured as all cash, with DirecTV paying EchoStar for the satellite TV business, its digital business Sling and associated liabilities, said people familiar with the matter.', 'All in, the transaction may be worth more than $9 billion, according to one of the people.', 'A spokesperson for DirecTV declined to comment.', ""A spokesperson for Dish couldn't immediately be reached for comment."", '""The bottom line is that we now see bankruptcy in the next four to six months as the most likely outcome [for EchoStar],"" MoffettNathanson\'s Craig Moffett said in a note to clients in August. ""', 'They will need to raise new capital.', '""EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion.', 'There is no wireless spectrum involved in the proposed deal, which Dish Network has spent the past decade accumulating in its quest to transition into a wireless company, the people said.', 'Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.', ""Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks."", 'DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.', 'AT&T spun it out in 2021 and sold a portion of the company to TPG.', 'At that time, DirecTV had approximately 15.4 million subscribers.', 'It has about 11 million today, CNBC previously reported.', 'The company has recently been focused on building out its streaming business, centering its latest ad campaign around dispelling the belief that DirecTV is only available through a satellite dish.', 'MoffettNathanson estimates DirecTV added more than 20,000 streaming customers earlier this year.', 'The bulk of its customers still use satellite dishes.', ""Most recently, DirecTV was in a distribution fight with Disney, which saw networks including ESPN go dark for nearly two weeks for the satellite TV company's customers."", 'The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—', ""CNBC's Lillian Rizzo contributed to this report.""]",-0.0145112409353961,The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated.,"DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.",-0.2773966193199157,"The two companies reached a deal that gives DirecTV the ability to offer skinnier, genre-specific bundles.—","Satellite TV, once some of the biggest distributors of the TV bundle, has been declining for years — often at a faster rate than cable competitors — as consumers switch to subscription streaming services such as Netflix, Disney+ and Amazon Prime Video.",2024-10-02
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion,https://www.cnbc.com/2024/10/01/pepsico-to-buy-siete-foods.html,2024-10-01T18:21:32+0000,"In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years.Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.Soon that will also include Siete. Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas. Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions. Retailers like Target, Kroger, Whole Foods and CVS carry the company's products.""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products. In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion. This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.",CNBC,01/10/2024,"[""In this articlePepsiCo said Tuesday that it's buying Mexican American food company Siete Foods for $1.2 billion, marking the company's first food acquisition in roughly five years."", 'Like many food companies, Pepsi has been trying to shift its portfolio to include healthier options in recent years, usually through acquisitions.', 'Recent additions include Bare Snacks, Health Warrior and PopCorners.', 'Soon that will also include Siete.', 'Founder Veronica Garza started the company in 2014, when she began selling grain-free tortillas.', 'Since then, its portfolio has grown to include tortilla chips, taco shells, salsas and seasonings, often designed to accommodate different dietary restrictions.', ""Retailers like Target, Kroger, Whole Foods and CVS carry the company's products."", '""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.', 'The deal is expected to close in the first half of 2025, assuming it receives regulatory approval.', 'Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.', ""In August, M&M's owner Mars announced it would purchase Pringles parent Kellanova in a deal valued at nearly $36 billion."", ""This March, Campbell Soup completed its $2.7 billion acquisition of Rao's pasta sauce maker Sovos Brand.""]",0.2548811714148081,"""We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete,"" Pepsi CEO Ramon Laguarta said in a statement.",,0.9857563773790996,"Deal-making has picked up this year for packaged food companies, who are turning to acquisitions to drive sales growth as shoppers buy less of their products.",,2024-10-02
500 Starbucks locations have voted to unionize as labor talks continue,https://www.cnbc.com/2024/10/01/500-starbucks-locations-have-voted-to-unionize.html,2024-10-01T21:20:50+0000,"In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework. They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal. The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.Both the union and Starbucks noted that negotiations have been productive and have advanced measures.Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""",CNBC,01/10/2024,"['In this articleBaristas at a Starbucks in Bellingham, Washington, became the 500th store to join the Starbucks Workers United union on Monday.', 'Since the first location voted to unionize in 2021, more than 11,000 baristas have joined the union, according to a Tuesday press release.', '""This milestone is a testament to workers building power from the ground up,"" said Lynne Fox, president of Workers United. ""', 'Starbucks partners have boldly demanded a voice on the job and with it, strong contracts that ensure respect, living wages, racial and gender equity, fair scheduling and more.', '""The union and Starbucks announced together in February that negotiations would be taking place through a collaborative process to work toward a foundational framework.', 'They have been meeting at the bargaining table monthly since April, and 100 new locations have successfully unionized in the past six months, the union said.', ""CEO Brian Niccol, who assumed the coffee chain's top spot in September, said last week that the company is committed to bargaining in good faith with the union as the two sides work to craft a labor deal."", 'The framework they are negotiating would be the basis for collective bargaining agreements between individual stores and the company.', 'Both the union and Starbucks noted that negotiations have been productive and have advanced measures.', 'Baristas from the Bellingham location sent a letter to Niccol outlining their reasons for organizing.', '""Starbucks\' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.', 'In a statement, a Starbucks spokesperson said ""we respect our partners rights to have a choice on the topic of unions,"" and added that ""we are proud of the progress we have made on bargaining and are committed to continuing to work together to achieve our shared goals.""']",0.4670387279842526,"""Starbucks' ultimate success in rebuilding hinges on whether we as baristas have the support we need to do our jobs well so that, in turn, we can ensure customers enjoy their Starbucks experience and keep coming back,"" they wrote.",,0.9957245290279388,Both the union and Starbucks noted that negotiations have been productive and have advanced measures.,,2024-10-02
"Wealthy investors support Harris over Trump, new survey says",https://www.cnbc.com/2024/09/26/wealthy-investors-support-harris.html,2024-09-26T19:36:38+0000,"A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harris wants them to apply only to those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.Millionaire investors give Harris better grades on Social Security and health care.Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.",CNBC,26/09/2024,"['A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.', 'According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.', 'Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents.', 'Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.', 'Like many voters, millionaire investors rated the economy as their No.', '1 issue.', 'Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.', 'The Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.', 'Subscribe here to get access today.', 'While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes.', 'When asked ""who is better equipped to address the economy,"" 51% said Trump and 49% said Harris.', 'Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.', 'She has also proposed higher taxes on the wealthy and corporations.', 'Millionaire investors give Harris better grades on Social Security and health care.', 'Whoever wins, however, millionaire investors are bullish on the economy and markets.', 'A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).', 'Three-quarters of investors are also ""highly optimistic"" about their portfolio returns in the next six months.', 'More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results.', 'If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.', 'The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.']",0.3842526494714203,"If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health-care, sustainable investing and tech names look best, according to the survey.","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",0.7497458904981613,"A majority (55%) said they are highly confident about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic).","Trump also edged out Harris on taxes, at 52% to 48%.Trump has proposed extending the 2017 tax cuts entirely, while Harriswants them to apply only tothose making less than $400,000.",2024-10-02
Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams,https://www.cnbc.com/2024/09/27/jpmorgan-chase-prepared-to-sue-us-government.html,2024-09-27T16:52:03+0000,"In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become.The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims, according to people who declined to be identified speaking about an ongoing investigation.In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.""The prospect of a bank suing its regulator would've been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers. That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.""If you go back 15 or 20 years, the view was it's not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet's nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.""The disparity between how ambitious [President Joe] Biden's regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""That's created so many opportunities for successful industry litigation against regulatory proposals.""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry's lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals. The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending.""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan's consumer bank, warned investors in May.JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform. Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act.A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions.Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won't likely be refunded for bogus transactions.JPMorgan declined to comment for this article.The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators. That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them.The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers.While all of these battles are ongoing, the financial industry has racked up several victories so far.Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections.If Republican candidate Donald Trump wins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May.A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""The financial industry has been particularly active this year in suing regulators.""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""It's what happens when you can't adopt new regulations because you're terrified that you'll get sued.""— With data visualizations by CNBC's Gabriel Cortes.",CNBC,27/09/2024,"[""In this articleBuried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank's relationship with the government has become."", 'The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network.', 'The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.', 'In response, JPMorgan issued a thinly veiled threat: ""The firm is evaluating next steps, including litigation.', '""The prospect of a bank suing its regulator would\'ve been unheard of in an earlier era, according to policy experts, mostly because corporations used to fear provoking their overseers.', 'That was especially the case for the American banking industry, which needed hundreds of billions of dollars in taxpayer bailouts to survive after irresponsible lending and trading activities caused the 2008 financial crisis, those experts say.', 'But a combination of factors in the intervening years has created an environment where banks and their regulators have never been farther apart.', 'Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies.', 'Those on the side of regulators point out that banks and their lobbyists increasingly lean on courts in Republican-dominated districts to fend off reform and protect billions of dollars in fees at the expense of consumers.', '""If you go back 15 or 20 years, the view was it\'s not particularly smart to antagonize your regulator, that litigating all this stuff is just kicking the hornet\'s nest,"" said Tobin Marcus, head of U.S. policy at Wolfe Research.', '""The disparity between how ambitious [President Joe] Biden\'s regulators have been and how conservative the courts are, at least a subset of the courts, is historically wide,"" Marcus said. ""', ""That's created so many opportunities for successful industry litigation against regulatory proposals."", '""Those forces collided this year, which started out as one of the most consequential for bank regulation since the post-2008 reforms that curbed Wall Street risk-taking, introduced annual stress tests and created the industry\'s lead antagonist, the CFPB.In the final months of the Biden administration, efforts from a half-dozen government agencies were meant to slash fees on credit card late payments, debit transactions and overdrafts, among other proposals.', ""The industry's biggest threat was the Basel Endgame, a sweeping plan to force big banks to hold tens of billions of dollars more in capital for activities like trading and lending."", '""The industry is facing an onslaught of regulatory and potential legislative change,"" Marianne Lake, head of JPMorgan\'s consumer bank, warned investors in May.', ""JPMorgan's disclosure about the CFPB probe into Zelle comes after years of grilling by Democrat lawmakers over financial crimes on the platform."", 'Zelle was launched in 2017 by a bank-owned firm called Early Warning Services in response to the threat from peer-to-peer networks including PayPal.', 'The vast majority of Zelle activity is uneventful; of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.', 'But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.', ""Banks are typically on the hook to reimburse fraudulent Zelle payments that the customer didn't give permission for, but usually don't refund losses if the customer is duped into authorizing the payment by a scammer, according to the Electronic Fund Transfer Act."", ""A JPMorgan payments executive told lawmakers in July that the bank actually reimburses 100% of unauthorized transactions; the discrepancy in the Senate report's findings is because bank personnel often determine that customers have authorized the transactions."", 'Amid the scrutiny, the bank began warning Zelle users on the Chase app to ""Stay safe from scams"" and added disclosures that customers won\'t likely be refunded for bogus transactions.', 'JPMorgan declined to comment for this article.', 'The company, which has grown to become the largest and most profitable American bank in history under CEO Jamie Dimon, is at the fore of several other skirmishes with regulators.', ""Thanks to his reputation guiding JPMorgan through the 2008 crisis and last year's regional banking upheaval, Dimon may be one of few CEOs with the standing to openly criticize regulators."", 'That was highlighted this year when Dimon led a campaign, both public and behind closed doors, to weaken the Basel proposal.', ""In May, at JPMorgan's investor day, Dimon's deputies made the case that Basel and other regulations would end up harming consumers instead of protecting them."", 'The cumulative effect of pending regulation would boost the cost of mortgages by at least $500 a year and credit card rates by 2%; it would also force banks to charge two-thirds of consumers for checking accounts, according to JPMorgan.', ""The message: banks won't just eat the extra costs from regulation, but instead pass them on to consumers."", 'While all of these battles are ongoing, the financial industry has racked up several victories so far.', 'Some contend the threat of litigation helped convince the Federal Reserve to offer a new Basel Endgame proposal this month that roughly cuts in half the extra capital that the largest institutions would be forced to hold, among other industry-friendly changes.', ""It's not even clear if the watered-down version of the proposal, a long-in-the-making response to the 2008 crisis, will ever be implemented because it won't be finalized until well after U.S. elections."", 'If Republican candidateDonald Trumpwins, the rules might be further weakened or killed outright, and even under a Kamala Harris administration, the industry could fight the regulation in court.', ""That's been banks' approach to the CFPB credit card rule, which aimed to cap late fees at $8 per incident and was set to go into effect in May."", 'A last-ditch effort from the U.S. Chamber of Commerce and bank trade groups successfully delayed its implementation when Judge Mark Pittman of the Northern District of Texas sided with the industry, granting a freeze of the rule.', 'A key playbook for banks has been to file cases in conservative jurisdictions where they are likely to prevail, according to Lori Yue, a Columbia Business School associate professor who has studied the interplay between corporations and the judicial system.', 'The Northern District of Texas feeds into the 5th Circuit Court of Appeals, which is ""well-known for its friendliness to industry lawsuits against regulators,"" Yue said.', '""Venue-shopping like this has become well-established corporate strategy,"" Yue said. ""', 'The financial industry has been particularly active this year in suing regulators.', '""Since 2017, nearly two-thirds of the lawsuits filed by the U.S. Chamber of Commerce challenging federal regulations have been in courts under the 5th Circuit, according to an analysis by Accountable US.Industries dominated by a few large players — from banks to airlines, pharmaceutical companies and energy firms — tend to have well-funded trade organizations that are more likely to resist regulators, Yue added.', 'The polarized environment, where weakened federal agencies are undermined by conservative courts, ultimately preserves the advantages of the largest corporations, according to Brian Graham, co-founder of bank consulting firm Klaros.', '""It\'s really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. ""', 'It\'s what happens when you can\'t adopt new regulations because you\'re terrified that you\'ll get sued.""—', ""With data visualizations by CNBC's Gabriel Cortes.""]",-0.2029519066307472,That's created so many opportunities for successful industry litigation against regulatory proposals.,"The bank is accused of failing to kick criminal accounts off its platform and failing to compensate some scam victims,according to people who declined to be identified speaking about an ongoing investigation.",0.0150526336261204,"While all of these battles are ongoing, the financial industry has racked up several victories so far.","""It's really bad in the long run, because it locks in place whatever the regulations have been, while the reality is that the world is changing,"" Graham said. """,2024-10-02
"SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits",https://www.cnbc.com/2024/09/25/sec-charges-merrill-lynch-harvest.html,2024-09-25T16:10:35+0000,"In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period.Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns. Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders.The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits.""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""",CNBC,25/09/2024,"[""In this articleThe U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period."", 'Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.', 'Harvest was the primary investment advisor and portfolio manager for the Collateral Yield Enhancement Strategy, which traded options in a volatility index aimed at incremental returns.', ""Beginning in 2016, Harvest allowed a plethora of accounts to exceed the exposure levels that investors had already designated when they signed up for the enhancement strategy, with dozens passing the limit by 50% or more, according to the SEC's orders."", ""The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management."", ""Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency."", 'Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said.', 'Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits.', '""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC\'s enforcement division. ""', ""Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."", '""A representative from Bank of America said the company ""ended all new enrollments with Harvest in 2019 and recommended that existing clients unwind their positions.""']",0.0318129597764039,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","""In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,"" said Mark Cave, associate director of the SEC's enforcement division. """,-0.3356851083891732,"Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.","Merrill also received a cut of Harvest's trading commissions and management and incentive fees, according to the agency.",2024-10-02
Harris wants to stand out as the pro-cannabis candidate. The industry isn't convinced yet,https://www.cnbc.com/2024/10/01/harris-the-pro-cannabis-candidate-the-industry-isnt-convinced.html,2024-10-02T12:18:29+0000,"Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren't convinced her administration would lead to the reform she has promised.""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview. This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change.""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level. Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review. In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.Cannabis investors are eager for more details on future proposals.""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.The cannabis industry is also skeptical about former President Donald Trump's support for legalization.""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.""He also said he plans to vote yes on a ballot measure in Florida to legalize the use of recreational cannabis.The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",CNBC,02/10/2024,"['Vice President Kamala Harris further positioned herself as a pro-cannabis candidate on Monday in an interview with sports and culture podcast ""All the Smoke"" — but industry leaders aren\'t convinced her administration would lead to the reform she has promised.', '""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.', 'This was the first time she has spoken on the issue publicly since she became the Democratic presidential nominee.', '""I am encouraged by Vice President Harris\'s support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""', ""I hope this time around, these campaign promises aren't just soundbites but will lead to tangible change."", '""Four years earlier, as a senator and candidate for president in 2020, Harris advocated for and introduced legislation to decriminalize and tax cannabis at the federal level.', 'Biden also tapped her as vice president to lead discussions on criminal justice and cannabis reform as his administration worked to reschedule cannabis.', 'But the process has moved slowly, said Brady Cobb, founder of Florida-based Sunburn Cannabis.', '""I would question the statement that Harris has been the more pro-cannabis candidate,"" Cobb said. ""', 'While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed.', '""The Biden administration said this spring that it would move to ease restrictions by reclassifying cannabis from the strictest Schedule I to the less stringent Schedule III, which would open the door for studies and research, as well as larger sales and distribution of medical supply in states where it is legal.', 'In July, the public comment period on cannabis reclassification ended with a significant 43,000 comments submitted for review.', 'In August, the Drug Enforcement Administration further delayed reclassification further by scheduling a hearing on the proposed rule change for Dec. 2, after the election.', 'Cannabis investors are eager for more details on future proposals.', '""We would welcome to hear more from the Harris campaign on how they envision reform on this issue, as several paths need to be improved, including banking and capital markets reform,"" said Emily Paxhia, Poseidon Investment Management co-founder.', ""The cannabis industry is also skeptical about former President Donald Trump's support for legalization."", '""Trump did not move the ball on cannabis either during his time as president, so they [Trump and Harris] are very much equal on this issue from my vantage point,"" Cobb said.', 'In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state.', 'He said that, if elected, his administration ""will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws.', '""He also said he plans to vote yes on a ballot measure in Florida tolegalize the use of recreational cannabis.', 'The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.', '""The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time,"" said Bernstein analyst Nadine Sarwat, in a recent note.', 'However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds.', '""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.']",0.265346970113263,"""I am encouraged by Vice President Harris's support for cannabis legalization; however, we need real action, not just rhetoric,"" said Jason Wild, executive chairman of Toronto Stock Exchange-listed cannabis company TerrAscend, which has operations in the United States. ""","""I just think we have come to a point where we have to understand that we need to legalize it and stop criminalizing this behavior,"" Harris said during the interview.",0.3456711371739705,"The AdvisorShares Pure US Cannabis ETF, which tracks U.S. companies with cannabis exposure, has risen 12% since Trump made those comments a month ago, as investors see bipartisan support for legalization as a significant tailwind.","""Despite all the headlines regarding potential federal reform, state-level sales performance is sobering,"" Sarwat said.",2024-10-02
EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy,https://www.cnbc.com/2024/09/30/echostars-dish-sale-marks-disappointing-end-to-ergens-strategy-.html,2024-09-30T20:08:06+0000,"In this articleDish's ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together.""On Monday, assuming regulatory approval, the conclusion was revealed.EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business. EchoStar shares fell more than 11% Monday. In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""The content-distribution industry has been on the decline, losing customers at a rapid pace.""The company's enterprise value has plummeted in turn.When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion.DirecTV sold a year later to AT&T for $49 billion in equity value. Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.EchoStar and Dish merged back together earlier this year after separating in 2008. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward. For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage.Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019. Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers.""We couldn't feed [the wireless] business properly,"" Akhavan said Monday. ""The focus of the company being in multiple directions was also a management distraction.""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes. It's hard not to view this pathway for Dish as a similar disappointment.WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up",CNBC,30/09/2024,"['In this articleDish\'s ""Seinfeld"" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment.', 'In 2011, Dish cofounder Charlie Ergen first mentioned ""Seinfeld"" on an earnings call, responding to an analyst\'s question about his company\'s mixed bag of assets.', 'Ergen noted a half-hour episode of the 1990s sitcom would usually start with multiple plot lines without a clear direction, ""But it all seemed to come together in the last couple of minutes,"" he said. ""', ""And so I think in terms of where we're going strategically, you'll have to just wait and see where it all comes together."", '""On Monday, assuming regulatory approval, the conclusion was revealed.', ""EchoStar, Dish's parent company, sold the pay-TV provider to DirecTV for a nominal price of $1 and $9.75 billion of associated debt on the business."", 'EchoStar shares fell more than 11% Monday.', 'In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.', 'Dish and DirecTV have lost a combined 63% of their video subscribers since 2016.""Times have changed,"" said EchoStar CEO Hamid Akhavan in a CNBC interview Monday. ""', 'The content-distribution industry has been on the decline, losing customers at a rapid pace.', '""The company\'s enterprise value has plummeted in turn.', ""When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion."", 'DirecTV sold a year later to AT&T for $49 billion in equity value.', 'Dish remained independent and lost almost all of its value as its business dwindled and satellite TV has become increasingly anachronistic.', 'EchoStar and Dish merged back together earlier this year after separating in 2008.', 'EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.', ""When Ergen used to talk about Dish and its future trajectory, he'd sometimes hold out his hand and stretch out his fingers, using them as metaphors for different pathways forward."", ""For years, he tried to marry Dish's pay-TV business with a wireless service, buying up spectrum at auctions and petitioning regulators to allow its usage."", 'Dish ended up acquiring Boost Mobile as a divestiture from T-Mobile for $1.4 billion in 2019.', ""Still, without a partner, it's been difficult for Dish to find the capital to both run its pay-TV business and build out a nationwide network to compete with AT&T, Verizon and T-Mobile — especially as satellite TV cash slow diminishes each year with the loss of millions of subscribers."", '""We couldn\'t feed [the wireless] business properly,"" Akhavan said Monday. ""', 'The focus of the company being in multiple directions was also a management distraction.', '""The actual series finale of ""Seinfeld"" was widely panned compared to the show\'s best episodes.', ""It's hard not to view this pathway for Dish as a similar disappointment."", 'WATCH: EchoStar CEO exclusive CNBC interview on Dish-DirecTV tie-up']",-0.0090638555769758,"""The actual series finale of ""Seinfeld"" was widely panned compared to the show's best episodes.","In recent years Dish tried and failed to transition to a nationwide wireless carrier, while seeing millions of pay-TV subscribers cancel for streaming services and operators that include high-speed broadband, such as Comcast and Charter.",-0.9904544786973432,,"""The company's enterprise value has plummeted in turn.",2024-10-02
"Facebook parent Meta rehired worker after he stalked a coworker for over a year, lawsuit says",https://www.cnbc.com/2024/10/01/meta-sued-for-hiring-employee-accused-of-stalking.html,2024-10-01T16:42:18+0000,"In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company's employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says. The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back. It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta's internal messaging system],"" Napoli, a marketing leader who works out of Meta's New York City office, told CNBC in an interview. ""I trusted that my employer would be able to keep me safe, right? Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."" The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would be reducing the size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.Meta owns Facebook, Instagram, Messenger and WhatsApp. Although Wall Street has responded favorably to Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns from small businesses and influencers, as well as state and local election officials who use Facebook and Instagram, CNBC has previously reported.In the aftermath of Meta's cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.""Meta has previously dealt with similar allegations that it's employed workers who have engaged in stalking and related activity. For example, in 2018, the company said it fired a security engineer who allegedly used internal data to stalk women online.Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday.The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta's marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring. Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said. After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee. During that meeting, the accused stalker started making ""disturbing"" comments, the filing states. ""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.'s well-being. But over the next year, Napoli says, the situation escalated. G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages. ""I am being mind tortured with an A.I tech which I don't know where it's coming from and I am feeling like my love for you is being used for experiences I didn't agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint. G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says. ""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. … It was really terrifying,"" said Napoli. ""I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person."" Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states. In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company's ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn't be permitted into company buildings.But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says. Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system. Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events. ""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""I immediately went to [HR]... they let me know that they were equally stunned. They didn't have an answer as to how it happened, and they let me know that they would investigate."" For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated. However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities. In his complaint, Napoli is asking for damages but didn't specify an amount. He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli. ""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do."" Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again. ""It doesn't seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""Everybody deserves a safe workplace.""",CNBC,01/10/2024,"['In this articleA former Meta staffer who was placed on a ""Do Not Hire"" list after he stalked and harassed one of the company\'s employees found himself rehired by the tech giant after it gutted its talent and recruitment department, a lawsuit filed Tuesday says.', ""The suit, filed in New York Supreme Court on behalf of Meta employee James Napoli, accuses the company of violating New York City's human rights law and negligence for hiring the person back."", 'It also accuses the company of retaliation after it allegedly sidelined Napoli and took him off big projects when he raised concerns that the person had been rehired.', '""I had spoken to my employer about this … on numerous occasions and I was told that he would not be able to enter our offices, that he would not be hired again, and then like, all of a sudden, this guy is reaching out to me [on Meta\'s internal messaging system],"" Napoli, a marketing leader who works out of Meta\'s New York City office, told CNBC in an interview. ""', 'I trusted that my employer would be able to keep me safe, right?', ""Because stalkers and harassers are also workplace hazards… And this isn't just a hazard for me, this is a dangerous individual that was let back into the workplace."", '""The lawsuit comes after CEO Mark Zuckerberg announced in March 2023 that Meta would bereducingthe size of its recruiting team as part of a larger strategy to cut 21,000 jobs, remove layers of middle management and operate more efficiently.', 'Meta owns Facebook, Instagram, Messenger and WhatsApp.', ""Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported."", 'In the aftermath of Meta\'s cost-cutting efforts and ensuing layoffs, attorneys for Napoli say in the lawsuit that the company is relying ""more heavily on hiring employees through outside contractors"" and employs ""far fewer recruiters to screen applicants,"" which has negatively impacted their ability to properly catch red flags.', '""Meta\'s employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta\'s own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. ""', 'Yet Meta tells the public and public officials that the company has the ability to safeguard the personal data of billions of children and adults on their platforms.', '""Meta has previously dealt with similar allegations that it\'s employed workers who have engaged in stalking and related activity.', 'For example, in 2018, the company said itfired a security engineerwho allegedly used internal data to stalk women online.', ""Meta didn't immediately respond to request for comment on the lawsuit filed Tuesday."", 'The person accused of stalking Napoli, identified only by the initials ""G.F."" in the complaint, was a member of Meta\'s marketing team before he was laid off in November 2022 when the company cut 13% of its staff as part of a larger restructuring.', 'Before the layoffs, G.F. and Napoli occasionally saw each other in meetings but were no more than ""work acquaintances,"" Napoli said.', 'After G.F. lost his job, he reached out to Napoli for support and asked him to get a coffee.', 'During that meeting, the accused stalker started making ""disturbing"" comments, the filing states.', '""[He] told me that he hears voices, God talks to him, and God had been talking to him about me since April of that year, and he sent me a list of documents that were his like journal entries over the months,"" Napoli recalled.', 'Napoli ""immediately"" reported the incident to his manager and to HR, and says at first he was concerned for G.F.\'s well-being.', 'But over the next year, Napoli says, the situation escalated.', ""G.F. began sending Napoli up to 30 messages a day, contacting his family members and referencing Napoli's partner, friends and even his dog, Luigi, in messages."", '""I am being mind tortured with an A.I tech which I don\'t know where it\'s coming from and I am feeling like my love for you is being used for experiences I didn\'t agree for, while I am being told by spirits that you and I are the two messengers,"" G.F. wrote in one message to Napoli, according to the complaint.', 'G.F. found out where Napoli lived and ""personally delivered a large ream of disturbing writings and drawings"" to the apartment, forcing Napoli and his partner to move, the lawsuit says.', '""It really felt like I was drowning for a long time because there was just nothing that I could do to escape. …', 'It was really terrifying,"" said Napoli. ""', 'I was worried about going out, I was worried about my dog, I was worried about my partner, because they were all mentioned by this person.', '""Napoli reported G.F. to the police and considered getting a restraining order, but under New York state law orders of protection are only available to people who have an intimate or familial relationship to their stalker, the lawsuit states.', 'In September 2023, Napoli informed Meta that the stalking had increased ""in both frequency and severity,"" and the HR department assured him that G.F. was on the company\'s ""Do Not Hire"" list and its ""No Entry"" list, which identifies people who shouldn\'t be permitted into company buildings.', 'But just four months later, the company hired G.F. back to a contractor position after he apparently slipped through the cracks in the hiring process, the lawsuit says.', ""Napoli learned his accused stalker was back at Meta when G.F.'s name popped up on Workplace, the company's internal messaging system."", ""Napoli says he received a message from G.F. stating that he'd been rehired and would be seeing him at meetings and events."", '""To have all of that come back after I was guaranteed that I would be kept safe, it was really harrowing,"" said Napoli. ""', 'I immediately went to [HR]... they let me know that they were equally stunned.', ""They didn't have an answer as to how it happened, and they let me know that they would investigate."", '""For the next month, Napoli says he ""lived in terror of interacting with G.F. at work"" until Meta notified him that G.F. had been terminated.', 'However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.', 'As Napoli grappled with the continued stalking, he also faced what the lawsuit says was retaliation at Meta for complaining to his managers and to HR about the decision to rehire G.F.Napoli had been tapped to lead an artificial intelligence marketing push at Meta, but says that in response to his complaints, those projects were taken away and he found himself sidelined with reduced responsibilities.', ""In his complaint, Napoli is asking for damages but didn't specify an amount."", 'He also asked the court to enter judgements that would prohibit G.F. from being rehired at Meta and prohibit the company from ""engaging in any further discriminatory or retaliatory acts"" against Napoli.', '""I want to be able to do my job, and I want to be able to do my job without feeling like the shoe is going to drop,"" said Napoli. ""', 'I am very passionate about my work, and I take a lot of pride in my work, and that is really all I want to be able to do.', '""Napoli said he decided to tell his story because he wants Meta to make reforms that would prevent something like this from happening again.', '""It doesn\'t seem to me as though there are the right processes in place to stop this from happening to ... me or to someone else,"" said Napoli. ""', 'Everybody deserves a safe workplace.""']",-0.0428704102177964,"Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.","""Meta's employment practices are apparently so chaotic, reckless, and ineffectual that the company fails to keep track of the most fundamental data point in its workplace – the dangerous people who pose a severe risk to Meta's own employees,"" the lawsuit, filed by attorneys Carrie Goldberg and Peter Romer-Friedman, states. """,-0.4464689237730844,"However, after G.F. lost his job a second time, his ""stalking and harassment of Mr. Napoli significantly amplified and became more creative, sexually violent, and obsessive,"" the lawsuit states.","Although Wall Street has respondedfavorablyto Meta's cost-cutting plans, layoffs in the company's customer service and trust and safety teams have made it harder for the social networking giant to respond to concerns fromsmall businesses and influencers, as well asstate and local election officialswho use Facebook and Instagram, CNBC has previouslyreported.",2024-10-02
Michael Jordan's 23XI Racing team sues NASCAR and CEO Jim France,https://www.cnbc.com/2024/10/02/michael-jordan-23xi-racing-team-sues-nascar-jim-france.html,2024-10-02T13:06:59+0000,"Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers, sponsors, partners and fans.The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR. They also are prevented from participating in any other stock car races.The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit.""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.Meanwhile, the suit alleged, NASCAR is not facing the same financial issues. Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.The financial challenges have led to high turnover among teams. Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.""Today's action shows I'm willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.""Jordan's team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence. He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement.The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.NASCAR did not immediately respond to a request for comment on the suit.Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.",CNBC,02/10/2024,"[""Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport."", '""Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,"" 23XI Racing and Front Row Motorsports said in a joint statement.23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan\'s longtime business partner, Curtis Polk.', 'Front Row Motorsports, meanwhile, is owned by Bob Jenkins and has been racing full time since 2005.The suit alleges that NASCAR and France operate without transparency, have stifled competition, and control the sport in ways that unfairly benefits them at the expense of team owners, drivers,sponsors, partners and fans.', 'The two teams take issue with the fact that NASCAR does everything from buying the premier racetracks that are exclusive to its races to allegedly requiring teams to buy their parts from a single-source suppliers chosen by NASCAR.', 'They also are prevented from participating in any other stock car races.', 'The suit said teams are struggling to make reasonable profits, while investors must put tens of millions of dollars into the team.', ""Jenkins, of Front Row Motorsports, said he's been in the business for 20 years and has yet to make a profit."", '""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.', 'Meanwhile, the suit alleged, NASCAR is not facing the same financial issues.', 'Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.', 'Unlike most pro sports leagues, which are owned and operated by their teams and team owners, NASCAR is privately owned and operated by the France family.', '""No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practices,"" the suit said.', 'The financial challenges have led to high turnover among teams.', 'Of the 19 team owners that were originally granted charters in 2016, only eight teams remain in the sport, according to the suit.', 'It can cost about $18 million per year to run one chartered team for a full season of Cup Series races, the suit said.', 'Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.', '""Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott.', '""Today\'s action shows I\'m willing to fight for a competitive market where everyone wins,"" Jordan said in a statement. ""', 'Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.', 'I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.', '""Jordan\'s team, led by driver Tyler Reddick, won its first regular-season championship last month, in its fourth year of existence.', ""He currently sits in ninth place in NASCAR's standings.23XI Racing and Front Row Motorsports said they will seek discovery from both NASCAR and France, and will seek damages for the anticompetitive terms they said they have been subject to under the 2016 charter agreement."", 'The teams are being represented by one of the most prominent sports lawyers in the country, Jeffrey Kessler, co-executive chairman of Winston & Strawn.', 'Kessler said they will file a preliminary injunction to enable the teams to race in the next calendar year while continuing to pursue antitrust litigation.', 'NASCAR did not immediately respond to a request for comment on the suit.', ""Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.""]",0.1869684311301437,"""We need a more competitive and fair system where teams, drivers and sponsors can be rewarded for our collective investment by building long-term enterprise value, just like every other successful professional sports league,"" he said.","Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport.",-0.0987984592264348,"Last November, the company signed a new seven-year media deal with Fox, NBC, Amazon and Warner Bros. Discovery valued at $7.7 billion, a 40% increase over its previous deal.","Even with four charters and 14 Cup Series championships, Jeff Gordon, Hendrick Motorsports vice chairman and a former NASCAR driver, said his race team has not had a profitable season in years, and he has ""a lot of fears that sustainability is going to be a real challenge.",2024-10-02
"EchoStar to sell Dish to DirecTV, combining major pay-TV providers",https://www.cnbc.com/2024/09/30/echostar-to-sell-dish-to-directv-combining-major-pay-tv-providers.html,2024-09-30T20:07:31+0000,"In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. EchoStar shares fell more than 11% Monday.DirecTV agreed to pay a nominal fee of $1 for Dish. The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders, according to a news release.The deal is expected to close in the fourth quarter of 2025. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion. AT&T originally bought DirecTV in 2014 for $48.5 billion.The possibility of a merger between Dish and DirecTV has been rumored for decades. The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down. At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services. With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy. The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes. He said the company would prioritize customer acquisition over expanding services.""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.— CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.",CNBC,30/09/2024,"['In this articleEchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers.', 'EchoStar shares fell more than 11% Monday.', 'DirecTV agreed to pay a nominal fee of $1 for Dish.', ""The deal will see DirecTV assume about $9.75 billion in debt and is contingent on consent from some of Dish's bondholders,according to a news release."", 'The deal is expected to close in the fourth quarter of 2025.', 'Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters.', '""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC\'s ""Squawk on the Street"" on Monday.', '""I think this was a scale game that kind of puts us in a level playing field with the competitors in the market,"" he said.', 'The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.', 'He also said EchoStar was not able to fully support both its video distribution and core wireless internet businesses, and that this merger will allow the company to put all of its resources toward its core services.', 'Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion.', 'The company sold 30% of its stake to TPG in 2021, then valued at $16.2 billion.', 'AT&T originally bought DirecTV in 2014 for $48.5 billion.', 'The possibility of a merger between Dish and DirecTV has been rumored for decades.', ""The companies were close to a deal in 2002 in which EchoStar would have acquired DirecTV from General Motors' Hughes Electronics, before the Federal Communications Commission shut it down."", ""At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services."", 'With a roughly $2 billion debt payment looming and just $521 million in cash and cash equivalents as of June 30, according to public filings, EchoStar was increasingly facing the prospect of bankruptcy.', 'The company recently attempted to refinance some debt, but failed to reach an agreement with bondholders, according to a Sept. 23 filing.', 'Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.', 'He said the company would prioritize customer acquisition over expanding services.', '""We are as competitive as anybody else in terms of our offerings, whether it be price, whether it be coverage, whether it be quality,"" he said.—', ""CNBC's Lillian Rizzo and Alex Sherman and Reuters contributed to this report.""]",0.0874480471900756,"""This was the right time to bring the companies together so we could create a company that ultimately had enough ability to negotiate better deals with the programmers and bring smaller packages to the market, more bite-sized packages, which the consumers are asking for,"" EchoStar CEO Hamid Akhavan told CNBC's ""Squawk on the Street"" on Monday.","At the time, EchoStar beat out Rupert Murdoch's News Corporation in a bidding war for DirecTV.Since then, the satellite TV industry has taken several major hits as consumers moved to streaming services.",-0.0979190601242913,Akhavan said EchoStar has secured enough capital for a bright future but will not be making many big moves soon as it is still digesting the recent changes.,"The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach.",2024-10-02
Stellantis U.S. auto sales extend free fall in third quarter,https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html,2024-10-02T15:09:22+0000,"DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.Stellantis was expected to be the worst sales performer of major automakers during the third quarter. Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off. The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge. Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.Shares of the company on the New York Stock Exchange are off 41% this year. The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018. The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.Correction: Stellantis reported U.S. sales Wednesday. An earlier version misstated the day.",CNBC,02/10/2024,"['DETROIT — Stellantis\' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares\' attempts to correct what he has called ""arrogant"" mistakes.', 'The trans-Atlantic carmaker reported U.S. sales Wednesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023 and an 11.5% decrease from the prior three months of this year.', 'Stellantis was expected to be the worst sales performer of major automakers during the third quarter.', 'Auto industry forecaster Cox Automotive had projected a sales decline of roughly 21% for the carmaker.', 'Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier.', 'Still, Stellantis said its initiatives to boost sales and correct past mistakes are starting to pay off.', 'The automaker cited a market share increase during the third quarter from 7.2% to 8% as well as an 11.6% reduction in its U.S. vehicle inventory.', '""We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models,"" Matt Thompson, Stellantis head of U.S. retail sales, said in a release.', ""All of Stellantis' brands except for its niche Fiat unit experienced sales declines in the third quarter, led by more than 40% reductions for Chrysler and Dodge."", 'Its Ram truck brand recorded a roughly 19% fall, while Jeep was off about 6% year over year.', ""Stellantis' third-quarter sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks."", 'Shares of the company on the New York Stock Exchange are off 41% this year.', 'The stock hit a new 52-week low Tuesday and closed at $13.71, falling 2.4% for the day.', 'During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker\'s U.S. operations that led to sales declines, bloated inventories and investor concerns.', 'He said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and a lack of ""sophistication in the way to go to market.', '""U.S. sales for Stellantis, formerly Fiat Chrysler, have declined every year since a recent peak of 2.2 million in 2018.', 'The company sold more than 1.5 million vehicles last year, a roughly 1% decline from 2022, when it reported a significant drop of 13% compared with the previous year.', ""Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data."", ""Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers."", 'Correction: Stellantis reported U.S. sales Wednesday.', 'An earlier version misstated the day.']",-0.0561861448350726,"Tavares has been on a profit-driven, cost-cutting mission since the company was formed through a merger between Fiat Chrysler and France's PSA Groupe in January 2021.He has prioritized profits and vehicle pricing over market share, leading to heavy criticism from the United Auto Workers union and Stellantis' U.S. franchised dealers.","During a June investor event, Tavares said the company would correct ""arrogant"" mistakes made by himself and the company in the automaker's U.S. operations that led to sales declines, bloated inventories and investor concerns.",-0.59561645670941,"Stellantis' performance compares with the overall U.S. new light-duty vehicle sales market, which increased 13% last year, according to federal data.","DETROIT — Stellantis' U.S. new vehicle sales continued a yearslong free fall during the third quarter, despite CEO Carlos Tavares' attempts to correct what he has called ""arrogant"" mistakes.",2024-10-02
"WNBA viewership soars to new record, while attendance hits more than two-decade high",https://www.cnbc.com/2024/09/27/wnba-playoffs-viewership-attendance-soar-during-2024-season.html,2024-09-27T21:52:22+0000,"The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese.The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday.In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league. There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship. The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.As attention on the league increased, more players said they experienced online harassment or racism. Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.She later clarified that she opposes ""hate or racism.""Clark's impact also showed in the Fever's attendance numbers. Every WNBA team had a double-digit year-over-year increase in attendance. However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season. WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported. WNBA media rights were negotiated within the broader NBA agreement earlier this year.During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league. The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers.The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN. Clark's Fever were eliminated in two games in the first round.The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.",CNBC,27/09/2024,"[""The Women's National Basketball Association's viewership and attendance boomed during the 2024 season, as the league's popularity soared due to young stars such as Caitlin Clark and Angel Reese."", ""The league's games drew more than 54 million unique viewers, an all-time record, across various networks, including Disney's ABC and ESPN, Paramount Global's CBS, E.W. Scripps' Ion and NBA TV, among others, according to data the WNBA released Friday."", 'In addition, WNBA game attendance hit its highest level in 22 years and grew almost 50% from the 2023 season, according to the league.', 'There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.', 'The figures underscore why the league was able to attract a lucrative new media rights deal and is in an expansion phase: The WNBA announced this month it will be adding a 15th team in Portland in the 2026 season.', 'As attention on the league increased, more players said they experienced online harassment or racism.', 'Asked about the dynamic on CNBC earlier this month, WNBA Commissioner Cathy Engelbert did not explicitly condemn the vitriol toward players, sparking criticism from around the league.', 'She later clarified that she opposes ""hate or racism.', '""Clark\'s impact also showed in the Fever\'s attendance numbers.', 'Every WNBA team had a double-digit year-over-year increase in attendance.', ""However, the Fever had more than a fourfold jump, significantly more than the Los Angeles Sparks' 69% growth, which was second, according to the WNBA.The WNBA also saw sizable growth across merchandise and social engagement during the season."", 'WNBA social media accounts drew nearly 2 billion video views, more than quadruple the number from the 2023 season.', 'The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.', 'WNBA media rights were negotiated within the broader NBA agreement earlier this year.', 'During the rights negotiations — which led to a $77 billion, 11-year agreement in total — the NBA had pushed to get more money for the WNBA given its rising popularity.', 'During the 2024 WNBA season, 22 regular season game telecasts averaged at least 1 million viewers.', 'Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.', ""The 2024 season featured the seven most-watched WNBA games of all time on ESPN, as well as the top two on ABC.It was also the most watched regular season ever for CBS Sports, with CBS Sports' five most-watched WNBA games ever, including the Sky at Fever game in June that averaged 2.25 million viewers."", 'The explosive viewership has carried into the postseason, as a Sept. 22 matchup between the Fever and Connecticut Sun attracted a record audience, according to ESPN.', ""Clark's Fever were eliminated in two games in the first round."", ""The league's playoffs are now in the semifinals, which feature a rematch between the Aces and the New York Liberty, last year's runner-up.""]",0.1761649396970775,"There were 154 sellout games during the year, more than triple the 45 sellouts in 2023.The explosive metrics and popularity this season came with a top rookie class, including Clark of the Indiana Fever and Reese of the Chicago Sky, and as the Las Vegas Aces made a bid for their third straight championship.","She later clarified that she opposes ""hate or racism.",0.8656991918881735,"Several individual games broke records for WNBA viewership on ESPN, and this was the most viewed regular season ever for ESPN, with an average of 1.19 million viewers, up 170% from last season, according to the league.","The heightened attention has led to a $2.2 billion media rights contract for 11 seasons, with a price reevaluation after the 2028 season, CNBC previously reported.",2024-10-02
"Nike withdraws guidance, postpones investor day as it gears up for CEO change",https://www.cnbc.com/2024/10/01/nike-nke-earnings-q1-2025.html,2024-10-01T22:25:08+0000,"In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14. Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow. Friend said since the fiscal year started, the company's ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points. That's worse than the 6.9% drop in revenue that LSEG analysts had expected.It's also postponing its investor day, originally scheduled for November. It's unclear when the meeting will be rescheduled. Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier.Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected. Still, profits fell by nearly 28% during the quarter.Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW. At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities.During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation.Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse. Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.During the first quarter, sales for those franchises declined more than the overall business. Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%. Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter. Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships.Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales. They've also been working to keep their own inventories in line and have been careful about ordering too much product.Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion.""The multi-brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor. Athletic footwear is expected to grow by about 5.6%, the firm said. During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance. Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue. Nike's performance in China is often an indicator of the region's financial health, and in late June, it warned of a ""softer outlook"" in the region.During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount. Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China's challenging consumer environment.China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost. Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period. Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.",CNBC,01/10/2024,"['In this articleNike on Tuesday said it was withdrawing its full-year guidance and postponing its investor day as it gears up for a new CEO to take the helm.', 'Last month, the company announced that CEO John Donahoe would be stepping down in October and replaced with longtime company veteran Elliott Hill, effective Oct. 14.', 'Given the impending CEO change, the company has decided to withdraw its full-year guidance and intends to provide quarterly guidance for the balance of the year, executives said.', '""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal \'26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.', 'When reporting fiscal fourth-quarter results in June, Nike cut its guidance for fiscal 2025 and said it was expecting sales to be down mid-single digits after it previously expected them to grow.', 'Friend said since the fiscal year started, the company\'s ""revenue expectations have moderated... given traffic trends on Nike Digital, retail sales trends across the marketplace and final order books for spring.', '""""We continue to see indications of slight second-half improvement in revenue trends versus our first half,"" said Friend. ""', 'As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year.', '""Nike said it expects revenue in its current quarter to be down between 8% and 10% and gross margin to be down about 1.5 percentage points.', ""That's worse than the 6.9% drop in revenue that LSEG analysts had expected."", ""It's also postponing its investor day, originally scheduled for November."", ""It's unclear when the meeting will be rescheduled."", 'Shares fell about 5% in extended trading after the updates and after Nike delivered mixed results for its fiscal first quarter.', ""Here's how the world's largest sneaker retailer performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:The company's reported net income for the three-month period that ended August 31 was $1.05 billion, or 70 cents per share, compared with $1.45 billion, or 94 cents per share, a year earlier."", 'Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.', 'Sales dropped to $11.59 billion, down about 10% from $12.94 billion a year earlier.', ""Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected."", 'Still, profits fell by nearly 28% during the quarter.', ""Over the last year, Nike has been accused of falling behind on innovation and ceding share to competitors as it focused on selling directly to consumers through its own websites and stores rather than through wholesalers such as Foot Locker and DSW.At first, the strategy was a boon to Nike's profits and sales during the Covid pandemic, but as it scaled, it got more complex and consumers started returning to stores and other in-person activities."", ""During the quarter, Nike Direct sales were down 13% to $4.7 billion, while Nike digital sales were down 15%.Critics say Nike's focus on direct selling also led it to take its eye off innovation."", ""Under Donahoe's leadership, the company grew annual sales by more than 31%, but it got there by churning out legacy franchises such as Air Force 1s, Dunks and Air Jordan 1s — not the groundbreaking styles that turned the company into a global powerhouse."", 'Sales for those legacy franchises are no longer boosting sales in the same way they had previously, and as a result, the company has worked to cut off supply to drive up demand and recapture their cool factor.', 'During the first quarter, sales for those franchises declined more than the overall business.', 'Online sales for Air Force 1s, Dunks and Air Jordan 1s combined were down nearly 50%.', ""Jordan brand alone was down double-digits during the quarter, and the company expects it to be down at the same rate for fiscal 2025.The company also expects overall online sales to be down double-digits in fiscal 2025.Last year, Donahoe started to acknowledge Nike needed to mend its relationships with wholesalers, but the company's board decided that Hill, who spent 32 years with Nike before retiring in 2020, would be the right person to lead its next chapter."", ""Hill is known to be well-regarded among Nike's retail partners, when he takes over later this month, he'll have work to do to rebuild those relationships."", ""Wholesalers have previously spoken out about Nike's product lineup and how the same old recycled franchises weren't doing enough to drive sales."", ""They've also been working to keep their own inventories in line and have been careful about ordering too much product."", ""Nike's fiscal first-quarter wholesale revenue was down 8% to $6.4 billion."", '""The multi-brand environment is very competitive today, and it will take time to expand market share.', 'This was reflected in our spring \'25 order books, which came in roughly flat versus the prior year,"" Friend said on the earnings call, adding orders were a ""little lighter"" than expected.', 'Compounding the issue is the overall sneaker market, which has been relatively stagnant in the U.S., and a slowdown in consumer spending on discretionary goods such as new clothes and shoes.', 'Footwear sales in the U.S. are projected to grow by just 2% in 2024 compared with 2023 after barely budging between 2022 and 2023, according to Euromonitor.', 'Athletic footwear is expected to grow by about 5.6%, the firm said.', ""During the most recent quarter, Nike footwear sales in North America were down 14%, and apparel sales fell 10%.Converse, which Nike acquired in 2003, is also weighing down the company's overall performance."", 'Sales fell 15% to $501 million during the quarter but performed better than the $493 million that analysts had expected, according to StreetAccount.', ""Nike's performance has also been weighed down by the uneven economy in China, Nike's third-largest market by revenue."", 'Nike\'s performance in China is often an indicator of the region\'s financial health, and in late June, it warned of a ""softer outlook"" in the region.', 'During its fiscal first quarter, Nike posted $1.67 billion in revenue in the region, slightly above the $1.62 billion that analysts had expected, according to StreetAccount.', 'Still, traffic was ""soft"" in the region and Friend said that Nike is ""not immune"" to China\'s challenging consumer environment.', ""China's central bank recently unveiled its largest stimulus measures since the Covid pandemic, which is expected to give the region's economy a much-needed boost."", ""Nike's fiscal first quarter concluded prior to those stimulus measures, but executives may share color on how sales are performing during the current period."", ""Shares of Nike closed at $89.13 on Tuesday, down about 18% so far in 2024, significantly underperforming the S&P 500's gains of about 20%.""]",0.1472120140383256,"""This provides Elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond,"" finance chief Matthew Friend said on an earnings call with analysts.",That's worse than the 6.9% drop in revenue that LSEG analysts had expected.,-0.3437543350297051,"Nike's gross margin grew by 1.2 percentage points in the quarter to 45.4%, higher than the 44.4% that StreetAccount analysts had expected.","Nike beat earnings expectations by 18 cents, but it fell short on revenue as it works to fix its product assortment and rework its approach to innovation.",2024-10-02
"GM reports 2.2% decrease in third-quarter sales, but EVs make gains",https://www.cnbc.com/2024/10/01/gm-third-quarter-sales-2024.html,2024-10-01T16:41:42+0000,"DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time.GM's third-quarter sales are expected to be in line with the overall industry. Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold. Still, EVs made up only 4.9% of the company's total third-quarter sales.GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.""GM's EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September. It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.GM is one of several automakers to report its third-quarter or September sales on Tuesday. Here are other reported U.S. sales compared with the third quarter of 2023:",CNBC,01/10/2024,"['DETROIT — Increases in sales of electric vehicles and small crossovers helped General Motors report slightly better-than-expected sales during the third quarter.', 'The Detroit automaker reported a 2.2% drop in third-quarter sales compared with a year earlier, slipping to 659,601 vehicles sold.', ""Auto industry forecasters such as Cox Automotive and Edmunds had expected GM's sales to be down by more than 3% during that time."", ""GM's third-quarter sales are expected to be in line with the overall industry."", 'Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.', ""GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold."", ""Still, EVs made up only 4.9% of the company's total third-quarter sales."", 'GM forecasts its market share was 9.5% of the U.S. EV market, up 3 percentage points from the first quarter of this year.', 'While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. ""', 'We have the most comprehensive EV lineup out of any manufacturer in the industry, in the U.S., at the moment.', '""GM\'s EV sales were led by the Cadillac Lyriq crossover at roughly 7,224 units sold during the quarter, followed by the Hummer EV pickup and SUV at 4,305 units.', 'Sales of small, gas-powered crossovers such as the Chevrolet Trax and Buick Envista and Envision also experienced notable increases compared with a year earlier, GM reported.', ""GM's total 2024 sales of 1.95 million vehicles through the third quarter were down 1% compared with the first nine months of 2023.An unknown outlier in the third quarter is how much of an effect Hurricane Helene had on vehicle sales in the South, since it hit the U.S. in late September."", ""It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter."", 'GM is one of several automakers to report its third-quarter or September sales on Tuesday.', 'Here are other reported U.S. sales compared with the third quarter of 2023:']",0.0926068038198456,"While GM has withdrawn most of its previously announced electric vehicle targets, the automaker believes its EV sales momentum is finally building thanks to an expanding lineup of all-electric vehicles — spanning a price range of roughly $35,000 to more than $300,000.""We are definitely outstripping the industry in terms of growth, in terms of EVs,"" Rory Harvey, GM president of global markets, including North America, told CNBC last month. """,It's also unclear how much a strike at U.S. East Coast and Gulf Coast ports will impact sales during the fourth quarter.,0.1170221187851645,"GM's sales were assisted by a roughly 60% year-over-year increase in EVs during the quarter, to roughly 32,100 units sold.",Cox Automotive and Edmunds project third-quarter sales industrywide will be down roughly 2% compared to a year earlier.,2024-10-02
Southwest Airlines to cut service and staffing in Atlanta to slash costs,https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html,2024-09-25T19:12:47+0000,"In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.Southwest told staff it isn't closing its crew base in Atlanta. Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.The airline also isn't laying the crews off, but they will likely have to bid to work from other cities.Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union.It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""This decision in no way reflects our Employees' performance, and we're proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest's pilot and flight attendants railed against the airline for the staffing and service cuts.""Southwest Airlines management is failing Employees while impacting Customers. Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants' union president.A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline. In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4. In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee. It will also start offering overnight flights from Hawaii, beginning April 8. Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.",CNBC,25/09/2024,"[""In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management."", ""Southwest told staff it isn't closing its crew base in Atlanta."", 'Instead, it will reduce staffing by as many as 200 flight attendants and as many as 140 pilots, for the April 2025 bid month.', ""The airline also isn't laying the crews off, but they will likely have to bid to work from other cities."", ""Southwest will reduce its Atlanta presence to 11 gates next year from 18, according to a separate memo from the pilots' union."", 'It will service 21 cities from Atlanta starting next April, down from 37 in March, the carrier said.', '""Although we try everything we can before making difficult decisions like this one, we simply cannot afford continued losses and must make this change to help restore our profitability,"" Southwest said in its memo. ""', 'This decision in no way reflects our Employees\' performance, and we\'re proud of the Hospitality and the efforts they have made and will continue to make with our Customers in ATL.""The unions that represent Southwest\'s pilot and flight attendants railed against the airline for the staffing and service cuts.', '""Southwest Airlines management is failing Employees while impacting Customers.', 'Management continues to make decisions that lack full transparency, sufficient communication with Union leadership, and most alarmingly, a lack of focus on what has made the airline great, the Employees,"" said Bill Bernal, the flight attendants\' union president.', 'A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.', '""The airline had already pulled out of certain airports, some of which it experimented with during the pandemic to focus on more profitable service.', 'Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline\'s COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.', ""The reduction in Atlanta, the world's busiest airport and Delta Air Lines home hub, is the latest development for the airline."", 'In July, Southwest announced it plans to get rid of open seating and offer extra legroom on its airplanes, the biggest changes in its more than half-century of flying.', 'Also on Wednesday, Southwest released an expanded schedule, selling tickets through June 4.', 'In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.', 'It will also start offering overnight flights from Hawaii, beginning April 8.', 'Those include service from Honolulu to Las Vegas and Phoenix; Kona, Hawaii, to Las Vegas; and Maui, Hawaii, to Las Vegas and Phoenix.']",0.072191807674439,"A Southwest spokesman confirmed the changes and said the carrier will ""continue to optimize our network to meet customer demand, best utilize our fleet, and maximize revenue opportunities.","In this articleSouthwest Airlines is planning to reduce service to and from Atlanta next year, cutting more than 300 pilot and flight attendant positions, according to a company memo seen by CNBC.The changes come a day before Southwest's investor day, when executives will map out the company's plan to cut costs and grow revenue as pressure mounts from activist investor Elliott Investment Management.",-0.41736900806427,"In addition to the planned cuts in Atlanta, the carrier said it will boost service to and from Nashville, Tennessee.","Southwest is not only facing changing booking patterns and oversupplied parts of the U.S. market but aircraft delays from Boeing, whose yet-to-be-certified 737 Max 7 airplanes are years behind scheduleThe airline's COO, Andrew Watterson, told staff last week that it will have to make ""difficult decisions"" to boost profits.",2024-10-02
"Extra legroom, assigned seats, overnight flights: Inside Southwest Airlines' plan for its future",https://www.cnbc.com/2024/09/26/southwest-investor-day-proxy-battle-elliott.html,2024-09-27T16:09:35+0000,"In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights. Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes.Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage.Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight. Southwest has to train staff, update technology and inform customers about the changes.Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation. It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.Southwest was under pressure to ditch its open seating model and often chaotic boarding process. Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system. More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday.""Looking at lapsed customers, the seating and boarding process is the No. 1 reason they haven't returned to Southwest,"" said Southwest's chief commercial officer, Ryan Green. ""We were struck by how clear the message was. There is an absolute need for us to evolve our model to better meet customer preferences.""Southwest also announced its first international partnership, with Icelandair.Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees."" Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.The carrier is also trying to cut costs. On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors. Southwest and Fornaro go back more than a decade. He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts. It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs. It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders. Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said.Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.Elliott said in a statement that Thursday's announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster. Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins. Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier. On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said. He called Southwest's plan intentional and detailed.""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family. Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.""We've taken dramatic steps to mitigate the operational risk from future Boeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline's growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""— CNBC's Rohan Goswami contributed to this report.",CNBC,27/09/2024,"['In this articleDALLAS — Southwest Airlines executives on Thursday outlined for Wall Street their vision to boost profits: extra legroom seats starting in 2026, assigned seating, international partnerships and overnight flights.', ""Southwest's new plan comes as its leaders seeks to fend off activist Elliott Investment Management, which has called for leadership changes."", 'Southwest said its three-year plan will add $4 billion to earnings before interest and taxes in 2027.The airline also raised its third-quarter revenue forecast and said its board authorized $2.5 billion in share buybacks.', ""Southwest said it expects unit revenue to rise as much as 3% in the third quarter over the same period last year, up from a previous forecast of a decline of as much as 2%, helped in part by rebooking passengers who were originally flying on airlines affected by July's CrowdStrike outage."", ""Southwest shares rose more than 5% on Thursday, and other airlines also ended sharply higher after oil prices slipped nearly 3%.Like with many changes in the airline industry, those new initiatives won't happen overnight."", 'Southwest has to train staff, update technology and inform customers about the changes.', ""Seats with extra legroom won't debut until 2026, as the carrier requires Federal Aviation Administration approval and time to retrofit aircraft, according to a slide from Thursday investor's presentation."", 'It estimated that the new cabins, in which about a third of the seats will have additional legroom, will generate $1.7 billion in earnings before interest and taxes in 2027.The new seats will have at least 34 inches of legroom, compared with a standard pitch of 31 inches, the airline said.', 'Southwest was under pressure to ditch its open seating model and often chaotic boarding process.', 'Under the new plan, its cheapest ticket class, Wanna Get Away, will not come with a seat assignment until check-in, similar to the current system.', ""More expensive tickets will offer more access to seats, but Southwest didn't disclose details about that process on Thursday."", '""Looking at lapsed customers, the seating and boarding process is the No.', '1 reason they haven\'t returned to Southwest,"" said Southwest\'s chief commercial officer, Ryan Green. ""', 'We were struck by how clear the message was.', 'There is an absolute need for us to evolve our model to better meet customer preferences.', '""Southwest also announced its first international partnership, with Icelandair.', 'Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""', 'Southwest executives have characterized getting rid of free checked bags as a third rail that would hurt bookings.', 'The carrier is also trying to cut costs.', 'On Wednesday, Southwest told staff it will slash its service in Atlanta next year and could cut more than 300 flight attendants and pilots from the city in an effort to reduce costs.', 'The airline also said Thursday it would add Bob Fornaro, a well-respected industry veteran who previously led Spirit Airlines, to its board of directors.', 'Southwest and Fornaro go back more than a decade.', 'He had served as CEO of AirTran, the airline Southwest combined with in 2011, and was a consultant to Southwest after the merger.', ""The Dallas-based airline enjoyed almost a half century of profits in an industry that's known for booms and busts."", 'It stuck with its simple business model of flying Boeing 737s, offering one class of service and shying away from complexity that could add to its costs.', ""It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago."", ""But pressure has mounted on Southwest's CEO, Bob Jordan, and other executives in the years after the pandemic as costs have risen, global travel has returned, and rivals have turned up the heat on higher-end offerings like plush lounges and roomier seats to capture big spenders."", 'Over the last decade, U.S. competitors have added bare-bones basic economy fares and started charging for things that used to come for free, like seating assignments.', ""Southwest has also changed, offering longer flights, including to Hawaii, and customers are seeking more perks, comfort and technology, the airline's executives have said."", 'Southwest has supported Jordan despite calls for his replacement by Elliott, which the firm reiterated on Thursday after the investor day presentation.', 'Elliott said in a statement that Thursday\'s announcements were ""further evidence that Mr. Jordan lacks the vision and capability to execute on these initiatives,"" and said competitors completed work on assigned seating and premium products faster.', 'Jordan pushed back on the timing, citing the yearslong work rivals have done to update cabins.', 'Jordan said at the investor day presentation that the company is still open to working with Elliott, which has a roughly 10% stake in the carrier.', 'On Tuesday, Elliott said as early as next week it could call a special shareholder meeting.', '""We have demonstrated that willingness time and again through our attempts and engagement, but time and again, Elliott has demonstrated little or no interest in collaborating with Southwest on how to deliver more shareholder value, focusing instead, as evidenced by their most recent letter and recent action, on tactics and on gamesmanship,"" Jordan said.', ""He called Southwest's plan intentional and detailed."", '""For Elliott to call that plan rushed and haphazard in my opinion, is inane,"" he said.', 'The airline is facing aircraft delivery delays from Boeing, including a not-yet-certified 737 Max 7, the smallest plane in the family.', 'Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.', '""We\'ve taken dramatic steps to mitigate the operational risk fromfutureBoeing delays by significantly curbing our growth and arresting our hiring,"" Jordan said at the event Thursday, adding that all of the airline\'s growth through 2026 will come from efficiencies like turning aircraft around faster and red-eye flights.', 'He said ""past financial issues caused by Boeing delivery delays and other Boeing issues have largely been resolved through the application of credits on future deliveries.""—', ""CNBC's Rohan Goswami contributed to this report.""]",0.1959702577132852,It prided itself on customer-friendly policies like free checked bags and it didn't charge customers flight change fees long before major carriers scrapped them for most tickets four years ago.,Southwest was under pressure to ditch its open seating model and often chaotic boarding process.,0.1942006860460554,"Southwest on Thursday also said it will stick with its long-standing policy of allowing customers to check two pieces of luggage for free, saying it ""generates market share gains in excess of potential lost revenue from bag fees.""","Without a smaller aircraft, Southwest has cut unprofitable routes that might have been better served by airplanes with fewer seats to meet demand.",2024-10-02