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-Can Rachel Reeves use her defining Budget to escape UK's 'doom loop'?,https://www.bbc.co.uk/news/articles/c8xpe8z2p0go,2024-10-26T11:23:36.391Z,"""This is it. This is what it’s all for."" In four days Rachel Reeves will stand outside No 11 holding the red Budget box up for hordes of press snappers. That moment really will be, as a prominent party figure suggested, a massive moment for Labour - and for the country. On Wednesday, the new government will reveal more about itself than ever before. We’ll know how much tax we’ll all pay, how much cash the government will spend and borrow, and the mighty financial markets will know in detail how the chancellor is changing the rules designed to prevent a public finance meltdown. “Budgets are a moment when the government actually has control,” one minister says. There have been deliberate warnings for months about how tight cash is - how No 11 needs to squeeze the public purse to make ends meet. But others in the Labour movement hope for much more than just a “Treasury budget” driven by balancing the books. They instead want a “Labour budget” - to seize the moment and prioritise public services. As one insider hopes, ""if you’re going to have a Labour government, let’s have a Labour government, not a Treasury government"". It’s a difficult balance, and the government’s attempt to seed expectations may have confused some of the public, a senior MP tells me. “Random members of the public reading it all think, ‘Oh gosh, life is collapsing, the socialist government is taking all our money,’ or you read something else and think, ‘it’s all going to be OK’.” You can read more about the plans we know about here, including Rachel Reeves’ big, planned announcement to change how the country’s enormous public debts are counted. But what will it add up to? What will Labour do with its moment of control? The strapline of the Budget will be “fixing the foundations to deliver change” - not exactly the snappiest slogan in history. But ""fixing the foundations"" is fast becoming a very familiar mantra right across Labour, heard in soundbites, on social media, and in speeches galore - the government’s asking for patience from the public to sort out some deep-rooted problems in the country. And the scale of this Budget is likely to be huge. There is no doubt it will include a major set of measures amounting to billions and billions of pounds of extra tax rises like the hike in National Insurance for employers we’ve confirmed today; billions and billions of pounds of extra borrowing. A government source said: “It is a big budget because there is a hell of a lot to do to get finances back on firmer footing, and to make sure public services can keep going."" But note the ""to deliver change"" in the Budget strapline as an add on - a sign - that the chancellor is under pressure to spell out what the point of tax rises are, what the merits of squeezing some spending is. If you put up with the pain, what do you get in return? That pressure is behind the chancellor's decision to flex the spending rules she used to boast about being ""ironclad"". She wants billions to spend on roads, rail, to invest, in the hope of getting the economy growing – and extra spending on the health service and also, likely, for schools. We’ll hear more about that tomorrow with Education Secretary Bridget Philipson joining us on the show. As well as a big Budget in monetary terms, it’s a big moment in history too. The first Budget of a government with a gravity-defying majority. The first delivered by a female chancellor. And the first Labour Budget in 15 years. Aside from the huge price tag, there’s the purpose. The narrative inside government is that this is a “corrective” moment – essentially, cleaning up the damage done to the public finances by the pandemic, the energy shock, and what Labour would claim were damaging Tory decisions and “covering up” how bad things were in the run up to the summer’s General Election. As you’d expect, Conservatives would argue that the economy had started to turn for the better before they lost - but the independent OBR has said the extent of the problems had been masked. A ""corrective"" certainly sounds like something painful.  Sources point to two previous Budgets after big moments of economic peril - the Norman Lamont Budget of 1993 after the disaster of Black Wednesday and George Osborne's 2010  emergency budget after the turmoil of the financial crisis. Both of those Budgets were notable for tax rises. This one won’t be different. Those ""corrections"", along with any big cheques that are written for health, schools or housing, will form the basis of Labour’s narrative. The message they want the public to hear is clear: things went badly wrong, and it's not going to be easy or cheap to fix them. Government sources even pitch this moment as a “last chance” after what they say are years of neglecting public services and running the country’s debt up to sort things out. Reeves will present it as a political choice, a conscious decision that contrasts to the Conservatives' record. ""Investment not decline... stability and an end to chaos."" One of her allies told me the Budget would be ""political, political, political"", choosing every opportunity to highlight the differences in her approach to the many Tory chancellors in her place before. That will be Reeves' argument – but how it lands with the party and public matters so much. And there are nerves in some quarters of the Labour Party, with some ministers very worried about how amount of cash they will have to spend. One senior source says, “no return to some form of austerity, that is the acid test – we all understand the inheritance, but there are different ways of raising money”. As with any Budget, as one MP says, ""we all have a shopping list"", and every squeeze on spending will have an accompanying howl of: how could you? Budgets can create new problems just as they can solve them. Skimping on the cash for hard-pressed local councils would cause alarm. Scrapping the £2 cap on bus fares would provoke outrage outside London. Raiding the research budget in the science department would cause upset. What about funding for the dental profession when the government is committed to 700,000 extra dental appointments? Every decision has potential pitfalls. A risk of upset, outrage - and even industrial action. A letter passed to the BBC from the Fire Brigades Union to Reeves is demanding a fair settlement for the Fire Service after years of pressure, dangling the possibility of industrial action if it doesn’t happen. There’s even a risk of strikes among pharmacies over funding, and the Royal College of Nurses has rejected ministers' pay offers so far. That's just a short pick of the very long list of dilemmas where money talks, and the chancellor’s been urged to listen. Downing Street, both No 10 and 11, hope they can pull off a huge coup this week – to tell the public things will be hard for a while, but convince them that a better country is on the way; that higher taxes will be well spent, public services will get up off their knees, the economy will grow and we’ll all have a stake in it. There remain competing views about how to achieve that. Some are adamant that ""it will be the Labour Budget the whole country’s been waiting for... to escape the doom loop of high taxes, low growth and poor public services"". But even inside the party there’s scepticism about whether they can make it happen - a fear that No 11’s drive to balance the books, even with changed rules, will take over, preventing a bolder and cheerier message from ringing out at a huge moment. Reeves and Sir Keir Starmer are fond of saying their number one priority is to grow the economy – and one source says it will not be “a Labour Budget or a Treasury budget, but a Rachel Reeves budget”. One senior figure fears that the “Treasury sees its number one mission as controlling public spending - not creating growth,” citing no difference between the Treasury under Jeremy Hunt and No 11 under Rachel Reeves. A Labour source says that “if it is a Treasury Budget, a technocrat one that focuses more on anything else on balancing the books, then it would be a let down”. Another jokes the plans are “52% Labour, 48% Treasury”, as the party has just been on the side of managing to stick to its political instincts, not the traditional money-saving drive of No 11. And what about the Budget tradition of a “rabbit out of the hat” - a nice surprise at the end of the statement? Not this time. I’m told a group of Labour staffers is eagerly holding a sweepstake about what it could be - but a source suggests, in a bleak financial situation, they stand to be sorely disappointed. “There won’t be any rabbit, it’d be like Watership Down for the poor little sod.” Labour waited and worked a long time to get back into power. And Rachel Reeves has waited a long time for this moment, to give a Budget statement as chancellor in her dream job. The girl who saved her 20p holiday money, rather than spend it at the toy shop, now in deciding what to save and spend for us all. But the beginning of her and Sir Keir Starmer’s story in government has not been the one they dreamt of. This week is, according to a Labour source, “a golden opportunity to relaunch themselves”. Where the balance lands in Reeves’ big moment could hardly be more significant. Everyone in government understands as this source says: “We absolutely know it is the defining moment for the party and our government, this is it.” Sign up for the Off Air with Laura K newsletter to get Laura Kuenssberg's expert insight and insider stories every week, emailed directly to you. 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,26/10/2024,"['""This is it.', 'This is what it’s all for.""', 'In four days Rachel Reeves will stand outside No 11 holding the red Budget box up for hordes of press snappers.', 'That moment really will be, as a prominent party figure suggested, a massive moment for Labour - and for the country.', 'On Wednesday, the new government will reveal more about itself than ever before.', 'We’ll know how much tax we’ll all pay, how much cash the government will spend and borrow, and the mighty financial markets will know in detail how the chancellor is changing the rules designed to prevent a public finance meltdown. “', 'Budgets are a moment when the government actually has control,” one minister says.', 'There have been deliberate warnings for months about how tight cash is - how No 11 needs to squeeze the public purse to make ends meet.', 'But others in the Labour movement hope for much more than just a “Treasury budget” driven by balancing the books.', 'They instead want a “Labour budget” - to seize the moment and prioritise public services.', 'As one insider hopes, ""if you’re going to have a Labour government, let’s have a Labour government, not a Treasury government"".', 'It’s a difficult balance, and the government’s attempt to seed expectations may have confused some of the public, a senior MP tells me. “', 'Random members of the public reading it all think, ‘Oh gosh, life is collapsing, the socialist government is taking all our money,’ or you read something else and think, ‘it’s all going to be OK’.”', 'You can read more about the plans we know about here, including Rachel Reeves’ big, planned announcement to change how the country’s enormous public debts are counted.', 'But what will it add up to?', 'What will Labour do with its moment of control?', 'The strapline of the Budget will be “fixing the foundations to deliver change” - not exactly the snappiest slogan in history.', 'But ""fixing the foundations"" is fast becoming a very familiar mantra right across Labour, heard in soundbites, on social media, and in speeches galore - the government’s asking for patience from the public to sort out some deep-rooted problems in the country.', 'And the scale of this Budget is likely to be huge.', 'There is no doubt it will include a major set of measures amounting to billions and billions of pounds of extra tax rises like the hike in National Insurance for employers we’ve confirmed today; billions and billions of pounds of extra borrowing.', 'A government source said: “It is a big budget because there is a hell of a lot to do to get finances back on firmer footing, and to make sure public services can keep going.""', 'But note the ""to deliver change"" in the Budget strapline as an add on - a sign - that the chancellor is under pressure to spell out what the point of tax rises are, what the merits of squeezing some spending is.', 'If you put up with the pain, what do you get in return?', 'That pressure is behind the chancellor\'s decision to flex the spending rules she used to boast about being ""ironclad"".', 'She wants billions to spend on roads, rail, to invest, in the hope of getting the economy growing – and extra spending on the health service and also, likely, for schools.', 'We’ll hear more about that tomorrow with Education Secretary Bridget Philipson joining us on the show.', 'As well as a big Budget in monetary terms, it’s a big moment in history too.', 'The first Budget of a government with a gravity-defying majority.', 'The first delivered by a female chancellor.', 'And the first Labour Budget in 15 years.', 'Aside from the huge price tag, there’s the purpose.', 'The narrative inside government is that this is a “corrective” moment – essentially, cleaning up the damage done to the public finances by the pandemic, the energy shock, and what Labour would claim were damaging Tory decisions and “covering up” how bad things were in the run up to the summer’s General Election.', 'As you’d expect, Conservatives would argue that the economy had started to turn for the better before they lost - but the independent OBR has said the extent of the problems had been masked.', 'A ""corrective"" certainly sounds like something painful.', ""Sources point to two previous Budgets after big moments of economic peril - the Norman Lamont Budget of 1993 after the disaster of Black Wednesday and George Osborne's 2010 emergency budget after the turmoil of the financial crisis."", 'Both of those Budgets were notable for tax rises.', 'This one won’t be different.', 'Those ""corrections"", along with any big cheques that are written for health, schools or housing, will form the basis of Labour’s narrative.', ""The message they want the public to hear is clear: things went badly wrong, and it's not going to be easy or cheap to fix them."", 'Government sources even pitch this moment as a “last chance” after what they say are years of neglecting public services and running the country’s debt up to sort things out.', 'Reeves will present it as a political choice, a conscious decision that contrasts to the Conservatives\' record. ""', 'Investment not decline... stability and an end to chaos.""', 'One of her allies told me the Budget would be ""political, political, political"", choosing every opportunity to highlight the differences in her approach to the many Tory chancellors in her place before.', ""That will be Reeves' argument – but how it lands with the party and public matters so much."", 'And there are nerves in some quarters of the Labour Party, with some ministers very worried about how amount of cash they will have to spend.', 'One senior source says, “no return to some form of austerity, that is the acid test – we all understand the inheritance, but there are different ways of raising money”.', 'As with any Budget, as one MP says, ""we all have a shopping list"", and every squeeze on spending will have an accompanying howl of: how could you?', 'Budgets can create new problems just as they can solve them.', 'Skimping on the cash for hard-pressed local councils would cause alarm.', 'Scrapping the £2 cap on bus fares would provoke outrage outside London.', 'Raiding the research budget in the science department would cause upset.', 'What about funding for the dental profession when the government is committed to 700,000 extra dental appointments?', 'Every decision has potential pitfalls.', 'A risk of upset, outrage - and even industrial action.', 'A letter passed to the BBC from the Fire Brigades Union to Reeves is demanding a fair settlement for the Fire Service after years of pressure, dangling the possibility of industrial action if it doesn’t happen.', ""There’s even a risk of strikes among pharmacies over funding, and the Royal College of Nurses has rejected ministers' pay offers so far."", ""That's just a short pick of the very long list of dilemmas where money talks, and the chancellor’s been urged to listen."", 'Downing Street, both No 10 and 11, hope they can pull off a huge coup this week – to tell the public things will be hard for a while, but convince them that a better country is on the way; that higher taxes will be well spent, public services will get up off their knees, the economy will grow and we’ll all have a stake in it.', 'There remain competing views about how to achieve that.', 'Some are adamant that ""it will be the Labour Budget the whole country’s been waiting for... to escape the doom loop of high taxes, low growth and poor public services"".', 'But even inside the party there’s scepticism about whether they can make it happen - a fear that No 11’s drive to balance the books, even with changed rules, will take over, preventing a bolder and cheerier message from ringing out at a huge moment.', 'Reeves and Sir Keir Starmer are fond of saying their number one priority is to grow the economy – and one source says it will not be “a Labour Budget or a Treasury budget, but a Rachel Reeves budget”.', 'One senior figure fears that the “Treasury sees its number one mission as controlling public spending - not creating growth,” citing no difference between the Treasury under Jeremy Hunt and No 11 under Rachel Reeves.', 'A Labour source says that “if it is a Treasury Budget, a technocrat one that focuses more on anything else on balancing the books, then it would be a let down”.', 'Another jokes the plans are “52% Labour, 48% Treasury”, as the party has just been on the side of managing to stick to its political instincts, not the traditional money-saving drive of No 11.', 'And what about the Budget tradition of a “rabbit out of the hat” - a nice surprise at the end of the statement?', 'Not this time.', 'I’m told a group of Labour staffers is eagerly holding a sweepstake about what it could be - but a source suggests, in a bleak financial situation, they stand to be sorely disappointed. “', 'There won’t be any rabbit, it’d be like Watership Down for the poor little sod.”', 'Labour waited and worked a long time to get back into power.', 'And Rachel Reeves has waited a long time for this moment, to give a Budget statement as chancellor in her dream job.', 'The girl who saved her 20p holiday money, rather than spend it at the toy shop, now in deciding what to save and spend for us all.', 'But the beginning of her and Sir Keir Starmer’s story in government has not been the one they dreamt of.', 'This week is, according to a Labour source, “a golden opportunity to relaunch themselves”.', 'Where the balance lands in Reeves’ big moment could hardly be more significant.', 'Everyone in government understands as this source says: “We absolutely know it is the defining moment for the party and our government, this is it.”', ""Sign up for the Off Air with Laura K newsletter to get Laura Kuenssberg's expert insight and insider stories every week, emailed directly to you."", '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.']",-0.0172050412502688,"Downing Street, both No 10 and 11, hope they can pull off a huge coup this week – to tell the public things will be hard for a while, but convince them that a better country is on the way; that higher taxes will be well spent, public services will get up off their knees, the economy will grow and we’ll all have a stake in it.",Sources point to two previous Budgets after big moments of economic peril - the Norman Lamont Budget of 1993 after the disaster of Black Wednesday and George Osborne's 2010 emergency budget after the turmoil of the financial crisis.,-0.2164357382318248,"Downing Street, both No 10 and 11, hope they can pull off a huge coup this week – to tell the public things will be hard for a while, but convince them that a better country is on the way; that higher taxes will be well spent, public services will get up off their knees, the economy will grow and we’ll all have a stake in it.",Skimping on the cash for hard-pressed local councils would cause alarm.,2024-10-25
-Would Kamala Harris's price gouging plan really help US consumers?,https://www.bbc.co.uk/news/articles/czxv65245kgo,2024-10-24T16:33:34.031Z,"When Kamala Harris was asked on Wednesday what she would do to help an undecided voter worried about the price of groceries, she said she would introduce a national ban on price gouging. Her plan, she told an audience in Pennsylvania, would “stop companies taking advantage of the desperation and need of the American consumer and jacking up prices without any consequences”. The proposed ban - one of her key economic policies - would apply during ""times of crisis"".  But would it really bring down prices for consumers? And could it even prove potentially counterproductive? Rising prices have been a key concern for Americans in recent years and polls suggest a majority of Americans feel worse off than they did four years ago. In April 2024, the share of Americans naming the high cost of living as the most important financial problem facing their family reached 41%, the highest since 2005. Overall inflation peaked at 9.1% in the year to June 2022, rates not seen in four decades.  And food inflation peaked even higher, reaching 11.4% in the year to August 2022. Both are now back below 3%, though average US food prices are still around 27% higher than at the end of 2019. Inflation has been a global problem, but some economists argue that the economic stimulus policies of the Biden-Harris administration contributed to this spike in US prices, making inflation an issue on which she is keen to reassure voters. There have also been claims that some corporate retailers took the coronavirus pandemic in 2020 - when supply chains were disrupted and people's lives and shopping habits severely impacted by lockdowns - as an opportunity to increase their prices and profit margins. This phenomenon has been dubbed by some as “greedflation” and forms the economic justification for Harris’s price gouging ban. Donald Trump has compared her plan to “communist price control” and “like something straight out of Venezuela or the Soviet Union.” The Harris team has said the federal ban would apply to ""essential goods during emergencies or times of crisis"".  Thirty-seven US states already have laws which prohibit price gouging in the wake of local states of emergency, which can follow extreme weather events such as hurricanes or disasters such as wildfires. They were also triggered in dozens of US states during the coronavirus pandemic. We do not know how Harris’s nationwide controls would work, but when she was a senator in 2020, she co-sponsored legislation that would have defined price gouging in an emergency as charging more than 10% above the previous average price for an item. It is assumed that Harris’s federal ban on price gouging would be like a nationwide version of the various state-level regimes. On CNN, she was asked how her plan would help bring down grocery prices in general, given it would only apply during emergencies.  She did not respond directly, instead talking about companies ""taking advantage of people"" during the recent hurricanes and in the pandemic.  The argument over how much the overall spike in US prices in recent years can be attributed to price gouging is contested among economists. Isabella Weber, an associate professor of economics at the University of Massachusetts, Amherst, has argued that there is compelling evidence of what she calls “seller’s inflation” in the US since 2020.  She cites the fact that total US corporate profits measured as a share of the overall US economy jumped between 2020 and 2022 - and, as an example, points to the case of the giant US meat processor, Tyson, which doubled its profit margins in the second half of 2021. Tyson attributed the higher margins to increases in its productivity.  Weber wrote in August that “Harris is right about going after price gouging”. However, many other economists argue that although there might be individual examples of such corporate behaviour, by far the largest driver of rising inflation since 2020 has been a simple shortage of goods relative to demand. “Price gouging played little role in the US inflation issues over the past several years,” argues the consultancy Oxford Economics. Moreover, economists are generally wary of government interference in prices set by businesses, even in times of crisis.  A common example used by critics is the case of a severe snowstorm in which local demand for new shovels shoots up and a local retailer increases prices in response.  The logic is that while such price hikes might seem unfair - and polling shows they are extremely unpopular - the higher prices induce other retailers to order more snow shovels from suppliers. This increases the supply and brings the price down again naturally, while ensuring as many people as possible get access to the shovels they need. A study from 2007 suggested that if a federal price gouging law had been in place on gasoline sales after hurricanes Katrina and Rita in 2005, the economic damage would have been greater because of the discouragement for producers to increase their supply. The authors estimated that the overall economic damage would have increased by $1.5-3bn. Economists generally prefer governments to focus their efforts to tackle price gouging, to the extent that it exists, through breaking up corporate monopolies and oligopolies (small groups of dominant sellers in a given market) and creating more free market competition, rather than directly controlling prices. “Price gouging’s not the right way to think about it but price competition is and anything the government can do to facilitate that competition [I’m] all for it”, says Mark Zandi, the chief economist of Moody’s Analytics.  In 2012 a panel of eminent economists were asked whether they agreed that the US state of Connecticut was right to try to ban price gouging during severe weather events. Only 8% agreed. And there are numerous examples from history where attempts by governments to control prices have backfired, resulting in shortages or inflation over the longer term. The Soviet Union used price controls and the result was long queues in shops. The former president of Venezuela, Hugo Chavez, imposed price controls for food in 2003, contributing to chronic shortages and a huge rise in the undernourishment of the Venezuelan people. However, it is a stretch to interpret Harris’ proposals, as laid out by her team, as a general lurch into a regime of price controls given the price gouging law would likely be limited to times of crisis and limited to food and groceries. Another proposal from the Harris team is to lower prescription drug costs including by extending a “cap” on insulin drug prices to all Americans. Insulin was capped at $35 (£27) a month for patients on Medicare - a federal insurance programme primarily designed to serve people aged 65 and over. This is not a typical state price control, where the economic cost is borne by the retailer. Rather, the federal government, which runs the Medicare system, is responsible for reimbursing drug manufacturers for the difference between the $35 maximum price and the retail cost of the insulin. However, applying the cap to all Americans would mean imposing the price restriction on private US health insurers, not just the public Medicare system. Unless pharmaceutical companies reduced their prices, this would mean those private insurance companies would need to cover the difference. And some economists warn they might have to raise their premiums for everyone in the scheme as a result - so while certain drug prices would be lower, overall healthcare costs would be unchanged. The same logic applies for Kamala Harris’ proposal to extend a $2,000 total annual cap on out-of-pocket costs for prescription drugs on Medicare to all Americans, including those in private health insurance schemes. What do you want BBC Verify to investigate? ",BBC,24/10/2024,"['When Kamala Harris was asked on Wednesday what she would do to help an undecided voter worried about the price of groceries, she said she would introduce a national ban on price gouging.', 'Her plan, she told an audience in Pennsylvania, would “stop companies taking advantage of the desperation and need of the American consumer and jacking up prices without any consequences”.', 'The proposed ban - one of her key economic policies - would apply during ""times of crisis"".', 'But would it really bring down prices for consumers?', 'And could it even prove potentially counterproductive?', 'Rising prices have been a key concern for Americans in recent years and polls suggest a majority of Americans feel worse off than they did four years ago.', 'In April 2024, the share of Americans naming the high cost of living as the most important financial problem facing their family reached 41%, the highest since 2005.', 'Overall inflation peaked at 9.1% in the year to June 2022, rates not seen in four decades.', 'And food inflation peaked even higher, reaching 11.4% in the year to August 2022.', 'Both are now back below 3%, though average US food prices are still around 27% higher than at the end of 2019.', 'Inflation has been a global problem, but some economists argue that the economic stimulus policies of the Biden-Harris administration contributed to this spike in US prices, making inflation an issue on which she is keen to reassure voters.', ""There have also been claims that some corporate retailers took the coronavirus pandemic in 2020 - when supply chains were disrupted and people's lives and shopping habits severely impacted by lockdowns - as an opportunity to increase their prices and profit margins."", 'This phenomenon has been dubbed by some as “greedflation” and forms the economic justification for Harris’s price gouging ban.', 'Donald Trump has compared her plan to “communist price control” and “like something straight out of Venezuela or the Soviet Union.”', 'The Harris team has said the federal ban would apply to ""essential goods during emergencies or times of crisis"".', 'Thirty-seven US states already have laws which prohibit price gouging in the wake of local states of emergency, which can follow extreme weather events such as hurricanes or disasters such as wildfires.', 'They were also triggered in dozens of US states during the coronavirus pandemic.', 'We do not know how Harris’s nationwide controls would work, but when she was a senator in 2020, she co-sponsored legislation that would have defined price gouging in an emergency as charging more than 10% above the previous average price for an item.', 'It is assumed that Harris’s federal ban on price gouging would be like a nationwide version of the various state-level regimes.', 'On CNN, she was asked how her plan would help bring down grocery prices in general, given it would only apply during emergencies.', 'She did not respond directly, instead talking about companies ""taking advantage of people"" during the recent hurricanes and in the pandemic.', 'The argument over how much the overall spike in US prices in recent years can be attributed to price gouging is contested among economists.', 'Isabella Weber, an associate professor of economics at the University of Massachusetts, Amherst, has argued that there is compelling evidence of what she calls “seller’s inflation” in the US since 2020.', 'She cites the fact that total US corporate profits measured as a share of the overall US economy jumped between 2020 and 2022 - and, as an example, points to the case of the giant US meat processor, Tyson, which doubled its profit margins in the second half of 2021.', 'Tyson attributed the higher margins to increases in its productivity.', 'Weber wrote in August that “Harris is right about going after price gouging”.', 'However, many other economists argue that although there might be individual examples of such corporate behaviour, by far the largest driver of rising inflation since 2020 has been a simple shortage of goods relative to demand. “', 'Price gouging played little role in the US inflation issues over the past several years,” argues the consultancy Oxford Economics.', 'Moreover, economists are generally wary of government interference in prices set by businesses, even in times of crisis.', 'A common example used by critics is the case of a severe snowstorm in which local demand for new shovels shoots up and a local retailer increases prices in response.', 'The logic is that while such price hikes might seem unfair - and polling shows they are extremely unpopular - the higher prices induce other retailers to order more snow shovels from suppliers.', 'This increases the supply and brings the price down again naturally, while ensuring as many people as possible get access to the shovels they need.', 'A study from 2007 suggested that if a federal price gouging law had been in place on gasoline sales after hurricanes Katrina and Rita in 2005, the economic damage would have been greater because of the discouragement for producers to increase their supply.', 'The authors estimated that the overall economic damage would have increased by $1.5-3bn.', 'Economists generally prefer governments to focus their efforts to tackle price gouging, to the extent that it exists, through breaking up corporate monopolies and oligopolies (small groups of dominant sellers in a given market) and creating more free market competition, rather than directly controlling prices. “', 'Price gouging’s not the right way to think about it but price competition is and anything the government can do to facilitate that competition [I’m] all for it”, says Mark Zandi, the chief economist of Moody’s Analytics.', 'In 2012 a panel of eminent economists were asked whether they agreed that the US state of Connecticut was right to try to ban price gouging during severe weather events.', 'Only 8% agreed.', 'And there are numerous examples from history where attempts by governments to control prices have backfired, resulting in shortages or inflation over the longer term.', 'The Soviet Union used price controls and the result was long queues in shops.', 'The former president of Venezuela, Hugo Chavez, imposed price controls for food in 2003, contributing to chronic shortages and a huge rise in the undernourishment of the Venezuelan people.', 'However, it is a stretch to interpret Harris’ proposals, as laid out by her team, as a general lurch into a regime of price controls given the price gouging law would likely be limited to times of crisis and limited to food and groceries.', 'Another proposal from the Harris team is to lower prescription drug costs including by extending a “cap” on insulin drug prices to all Americans.', 'Insulin was capped at $35 (£27) a month for patients on Medicare - a federal insurance programme primarily designed to serve people aged 65 and over.', 'This is not a typical state price control, where the economic cost is borne by the retailer.', 'Rather, the federal government, which runs the Medicare system, is responsible for reimbursing drug manufacturers for the difference between the $35 maximum price and the retail cost of the insulin.', 'However, applying the cap to all Americans would mean imposing the price restriction on private US health insurers, not just the public Medicare system.', 'Unless pharmaceutical companies reduced their prices, this would mean those private insurance companies would need to cover the difference.', 'And some economists warn they might have to raise their premiums for everyone in the scheme as a result - so while certain drug prices would be lower, overall healthcare costs would be unchanged.', 'The same logic applies for Kamala Harris’ proposal to extend a $2,000 total annual cap on out-of-pocket costs for prescription drugs on Medicare to all Americans, including those in private health insurance schemes.', 'What do you want BBC Verify to investigate?']",-0.1253196714393327,"She cites the fact that total US corporate profits measured as a share of the overall US economy jumped between 2020 and 2022 - and, as an example, points to the case of the giant US meat processor, Tyson, which doubled its profit margins in the second half of 2021.","The proposed ban - one of her key economic policies - would apply during ""times of crisis"".",0.1311837870341081,"She cites the fact that total US corporate profits measured as a share of the overall US economy jumped between 2020 and 2022 - and, as an example, points to the case of the giant US meat processor, Tyson, which doubled its profit margins in the second half of 2021.",Rising prices have been a key concern for Americans in recent years and polls suggest a majority of Americans feel worse off than they did four years ago.,2024-10-25
-Cubans endure days without power as energy crisis hits hard,https://www.bbc.co.uk/news/articles/cx2nezzw8z9o,2024-10-26T00:08:48.006Z,"Cuba has endured one of its toughest weeks in years after a nationwide blackout which left around 10 million Cubans without power for several days. Adding to the Caribbean island’s problems, Hurricane Oscar left a trail of destruction along the north-eastern coast, leaving several dead and causing widespread damage. For some communities in Cuba the energy crisis is the new normal. As Cuba approached its fourth day without power this week, Yusely Perez turned to the only fuel source left available to her: firewood. Her neighbourhood in Havana hasn’t received its regular deliveries of liquified gas cannisters for two months. So once the island’s entire electrical grid went down, prompting a nationwide blackout, Yusely was forced to take desperate measures. “Me and my husband went all over the city, but we couldn’t find charcoal anywhere,” she explains. “We had to collect firewood wherever we found it on the street. Thankfully it was dry enough to cook with.” Yusely nodded at the yucca chips frying slowly in a pot of lukewarm oil. “We’ve gone two days without eating,” she adds. Speaking last Sunday, at the height of what was Cuba’s most acute energy crisis in years, the country’s energy and mines minister, Vicente de la O Levy, blamed the problems for the country’s creaking electrical infrastructure on what he called the “brutal” US economic embargo on Cuba.  The embargo, he argued, made it impossible to import new parts to overhaul the grid or bring in enough fuel to run the power stations, even to access credit in the international banking system. The US State Department retorted that the problems with energy production in Cuba did not lie at Washington’s door - but argued that it was due to the Cuban government’s own mismanagement. Normal service would be resumed soon, the Cuban minister insisted. But no sooner did he utter those words than there was another total collapse of the grid, the fourth in 48 hours. At night, the full extent of the blackout became clear. Havana’s streets were plunged into near total darkness as residents sat on the doorsteps in the stifling heat, their faces lit up by their mobile phones – as long as their batteries lasted. Some, like restaurant worker Victor, were prepared to openly criticise the authorities. “The people who run this country are the ones who have all the answers,” he says. “But they’re going to have to explain themselves to the Cuban people.” Specifically, the state’s decision to invest heavily in tourism, rather than energy infrastructure, frustrated him most during the blackout. “They’ve built so many hotels in the past few years. Everyone knows that a hotel doesn’t cost a couple of bucks. It costs 300 or 400 million dollars.” “So why is our energy infrastructure collapsing?” he asks. “Either they’re not investing in it or, if they are, then it’s not been to the benefit of the people.” Aware of the growing discontentment, President Miguel Diaz-Canel appeared on state TV wearing the traditional olive-green fatigues of the Cuban revolution. If that message wasn’t clear enough, he directly warned people against protesting over the blackout. The authorities would not “tolerate” vandalism, he said, or any attempt to “disrupt the social order”. The protests of July 2021, when hundreds were arrested amid widespread demonstrations following a series of blackouts, were fresh in the memory. On this occasion, there were only a handful of reports of isolated incidents. Yet the question of where Cuba chooses to direct its scarce resources remains a real point of contention on the island. “When we talk about energy infrastructure, that refers to both generation and distribution or transmission. In every step, a lot of investment is needed,” says Cuban economist, Ricardo Torres, at the American University in Washington DC. Electricity generation in Cuba has recently fallen well below what’s required, only supplying some 60-70% of the national demand. The shortfall is a “huge and serious gap” which is now being felt across the island, says Mr Torres. By the government’s own figures, Cuba’s national electricity generation dropped by around 2.5% in 2023 compared to the previous year, part of a downward trend which has seen a staggering 25% drop in production since 2019. “It’s important to understand that last week’s problem in the energy grid isn’t something that happens overnight,” says Mr Torres. Few know that better than Marbeyis Aguilera. The 28-year-old mother-of-three is getting used to living without electricity. For Marbeyis, even “normal service” being restored still means most of the day without power. In fact, what the residents of Havana endured for a few days is what daily life is like in her village of Aguacate in the province of Artemisa, outside Havana. “We’ve had no power for six days”, she says, brewing coffee on a makeshift charcoal stove inside her breeze-block, tin-roofed shack. “It came on for a couple of hours last night and then went out again. We have no choice but to cook like this or use firewood to provide something warm for the children,” she adds. Her two gas hobs and one electric ring sit idle on the kitchen top, the room filling with smoke. The community is in dire need of state assistance, she says, listing their most urgent priorities. “First, electricity. Secondly, we need water. Food is running out. People with dollars, sent from abroad, can buy food. But we don’t have any so we can’t buy anything.” Marbeyis says some of the main problems in Aguacate – food insecurity and water distribution – have been exacerbated by the power cuts. Her husband’s manual labour also requires electricity and he’s stuck at home waiting for the instruction to come to work. The Cuban Government was due to recall state workers by Thursday – but to avoid another collapse in the grid, all non-essential work and schools have now been suspended until next week. “It’s especially hard on the children”, Marbeyis adds, her eyes tearing up, “because when they say I want this or that, we have nothing to give them.” Living without a reliable energy source is the new normal in places like Aguacate. Many have been struggling with power shortages since around the start of the Covid-19 pandemic, which coincided with a sharp economic downturn on the island. Perhaps the biggest problem for the Cuban State is that the sight of people cooking with firewood and charcoal in the 21st Century is reminiscent of the poverty under dictator Fulgencio Bastista, who the revolutionaries ousted six-and-half decades ago. Amid it all, on the north-eastern coast, the situation got even worse. As people were still coping with the blackout, Hurricane Oscar made landfall, bringing high winds, flash flooding and ripping roofs from homes. The storm may have passed. But Cubans know that such is the precarious state of the island’s energy infrastructure that the next nationwide blackout could come at any time. ",BBC,26/10/2024,"['Cuba has endured one of its toughest weeks in years after a nationwide blackout which left around 10 million Cubans without power for several days.', 'Adding to the Caribbean island’s problems, Hurricane Oscar left a trail of destruction along the north-eastern coast, leaving several dead and causing widespread damage.', 'For some communities in Cuba the energy crisis is the new normal.', 'As Cuba approached its fourth day without power this week, Yusely Perez turned to the only fuel source left available to her: firewood.', 'Her neighbourhood in Havana hasn’t received its regular deliveries of liquified gas cannisters for two months.', 'So once the island’s entire electrical grid went down, prompting a nationwide blackout, Yusely was forced to take desperate measures. “', 'Me and my husband went all over the city, but we couldn’t find charcoal anywhere,” she explains. “', 'We had to collect firewood wherever we found it on the street.', 'Thankfully it was dry enough to cook with.”', 'Yusely nodded at the yucca chips frying slowly in a pot of lukewarm oil. “', 'We’ve gone two days without eating,” she adds.', 'Speaking last Sunday, at the height of what was Cuba’s most acute energy crisis in years, the country’s energy and mines minister, Vicente de la O Levy, blamed the problems for the country’s creaking electrical infrastructure on what he called the “brutal” US economic embargo on Cuba.', 'The embargo, he argued, made it impossible to import new parts to overhaul the grid or bring in enough fuel to run the power stations, even to access credit in the international banking system.', 'The US State Department retorted that the problems with energy production in Cuba did not lie at Washington’s door - but argued that it was due to the Cuban government’s own mismanagement.', 'Normal service would be resumed soon, the Cuban minister insisted.', 'But no sooner did he utter those words than there was another total collapse of the grid, the fourth in 48 hours.', 'At night, the full extent of the blackout became clear.', 'Havana’s streets were plunged into near total darkness as residents sat on the doorsteps in the stifling heat, their faces lit up by their mobile phones – as long as their batteries lasted.', 'Some, like restaurant worker Victor, were prepared to openly criticise the authorities. “', 'The people who run this country are the ones who have all the answers,” he says. “', 'But they’re going to have to explain themselves to the Cuban people.”', 'Specifically, the state’s decision to invest heavily in tourism, rather than energy infrastructure, frustrated him most during the blackout. “', 'They’ve built so many hotels in the past few years.', 'Everyone knows that a hotel doesn’t cost a couple of bucks.', 'It costs 300 or 400 million dollars.” “', 'So why is our energy infrastructure collapsing?”', 'he asks. “', 'Either they’re not investing in it or, if they are, then it’s not been to the benefit of the people.”', 'Aware of the growing discontentment, President Miguel Diaz-Canel appeared on state TV wearing the traditional olive-green fatigues of the Cuban revolution.', 'If that message wasn’t clear enough, he directly warned people against protesting over the blackout.', 'The authorities would not “tolerate” vandalism, he said, or any attempt to “disrupt the social order”.', 'The protests of July 2021, when hundreds were arrested amid widespread demonstrations following a series of blackouts, were fresh in the memory.', 'On this occasion, there were only a handful of reports of isolated incidents.', 'Yet the question of where Cuba chooses to direct its scarce resources remains a real point of contention on the island. “', 'When we talk about energy infrastructure, that refers to both generation and distribution or transmission.', 'In every step, a lot of investment is needed,” says Cuban economist, Ricardo Torres, at the American University in Washington DC.', 'Electricity generation in Cuba has recently fallen well below what’s required, only supplying some 60-70% of the national demand.', 'The shortfall is a “huge and serious gap” which is now being felt across the island, says Mr Torres.', 'By the government’s own figures, Cuba’s national electricity generation dropped by around 2.5% in 2023 compared to the previous year, part of a downward trend which has seen a staggering 25% drop in production since 2019. “', 'It’s important to understand that last week’s problem in the energy grid isn’t something that happens overnight,” says Mr Torres.', 'Few know that better than Marbeyis Aguilera.', 'The 28-year-old mother-of-three is getting used to living without electricity.', 'For Marbeyis, even “normal service” being restored still means most of the day without power.', 'In fact, what the residents of Havana endured for a few days is what daily life is like in her village of Aguacate in the province of Artemisa, outside Havana. “', 'We’ve had no power for six days”, she says, brewing coffee on a makeshift charcoal stove inside her breeze-block, tin-roofed shack. “', 'It came on for a couple of hours last night and then went out again.', 'We have no choice but to cook like this or use firewood to provide something warm for the children,” she adds.', 'Her two gas hobs and one electric ring sit idle on the kitchen top, the room filling with smoke.', 'The community is in dire need of state assistance, she says, listing their most urgent priorities. “', 'First, electricity.', 'Secondly, we need water.', 'Food is running out.', 'People with dollars, sent from abroad, can buy food.', 'But we don’t have any so we can’t buy anything.”', 'Marbeyis says some of the main problems in Aguacate – food insecurity and water distribution – have been exacerbated by the power cuts.', 'Her husband’s manual labour also requires electricity and he’s stuck at home waiting for the instruction to come to work.', 'The Cuban Government was due to recall state workers by Thursday – but to avoid another collapse in the grid, all non-essential work and schools have now been suspended until next week. “', 'It’s especially hard on the children”, Marbeyis adds, her eyes tearing up, “because when they say I want this or that, we have nothing to give them.”', 'Living without a reliable energy source is the new normal in places like Aguacate.', 'Many have been struggling with power shortages since around the start of the Covid-19 pandemic, which coincided with a sharp economic downturn on the island.', 'Perhaps the biggest problem for the Cuban State is that the sight of people cooking with firewood and charcoal in the 21st Century is reminiscent of the poverty under dictator Fulgencio Bastista, who the revolutionaries ousted six-and-half decades ago.', 'Amid it all, on the north-eastern coast, the situation got even worse.', 'As people were still coping with the blackout, Hurricane Oscar made landfall, bringing high winds, flash flooding and ripping roofs from homes.', 'The storm may have passed.', 'But Cubans know that such is the precarious state of the island’s energy infrastructure that the next nationwide blackout could come at any time.']",-0.1049495305632333,"We have no choice but to cook like this or use firewood to provide something warm for the children,” she adds.","Adding to the Caribbean island’s problems, Hurricane Oscar left a trail of destruction along the north-eastern coast, leaving several dead and causing widespread damage.",-0.9193354739862328,,"By the government’s own figures, Cuba’s national electricity generation dropped by around 2.5% in 2023 compared to the previous year, part of a downward trend which has seen a staggering 25% drop in production since 2019. “",2024-10-25
-Rachel Reeves: Chancellor changes debt rules to release billions,https://www.bbc.co.uk/news/articles/cvg745ggn3no,2024-10-24T15:01:19.566Z,"The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC. Rachel Reeves said that she would make a technical change to the way debt is measured which will allow it to fund extra investment. She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"". However, Reeves' first Budget next week is still expected to mean some cuts to public services and tax rises. The government has committed to get debt falling as share of the economy during the course of this Parliament, rather than over a rolling five-year period. But the wider debt measure is expected to allow for up to £50bn more borrowing to invest in big building projects such as roads, railways or hospitals, although not all of this is expected to be allocated at the Budget. ""We will be changing the measure of debt,"" Reeves told the BBC, adding that she will set out the details of that on 30 October. She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government's financial watchdog, ""validating the investments we're making to ensure we deliver that value-for-money"". Reeves added having such oversight would also ""give markets confidence that there are rules around the investments we can make as a country"". But shadow chancellor Jeremy Hunt said the ""consistent advice I received from Treasury officials was always that increasing borrowing meant interest rates would be higher for longer - and punish families with mortgages"". ""The markets are watching,"" he added. However, a Labour spokesperson said the party ""will not take any lectures from the Tories on how to run the economy"" citing former Prime Minister Liz Truss's mini-budget which caused market turmoil. The extra room for manoeuvre for spending on investment projects will not be able to be used for extra day-to-day spending, as Reeves has committed to fund that with tax receipts. This means planned taxes will go ahead in the Budget. Speculation is growing over what taxes will be raised next week, with Labour's election manifesto stating the party would not increase taxes on ""working people"", including National Insurance, income tax and VAT. The chancellor has signalled that businesses face an increase in National Insurance, saying the ""working people"" pledge related to the employee element of the tax, as opposed to the sum paid by employers. There has been lack of clarity over how the government defines ""working people"". Later on Thursday, Prime Minister Sir Keir Starmer told Sky News he did not consider someone who works but gets their income from assets as well, such as shares or property, to be a working person. ""They wouldn't come within my definition,"" he said.  He separately told reporters a working person is someone who ""works for a living and through that gets their income"".  Acknowledging this was a ""very broad"" definition, he elaborated he had in mind someone who earns a living and has savings but who doesn't ""have the ability to sort of routinely write a big cheque if they get into difficulties"".  Earlier Reeves told the BBC it was important for the government to ""get a grip on day-to-day spending"" by making sure it was paid for through tax receipts and by reforming public services to make them more productive.  The chancellor said she will commit to a tighter financial rule requiring all day-to-day spending to be funded via tax receipts. That rule ""is the one that really binds, and it's hard to meet, and that will require difficult decisions on spending, welfare and taxation,"" she said. The chancellor said she intended to reverse what she called ""the path of decline"" that she says she has inherited from the previous Conservative administration. She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. ""If we continued on that path, we'd miss out on other opportunities, and other countries would seize them,"" she said. ""We need to invest more to grow our economy and seize the huge opportunities there are in digital, in tech, in life sciences, in clean energy, but we'll only be able to do that if we change the way that we we measure debt,"" she said at a meeting at the International Monetary Fund (IMF) in Washington DC. Sir Keir told the BBC the change to the debt rules showed the ""mindset of the new government"". ""We're going to clear the decks,” he said. ""If you know what the problem is, what the challenge is, every business knows this, every family knows it, run towards it and fix it."" The Treasury had already signalled that a rule change was likely ahead of the Budget. The chancellor cited top economists as backing the move, including both the former governor and chief economist of the Bank of England, Mark Carney and Andrew Haldane, as well as former Conservative Treasury minister Jim O’Neill. She also referred to the words of a top IMF official overnight. The organisation's first deputy managing director Gita Gopinath backed greater investment, speaking to the BBC: ""I just want to emphasize again, that public investment is needed in the UK.  ""If you compare the UK to G7 countries, investment has fallen short, and so that spending will have to take place alongside having the kind of rules that stabilizes debt over the next five years."" But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing. ",BBC,24/10/2024,"['The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC.', 'Rachel Reeves said that she would make a technical change to the way debt is measured which will allow it to fund extra investment.', 'She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"".', ""However, Reeves' first Budget next week is still expected to mean some cuts to public services and tax rises."", 'The government has committed to get debt falling as share of the economy during the course of this Parliament, rather than over a rolling five-year period.', 'But the wider debt measure is expected to allow for up to £50bn more borrowing to invest in big building projects such as roads, railways or hospitals, although not all of this is expected to be allocated at the Budget. ""', 'We will be changing the measure of debt,"" Reeves told the BBC, adding that she will set out the details of that on 30 October.', 'She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government\'s financial watchdog, ""validating the investments we\'re making to ensure we deliver that value-for-money"".', 'Reeves added having such oversight would also ""give markets confidence that there are rules around the investments we can make as a country"".', 'But shadow chancellor Jeremy Hunt said the ""consistent advice I received from Treasury officials was always that increasing borrowing meant interest rates would be higher for longer - and punish families with mortgages"". ""', 'The markets are watching,"" he added.', 'However, a Labour spokesperson said the party ""will not take any lectures from the Tories on how to run the economy"" citing former Prime Minister Liz Truss\'s mini-budget which caused market turmoil.', 'The extra room for manoeuvre for spending on investment projects will not be able to be used for extra day-to-day spending, as Reeves has committed to fund that with tax receipts.', 'This means planned taxes will go ahead in the Budget.', 'Speculation is growing over what taxes will be raised next week, with Labour\'s election manifesto stating the party would not increase taxes on ""working people"", including National Insurance, income tax and VAT.', 'The chancellor has signalled that businesses face an increase in National Insurance, saying the ""working people"" pledge related to the employee element of the tax, as opposed to the sum paid by employers.', 'There has been lack of clarity over how the government defines ""working people"".', 'Later on Thursday, Prime Minister Sir Keir Starmer told Sky News he did not consider someone who works but gets their income from assets as well, such as shares or property, to be a working person. ""', 'They wouldn\'t come within my definition,"" he said.', 'He separately told reporters a working person is someone who ""works for a living and through that gets their income"".', 'Acknowledging this was a ""very broad"" definition, he elaborated he had in mind someone who earns a living and has savings but who doesn\'t ""have the ability to sort of routinely write a big cheque if they get into difficulties"".', 'Earlier Reeves told the BBC it was important for the government to ""get a grip on day-to-day spending"" by making sure it was paid for through tax receipts and by reforming public services to make them more productive.', 'The chancellor said she will commit to a tighter financial rule requiring all day-to-day spending to be funded via tax receipts.', 'That rule ""is the one that really binds, and it\'s hard to meet, and that will require difficult decisions on spending, welfare and taxation,"" she said.', 'The chancellor said she intended to reverse what she called ""the path of decline"" that she says she has inherited from the previous Conservative administration.', 'She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. ""', 'If we continued on that path, we\'d miss out on other opportunities, and other countries would seize them,"" she said. ""', 'We need to invest more to grow our economy and seize the huge opportunities there are in digital, in tech, in life sciences, in clean energy, but we\'ll only be able to do that if we change the way that we we measure debt,"" she said at a meeting at the International Monetary Fund (IMF) in Washington DC.', 'Sir Keir told the BBC the change to the debt rules showed the ""mindset of the new government"". ""', 'We\'re going to clear the decks,” he said. ""', 'If you know what the problem is, what the challenge is, every business knows this, every family knows it, run towards it and fix it.""', 'The Treasury had already signalled that a rule change was likely ahead of the Budget.', 'The chancellor cited top economists as backing the move, including both the former governor and chief economist of the Bank of England, Mark Carney and Andrew Haldane, as well as former Conservative Treasury minister Jim O’Neill.', 'She also referred to the words of a top IMF official overnight.', 'The organisation\'s first deputy managing director Gita Gopinath backed greater investment, speaking to the BBC: ""I just want to emphasize again, that public investment is needed in the UK. ""', 'If you compare the UK to G7 countries, investment has fallen short, and so that spending will have to take place alongside having the kind of rules that stabilizes debt over the next five years.""', ""But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing.""]",0.1136646985730533,"She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government's financial watchdog, ""validating the investments we're making to ensure we deliver that value-for-money"".","But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing.",-0.0264075117952683,"She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"".","She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. """,2024-10-25
-Green software: Devices could last longer and be more efficient,https://www.bbc.co.uk/news/articles/c8j7md2kj8vo,2024-10-24T23:07:47.782Z,"Actor and presenter Waseem Mirza was not happy when he realised he would have to change his phone – particularly as it was working just fine. Although the hardware was running smoothly, Samsung ended security updates for the phone in 2020. “I just wish there was a way to get more life out of this old bit of tech.” “I thought the lack of [security] updates was pretty stupid, really,” says Mr Mirza, who bought the phone in 2016. “Your battery and your screen are still working great. You feel as though the manufacturer is forcing you to upgrade.” He used his phone to manage his online banking, including for his production company. “It was important for me to have the latest critical software updates,” he says. As well as the financial cost, there is an environmental cost to upgrading your phone. About 80% of the carbon emissions from mobile phones result from their manufacture. This is known as embedded or embodied carbon. So, from an emissions point of view, the longer phone users can get the latest software to keep their phones running, the better. An operating system called /e/OS might have been the answer Mr Mirza was looking for. It’s a free version of Android that extends the life of devices that aren’t getting updates any more, providing a potentially greener alternative to manufacturers’ own software. Mr Mirza’s old phone is among more than 200 supported devices, some of them 10 years old. When support for the Galaxy S7 Edge ends next year because of hardware limitations, /e/OS will have extended the phone’s life by an additional five years. “We make /e/OS available for devices that have not been supported for a long time by their manufacturers,” says Gaël Duval, who founded and developed /e/OS. “We try to [enable them to] receive all the newest security updates. Big manufacturers put a lot of bloatware on phones, useless things people are not using. Over time, this makes things slower. We make the software lighter, so it keeps running efficiently on older devices.” Manufacturers have been steadily increasing the supported lifetime of new phones. For this year’s Galaxy S24 phones, Samsung has extended support to seven years, matching Google’s promise for its Pixel devices. Apple will support the iPhone 16 for a minimum of five years. “Due to the current [processor] architecture and size of memory on these newer phones, it’s likely that they will remain usable for a really long time, probably way beyond seven years,” says Rik Viergever, chief operating officer at /e/OS. As well as enabling devices to run longer, software can also be made more carbon efficient when it is operating. Mobile phone apps have to be energy efficient because the phone has limited battery power.  But much software runs on servers in datacentres, where there are no such limitations on power consumption. “You never even think about how much electricity you use when you’re building server applications, so you don't do anything to optimize for that,” says Asim Hussain, executive director, Green Software Foundation. “There’s hardly any tooling to even measure it.” The Software Carbon Intensity (SCI) specification helps to measure the carbon footprint of software and, earlier this year, became a global industry standard. The calculation at its heart includes both the emissions from the software operating, and the embodied carbon from the hardware it runs on. The idea is to have a carbon intensity score that software developers can use to track progress as they try to drive down the emissions from their software. The specification was created by the Green Software Foundation, whose more than 60 members include Microsoft, Intel and Google. “We describe green software as software that is energy efficient and hardware efficient, which means it uses the least amount of physical resources possible, so there are less embodied emissions,” says Mr Hussain. “We also include carbon aware, which means doing more when the electricity is clean and less when it’s dirty.” However, working out the score is far from simple. “Calculating [the SCI] is stunningly hard,” Mr Hussain concedes. “The problem is the lack of data.” To help fill the gap, the Green Software Foundation has created a set of models called the Impact Framework. It takes observations of things you can see, such as what percentage of a server’s resources are being used, and turns them into estimates for carbon emissions. Mr Hussain's advice to chief technology officers? “Trust that if you give your teams a performance indicator like the SCI, they will know what they need to do to optimise for it. You’ll probably get it wrong first time around, but be as transparent as possible and get feedback.” To help developers improve the energy efficiency of their software, the ecoCode project is compiling a collection of “code smells”. These are hints that code could perhaps use fewer resources, such as by replacing an instruction with another that does the same job faster. “This is still an area of a lot of research,” says Tariq Shaukat. He’s the CEO of Sonar, which makes the code analysis software the ecoCode project uses. “A lot [of code smells] would fall under the umbrella of overly complex code. The second [type] is things that run in an inefficient way: You’re updating or pulling data more frequently than you need to. Another one is bloat. How do you make your app as lean and streamlined as possible?” Peter Campbell is director of green software at Kainos, an IT services company that builds cloud-based software for its clients. The firm has trained its 500 engineers, product people and designers using the Green Software Foundation’s free short course. “We thought that if we educated internally and externally, it would get magical adoption from all our teams,” he says. “Turns out it doesn’t work as simply as that. The culture piece is really hard, not just to get people to act, but to keep prioritising it. There are so many priorities from our customers that sustainability sometimes isn’t the loudest one.” The information technology and communications (ICT) sector was estimated to account for 1.4% of greenhouse gas emissions in 2020. However, a 2018 study estimated ICT would account for 14% by 2040. There are signs that big firms are taking the problem more seriously. Although only 10% of large global enterprises include software sustainability in their requirements today, that’s set to rise to 30% by 2027, according to analysts Gartner. Mr Hussain adds that software is much easier to decarbonise than many other sectors, such as aviation. “We should push this button now because we can.” ",BBC,24/10/2024,"['Actor and presenter Waseem Mirza was not happy when he realised he would have to change his phone – particularly as it was working just fine.', 'Although the hardware was running smoothly, Samsung ended security updates for the phone in 2020. “', 'I just wish there was a way to get more life out of this old bit of tech.” “', 'I thought the lack of [security] updates was pretty stupid, really,” says Mr Mirza, who bought the phone in 2016. “', 'Your battery and your screen are still working great.', 'You feel as though the manufacturer is forcing you to upgrade.”', 'He used his phone to manage his online banking, including for his production company. “', 'It was important for me to have the latest critical software updates,” he says.', 'As well as the financial cost, there is an environmental cost to upgrading your phone.', 'About 80% of the carbon emissions from mobile phones result from their manufacture.', 'This is known as embedded or embodied carbon.', 'So, from an emissions point of view, the longer phone users can get the latest software to keep their phones running, the better.', 'An operating system called /e/OS might have been the answer Mr Mirza was looking for.', 'It’s a free version of Android that extends the life of devices that aren’t getting updates any more, providing a potentially greener alternative to manufacturers’ own software.', 'Mr Mirza’s old phone is among more than 200 supported devices, some of them 10 years old.', 'When support for the Galaxy S7 Edge ends next year because of hardware limitations, /e/OS will have extended the phone’s life by an additional five years. “', 'We make /e/OS available for devices that have not been supported for a long time by their manufacturers,” says Gaël Duval, who founded and developed /e/OS. “', 'We try to [enable them to] receive all the newest security updates.', 'Big manufacturers put a lot of bloatware on phones, useless things people are not using.', 'Over time, this makes things slower.', 'We make the software lighter, so it keeps running efficiently on older devices.”', 'Manufacturers have been steadily increasing the supported lifetime of new phones.', 'For this year’s Galaxy S24 phones, Samsung has extended support to seven years, matching Google’s promise for its Pixel devices.', 'Apple will support the iPhone 16 for a minimum of five years. “', 'Due to the current [processor] architecture and size of memory on these newer phones, it’s likely that they will remain usable for a really long time, probably way beyond seven years,” says Rik Viergever, chief operating officer at /e/OS.', 'As well as enabling devices to run longer, software can also be made more carbon efficient when it is operating.', 'Mobile phone apps have to be energy efficient because the phone has limited battery power.', 'But much software runs on servers in datacentres, where there are no such limitations on power consumption. “', ""You never even think about how much electricity you use when you’re building server applications, so you don't do anything to optimize for that,” says Asim Hussain, executive director, Green Software Foundation. “"", 'There’s hardly any tooling to even measure it.”', 'The Software Carbon Intensity (SCI) specification helps to measure the carbon footprint of software and, earlier this year, became a global industry standard.', 'The calculation at its heart includes both the emissions from the software operating, and the embodied carbon from the hardware it runs on.', 'The idea is to have a carbon intensity score that software developers can use to track progress as they try to drive down the emissions from their software.', 'The specification was created by the Green Software Foundation, whose more than 60 members include Microsoft, Intel and Google. “', 'We describe green software as software that is energy efficient and hardware efficient, which means it uses the least amount of physical resources possible, so there are less embodied emissions,” says Mr Hussain. “', 'We also include carbon aware, which means doing more when the electricity is clean and less when it’s dirty.”', 'However, working out the score is far from simple. “', 'Calculating [the SCI] is stunningly hard,” Mr Hussain concedes. “', 'The problem is the lack of data.”', 'To help fill the gap, the Green Software Foundation has created a set of models called the Impact Framework.', 'It takes observations of things you can see, such as what percentage of a server’s resources are being used, and turns them into estimates for carbon emissions.', ""Mr Hussain's advice to chief technology officers? “"", 'Trust that if you give your teams a performance indicator like the SCI, they will know what they need to do to optimise for it.', 'You’ll probably get it wrong first time around, but be as transparent as possible and get feedback.”', 'To help developers improve the energy efficiency of their software, the ecoCode project is compiling a collection of “code smells”.', 'These are hints that code could perhaps use fewer resources, such as by replacing an instruction with another that does the same job faster. “', 'This is still an area of a lot of research,” says Tariq Shaukat.', 'He’s the CEO of Sonar, which makes the code analysis software the ecoCode project uses. “', 'A lot [of code smells] would fall under the umbrella of overly complex code.', 'The second [type] is things that run in an inefficient way: You’re updating or pulling data more frequently than you need to.', 'Another one is bloat.', 'How do you make your app as lean and streamlined as possible?”', 'Peter Campbell is director of green software at Kainos, an IT services company that builds cloud-based software for its clients.', 'The firm has trained its 500 engineers, product people and designers using the Green Software Foundation’s free short course. “', 'We thought that if we educated internally and externally, it would get magical adoption from all our teams,” he says. “', 'Turns out it doesn’t work as simply as that.', 'The culture piece is really hard, not just to get people to act, but to keep prioritising it.', 'There are so many priorities from our customers that sustainability sometimes isn’t the loudest one.”', 'The information technology and communications (ICT) sector was estimated to account for 1.4% of greenhouse gas emissions in 2020.', 'However, a 2018 study estimated ICT would account for 14% by 2040.', 'There are signs that big firms are taking the problem more seriously.', 'Although only 10% of large global enterprises include software sustainability in their requirements today, that’s set to rise to 30% by 2027, according to analysts Gartner.', 'Mr Hussain adds that software is much easier to decarbonise than many other sectors, such as aviation. “', 'We should push this button now because we can.”']",0.1388539703255611,"To help developers improve the energy efficiency of their software, the ecoCode project is compiling a collection of “code smells”.",The problem is the lack of data.”,0.5134279657812679,"For this year’s Galaxy S24 phones, Samsung has extended support to seven years, matching Google’s promise for its Pixel devices.",Actor and presenter Waseem Mirza was not happy when he realised he would have to change his phone – particularly as it was working just fine.,2024-10-25
-MLS attendance and sponsorship revenue hit regular season records,https://www.cnbc.com/2024/10/22/mls-attendance-sponsorship-revenue-hit-regular-season-records.html,2024-10-22T13:54:52+0000,"Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play. It's even created a corporate team to help clubs implement new business strategies.It appears to be paying off. Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league. That's up 5% from last year, and 14% from 2022. Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement. The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league. The MLS postseason begins this week.But it wasn't just on-the-field talent that made the difference.This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023. McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs. McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not.For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they're going to launch in their stadium.""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now.""The bigger audience is drawing bigger sponsorship dollars.The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS. Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.League- and club-level sponsorship revenue both reached records.Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league. It was also No. 1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league. On TikTok, followers were up 26% since the beginning of the year. On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS. It was the third most followed North American sports team on Instagram with 17.2 million followers.Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally. Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own. The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.",CNBC,22/10/2024,"['Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.', 'MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play.', ""It's even created a corporate team to help clubs implement new business strategies."", 'It appears to be paying off.', 'Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league.', ""That's up 5% from last year, and 14% from 2022."", 'Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.', 'While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.', ""Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement."", 'The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.', 'This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league.', 'The MLS postseason begins this week.', ""But it wasn't just on-the-field talent that made the difference."", 'This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023.', 'McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.', ""While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs."", ""McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not."", 'For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they\'re going to launch in their stadium.', '""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""', ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now."", '""The bigger audience is drawing bigger sponsorship dollars.', 'The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS.', 'Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.', 'League- and club-level sponsorship revenue both reached records.', ""Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league."", 'It was also No.', ""1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league."", 'On TikTok, followers were up 26% since the beginning of the year.', 'On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.', 'It was the third most followed North American sports team on Instagram with 17.2 million followers.', 'Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally.', 'Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.', 'When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own.', 'The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.', ""Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.""]",0.2374627452650975,"""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. """,It was also No.,0.971635035106114,"On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.",,2024-10-25
-"American Airlines lifts 2024 profit forecast after sales strategy shift, posts third-quarter loss",https://www.cnbc.com/2024/10/24/american-airlines-aal-3q-2024-earnings.html,2024-10-24T13:39:32+0000,"In this articleAmerican Airlines posted a third-quarter loss but raised its profit forecast for the year as CEO Robert Isom said the company's sales strategy shift earlier this year is paying off.The carrier said it expects to earn between 25 cents and 50 cents a share on an adjusted basis for the fourth quarter, above the 29 cents analysts polled by LSEG expected. For the full year, the airline expects to earn as much as an adjusted $1.60 a share, ahead of an earlier American forecast for no more than $1.30 a share.American in May fired its chief commercial officer after a sales strategy that aimed to drive direct bookings backfired and quickly reverted much of its sales model.""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we're confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.""Here is how American performed in the third quarter compared with Wall Street estimates compiled by LSEG:American's revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier. Unit revenue fell 2% in the quarter.For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.",CNBC,24/10/2024,"[""In this articleAmerican Airlines posted a third-quarter loss but raised its profit forecast for the year as CEO Robert Isom said the company's sales strategy shift earlier this year is paying off."", 'The carrier said it expects to earn between 25 cents and 50 cents a share on an adjusted basis for the fourth quarter, above the 29 cents analysts polled by LSEG expected.', 'For the full year, the airline expects to earn as much as an adjusted $1.60 a share, ahead of an earlier American forecast for no more than $1.30 a share.', 'American in May fired its chief commercial officer after a sales strategy that aimed to drive direct bookings backfired and quickly reverted much of its sales model.', '""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we\'re confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""', 'We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.', '""Here is how American performedin thethird quartercompared with Wall Street estimates compiled by LSEG:American\'s revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier.', 'Unit revenue fell 2% in the quarter.', 'For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.']",0.1118594735197558,We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.,"""Here is how American performedin thethird quartercompared with Wall Street estimates compiled by LSEG:American's revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier.",0.3249094618691338,"""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we're confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""","For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.",2024-10-25
-"TKO Group to acquire IMG, Professional Bull Riders and On Location from Endeavor for $3.25 billion",https://www.cnbc.com/2024/10/24/tko-group-to-acquire-img-pbr-and-on-location-from-endeavor.html,2024-10-24T13:40:19+0000,"In this articleTKO Group, the company that owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses for $3.25 billion from its controlling owner, Endeavor Group.The businesses are Professional Bull Riders, On Location and IMG, the companies announced Thursday. The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues. While the company does acquire a new league in PBR, the world's largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. ""At TKO, we're primarily interested in league ownership if that exists and businesses that can power our current sports ecosystem. That could be ticket sales, hospitality, consumer products, media rights expertise. That's what we're getting in IMG and On Location.""Private equity firm Silver Lake announced its intentions to take Endeavor private earlier this year. As part of that transaction, Silver Lake wanted to divest certain assets, Shapiro said. Endeavor came to the TKO board with a proposal to sell the three businesses. TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.PBR puts on more than 200 events annually for more than 1 million fans. PBR CEO and Commissioner Sean Gleason will continue to lead the organization, TKO said in a statement.On Location provides luxury hospitality for major sporting events including the Super Bowl, the Ryder Cup, March Madness, the FIFA World Cup and the Olympics. IMG packages and sells media rights and brand partnerships, providing strategic consultancy on the biggest TV deals for the NFL, English Premier League, National Hockey League, Major League Soccer, UFC, WWE and PBR. The acquisition of IMG does not include ""businesses associated with the IMG brand in licensing, models, and tennis representation, nor IMG's full events portfolio,"" according to the TKO statement. In addition to the transaction, TKO also announced it is initiating an annual dividend of $300 million and has authorized a share buyback program of up to $2 billion for its Class A common stock.",CNBC,24/10/2024,"['In this articleTKO Group, the company that owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses for $3.25 billion from its controlling owner, Endeavor Group.', 'The businesses are Professional Bull Riders, On Location and IMG, the companies announced Thursday.', ""The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues."", 'While the company does acquire a new league in PBR, the world\'s largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. ""', ""At TKO, we're primarily interested in league ownership if that exists and businesses that can power our current sports ecosystem."", 'That could be ticket sales, hospitality, consumer products, media rights expertise.', ""That's what we're getting in IMG and On Location."", '""Private equity firm Silver Lake announced its intentions to take Endeavor private earlier this year.', 'As part of that transaction, Silver Lake wanted to divest certain assets, Shapiro said.', 'Endeavor came to the TKO board with a proposal to sell the three businesses.', 'TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.', 'PBR puts on more than 200 events annually for more than 1 million fans.', 'PBR CEO and Commissioner Sean Gleason will continue to lead the organization, TKO said in a statement.', 'On Location provides luxury hospitality for major sporting events including the Super Bowl, the Ryder Cup, March Madness, the FIFA World Cup and the Olympics.', 'IMG packages and sells media rights and brand partnerships, providing strategic consultancy on the biggest TV deals for the NFL, English Premier League, National Hockey League, Major League Soccer, UFC, WWE and PBR.', 'The acquisition of IMG does not include ""businesses associated with the IMG brand in licensing, models, and tennis representation, nor IMG\'s full events portfolio,"" according to the TKO statement.', 'In addition to the transaction, TKO also announced it is initiating an annual dividend of $300 million and has authorized a share buyback program of up to $2 billion for its Class A common stock.']",0.1242944349710279,"TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.","While the company does acquire a new league in PBR, the world's largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. """,0.9950423041979471,"The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues.",,2024-10-25
-What could reparatory justice for slavery look like?,https://www.bbc.co.uk/news/articles/cjr4dvl47jpo,2024-10-24T16:13:47.447Z,"Calls for the UK to provide reparations for its historical role in the slave trade have reignited ahead of a meeting of Commonwealth countries on Friday. While Sir Keir Starmer said reparatory justice would not be on the agenda, Commonwealth leaders have defied the prime minister and plan to move towards a ""meaningful conversation"" on the issue. The UK has long faced calls to provide reparations for its role in the Atlantic slave trade which saw millions of Africans enslaved and forced to work, largely on plantations in the Caribbean and Americas. The chancellor told the BBC the UK would not be ""paying out"" reparations - but might there be other forms of reparations to consider, and how likely is it that the UK would commit to them? Reparations are measures to make amends for past actions deemed wrong or unfair. From 1500, the British government and the monarchy were prominent participants in the centuries-long slave trade, alongside other European nations. Britain also had a key role in ending the trade, through Parliament's passage of a law to abolish slavery in 1833. As part of that law, British plantation owners were paid for the loss of their slaves, to the tune of some £20m.  The UK only finished paying off the debt it incurred to cover the payments in 2015. Reparations for the benefit of those who suffered as result of slavery can take many forms, from financial to symbolic. The United Nations says they must be “proportional to the gravity of the violations and the harm suffered”. Here are some of the forms they can take. This is the most commonly understood form of reparatory justice – where a state gives money to a country whose communities it enslaved. A 2023 report co-authored by a United Nations’ judge concluded that the UK owed more than £18tn to 14 countries in reparations. The difficulty is that most European countries would struggle to find sums as astronomic as that. The UK government, for example, spends a total of about £1.2tn every year. Even if governments could find the money, it would be politically unpopular to spend so much on reparations and consequently less on schools and hospitals at home. Some campaigners answer these points by saying reparations could be paid over time.  But many demands for straight cash payments are considered unfeasible by Western governments. So for others, the debate about financial reparations often focuses instead on the question of debt relief. Many developing countries which suffered from slavery owe large sums to Western countries.  The cancellation or reduction of that debt could lift a massive economic burden from a developing country at little political cost for a donor country. On the face of it, this could appear relatively straightforward.  It does not cost anything, just a public act of atonement for past sins. Some institutions – such as the Church of England – have apologised for links to slavery. The difficulty, though, is that apologies can sometimes act as a declaration of legal responsibility for which there could be a financial cost. Which is why states are often reluctant to take that step. Earlier this week, former Prime Minister Tony Blair suggested it was wrong for states to apologise for historic wrongs – despite himself saying “sorry” in 2007. ""You can go back over history, and you end up in a completely absurd position"", he told Newsweek on Wednesday. ""The most important thing we can do for countries that have been marked by colonialism is to help them now.” Few states that played a historic role in the slave trade have taken steps towards reparations. This includes educational institutions acknowledging their own connection to slavery and how they might have profited from the slave trade. It can also involve teaching the history of slavery, as well as creating institutions for the study of slavery. There are also calls for supporting schools to tackle low literacy levels and other issues that some argue date back to the slave trade. Some campaigners say school exchanges and cultural tours would also be beneficial. The countries pushing hardest for reparatory justice from the UK are in the Caribbean - and their collective organisation, known as Caricom, has its own reparations commission with 10 demands. Three of these deal explicitly with education and culture, saying a ""restoration of historical memory"" was required. Caricom said states involved in the slave trade had a responsibility to ""build educational capacity and provide scholarships"". Some argue that reparatory justice should also include health - where European countries fund clinics and hospitals. Medical evidence shows a high rate of type 2 diabetes in the Caribbean which some suggest is associated with centuries of poor nutrition due to past enslavement.  Historian Sir Hilary Beckles told the United Nations's UN News earlier this year: ""If you look at countries with the greatest incidence of chronic diseases, black people have the highest proportions of diabetic adult patients in the world."" He argued high rates of diabetes on his own island of Barbados ""cannot be a coincidence"" given it was ""the first island to have an African majority and an enslaved population"". Barbados' government has moved toward exploring the historic impact of slavery on its population's health. Caricom is calling for European countries to invest in science, technology and capital toward improving hospitals, healthcare, and mental health support for the descendants of enslaved people. The UK government has never formally apologised for slavery or offered to pay reparations – and Sir Keir Starmer has not shown any intention to break the mould. It is not Labour Party policy to introduce reparations. Ahead of the Commonwealth summit, the prime minister explicitly said he would not provide an apology or financial compensation for slavery. He said he wanted to focus on present issues, like the climate, rather than the past. Chancellor Rachel Reeves doubled down on Thursday afternoon, insisting the UK would not be paying reparations. ""I'd rather roll up my sleeves and work... on the current future-facing challenges than spend a lot of time on the past"", she said. In 2023, then Prime Minister Rishi Sunak likewise refused to provide compensation or an apology for the slave trade. “Trying to unpick our history is not the right way forward”, he said. ",BBC,24/10/2024,"['Calls for the UK to provide reparations for its historical role in the slave trade have reignited ahead of a meeting of Commonwealth countries on Friday.', 'While Sir Keir Starmer said reparatory justice would not be on the agenda, Commonwealth leaders have defied the prime minister and plan to move towards a ""meaningful conversation"" on the issue.', 'The UK has long faced calls to provide reparations for its role in the Atlantic slave trade which saw millions of Africans enslaved and forced to work, largely on plantations in the Caribbean and Americas.', 'The chancellor told the BBC the UK would not be ""paying out"" reparations - but might there be other forms of reparations to consider, and how likely is it that the UK would commit to them?', 'Reparations are measures to make amends for past actions deemed wrong or unfair.', 'From 1500, the British government and the monarchy were prominent participants in the centuries-long slave trade, alongside other European nations.', ""Britain also had a key role in ending the trade, through Parliament's passage of a law to abolish slavery in 1833."", 'As part of that law, British plantation owners were paid for the loss of their slaves, to the tune of some £20m. The UK only finished paying off the debt it incurred to cover the payments in 2015.', 'Reparations for the benefit of those who suffered as result of slavery can take many forms, from financial to symbolic.', 'The United Nations says they must be “proportional to the gravity of the violations and the harm suffered”.', 'Here are some of the forms they can take.', 'This is the most commonly understood form of reparatory justice – where a state gives money to a country whose communities it enslaved.', 'A 2023 report co-authored by a United Nations’ judge concluded that the UK owed more than £18tn to 14 countries in reparations.', 'The difficulty is that most European countries would struggle to find sums as astronomic as that.', 'The UK government, for example, spends a total of about £1.2tn every year.', 'Even if governments could find the money, it would be politically unpopular to spend so much on reparations and consequently less on schools and hospitals at home.', 'Some campaigners answer these points by saying reparations could be paid over time.', 'But many demands for straight cash payments are considered unfeasible by Western governments.', 'So for others, the debate about financial reparations often focuses instead on the question of debt relief.', 'Many developing countries which suffered from slavery owe large sums to Western countries.', 'The cancellation or reduction of that debt could lift a massive economic burden from a developing country at little political cost for a donor country.', 'On the face of it, this could appear relatively straightforward.', 'It does not cost anything, just a public act of atonement for past sins.', 'Some institutions – such as the Church of England – have apologised for links to slavery.', 'The difficulty, though, is that apologies can sometimes act as a declaration of legal responsibility for which there could be a financial cost.', 'Which is why states are often reluctant to take that step.', 'Earlier this week, former Prime Minister Tony Blair suggested it was wrong for states to apologise for historic wrongs – despite himself saying “sorry” in 2007. ""', 'You can go back over history, and you end up in a completely absurd position"", he told Newsweek on Wednesday. ""', 'The most important thing we can do for countries that have been marked by colonialism is to help them now.”', 'Few states that played a historic role in the slave trade have taken steps towards reparations.', 'This includes educational institutions acknowledging their own connection to slavery and how they might have profited from the slave trade.', 'It can also involve teaching the history of slavery, as well as creating institutions for the study of slavery.', 'There are also calls for supporting schools to tackle low literacy levels and other issues that some argue date back to the slave trade.', 'Some campaigners say school exchanges and cultural tours would also be beneficial.', 'The countries pushing hardest for reparatory justice from the UK are in the Caribbean - and their collective organisation, known as Caricom, has its own reparations commission with 10 demands.', 'Three of these deal explicitly with education and culture, saying a ""restoration of historical memory"" was required.', 'Caricom said states involved in the slave trade had a responsibility to ""build educational capacity and provide scholarships"".', 'Some argue that reparatory justice should also include health - where European countries fund clinics and hospitals.', 'Medical evidence shows a high rate of type 2 diabetes in the Caribbean which some suggest is associated with centuries of poor nutrition due to past enslavement.', 'Historian Sir Hilary Beckles told the United Nations\'s UN News earlier this year: ""If you look at countries with the greatest incidence of chronic diseases, black people have the highest proportions of diabetic adult patients in the world.""', 'He argued high rates of diabetes on his own island of Barbados ""cannot be a coincidence"" given it was ""the first island to have an African majority and an enslaved population"".', ""Barbados' government has moved toward exploring the historic impact of slavery on its population's health."", 'Caricom is calling for European countries to invest in science, technology and capital toward improving hospitals, healthcare, and mental health support for the descendants of enslaved people.', 'The UK government has never formally apologised for slavery or offered to pay reparations – and Sir Keir Starmer has not shown any intention to break the mould.', 'It is not Labour Party policy to introduce reparations.', 'Ahead of the Commonwealth summit, the prime minister explicitly said he would not provide an apology or financial compensation for slavery.', 'He said he wanted to focus on present issues, like the climate, rather than the past.', 'Chancellor Rachel Reeves doubled down on Thursday afternoon, insisting the UK would not be paying reparations. ""', 'I\'d rather roll up my sleeves and work... on the current future-facing challenges than spend a lot of time on the past"", she said.', 'In 2023, then Prime Minister Rishi Sunak likewise refused to provide compensation or an apology for the slave trade. “', 'Trying to unpick our history is not the right way forward”, he said.']",-0.1401898664603873,"Historian Sir Hilary Beckles told the United Nations's UN News earlier this year: ""If you look at countries with the greatest incidence of chronic diseases, black people have the highest proportions of diabetic adult patients in the world.""",Many developing countries which suffered from slavery owe large sums to Western countries.,-0.5043833613395691,The cancellation or reduction of that debt could lift a massive economic burden from a developing country at little political cost for a donor country.,"Even if governments could find the money, it would be politically unpopular to spend so much on reparations and consequently less on schools and hospitals at home.",2024-10-25
-McDonald's shares fall after CDC says E. coli outbreak linked to Quarter Pounders,https://www.cnbc.com/2024/10/22/mcdonalds-shares-fall-after-cdc-says-e-coli-outbreak-linked-to-quarter-pounders.html,2024-10-23T12:09:20+0000,"In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""Most"" sick people reported eating a McDonald's Quarter Pounder, the CDC added.One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure. An older adult in Colorado died. McDonald's shares dropped about 7% in trading before the market opened Wednesday.In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers. McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area.Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said. It added that it was working with suppliers to replenish ingredients.The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video. The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added. Those sandwiches use a different type of onion product.""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""I hope these steps demonstrate McDonald's commitment to food safety.""Quarter Pounder hamburgers are a core menu item for McDonald's, raking in billions of dollars each year. In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores.The CDC said the number of people affected by the outbreak is ""likely much higher"" than what has been reported so far. The agency said that is because many people recover from an E. coli infection without testing for it or receiving medical care. It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added. E. coli refers to a group of bacteria found in the gut of nearly all people and animals. But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC. Most people recover without treatment after five to seven days.There have been several past reported cases of E. coli at McDonald's restaurants.In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama. Four of the six children were admitted to a hospital after experiencing severe adverse effects.",CNBC,23/10/2024,"[""In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death."", 'The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""', 'Most"" sick people reported eating a McDonald\'s Quarter Pounder, the CDC added.', 'One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure.', 'An older adult in Colorado died.', ""McDonald's shares dropped about 7% in trading before the market opened Wednesday."", 'In a statement Tuesday, McDonald\'s said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.', 'The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers.', ""McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area."", ""Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said."", 'It added that it was working with suppliers to replenish ingredients.', ""The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video."", ""The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added."", 'Those sandwiches use a different type of onion product.', '""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""', ""I hope these steps demonstrate McDonald's commitment to food safety."", '""Quarter Pounder hamburgers are a core menu item for McDonald\'s, raking in billions of dollars each year.', ""In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores."", 'The CDCsaidthe number of people affected by the outbreak is""likely much higher""than whathas beenreported so far.', 'The agencysaidthat is because many people recover from an E. coli infection without testing for it or receiving medical care.', 'It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added.', 'E. coli refers to a group of bacteria found in the gut of nearly all people and animals.', 'But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.', 'Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC.', 'Most people recover without treatment after five to seven days.', ""There have been several past reported cases of E. coli at McDonald's restaurants."", ""In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama."", 'Four of the six children were admitted to a hospital after experiencing severe adverse effects.']",-0.0794976328822082,I hope these steps demonstrate McDonald's commitment to food safety.,But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.,-0.2117051407694816,"In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.",In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.,2024-10-25
-Maghull: How the best railway station in UK earned its title,https://www.bbc.co.uk/news/articles/ced90ge0zwzo,2024-10-27T07:23:42.920Z,"It is a mild Friday morning in October and although rush hour has been and gone, Maghull railway station is still a hive of activity. There is a hustle and bustle that you might not expect at a North West station at this time of the year, or indeed any time of the year, for that matter. But Maghull is not just a couple of dreary platforms where you can make your way from A to B. In fact, the unassuming Merseyrail station is basking in the afterglow of its victory in the 2024 World Cup of Stations competition - having just been named best in the UK. And it doesn't take too long to work out what impressed the judges at the Railway Delivery Group, organisers of the contest.  When the BBC turned up to find out just what makes Maghull so special, the first thing we notice is the car park - it is free, and there are plenty of parking spaces, as well as a bus exchange service. Big tick. The entrance to the station is through a traditional-style brick building that leads to a ticket office, and, since February, The Coffee Carriage café. A footbridge takes passengers across to a second platform, which includes a waiting area with a railway-themed stained glass window, donated by a local artist. Heading in, we immediately bump into 85-year-old volunteer Margaret Walton, armed with her trusty litter-picker, plastic bucket and high-vis jacket. A member from the Maghull Volunteers group comes every single day - ""including Christmas"" - to keep things looking spic-and-span, she tells us. But Margaret's contribution to station life is far more than the clean pavements outside. Intricate murals depicting station life, including the staff working there today, adorn the brick building - are all painted by Margaret in her spare time.  When asked whether she studied art, she quipped: ""Oh no, I taught myself - they wouldn't let me into college because I couldn't spell."" Outside the station building are lovingly-maintained planter boxes, a ""secret garden"", and quirky sculptures - all the handiwork of Maghull Volunteers and other community groups.  Chairwoman Doreen Bird, 81, said the group has been together approximately 20 years after being founded by the late Nigel Winchester and Alan Pritchard.  ""I just love it,"" she said, when asked what motivated her to keep Maghull station looking its best.  ""It's amazing really how much people appreciate the station being as beautiful as it is. ""What one lady said to me is; 'it makes me smile every Monday morning when I really don't want to go to work'.  ""That's all it takes, I think that's why we do it."" And the evidence from our visit backs that up.  As we chat to the staff there, several passengers stop to offer their congratulations or ask ""did you win then?"".  One was Maureen Webb, from Lydiate, who was on her way to Liverpool for a charity bash for the Linda McCartney Centre.  The 81-year-old, who still runs her own tailoring business, told the BBC: ""It's clean, it's well cared for by the staff and volunteers who do a wonderful job. ""If there was more people like that in the world we'd be much better off."" The Gillespie family are new to the area but have already developed a sense of pride in their local station.  Tom Gillespie, 67, said: ""It's dead friendly, you get off the train and there's always people pottering around."" His wife Marie added: ""You get off the train and it's a great little train station. It's only small but it's beautiful."" One common theme that emerges is how Maghull has evolved into a real centre for community life.  Undoubtedly, the arrival of the Coffee Carriage in February, one of three station cafes owned by local entrepreneurs Rory McLellan and Craig Reeves, has taken Maghull's appeal to a new level.  As well as its traditional purpose, the cafe also hosts everything from ""knit and natter"" sessions to men's mental health and cancer charity meet-ups. A growing number of charities and volunteer organisations use the station as a meeting or gathering point, including the Friday Strollers walking group.  Stroller June Avery told the BBC: ""It's a very welcoming place isn't it.  ""It's a really community feel, it's bringing people together. You get off the train and it really lightens your mood.  ""You go to some stations and you see planter boxes but nobody really looks after them, they're full of litter and ciggie stubs."" Manning the fort in the cafe was barista Liz Roger, who summed up what makes Maghull special. ""I think it's about being part of the community, she said: ""It's not just saying well we serve coffee and cakes, it's about everything... ""They come to us because they think we're a lovely place to come and we love them coming."" Taking a seat inside the cosy room, adorned with fairy lights and wooden pallets, as well as pictures of the Maghull railway tracks in all their glory, we catch up with station manager Sonya Hampson, who has managed Maghull and eight other stations for about eight years. Sonya said Maghull did not become a proud community asset overnight.  ""It's a combination of a lot of things"", she said.  ""We've got a good staff team who are very conscientious and they live in and around the station. They know most of the customers by name. ""Then we've got our volunteers who keep the station looking beautiful."" When asked what other stations would need to do to challenge Maghull for the title, she said: ""If they want to build a community then they need to find the heart of it, they need to encourage people to care about their station and to take time to nurture the locals."" In a nod to the station retailers based at Maghull full-time, she said: ""We're not just here to sell tickets or tend to the gardens or sell a coffee -they're actually interested in people's lives."" But the staff also benefit from working somewhere with heart. Station retailer Angela Horton, who has plied her trade at Maghull for 17 years, said: ""We start at half five, and then the flowers are in full bloom, you get up in the morning and it's light and it's all in full bloom, it starts your day off good.  ""In actually makes you feel good, it's amazing."" Her colleague Ian Harrison, based at Maghull for 14 years, added: ""If you're doing your little jobs on the station and you walk across the bridge and look out over the bus-stop area you see all these flowers and it does look amazing."" Ray Badrock has also worked at Maghull for 14 years, and even appears in one of Margaret's murals outside the main building.  He said: ""It's a really friendly atmosphere.  ""It's the same people they all keep in touch they all know us by our first names."" 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 ",BBC,27/10/2024,"['It is a mild Friday morning in October and although rush hour has been and gone, Maghull railway station is still a hive of activity.', 'There is a hustle and bustle that you might not expect at a North West station at this time of the year, or indeed any time of the year, for that matter.', 'But Maghull is not just a couple of dreary platforms where you can make your way from A to B. In fact, the unassuming Merseyrail station is basking in the afterglow of its victory in the 2024 World Cup of Stations competition - having just been named best in the UK.', ""And it doesn't take too long to work out what impressed the judges at the Railway Delivery Group, organisers of the contest."", 'When the BBC turned up to find out just what makes Maghull so special, the first thing we notice is the car park - it is free, and there are plenty of parking spaces, as well as a bus exchange service.', 'Big tick.', 'The entrance to the station is through a traditional-style brick building that leads to a ticket office, and, since February, The Coffee Carriage café.', 'A footbridge takes passengers across to a second platform, which includes a waiting area with a railway-themed stained glass window, donated by a local artist.', 'Heading in, we immediately bump into 85-year-old volunteer Margaret Walton, armed with her trusty litter-picker, plastic bucket and high-vis jacket.', 'A member from the Maghull Volunteers group comes every single day - ""including Christmas"" - to keep things looking spic-and-span, she tells us.', ""But Margaret's contribution to station life is far more than the clean pavements outside."", 'Intricate murals depicting station life, including the staff working there today, adorn the brick building - are all painted by Margaret in her spare time.', 'When asked whether she studied art, she quipped: ""Oh no, I taught myself - they wouldn\'t let me into college because I couldn\'t spell.""', 'Outside the station building are lovingly-maintained planter boxes, a ""secret garden"", and quirky sculptures - all the handiwork of Maghull Volunteers and other community groups.', 'Chairwoman Doreen Bird, 81, said the group has been together approximately 20 years after being founded by the late Nigel Winchester and Alan Pritchard. ""', 'I just love it,"" she said, when asked what motivated her to keep Maghull station looking its best. ""', 'It\'s amazing really how much people appreciate the station being as beautiful as it is. ""', 'What one lady said to me is; \'it makes me smile every Monday morning when I really don\'t want to go to work\'. ""', 'That\'s all it takes, I think that\'s why we do it.""', 'And the evidence from our visit backs that up.', 'As we chat to the staff there, several passengers stop to offer their congratulations or ask ""did you win then?"".', 'One was Maureen Webb, from Lydiate, who was on her way to Liverpool for a charity bash for the Linda McCartney Centre.', 'The 81-year-old, who still runs her own tailoring business, told the BBC: ""It\'s clean, it\'s well cared for by the staff and volunteers who do a wonderful job. ""', 'If there was more people like that in the world we\'d be much better off.""', 'The Gillespie family are new to the area but have already developed a sense of pride in their local station.', 'Tom Gillespie, 67, said: ""It\'s dead friendly, you get off the train and there\'s always people pottering around.""', 'His wife Marie added: ""You get off the train and it\'s a great little train station.', 'It\'s only small but it\'s beautiful.""', 'One common theme that emerges is how Maghull has evolved into a real centre for community life.', ""Undoubtedly, the arrival of the Coffee Carriage in February, one of three station cafes owned by local entrepreneurs Rory McLellan and Craig Reeves, has taken Maghull's appeal to a new level."", 'As well as its traditional purpose, the cafe also hosts everything from ""knit and natter"" sessions to men\'s mental health and cancer charity meet-ups.', 'A growing number of charities and volunteer organisations use the station as a meeting or gathering point, including the Friday Strollers walking group.', 'Stroller June Avery told the BBC: ""It\'s a very welcoming place isn\'t it. ""', ""It's a really community feel, it's bringing people together."", 'You get off the train and it really lightens your mood. ""', 'You go to some stations and you see planter boxes but nobody really looks after them, they\'re full of litter and ciggie stubs.""', 'Manning the fort in the cafe was barista Liz Roger, who summed up what makes Maghull special. ""', 'I think it\'s about being part of the community, she said: ""It\'s not just saying well we serve coffee and cakes, it\'s about everything... ""They come to us because they think we\'re a lovely place to come and we love them coming.""', 'Taking a seat inside the cosy room, adorned with fairy lights and wooden pallets, as well as pictures of the Maghull railway tracks in all their glory, we catch up with station manager Sonya Hampson, who has managed Maghull and eight other stations for about eight years.', 'Sonya said Maghull did not become a proud community asset overnight. ""', 'It\'s a combination of a lot of things"", she said. ""', ""We've got a good staff team who are very conscientious and they live in and around the station."", 'They know most of the customers by name. ""', 'Then we\'ve got our volunteers who keep the station looking beautiful.""', 'When asked what other stations would need to do to challenge Maghull for the title, she said: ""If they want to build a community then they need to find the heart of it, they need to encourage people to care about their station and to take time to nurture the locals.""', 'In a nod to the station retailers based at Maghull full-time, she said: ""We\'re not just here to sell tickets or tend to the gardens or sell a coffee -they\'re actually interested in people\'s lives.""', 'But the staff also benefit from working somewhere with heart.', 'Station retailer Angela Horton, who has plied her trade at Maghull for 17 years, said: ""We start at half five, and then the flowers are in full bloom, you get up in the morning and it\'s light and it\'s all in full bloom, it starts your day off good. ""', 'In actually makes you feel good, it\'s amazing.""', 'Her colleague Ian Harrison, based at Maghull for 14 years, added: ""If you\'re doing your little jobs on the station and you walk across the bridge and look out over the bus-stop area you see all these flowers and it does look amazing.""', ""Ray Badrock has also worked at Maghull for 14 years, and even appears in one of Margaret's murals outside the main building."", 'He said: ""It\'s a really friendly atmosphere. ""', 'It\'s the same people they all keep in touch they all know us by our first names.""', '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']",0.3428050889290553,"I just love it,"" she said, when asked what motivated her to keep Maghull station looking its best. ""","When asked whether she studied art, she quipped: ""Oh no, I taught myself - they wouldn't let me into college because I couldn't spell.""",0.9549412786960602,The Gillespie family are new to the area but have already developed a sense of pride in their local station.,,2024-10-25
-"Coca-Cola tops earnings estimates, as higher prices offset sluggish demand",https://www.cnbc.com/2024/10/23/coca-cola-ko-q3-2024-earnings.html,2024-10-23T14:59:31+0000,"In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand.Shares of the company fell 2% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier.Excluding items, the company earned 77 cents per share.Adjusted net sales of $11.95 billion were roughly flat from a year earlier. Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter.Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets. The metric strips out the impact of pricing and foreign currency to reflect demand. Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company's conference call. That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less. Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors. Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions. The company called out volume declines in China and Turkey specifically. Like North America, Latin America reported flat volume.Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter. The company's juice, dairy and plant-based beverages division reported a 3% decline in volume. Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.Coke said its pricing rose 10%. Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%. The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year. Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.",CNBC,23/10/2024,"[""In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand."", 'Shares of the company fell 2% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier."", 'Excluding items, the company earned 77 cents per share.', 'Adjusted net sales of $11.95 billion were roughly flat from a year earlier.', ""Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter."", 'Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets.', 'The metric strips out the impact of pricing and foreign currency to reflect demand.', 'Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.', 'A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company\'s conference call.', 'That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.', 'Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less.', 'Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.', ""Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors."", 'Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.', ""But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions."", 'The company called out volume declines in China and Turkey specifically.', 'Like North America, Latin America reported flat volume.', ""Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter."", ""The company's juice, dairy and plant-based beverages division reported a 3% decline in volume."", 'Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.', 'Coke said its pricing rose 10%.', 'Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.', '""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""', 'Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.', '""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%.', 'The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.', 'Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.']",0.0973301379868602,"Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.","The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.",-0.2266080638636713,Coke said its pricing rose 10%.,Adjusted net sales of $11.95 billion were roughly flat from a year earlier.,2024-10-25
-The Little Prince: Rare typed copy to go on sale for $1.25m,https://www.bbc.co.uk/news/articles/cjw03xw4dd2o,2024-10-24T17:33:12.524Z,"A rare typescript of children's story The Little Prince, one of the most translated books ever published, is set to go on sale for $1.25m (£963,313). The typescript - a typed copy of a text - was produced in New York by its author, Antoine de Saint-Exupéry, while in exile from Nazi-occupied France in the 1940s, and is one of three known to be in existence. The copy contains handwritten notes and sketches by Saint-Exupéry. It will go on sale at the Abu Dhabi Art Festival in the United Arab Emirates in November. Having the typed manuscript ""is an extremely rare event"", said Sammy Jay, senior literature specialist from the typescript's seller Peter Harrington Rare Books. Saint-Exupéry wrote Le Petit Prince, in the original French, for children while living in exile in New York during World War Two. It was published in 1943. He was an experienced aviator and, after writing the book, he returned to Europe on a reconnaissance mission for the Free French air force fighting Nazi Germany. He disappeared on his last mission while over the Mediterranean, and it is unknown how exactly his plane went down. The famous work of fiction is about a pilot stranded in a desert who meets a small boy called the Little Prince who is visiting Earth. Since its publication, The Little Prince has gone on to sell millions of copies around the world. Saint-Exupéry's original handwritten manuscript is in New York. Two other typescripts are known to exist, one in France's national library and another in the Harry Ransom Center in Texas. Mr Jay told the BBC that Saint-Exupéry gave those two typescripts to friends before his disappearance, but the third one ""wasn't inscribed or given to someone"". The third was in a private collection in France ""for decades"" and is the only copy that has come up to be sold to the public, he said, adding that it is ""astounding"" to have it. ""It's very exciting because the quest [for me] is always to find something more and more amazing...I don't know how I'm going to beat it,"" Mr Jay said. Peter Harrington Rare Books has possessed the typescript since the start of 2024 and has been cataloguing and conducting research on it, as well as making it ready for sale. The cover shows evidence of stubbed-out cigarettes and the typescript contains Saint-Exupéry's handwritten notes, annotations, and edits on its pages. It also features what has been thought to be the first written appearance of one of the story's most famous lines: ""It is only with the heart that one can see rightly; the essential is invisible to the eye."" This typescript is ""much more intimate"" than the other two, Mr Jay said, highlighting notes and ""doodles"" the author made on it. Two sketches of the Little Prince accompany the artefact, one of which was a preliminary sketch for the book's final illustration, according to Peter Harrington Rare Books. The Little Prince is part of a ""global literary heritage"" as one of the most translated books in the world, Mr Jay said. He said there was the possibility a museum or library outside of Europe could buy the typescript in November, which could show a ""recognition of its global status"". ",BBC,24/10/2024,"[""A rare typescript of children's story The Little Prince, one of the most translated books ever published, is set to go on sale for $1.25m (£963,313)."", 'The typescript - a typed copy of a text - was produced in New York by its author, Antoine de Saint-Exupéry, while in exile from Nazi-occupied France in the 1940s, and is one of three known to be in existence.', 'The copy contains handwritten notes and sketches by Saint-Exupéry.', 'It will go on sale at the Abu Dhabi Art Festival in the United Arab Emirates in November.', 'Having the typed manuscript ""is an extremely rare event"", said Sammy Jay, senior literature specialist from the typescript\'s seller Peter Harrington Rare Books.', 'Saint-Exupéry wrote Le Petit Prince, in the original French, for children while living in exile in New York during World War Two.', 'It was published in 1943.', 'He was an experienced aviator and, after writing the book, he returned to Europe on a reconnaissance mission for the Free French air force fighting Nazi Germany.', 'He disappeared on his last mission while over the Mediterranean, and it is unknown how exactly his plane went down.', 'The famous work of fiction is about a pilot stranded in a desert who meets a small boy called the Little Prince who is visiting Earth.', 'Since its publication, The Little Prince has gone on to sell millions of copies around the world.', ""Saint-Exupéry's original handwritten manuscript is in New York."", ""Two other typescripts are known to exist, one in France's national library and another in the Harry Ransom Center in Texas."", 'Mr Jay told the BBC that Saint-Exupéry gave those two typescripts to friends before his disappearance, but the third one ""wasn\'t inscribed or given to someone"".', 'The third was in a private collection in France ""for decades"" and is the only copy that has come up to be sold to the public, he said, adding that it is ""astounding"" to have it. ""', 'It\'s very exciting because the quest [for me] is always to find something more and more amazing...I don\'t know how I\'m going to beat it,"" Mr Jay said.', 'Peter Harrington Rare Books has possessed the typescript since the start of 2024 and has been cataloguing and conducting research on it, as well as making it ready for sale.', ""The cover shows evidence of stubbed-out cigarettes and the typescript contains Saint-Exupéry's handwritten notes, annotations, and edits on its pages."", 'It also features what has been thought to be the first written appearance of one of the story\'s most famous lines: ""It is only with the heart that one can see rightly; the essential is invisible to the eye.""', 'This typescript is ""much more intimate"" than the other two, Mr Jay said, highlighting notes and ""doodles"" the author made on it.', ""Two sketches of the Little Prince accompany the artefact, one of which was a preliminary sketch for the book's final illustration, according to Peter Harrington Rare Books."", 'The Little Prince is part of a ""global literary heritage"" as one of the most translated books in the world, Mr Jay said.', 'He said there was the possibility a museum or library outside of Europe could buy the typescript in November, which could show a ""recognition of its global status"".']",0.1176113596346314,"It's very exciting because the quest [for me] is always to find something more and more amazing...I don't know how I'm going to beat it,"" Mr Jay said.","Saint-Exupéry wrote Le Petit Prince, in the original French, for children while living in exile in New York during World War Two.",0.5263727903366089,"It's very exciting because the quest [for me] is always to find something more and more amazing...I don't know how I'm going to beat it,"" Mr Jay said.",,2024-10-25
-Brics: How an evolving and expanding bloc benefits India,https://www.bbc.co.uk/news/articles/cly2verz8ggo,2024-10-25T06:08:39.990Z,"For years, Western critics have dismissed Brics as a relatively inconsequential entity. But this past week, at its annual summit in Russia, the group triumphantly showcased just how far it has come. Top leaders from 36 countries, as well as the UN Secretary General, attended the three-day event, and Brics formally welcomed four new members - Egypt, Ethiopia, Iran, and the United Arab Emirates. More membership expansions could soon follow. Brics had previously added only one new member - South Africa in 2010 - since its inception (as the Bric states) in 2006. There’s a growing buzz around Brics, which has long projected itself as an alternative to Western-led models of global governance. Today, it’s becoming more prominent and influential as it capitalises on growing dissatisfaction with Western policies and financial structures. Ironically, India - perhaps the most Western-oriented Brics member - is one of the biggest beneficiaries of the group’s evolution and expansion. India enjoys deep ties with most new Brics members. Egypt is a growing trade and security partner in the Middle East. The UAE (along with Saudi Arabia, which has been offered Brics membership but hasn’t yet formally joined) is one of India’s most important partners overall. India’s relationship with Ethiopia is one of its longest and closest in Africa. Brics' original members continue to offer important benefits for India too. Delhi can leverage Brics to signal its continued commitment to close friend Russia, despite Western efforts to isolate it. And working with rival China in Brics helps India in its slow, cautious effort to ease tensions with Beijing, especially on the heels of a border patrolling deal announced by Delhi on the eve of the summit. That announcement likely gave Prime Minister Narendra Modi the necessary diplomatic and political space to meet with Chinese President Xi Jinping on the summit's sidelines. Additionally, Brics enables India to advance its core foreign policy principle of strategic autonomy, whereby it aims to balance relations with a wide spectrum of geopolitical players, without formally allying with any of them. Delhi has important partnerships, both bilateral and multilateral, inside and outside the West. In that sense, its presence in an increasingly robust Brics and relations with its members can be balanced with its participation in a revitalised Indo-Pacific Quad and its strong ties with the US and other Western powers. More broadly, Brics’ priorities are India’s priorities. The joint statement issued after the recent summit trumpets the same principles and goals that Delhi articulates in its own public messaging and policy documents: engaging with the Global South (a critical outreach target for Delhi), promoting multilateralism and multipolarity, advocating for UN reform (Delhi badly wants a permanent seat on the UN Security Council), and criticising the Western sanctions regime (which impacts Delhi’s trade with Russia and infrastructure projects with Iran). And yet, all this may appear to pose a problem for India. With Brics gaining momentum, inducting new members, and attracting global discontents, the group is seemingly poised to begin implementing its longstanding vision - articulated emphatically by Beijing and Moscow - of serving as a counter to the West. Additionally, Brics' new members include Iran and, possibly further down the road, Belarus and Cuba - suggesting the future possibility of an outright anti-West tilt.  While India aims to balance its ties with the Western and non-Western worlds, it would not want to be part of any arrangement perceived as avowedly anti-West. However, in reality, such fears are unfounded. Brics is not an anti-West entity. Aside from Iran, all the new members have close ties with the West. Additionally, the many countries rumoured as possible future members don’t exactly constitute an anti-West bloc; they include Turkey, a Nato member, and Vietnam, a key US trade partner. And even if Brics were to gain more anti-West members, the grouping would likely struggle to implement the types of initiatives that could pose an actual threat to the West. The joint statement issued after the recent summit identified a range of plans, including an international payment system that would counter the US dollar and evade Western sanctions. But here, a longstanding criticism of Brics - that it can’t get meaningful things done - continues to loom large. For one thing, Brics projects meant to reduce reliance on the US dollar likely aren’t viable, because many member states’ economies cannot afford to wean themselves off of it. Additionally, the original Brics states have often struggled to see eye to eye, and cohesion and consensus will be even more difficult to achieve with an expanded membership. India may get along well with most Brics members, but many new members don’t get along well with each other.  Iran has issues with both Egypt and the UAE, and Egypt-Ethiopia relations are tense. One might hope that the recent easing of tensions between China and India could bode well for Brics.  But let’s be clear: despite their recent border accord, India’s ties with China remain highly strained.  An ongoing broader border dispute, intensifying bilateral competition across South Asia and in the Indian Ocean region, and China’s close alliance with Pakistan rule out the possibility of a détente anytime soon. Brics today offers the best of all worlds for Delhi. It enables India to work with some of its closest friends in an expanding organisation that espouses principles close to India’s heart, from multilateralism to embracing the Global South.  It affords India the opportunity to stake out more balance in its relations with the West and non-Western states, in an era when Delhi’s relations with the US and its Western allies (with the notable exception of Canada) have charted new heights.  At the same time, Brics' continuing struggles to achieve more internal cohesion and to get more done on a concrete level ensure that the group is unlikely to pose a major threat to the West, much less to become an anti-West behemoth - neither of which India would want. The most likely outcome to emerge from the recent summit, as suggested by the joint statement, is a Brics commitment to partner on a series of noncontroversial, low-hanging-fruit initiatives focused on climate change, higher education, public health, and science and technology, among others.  Such cooperation would entail member states working with each other, and not against the West - an ideal arrangement for India.  These collaborations in decidedly safe spaces would also demonstrate that an ascendant Brics need not make the West uncomfortable. And that would offer some useful reassurance after the group’s well-attended summit in Russia likely attracted some nervous attention in Western capitals. Michael Kugelman is the director of the Wilson Center's South Asia Institute in Washington  Follow BBC News India on Instagram, YouTube, Twitter and Facebook ",BBC,25/10/2024,"['For years, Western critics have dismissed Brics as a relatively inconsequential entity.', 'But this past week, at its annual summit in Russia, the group triumphantly showcased just how far it has come.', 'Top leaders from 36 countries, as well as the UN Secretary General, attended the three-day event, and Brics formally welcomed four new members - Egypt, Ethiopia, Iran, and the United Arab Emirates.', 'More membership expansions could soon follow.', 'Brics had previously added only one new member - South Africa in 2010 - since its inception (as the Bric states) in 2006.', 'There’s a growing buzz around Brics, which has long projected itself as an alternative to Western-led models of global governance.', 'Today, it’s becoming more prominent and influential as it capitalises on growing dissatisfaction with Western policies and financial structures.', 'Ironically, India - perhaps the most Western-oriented Brics member - is one of the biggest beneficiaries of the group’s evolution and expansion.', 'India enjoys deep ties with most new Brics members.', 'Egypt is a growing trade and security partner in the Middle East.', 'The UAE (along with Saudi Arabia, which has been offered Brics membership but hasn’t yet formally joined) is one of India’s most important partners overall.', 'India’s relationship with Ethiopia is one of its longest and closest in Africa.', ""Brics' original members continue to offer important benefits for India too."", 'Delhi can leverage Brics to signal its continued commitment to close friend Russia, despite Western efforts to isolate it.', 'And working with rival China in Brics helps India in its slow, cautious effort to ease tensions with Beijing, especially on the heels of a border patrolling deal announced by Delhi on the eve of the summit.', ""That announcement likely gave Prime Minister Narendra Modi the necessary diplomatic and political space to meet with Chinese President Xi Jinping on the summit's sidelines."", 'Additionally, Brics enables India to advance its core foreign policy principle of strategic autonomy, whereby it aims to balance relations with a wide spectrum of geopolitical players, without formally allying with any of them.', 'Delhi has important partnerships, both bilateral and multilateral, inside and outside the West.', 'In that sense, its presence in an increasingly robust Brics and relations with its members can be balanced with its participation in a revitalised Indo-Pacific Quad and its strong ties with the US and other Western powers.', 'More broadly, Brics’ priorities are India’s priorities.', 'The joint statement issued after the recent summit trumpets the same principles and goals that Delhi articulates in its own public messaging and policy documents: engaging with the Global South (a critical outreach target for Delhi), promoting multilateralism and multipolarity, advocating for UN reform (Delhi badly wants a permanent seat on the UN Security Council), and criticising the Western sanctions regime (which impacts Delhi’s trade with Russia and infrastructure projects with Iran).', 'And yet, all this may appear to pose a problem for India.', 'With Brics gaining momentum, inducting new members, and attracting global discontents, the group is seemingly poised to begin implementing its longstanding vision - articulated emphatically by Beijing and Moscow - of serving as a counter to the West.', ""Additionally, Brics' new members include Iran and, possibly further down the road, Belarus and Cuba - suggesting the future possibility of an outright anti-West tilt."", 'While India aims to balance its ties with the Western and non-Western worlds, it would not want to be part of any arrangement perceived as avowedly anti-West.', 'However, in reality, such fears are unfounded.', 'Brics is not an anti-West entity.', 'Aside from Iran, all the new members have close ties with the West.', 'Additionally, the many countries rumoured as possible future members don’t exactly constitute an anti-West bloc; they include Turkey, a Nato member, and Vietnam, a key US trade partner.', 'And even if Brics were to gain more anti-West members, the grouping would likely struggle to implement the types of initiatives that could pose an actual threat to the West.', 'The joint statement issued after the recent summit identified a range of plans, including an international payment system that would counter the US dollar and evade Western sanctions.', 'But here, a longstanding criticism of Brics - that it can’t get meaningful things done - continues to loom large.', 'For one thing, Brics projects meant to reduce reliance on the US dollar likely aren’t viable, because many member states’ economies cannot afford to wean themselves off of it.', 'Additionally, the original Brics states have often struggled to see eye to eye, and cohesion and consensus will be even more difficult to achieve with an expanded membership.', 'India may get along well with most Brics members, but many new members don’t get along well with each other.', 'Iran has issues with both Egypt and the UAE, and Egypt-Ethiopia relations are tense.', 'One might hope that the recent easing of tensions between China and India could bode well for Brics.', 'But let’s be clear: despite their recent border accord, India’s ties with China remain highly strained.', 'An ongoing broader border dispute, intensifying bilateral competition across South Asia and in the Indian Ocean region, and China’s close alliance with Pakistan rule out the possibility of a détente anytime soon.', 'Brics today offers the best of all worlds for Delhi.', 'It enables India to work with some of its closest friends in an expanding organisation that espouses principles close to India’s heart, from multilateralism to embracing the Global South.', 'It affords India the opportunity to stake out more balance in its relations with the West and non-Western states, in an era when Delhi’s relations with the US and its Western allies (with the notable exception of Canada) have charted new heights.', ""At the same time, Brics' continuing struggles to achieve more internal cohesion and to get more done on a concrete level ensure that the group is unlikely to pose a major threat to the West, much less to become an anti-West behemoth - neither of which India would want."", 'The most likely outcome to emerge from the recent summit, as suggested by the joint statement, is a Brics commitment to partner on a series of noncontroversial, low-hanging-fruit initiatives focused on climate change, higher education, public health, and science and technology, among others.', 'Such cooperation would entail member states working with each other, and not against the West - an ideal arrangement for India.', 'These collaborations in decidedly safe spaces would also demonstrate that an ascendant Brics need not make the West uncomfortable.', 'And that would offer some useful reassurance after the group’s well-attended summit in Russia likely attracted some nervous attention in Western capitals.', ""Michael Kugelman is the director of the Wilson Center's South Asia Institute in Washington Follow BBC News India on Instagram, YouTube, Twitter and Facebook""]",0.1417570765137743,"With Brics gaining momentum, inducting new members, and attracting global discontents, the group is seemingly poised to begin implementing its longstanding vision - articulated emphatically by Beijing and Moscow - of serving as a counter to the West.","At the same time, Brics' continuing struggles to achieve more internal cohesion and to get more done on a concrete level ensure that the group is unlikely to pose a major threat to the West, much less to become an anti-West behemoth - neither of which India would want.",0.2795442480307359,"It affords India the opportunity to stake out more balance in its relations with the West and non-Western states, in an era when Delhi’s relations with the US and its Western allies (with the notable exception of Canada) have charted new heights.","But let’s be clear: despite their recent border accord, India’s ties with China remain highly strained.",2024-10-25
-This is why David Einhorn thinks Peloton could be worth five times what it is now,https://www.cnbc.com/2024/10/25/david-einhorn-thinks-peloton-could-be-worth-31-a-share.html,2024-10-25T18:41:06+0000,"In this articleGreenlight Capital's David Einhorn thinks Peloton could trade as high as $31.50 a share if the company slashes costs, which could double its current adjusted EBITDA projections, CNBC has learned. That's about five times the current price of its shares, which were trading around $6.20 midday on Friday.In a pitch deck Einhorn presented at the Robin Hood Investors Conference on Wednesday, Einhorn pedaled on a Peloton bike as he explained the company's many missteps over the years and the wide runway it has to turn its business around, according to a copy of the presentation obtained by CNBC.If it can generate $450 million in EBITDA, about double its current projections, Peloton could trade between $7.50 and $31.50 a share, based on a benchmark study of comparable companies, said Einhorn. Notably, Greenlight's analysis doesn't assume ""any growth in subscription revenues from new customers or price increases or other new initiatives, such as activation fees from the growing used bike market and international expansion,"" Einhorn said. ""Facing bankruptcy can force change,"" he said during the pitch. ""Peloton has started to right-size and cash burn has stopped. It refinanced its debt to push out maturities. And with a loyal customer base that pays $44 per month, it's a valuable subscription business.""Einhorn structured the presentation as if he was an instructor giving a workout class, occasionally shouting out investors in the room. The first page of the deck was titled ""15 minute 'Stock Pitch Ride'"" and shows an image of Einhorn on a Peloton bike.""Let's start with some shoutouts,"" Einhorn said at the beginning of the pitch, calling out a number of investors and sponsors, similar to the way a Peloton instructor would call out class attendees.Each page of the deck shows a leaderboard of other apparent riders — including investor Bill Ackman and Robin Hood CEO Richard Buery — along with Einhorn's speed, cadence and resistance, mimicking what users see while taking a Peloton bike class.Greenlight and Peloton declined comment to CNBC.Greenlight, which had a $6.8 million stake in the company as of June 30, conducted a benchmark study analyzing Peloton's cost structure. The firm compared Peloton to three sets of peer companies: fitness businesses like Planet Fitness, consumer subscription companies like Chewy, and consumer online subscription businesses like Spotify and Netflix. The study found that even though Peloton has already cut costs to curb its cash burn, it's seeing ""basically zero adjusted EBITDA versus the peer median of $406 million,"" Einhorn stated in the pitch. ""For peers, over a third of gross profit flows through to EBITDA. Part of the problem is that Peloton spends too much on research and development,"" said Einhorn. ""Just as one example, Peloton spends about twice the R&D that Adidas spends … in dollar terms. And Adidas has 8 times more sales than Peloton and an order of magnitude more product lines."" Peloton's stock-based compensation expense of $305 million in fiscal 2024 is also double the peer median and comparable to far larger companies like Spotify and Netflix – which are 30 times and 140 times larger, respectively, Einhorn said. At the heart of the thesis is Peloton's high-margin subscription business, which generated $1.71 billion in revenue in fiscal 2024 with a gross margin of about 68%. If Peloton can make deep cost cuts, the company could generate far more free cash flow and EBITDA without needing to sell more bikes and treadmills, and without needing to grow its subscriber base. Earlier this year, Peloton announced plans to lay off 15% of its staff, close retail showrooms, and adjust its international sales plans, among other cost savings initiatives. It expects those cuts could reduce annual run rate expenses by more than $200 million by the end of fiscal 2025.In August, Peloton said it expects it can post adjusted EBITDA of between $200 million and $250 million in fiscal 2025. But Einhorn said if the company gets its cost structure more in line with the benchmark, ""there should be $400 - $500 million of EBITDA from the current subscription revenue base."" Companies that generate that range of EBITDA tend to trade at nine to 32 times that amount, implying a potential Peloton share price of between $7.50 on the low end and $31.50 on the high end, if it reaches $450 million in EBITDA, he said. To get there, Einhorn said the company needs new management. In August, Peloton's interim co-CEO Karen Boone said she believes the new top executive will be in place by the time the company next reports earnings, which are now scheduled for Thursday. ""The nice part of our thesis is that we don't have to convince Peloton this is the right approach,"" said Einhorn. ""Peloton's interim co-CEOs are telling the same story of a recurring, high-margin subscription revenue stream business. They have also implemented an initial cost-cutting plan, which still leaves plenty of room for the new CEO."" He said the company continues to garner top reviews among consumers and fitness publications and has a rabidly loyal customer base. He added that even though fitness buffs are returning to the gym, home workouts are here to stay.""Working out in the comfort of your own home is not a fad,"" said Einhorn. ""And a trend towards healthier lifestyles should all drive underlying subscriber growth over time.""",CNBC,25/10/2024,"[""In this articleGreenlight Capital's David Einhorn thinks Peloton could trade as high as $31.50 a share if the company slashes costs, which could double its current adjusted EBITDA projections, CNBC has learned."", ""That's about five times the current price of its shares, which were trading around $6.20 midday on Friday."", ""In a pitch deck Einhorn presented at the Robin Hood Investors Conference on Wednesday, Einhorn pedaled on a Peloton bike as he explained the company's many missteps over the years and the wide runway it has to turn its business around, according to a copy of the presentation obtained by CNBC.If it can generate $450 million in EBITDA, about double its current projections, Peloton could trade between $7.50 and $31.50 a share, based on a benchmark study of comparable companies, said Einhorn."", 'Notably, Greenlight\'s analysis doesn\'t assume ""any growth in subscription revenues from new customers or price increases or other new initiatives, such as activation fees from the growing used bike market and international expansion,"" Einhorn said.', '""Facing bankruptcy can force change,"" he said during the pitch. ""', 'Peloton has started to right-size and cash burn has stopped.', 'It refinanced its debt to push out maturities.', ""And with a loyal customer base that pays $44 per month, it's a valuable subscription business."", '""Einhorn structured the presentation as if he was an instructor giving a workout class, occasionally shouting out investors in the room.', 'The first page of the deck was titled ""15 minute \'Stock Pitch Ride\'"" and shows an image of Einhorn on a Peloton bike.', '""Let\'s start with some shoutouts,"" Einhorn said at the beginning of the pitch, calling out a number of investors and sponsors, similar to the way a Peloton instructor would call out class attendees.', ""Each page of the deck shows a leaderboard of other apparent riders — including investor Bill Ackman and Robin Hood CEO Richard Buery — along with Einhorn's speed, cadence and resistance, mimicking what users see while taking a Peloton bike class."", ""Greenlight and Peloton declined comment to CNBC.Greenlight, which had a $6.8 million stake in the company as of June 30, conducted a benchmark study analyzing Peloton's cost structure."", 'The firm compared Peloton to three sets of peer companies: fitness businesses like Planet Fitness, consumer subscription companies like Chewy, and consumer online subscription businesses like Spotify and Netflix.', 'The study found that even though Peloton has already cut costs to curb its cash burn, it\'s seeing ""basically zero adjusted EBITDA versus the peer median of $406 million,"" Einhorn stated in the pitch.', '""For peers, over a third of gross profit flows through to EBITDA.', 'Part of the problem is that Peloton spends too much on research and development,"" said Einhorn. ""', 'Just as one example, Peloton spends about twice the R&D that Adidas spends … in dollar terms.', 'And Adidas has 8 times more sales than Peloton and an order of magnitude more product lines.', '""Peloton\'s stock-based compensation expense of $305 million in fiscal 2024 is also double the peer median and comparable to far larger companies like Spotify and Netflix – which are 30 times and 140 times larger, respectively, Einhorn said.', ""At the heart of the thesis is Peloton's high-margin subscription business, which generated $1.71 billion in revenue in fiscal 2024 with a gross margin of about 68%."", 'If Peloton can make deep cost cuts, the company could generate far more free cash flow and EBITDA without needing to sell more bikes and treadmills, and without needing to grow its subscriber base.', 'Earlier this year, Peloton announced plans to lay off 15% of its staff, close retail showrooms, and adjust its international sales plans, among other cost savings initiatives.', 'It expects those cuts could reduce annual run rate expenses by more than $200 million by the end of fiscal 2025.In August, Peloton said it expects it can post adjusted EBITDA of between $200 million and $250 million in fiscal 2025.', 'But Einhorn said if the company gets its cost structure more in line with the benchmark, ""there should be $400 - $500 million of EBITDA from the current subscription revenue base.', '""Companies that generate that range of EBITDA tend to trade at nine to 32 times that amount, implying a potential Peloton share price of between $7.50 on the low end and $31.50 on the high end, if it reaches $450 million in EBITDA, he said.', 'To get there, Einhorn said the company needs new management.', ""In August, Peloton's interim co-CEO Karen Boone said she believes the new top executive will be in place by the time the company next reports earnings, which are now scheduled for Thursday."", '""The nice part of our thesis is that we don\'t have to convince Peloton this is the right approach,"" said Einhorn. ""', ""Peloton's interim co-CEOs are telling the same story of a recurring, high-margin subscription revenue stream business."", 'They have also implemented an initial cost-cutting plan, which still leaves plenty of room for the new CEO.""He said the company continues to garner top reviews among consumers and fitness publications and has a rabidly loyal customer base.', 'He added that even though fitness buffs are returning to the gym, home workouts are here to stay.', '""Working out in the comfort of your own home is not a fad,"" said Einhorn. ""', 'And a trend towards healthier lifestyles should all drive underlying subscriber growth over time.""']",0.1316398047764229,"The firm compared Peloton to three sets of peer companies: fitness businesses like Planet Fitness, consumer subscription companies like Chewy, and consumer online subscription businesses like Spotify and Netflix.","At the heart of the thesis is Peloton's high-margin subscription business, which generated $1.71 billion in revenue in fiscal 2024 with a gross margin of about 68%.",0.8397113382816315,"And a trend towards healthier lifestyles should all drive underlying subscriber growth over time.""",Peloton has started to right-size and cash burn has stopped.,2024-10-25
-We took on Google and forced them to pay out £2bn,https://www.bbc.co.uk/news/articles/cjr431lr72jo,2024-10-26T23:00:26.649Z,"""Google essentially disappeared us from the internet."" Launch days. They’re equal parts thrilling and terrifying for many start-up business founders, but they don’t get much worse than the one Shivaun Raff and her husband, Adam, experienced. It was June 2006 and the couple’s trailblazing price comparison website Foundem - one they had sacrificed well-paid jobs for and built from scratch - had just gone fully live.  They didn’t know it at the time but that day, and those that followed, would mark the beginning of the end for their company. Foundem had been hit by a Google search penalty, prompted by one of the search engine’s automatic spam filters. It pushed the website way down the lists of search results for relevant queries like ""price comparison"" and ""comparison shopping"". It meant the couple’s website, which charged a fee when customers clicked on their product listings through to other websites, struggled to make any money. ""We were monitoring our pages and how they were ranking, and then we saw them all plummet almost immediately, "" says Adam. While the launch day for Foundem didn't go to plan, it would lead to the start of something else – a 15-year legal battle that culminated in a then record €2.4bn (£2bn) fine for Google, which was deemed to have abused its market dominance.  The case has been hailed as a landmark moment in the global regulation of Big Tech. Google spent seven years fighting that verdict, issued in June 2017, but in September this year Europe’s top court – the European Court of Justice – rejected its appeals. Speaking to Radio 4’s The Bottom Line in their first interview since that final verdict, Shivaun and Adam explained that at first, they thought their website’s faltering start had simply been a mistake. “We initially thought this was collateral damage, that we had been false positive detected as spam,” says Shivaun, 55. “We just assumed we had to escalate to the right place and it would be overturned.” ""If you're denied traffic, then you have no business,"" adds Adam, 58. The couple sent Google numerous requests to have the restriction lifted but, more than two years later, nothing had changed and they said they received no response. Meanwhile, their website was ""ranking completely normally"" on other search engines, but that didn't really matter, according to Shivaun, as ""everyone's using Google"". The couple would later discover that their site was not the only one to have been put at a disadvantage by Google – by the time the tech giant was found guilty and fined in 2017 there were around 20 claimants, including Kelkoo, Trivago and Yelp. Adam, who had built a career in supercomputing, says he had the ""eureka moment"" for Foundem while smoking a cigarette outside the offices of his previous employer. Then, price comparison websites were in their infancy, and each specialised in one particular product. But Foundem was different because it let customers compare a large range of products – from clothes to flights. “No-one else was anywhere close to this,” beams Shivaun, who herself had been a software consultant for several major global brands. In its 2017 judgement, the European Commission found that Google had illegally promoted its own comparison shopping service in search results, whilst demoting those of competitors. Ten years before that, though – when Foundem launched - Adam says he had no reason to assume Google was being deliberately anti-competitive over online shopping. ""They weren't really serious players,"" he says. But by the end of 2008, the couple had started to suspect foul play. It was three weeks before Christmas and the pair received a message warning that their website had suddenly become slow to load. They thought it was a cyber attack, ""but actually it was just that everyone had started visiting our website"", Adam laughs. Channel 5’s The Gadget Show had just named Foundem the best price comparison website in the UK. “And that was really important,” Shivaun explains, ""because we then reached out to Google and said, look, surely it's not benefiting your users to make it impossible for them to find us. “And that still got from Google, not a complete ignore, but a basically ‘bog off’.” ""That was the moment we knew, OK, we need to fight,"" says Adam. The couple went to the press, with limited success, and took their case to regulators in the UK, US, and Brussels. It was in the latter – with the European Commission (EC) – that the case eventually took off, with the launch of an antitrust investigation in November 2010. The couple’s first meeting with the regulators took place in a portable cabin in Brussels. “One of the things they said was if this is a systemic issue, why are you the first people we’re seeing?” Shivaun recalls. “We said we're not 100% sure, but we suspect people are afraid, because all businesses on the internet essentially rely on Google for the lifeblood that is their traffic."" The couple were in a hotel room in Brussels, only a few hundred yards from the commission building, when competition commissioner Margarethe Vestager finally announced the verdict that they, and other shopping websites, had been waiting for. But there was no popping of champagne corks. Their focus then turned to making sure the EC enforced its decision. ""I guess it was unfortunate for Google that they did it to us,"" Shivaun says. ""We've both been brought up maybe under the delusion that we can make a difference, and we really don't like bullies."" Even Google’s final defeat in the case last month did not spell the end for the couple. They believe Google’s conduct remains anti-competitive and the EC is looking into it. In March this year, under its new Digital Markets Act, the commission opened an investigation into Google’s parent company, Alphabet, over whether it continues to preference its own goods and services in search results. A spokesperson for Google said: “The CJEU [European Court of Justice] judgment [in 2024] only relates to how we showed product results from 2008-2017.  ""The changes we made in 2017 to comply with the European Commission's Shopping decision have worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services. ""For this reason, we continue to strongly contest the claims made by Foundem and will do so when the case is considered by the courts."" The Raffs are also pursuing a civil damages claim against Google, which is due to begin in the first half of 2026. But when, or if, a final victory comes for the couple it will likely be a Pyrrhic one - they were forced to close Foundem in 2016. The long fight against Google has been gruelling for them, too. ""I think if we had known it was going to be quite as many years as it turned out to be we might not have made the same choice,"" Adam admits. ",BBC,26/10/2024,"['""Google essentially disappeared us from the internet.""', 'Launch days.', 'They’re equal parts thrilling and terrifying for many start-up business founders, but they don’t get much worse than the one Shivaun Raff and her husband, Adam, experienced.', 'It was June 2006 and the couple’s trailblazing price comparison website Foundem - one they had sacrificed well-paid jobs for and built from scratch - had just gone fully live.', 'They didn’t know it at the time but that day, and those that followed, would mark the beginning of the end for their company.', 'Foundem had been hit by a Google search penalty, prompted by one of the search engine’s automatic spam filters.', 'It pushed the website way down the lists of search results for relevant queries like ""price comparison"" and ""comparison shopping"".', 'It meant the couple’s website, which charged a fee when customers clicked on their product listings through to other websites, struggled to make any money. ""', 'We were monitoring our pages and how they were ranking, and then we saw them all plummet almost immediately, "" says Adam.', ""While the launch day for Foundem didn't go to plan, it would lead to the start of something else – a 15-year legal battle that culminated in a then record €2.4bn (£2bn) fine for Google, which was deemed to have abused its market dominance."", 'The case has been hailed as a landmark moment in the global regulation of Big Tech.', 'Google spent seven years fighting that verdict, issued in June 2017, but in September this year Europe’s top court – the European Court of Justice – rejected its appeals.', 'Speaking to Radio 4’s The Bottom Line in their first interview since that final verdict, Shivaun and Adam explained that at first, they thought their website’s faltering start had simply been a mistake. “', 'We initially thought this was collateral damage, that we had been false positive detected as spam,” says Shivaun, 55. “', 'We just assumed we had to escalate to the right place and it would be overturned.” ""', 'If you\'re denied traffic, then you have no business,"" adds Adam, 58.', 'The couple sent Google numerous requests to have the restriction lifted but, more than two years later, nothing had changed and they said they received no response.', 'Meanwhile, their website was ""ranking completely normally"" on other search engines, but that didn\'t really matter, according to Shivaun, as ""everyone\'s using Google"".', 'The couple would later discover that their site was not the only one to have been put at a disadvantage by Google – by the time the tech giant was found guilty and fined in 2017 there were around 20 claimants, including Kelkoo, Trivago and Yelp.', 'Adam, who had built a career in supercomputing, says he had the ""eureka moment"" for Foundem while smoking a cigarette outside the offices of his previous employer.', 'Then, price comparison websites were in their infancy, and each specialised in one particular product.', 'But Foundem was different because it let customers compare a large range of products – from clothes to flights. “', 'No-one else was anywhere close to this,” beams Shivaun, who herself had been a software consultant for several major global brands.', 'In its 2017 judgement, the European Commission found that Google had illegally promoted its own comparison shopping service in search results, whilst demoting those of competitors.', 'Ten years before that, though – when Foundem launched - Adam says he had no reason to assume Google was being deliberately anti-competitive over online shopping. ""', 'They weren\'t really serious players,"" he says.', 'But by the end of 2008, the couple had started to suspect foul play.', 'It was three weeks before Christmas and the pair received a message warning that their website had suddenly become slow to load.', 'They thought it was a cyber attack, ""but actually it was just that everyone had started visiting our website"", Adam laughs.', 'Channel 5’s The Gadget Show had just named Foundem the best price comparison website in the UK. “', 'And that was really important,” Shivaun explains, ""because we then reached out to Google and said, look, surely it\'s not benefiting your users to make it impossible for them to find us. “', 'And that still got from Google, not a complete ignore, but a basically ‘bog off’.” ""', 'That was the moment we knew, OK, we need to fight,"" says Adam.', 'The couple went to the press, with limited success, and took their case to regulators in the UK, US, and Brussels.', 'It was in the latter – with the European Commission (EC) – that the case eventually took off, with the launch of an antitrust investigation in November 2010.', 'The couple’s first meeting with the regulators took place in a portable cabin in Brussels. “', 'One of the things they said was if this is a systemic issue, why are you the first people we’re seeing?”', 'Shivaun recalls. “', 'We said we\'re not 100% sure, but we suspect people are afraid, because all businesses on the internet essentially rely on Google for the lifeblood that is their traffic.""', 'The couple were in a hotel room in Brussels, only a few hundred yards from the commission building, when competition commissioner Margarethe Vestager finally announced the verdict that they, and other shopping websites, had been waiting for.', 'But there was no popping of champagne corks.', 'Their focus then turned to making sure the EC enforced its decision. ""', 'I guess it was unfortunate for Google that they did it to us,"" Shivaun says. ""', 'We\'ve both been brought up maybe under the delusion that we can make a difference, and we really don\'t like bullies.""', 'Even Google’s final defeat in the case last month did not spell the end for the couple.', 'They believe Google’s conduct remains anti-competitive and the EC is looking into it.', 'In March this year, under its new Digital Markets Act, the commission opened an investigation into Google’s parent company, Alphabet, over whether it continues to preference its own goods and services in search results.', 'A spokesperson for Google said: “The CJEU [European Court of Justice] judgment [in 2024] only relates to how we showed product results from 2008-2017. ""', 'The changes we made in 2017 to comply with the European Commission\'s Shopping decision have worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services. ""', 'For this reason, we continue to strongly contest the claims made by Foundem and will do so when the case is considered by the courts.""', 'The Raffs are also pursuing a civil damages claim against Google, which is due to begin in the first half of 2026.', 'But when, or if, a final victory comes for the couple it will likely be a Pyrrhic one - they were forced to close Foundem in 2016.', 'The long fight against Google has been gruelling for them, too. ""', 'I think if we had known it was going to be quite as many years as it turned out to be we might not have made the same choice,"" Adam admits.']",-0.0401299345779331,"And that was really important,” Shivaun explains, ""because we then reached out to Google and said, look, surely it's not benefiting your users to make it impossible for them to find us. “","The couple would later discover that their site was not the only one to have been put at a disadvantage by Google – by the time the tech giant was found guilty and fined in 2017 there were around 20 claimants, including Kelkoo, Trivago and Yelp.",-0.4772384278476238,"The changes we made in 2017 to comply with the European Commission's Shopping decision have worked successfully for more than seven years, generating billions of clicks for more than 800 comparison shopping services. ""","We were monitoring our pages and how they were ranking, and then we saw them all plummet almost immediately, "" says Adam.",2024-10-25
-The hybrid workers in France seeking fulfilment in the fields,https://www.bbc.co.uk/news/articles/cr7nrk0zdz3o,2024-10-26T23:01:45.904Z,"Desperate for a break from office drudgery but scared of not making ends meet?  France has an idea that might interest you: part-time farming. A new tribe has been identified that wants the best of both worlds: city and country;  laptop and the land;  the digital and the manual. These young mould-breakers use the opportunities of technology and workplace flexibility for a hybrid lifestyle that – they say – fits today’s desire for meaning as well as money. Working the soil brings the rewards of physical labour, and a sense of purpose too often missing from their spreadsheets and tabulations. But by edging in gently to farming, they keep the financial assurance of a back-up city salary, as well as the intellectual sustenance of their urban social circle. “In the corporate world, there are more and more people questioning the meaning of what they are doing. There’s an awful lot of burn-out and anxiety,” says Julien Maudet, data-engineer and cider-maker. “On the farm, you don’t have to ask. It’s obvious why you’re doing it. It’s to produce food for people. But you’re doing it in conditions that are often very uncertain and risky. “These two worlds - the farm and the office - are in crisis. And it dawned on me that each is the solution to the other.  What we need to do is bring the two worlds together.” Maudet is one of the founders of Slasheurs-cueilleurs, an organisation that seeks to promote these new cross-over careers. The name is a wordplay in French, because it sounds like the expression chasseurs-cueilleurs (hunter-gatherers). The slasheur part comes from the slash key on a computer, and denotes someone with more than one job (as in “I’m a chef-slash-football coach). The idea came to Maudet during the Covid lockdowns, when he went to ground at his grandparents’ farm in Normandy. When he began looking a year ago, he realised that there were already hundreds of people doing what he was advocating. “We invented nothing. We just shone a light,” he says. A classic example is Matthew Charlton, an English-born teacher at Sorbonne university who now spends more than half his week growing watercress in a smallholding 64km (40 miles) south of Paris. This part of the Essonne department was once famous for its “green gold”, but many cressonnières were abandoned from the 1970s and are only now being resurrected. “The beauty of watercress is that you don’t need machinery or massive investment. It’s just you and a pair of gumboots and a knife,” says Charlton, who harvests around 30,000 bunches every year for sale to farm shops and restaurants in Paris. “Today I am at the university on Mondays and Thursdays. The other days I am here at the farm or else delivering the cress in Paris – which is where I live. “It’s a lifestyle that suits me perfectly.  I get a lot of outdoors, then I can recharge my batteries two days a week in Paris. Eventually I want to do the cress full time, but this way I’ve been able to ease my way in, without taking on too much of a financial gamble.” Some of those who have become slasheurs have inherited family land; others rent it, or buy it, or have arrangements with farmers to pool resources.  Some live in the country for a couple of days a week; some make a reverse commute to fields in the city hinterland; some work seasonally. In the city they are lawyers, engineers and consultants. In the country they are market-gardeners, winegrowers or labourers. Only a few work with livestock, which demands a more permanent presence. What seems to unite them is a yearning for spiritual fulfilment, as well as an attachment to the idea of cleaner, organic production. All agree that office-based careers have left them at times feeling redundant and pointless. Marie Paitier, a cider-maker and human resources consultant, says she and her husband both suffered ""burn out” – by which she means emotional breakdowns – because of their city jobs. “It wasn’t just my employer’s fault. It was me,” she says. “I was working too hard. But now I share my time between Normandy, where we live and the children go to school, and Paris where I work part-time. “I didn’t want to leave everything behind. I liked my job in Paris – and the money is important. But this way we have the right balance.” City types have always dreamed of a simpler rural life, and there have been previous waves of emigration to the country – notably in the post-May ‘68 generation.  What is different now are the possibilities opened up by technology - remote working, artificial intelligence, flexible careers - as well as the growing importance of ecology as a factor in the choices we make. “This isn’t about rich people from the city playing at being farmers,” says Maudet. “Our vision is that this will be part of a fundamental change. “Our farms need more hands if they’re to produce the kind of quality food which we should be eating.  If we don’t get people into the fields, then farms will get bigger and bigger and more and more industrial. “And office workers, under threat from A.I., are looking for new outlets. We would be so much more resilient as a society, if we all went in to something more hybrid.” ",BBC,26/10/2024,"['Desperate for a break from office drudgery but scared of not making ends meet?', 'France has an idea that might interest you: part-time farming.', 'A new tribe has been identified that wants the best of both worlds: city and country; laptop and the land; the digital and the manual.', 'These young mould-breakers use the opportunities of technology and workplace flexibility for a hybrid lifestyle that – they say – fits today’s desire for meaning as well as money.', 'Working the soil brings the rewards of physical labour, and a sense of purpose too often missing from their spreadsheets and tabulations.', 'But by edging in gently to farming, they keep the financial assurance of a back-up city salary, as well as the intellectual sustenance of their urban social circle. “', 'In the corporate world, there are more and more people questioning the meaning of what they are doing.', 'There’s an awful lot of burn-out and anxiety,” says Julien Maudet, data-engineer and cider-maker. “', 'On the farm, you don’t have to ask.', 'It’s obvious why you’re doing it.', 'It’s to produce food for people.', 'But you’re doing it in conditions that are often very uncertain and risky. “', 'These two worlds - the farm and the office - are in crisis.', 'And it dawned on me that each is the solution to the other.', 'What we need to do is bring the two worlds together.”', 'Maudet is one of the founders of Slasheurs-cueilleurs, an organisation that seeks to promote these new cross-over careers.', 'The name is a wordplay in French, because it sounds like the expression chasseurs-cueilleurs (hunter-gatherers).', 'The slasheur part comes from the slash key on a computer, and denotes someone with more than one job (as in “I’m a chef-slash-football coach).', 'The idea came to Maudet during the Covid lockdowns, when he went to ground at his grandparents’ farm in Normandy.', 'When he began looking a year ago, he realised that there were already hundreds of people doing what he was advocating. “', 'We invented nothing.', 'We just shone a light,” he says.', 'A classic example is Matthew Charlton, an English-born teacher at Sorbonne university who now spends more than half his week growing watercress in a smallholding 64km (40 miles) south of Paris.', 'This part of the Essonne department was once famous for its “green gold”, but many cressonnières were abandoned from the 1970s and are only now being resurrected. “', 'The beauty of watercress is that you don’t need machinery or massive investment.', 'It’s just you and a pair of gumboots and a knife,” says Charlton, who harvests around 30,000 bunches every year for sale to farm shops and restaurants in Paris. “', 'Today I am at the university on Mondays and Thursdays.', 'The other days I am here at the farm or else delivering the cress in Paris – which is where I live. “', 'It’s a lifestyle that suits me perfectly.', 'I get a lot of outdoors, then I can recharge my batteries two days a week in Paris.', 'Eventually I want to do the cress full time, but this way I’ve been able to ease my way in, without taking on too much of a financial gamble.”', 'Some of those who have become slasheurs have inherited family land; others rent it, or buy it, or have arrangements with farmers to pool resources.', 'Some live in the country for a couple of days a week; some make a reverse commute to fields in the city hinterland; some work seasonally.', 'In the city they are lawyers, engineers and consultants.', 'In the country they are market-gardeners, winegrowers or labourers.', 'Only a few work with livestock, which demands a more permanent presence.', 'What seems to unite them is a yearning for spiritual fulfilment, as well as an attachment to the idea of cleaner, organic production.', 'All agree that office-based careers have left them at times feeling redundant and pointless.', 'Marie Paitier, a cider-maker and human resources consultant, says she and her husband both suffered ""burn out” – by which she means emotional breakdowns – because of their city jobs. “', 'It wasn’t just my employer’s fault.', 'It was me,” she says. “', 'I was working too hard.', 'But now I share my time between Normandy, where we live and the children go to school, and Paris where I work part-time. “', 'I didn’t want to leave everything behind.', 'I liked my job in Paris – and the money is important.', 'But this way we have the right balance.”', 'City types have always dreamed of a simpler rural life, and there have been previous waves of emigration to the country – notably in the post-May ‘68 generation.', 'What is different now are the possibilities opened up by technology - remote working, artificial intelligence, flexible careers - as well as the growing importance of ecology as a factor in the choices we make. “', 'This isn’t about rich people from the city playing at being farmers,” says Maudet. “', 'Our vision is that this will be part of a fundamental change. “', 'Our farms need more hands if they’re to produce the kind of quality food which we should be eating.', 'If we don’t get people into the fields, then farms will get bigger and bigger and more and more industrial. “', 'And office workers, under threat from A.I., are looking for new outlets.', 'We would be so much more resilient as a society, if we all went in to something more hybrid.”']",0.0969754300066153,"But by edging in gently to farming, they keep the financial assurance of a back-up city salary, as well as the intellectual sustenance of their urban social circle. “",But you’re doing it in conditions that are often very uncertain and risky. “,-0.1443536707333156,"Eventually I want to do the cress full time, but this way I’ve been able to ease my way in, without taking on too much of a financial gamble.”",All agree that office-based careers have left them at times feeling redundant and pointless.,2024-10-25
-Child Trust Fund: 'My £250 investment is now worth only £12',https://www.bbc.co.uk/news/articles/ckg7j83drd5o,2024-10-26T23:00:35.936Z,"When Max Prince turned 18 he got the Child Trust Fund his parents opened when he was born - only to discover surprise fees had left him with just £12.39. He was one of about six million babies, born between September 2002 and January 2011, who nearly all received at least £250 from the government to kick start their savings.  The idea was the long-term tax-free savings pot would go up in value by their 18th birthdays.  When Max's fund matured, it was being administered by investment firm Columbia Threadneedle, which said it had written to his parents about a £30 annual charge but the letters had been returned unopened.  The family had moved house and over the years the fee ate almost all of the savings. Columbia Threadneedle said this was ""not the outcome we want for any of our customers"".  Child Trust Funds were set up by the then Chancellor Gordon Brown with strict rules on how much could be charged in fees. While most who received them were given £250 in their savings pot - with those from lower-income families getting more - that initial amount was reduced to £50 by the coalition government in 2010.  The first of the trust funds started maturing four years ago when those babies began turning 18 and, like Max, they were notified that they could finally access their savings. ""We'd been expecting this letter for a while, I mean we'd been waiting for it for 18 years basically,"" said Max. ""So when me and the family one morning opened this letter, expecting to find at the very least £300 or so, we instead saw the number £12.39. Not £120, not anything... just £12.39. ""It was certainly shocking, to say the least, and it's kind of outrageous as well.""  Statements seen by the BBC show the fund was worth just over £300 by 2012. But as of 2013, a £30 annual administration charge began on the account which Max's parents said they knew nothing about. The maximum fee allowed to be charged on Child Trust Funds was set at 1.5% but the BBC has calculated Max was effectively charged 10% and more each year.  The fund was originally administered by F&C Investments but after a series of industry takeovers ended up with multi-billion pound investment firm Columbia Threadneedle by the time it matured. It told the BBC the type of account chosen by Max's parents was a CTF Shares account, which has a different fee model. Subsequently the £25 plus VAT charge was for administering the account, not the underlying investment. The company told the BBC it had tried to contact Max's parents when it put in place ""the current charging structure"" but that its letters were returned unopened. Max's parents, who live in Cambridge, said they had moved house and did not receive the letters despite setting up a forwarding system. They said they knew the details of Max's fund and knew when it was due to mature but had not expected to be contacted before then. Columbia Threadneedle said its Child Trusts Funds ""require customers to actively make their own investment decisions and without authorisation and communication from customers, we are unable to take action on their behalf"". Max's parents told the BBC they were unhappy with this explanation and would  contact the firm to complain. Max said: ""The money was originally intended by Gordon Brown to be something that would help future adults just get off the ground a bit, get ahead in life. ""In the grand scheme of things it can't be a lot of money for the company, right? It's only around £300, so it is unfair in my opinion. ""You could say cruel. It's unexplainable I think would be the best way of putting it."" The average amount in Child Trust Funds is estimated to be around £2,000 because of growth over the years and extra money put in by family and friends. But many funds are sitting unclaimed because people simply don't know about them. Gavin Oldham is an investment expert with decades of experience in the industry who now runs a government-backed organisation that helps locate lost Child Trust Funds. He is campaigning to help hundreds of thousands of young adults from low-income households access an estimated £800m of money held in lost funds. He said Max's was ""a fairly shocking story"".  ""The investment company... certainly did have discretion to get rid of that £25 plus VAT charge per year, and they do have the discretion now to reimburse the whole lot [of charges] together with a compensation award as well,"" he said. ""The next step for that family is to go and talk to the [Financial Ombudsman Service] and they'd take a fairly dim view of this I'd imagine."" Columbia Threadneedle told the BBC: ""As we assess our Child Trust Funds, we will place a specific focus on identifying other similar situations to assess, as appropriate, what action we can take. “Our ongoing duty to the consumer is important to us and thank Money Box for raising this case with us.” ",BBC,26/10/2024,"['When Max Prince turned 18 he got the Child Trust Fund his parents opened when he was born - only to discover surprise fees had left him with just £12.39.', 'He was one of about six million babies, born between September 2002 and January 2011, who nearly all received at least £250 from the government to kick start their savings.', 'The idea was the long-term tax-free savings pot would go up in value by their 18th birthdays.', ""When Max's fund matured, it was being administered by investment firm Columbia Threadneedle, which said it had written to his parents about a £30 annual charge but the letters had been returned unopened."", 'The family had moved house and over the years the fee ate almost all of the savings.', 'Columbia Threadneedle said this was ""not the outcome we want for any of our customers"".', 'Child Trust Funds were set up by the then Chancellor Gordon Brown with strict rules on how much could be charged in fees.', 'While most who received them were given £250 in their savings pot - with those from lower-income families getting more - that initial amount was reduced to £50 by the coalition government in 2010.', 'The first of the trust funds started maturing four years ago when those babies began turning 18 and, like Max, they were notified that they could finally access their savings. ""', 'We\'d been expecting this letter for a while, I mean we\'d been waiting for it for 18 years basically,"" said Max. ""', 'So when me and the family one morning opened this letter, expecting to find at the very least £300 or so, we instead saw the number £12.39.', 'Not £120, not anything... just £12.39. ""', 'It was certainly shocking, to say the least, and it\'s kind of outrageous as well.""', 'Statements seen by the BBC show the fund was worth just over £300 by 2012.', ""But as of 2013, a £30 annual administration charge began on the account which Max's parents said they knew nothing about."", 'The maximum fee allowed to be charged on Child Trust Funds was set at 1.5% but the BBC has calculated Max was effectively charged 10% and more each year.', 'The fund was originally administered by F&C Investments but after a series of industry takeovers ended up with multi-billion pound investment firm Columbia Threadneedle by the time it matured.', ""It told the BBC the type of account chosen by Max's parents was a CTF Shares account, which has a different fee model."", 'Subsequently the £25 plus VAT charge was for administering the account, not the underlying investment.', 'The company told the BBC it had tried to contact Max\'s parents when it put in place ""the current charging structure"" but that its letters were returned unopened.', ""Max's parents, who live in Cambridge, said they had moved house and did not receive the letters despite setting up a forwarding system."", ""They said they knew the details of Max's fund and knew when it was due to mature but had not expected to be contacted before then."", 'Columbia Threadneedle said its Child Trusts Funds ""require customers to actively make their own investment decisions and without authorisation and communication from customers, we are unable to take action on their behalf"".', ""Max's parents told the BBC they were unhappy with this explanation and would contact the firm to complain."", 'Max said: ""The money was originally intended by Gordon Brown to be something that would help future adults just get off the ground a bit, get ahead in life. ""', ""In the grand scheme of things it can't be a lot of money for the company, right?"", 'It\'s only around £300, so it is unfair in my opinion. ""', 'You could say cruel.', 'It\'s unexplainable I think would be the best way of putting it.""', 'The average amount in Child Trust Funds is estimated to be around £2,000 because of growth over the years and extra money put in by family and friends.', ""But many funds are sitting unclaimed because people simply don't know about them."", 'Gavin Oldham is an investment expert with decades of experience in the industry who now runs a government-backed organisation that helps locate lost Child Trust Funds.', 'He is campaigning to help hundreds of thousands of young adults from low-income households access an estimated £800m of money held in lost funds.', 'He said Max\'s was ""a fairly shocking story"". ""', 'The investment company... certainly did have discretion to get rid of that £25 plus VAT charge per year, and they do have the discretion now to reimburse the whole lot [of charges] together with a compensation award as well,"" he said. ""', 'The next step for that family is to go and talk to the [Financial Ombudsman Service] and they\'d take a fairly dim view of this I\'d imagine.""', 'Columbia Threadneedle told the BBC: ""As we assess our Child Trust Funds, we will place a specific focus on identifying other similar situations to assess, as appropriate, what action we can take. “', 'Our ongoing duty to the consumer is important to us and thank Money Box for raising this case with us.”']",0.1791303642223463,"The average amount in Child Trust Funds is estimated to be around £2,000 because of growth over the years and extra money put in by family and friends.",Max's parents told the BBC they were unhappy with this explanation and would contact the firm to complain.,0.2479893326759338,The idea was the long-term tax-free savings pot would go up in value by their 18th birthdays.,Max's parents told the BBC they were unhappy with this explanation and would contact the firm to complain.,2024-10-25
-New Boeing CEO sets sights on 'leaner' future as quarterly loss tops $6 billion,https://www.cnbc.com/2024/10/23/boeing-ba-3q-2024-earnings.html,2024-10-23T20:03:51+0000,"In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday. At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.""We're going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now. That may include streamlining certain things,"" Ortberg said in an interview with CNBC's Squawk on the Street"" on Wednesday. He added that no decisions have been made yet. ""I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025. Boeing had originally planned to be cash-flow positive this year. Boeing shares slid during the call, and ended the day down less than 2%. Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8 billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767. Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner. The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September.When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we've got to improve our systems engineering and our design capabilities so that never happens again.""Here's what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company's reputation and stamping out quality problems on aircraft and in other programs. In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory. The near-catastrophe reignited safety concerns from regulators and customers.""We need to know what's going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer. He is expected to face questions on the call about which units or projects the company will consider shedding.""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced. More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes. A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.""We have been feverishly working to find a solution that works for the company and meets our employees' needs,"" Ortberg said.The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest. That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.""Boeing is an airplane company and at the right time in the future we need to develop a new airplane. But we have a lot of work to do before then,"" Ortberg said Wednesday.Analysts are optimistic that the deal will pass. Results of the labor vote are expected late Wednesday night.— CNBC's Phil LeBeau contributed to this article.",CNBC,23/10/2024,"[""In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday."", 'At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.', '""We\'re going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now.', 'That may include streamlining certain things,"" Ortberg said in an interview with CNBC\'s Squawk on the Street"" on Wednesday.', 'He added that no decisions have been made yet. ""', 'I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.', 'Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.', 'CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.', 'Boeing had originally planned to be cash-flow positive this year.', 'Boeing shares slid during the call, and ended the day down less than 2%.', 'Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion.', 'It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.', ""Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before."", 'The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.', 'Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner.', 'The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.', ""Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September."", 'When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we\'ve got to improve our systems engineering and our design capabilities so that never happens again.', '""Here\'s what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company\'s reputation and stamping out quality problems on aircraft and in other programs.', ""In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory."", 'The near-catastrophe reignited safety concerns from regulators and customers.', '""We need to know what\'s going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""', 'And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.', '""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.', '""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.', 'Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer.', 'He is expected to face questions on the call about which units or projects the company will consider shedding.', '""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.', 'The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced.', 'More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes.', 'A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.', 'The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.', '""We have been feverishly working to find a solution that works for the company and meets our employees\' needs,"" Ortberg said.', 'The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest.', 'That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.', '""Boeing is anairplanecompany and at the right time in the future we need to develop a newairplane.', 'But we have a lot of work to do before then,"" Ortberg said Wednesday.', 'Analysts are optimistic that the deal will pass.', 'Results of the labor vote are expected late Wednesday night.—', ""CNBC's Phil LeBeau contributed to this article.""]",0.0656851716985363,"""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.",The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.,-0.1720458018152337,"CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.","Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner.",2024-10-25
-AI on the trading floor: Morgan Stanley expands OpenAI-powered chatbot tools to Wall Street division,https://www.cnbc.com/2024/10/23/morgan-stanley-rolls-out-openai-powered-chatbot-for-wall-street-division.html,2024-10-23T16:58:15+0000,"In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview. The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.""Since its arrival as a viral consumer app in late 2022, OpenAI's generative AI technology has been swiftly adopted by Wall Street's largest players.Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter who wasn't authorized to disclose the figure publicly. The San Francisco-based startup recently raised money at a $157 billion valuation.OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, said Pierre Buhler, a banking consultant with SSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.""But it is an emerging market, and we are still at the very beginning."" It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added.At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank.It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty.""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material.The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said. The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available.Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner.""I don't see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""I really think that it's humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""",CNBC,23/10/2024,"['In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.', ""The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research."", ""The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank."", '""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview.', 'The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.', '""Since its arrival as a viral consumer app in late 2022, OpenAI\'s generative AI technology has been swiftly adopted by Wall Street\'s largest players.', ""Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter whowasn'tauthorized to disclose the figure publicly."", 'The San Francisco-based startup recently raised money at a $157 billion valuation.', 'OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, saidPierre Buhler,a banking consultant withSSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.', '""But it is an emerging market, and we are still at the very beginning.""', ""It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added."", 'At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.', ""Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank."", ""It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty."", '""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.', ""In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material."", ""The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said."", ""The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available."", ""Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner."", '""I don\'t see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""', 'I really think that it\'s humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""']",0.2135415517849616,"The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.","The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.",0.9984887440999348,"The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said.",,2024-10-25
-Abercrombie & Fitch: How my investigation led to sex trafficking charges against ex-boss,https://www.bbc.co.uk/news/articles/cly07l2ppkeo,2024-10-27T06:01:27.504Z,"In a federal courtroom in New York, for the first time I’m face to face with Mike Jeffries – the multi-millionaire ex-fashion boss I’ve spent three years investigating for the BBC. He stares at me directly, lips pursed, and chin raised, as he sits before the judge. As a result of my reporting, he was arrested this week by the FBI and charged with running an international sex trafficking and prostitution business along with his British partner, Matthew Smith, and their middleman James Jacobson. Authorities acted after hearing my podcast series, The Abercrombie Guys, in which I unearthed evidence that Mr Jeffries, 80, and Mr Smith, 61, had been at the centre of a sophisticated global operation involving a network of recruiters and a middleman scouting young men for sex. As CEO of teen retailer Abercrombie & Fitch, Mike Jeffries was described to me as an eccentric and superstitious genius who, with his highlighted hair and penchant for flip-flops and plastic surgery, personified the youthful All-American brand he created. But now, his hair white, his fillers dissolved, and wearing an ankle monitor – he seemed a shadow of the mogul said to have used his power and strength while in charge to abuse vulnerable models. US prosecutors say he and the others accused used force, fraud and coercion to make men engage in violent and exploitative sex acts from at least 2008-2015. If convicted, they face a maximum of life in prison. Shoulders slouched, Mr Jeffries’ face was blank as his lawyer entered his plea of not guilty. His life partner Matthew Smith - a UK citizen - is yet to appear in court. He’s considered a flight risk by authorities and is currently detained until trial. Warning: This story contains descriptions of sexual acts When I think back to how my own investigation began, in January 2021, I never imagined it would lead to this moment. During the pandemic, I was researching the fashion industry when I stumbled across a cryptic Instagram comment written by a former model named Barrett Pall. He was part of a group discussing how they felt abuse against male models was being ignored. “We’ve seen it happen with #MeToo, how about #UsToo?” one wrote. We soon got on the phone. After an hour of talking, he said he felt he could trust with me a secret he’d never really shared before. “It’s probably like the darkest experience I’ve ever dealt with,” he told me. “They had someone come and shave me, like my whole body, because that’s how they like the boys.” In 2011, then aged 22, Barrett said he’d been referred by an older model, who was a close friend, to meet a mysterious middleman he described as having a missing nose covered with a snakeskin patch. He said this man - who I later identified through phone and property records as James Jacobson - had made him perform a sex act as a “tryout” before sending him to Mike Jeffries, then CEO and chairman of Abercrombie & Fitch, and his British partner. Barrett claimed that, for years, the duo had been throwing elaborate sex events at their palatial home in the Hamptons. He said the one he had attended was facilitated by chaperones in Abercrombie polos and flip-flops, carrying silver platters of alcohol, poppers and lube. What Barrett told me sparked my initial two-year investigation. I travelled across America, from the suburbs of Ohio to the desert of Palm Springs, tracking down men affected and confronting those involved – including the middleman himself. Usually when I’m investigating, I can find a few loose threads to pull at by searching newspaper archives, court records or social media. But there was absolutely nothing in the public domain about these allegations. So I took an old-school approach, piecing together my own trail through word of mouth, knocking on doors, and sending handwritten letters to potential sources. I traced and contacted hundreds of people including former Abercrombie & Fitch models and Mr Jeffries’ ex-household staff, earning trust over months. Then, a massive breakthrough. Barrett Pall had an old iPad that wouldn’t turn on - but we got it fixed. Through that, I obtained an itinerary and flight ticket corroborating the event he attended in the Hamptons. It was sent by the middleman James Jacobson and contained some first names and numbers of others involved. I later recovered more than a dozen of these itineraries from different sources, finally giving me concrete leads. But it took me months to figure out their roles, not wanting to tip the wrong person off while I was still in evidence-gathering mode. Many men were wary of speaking. Two accused me of being a “spy” for Mike Jeffries – initially fearful of his “money and clout”. I, too, became increasingly paranoid after I began facing hundreds of hacking attempts each day from unknown IP addresses.  We were right to be cautious. In their indictment, unsealed on Tuesday, prosecutors said Mike Jeffries had employed a full-service security company to oversee non-disclosure agreements (NDA), conduct background checks, and surveil and intimidate anyone who threatened to expose them. I have since spoken with more than 20 men who attended or helped organise these events for Mr Jeffries and his partner Matthew Smith. Some like Luke, an aspiring model who told me he was recruited under the guise of attending an A&F photoshoot, said they had been misled and not told sex was involved. How did this operation stay hidden for so long? The answer I reached was that the shame some men felt talking about same-sex abuse had silenced them as effectively as any NDA. Some told me they had felt suicidal, others completely broken. In many instances, I was the first person they had confided in. One man, who I’m calling Alex, broke down as he told me he believed he was drugged and raped by an unknown assailant at an opulent event hosted in Marrakesh for which dozens of men had been flown in. He believed this led to him contracting HIV. “Jeffries was the kingpin,” he told me at the time. “Without him none of this could have happened.” Ahead of publication, I worked with BBC Panorama to meticulously fact-check my evidence. This involved speaking with those inside the operation - including James Jacobson. When podcast producer Ruth Evans and I knocked on his door one sweltering day in rural Wisconsin in August 2023, he sank onto his steps, put his head in his hands and swore. He asked me for a deal. “Leave my name out and I’ll tell you everything,” he said. Mr Jacobson repeated this request dozens of times the following day, when he agreed to meet for coffee. We spoke for two hours. At times it was bizarre - he admired my shorthand, commented on my British accent and seemed to patronise me - calling me “sweetheart”. He’s a former actor and at one point put on a bunch of accents, and pretended to wear a cloak, trying to convince me he could do an anonymous interview. But he was charismatic too, and joked about his missing nose, saying the only job he could get these days was as a Bond villain. Eventually, Mr Jacobson said he was just “doing his job” and hadn’t spoken to Mr Jeffries or Mr Smith since 2015. Ultimately, he didn’t get his deal, and in court, he again sat with his head in his hands as his lawyer entered a plea of not guilty. After we published in October 2023, some of the men in this story took legal action against Mike Jeffries, Matthew Smith and Abercrombie & Fitch, who they are suing for rape, assault and sex trafficking. All deny wrongdoing. The lawsuit claims it’s likely that more than 100 men were abused during Mr Jeffries' tenure.  Sources also began contacting me to say they had been approached by law enforcement. We were not involved in the FBI’s investigation - which was totally independent of mine. Protecting sources is integral to my work. So, it would be the men’s decision to talk. Looking back, there were moments I considered giving up. I initially faced dead end after dead end. But the more I heard, the more I felt a duty to bring this to light for the first time and hold those involved to account. More than two years on from our first conversation, I asked Barrett Pall why he decided to speak to me. He started crying and said: “My gut said trust her. Tell her your story. And maybe, just maybe, someone will listen.” Announcing the charges, US attorney Breon Peace said: “To anyone who thinks they can exploit and coerce others by using the so-called 'casting couch' system, this case should serve as a warning. Prepare to trade that couch for a bed in federal prison.” ",BBC,27/10/2024,"['In a federal courtroom in New York, for the first time I’m face to face with Mike Jeffries – the multi-millionaire ex-fashion boss I’ve spent three years investigating for the BBC.', 'He stares at me directly, lips pursed, and chin raised, as he sits before the judge.', 'As a result of my reporting, he was arrested this week by the FBI and charged with running an international sex trafficking and prostitution business along with his British partner, Matthew Smith, and their middleman James Jacobson.', 'Authorities acted after hearing my podcast series, The Abercrombie Guys, in which I unearthed evidence that Mr Jeffries, 80, and Mr Smith, 61, had been at the centre of a sophisticated global operation involving a network of recruiters and a middleman scouting young men for sex.', 'As CEO of teen retailer Abercrombie & Fitch, Mike Jeffries was described to me as an eccentric and superstitious genius who, with his highlighted hair and penchant for flip-flops and plastic surgery, personified the youthful All-American brand he created.', 'But now, his hair white, his fillers dissolved, and wearing an ankle monitor – he seemed a shadow of the mogul said to have used his power and strength while in charge to abuse vulnerable models.', 'US prosecutors say he and the others accused used force, fraud and coercion to make men engage in violent and exploitative sex acts from at least 2008-2015.', 'If convicted, they face a maximum of life in prison.', 'Shoulders slouched, Mr Jeffries’ face was blank as his lawyer entered his plea of not guilty.', 'His life partner Matthew Smith - a UK citizen - is yet to appear in court.', 'He’s considered a flight risk by authorities and is currently detained until trial.', 'Warning: This story contains descriptions of sexual acts When I think back to how my own investigation began, in January 2021, I never imagined it would lead to this moment.', 'During the pandemic, I was researching the fashion industry when I stumbled across a cryptic Instagram comment written by a former model named Barrett Pall.', 'He was part of a group discussing how they felt abuse against male models was being ignored. “', 'We’ve seen it happen with #MeToo, how about #UsToo?”', 'one wrote.', 'We soon got on the phone.', 'After an hour of talking, he said he felt he could trust with me a secret he’d never really shared before. “', 'It’s probably like the darkest experience I’ve ever dealt with,” he told me. “', 'They had someone come and shave me, like my whole body, because that’s how they like the boys.”', 'In 2011, then aged 22, Barrett said he’d been referred by an older model, who was a close friend, to meet a mysterious middleman he described as having a missing nose covered with a snakeskin patch.', 'He said this man - who I later identified through phone and property records as James Jacobson - had made him perform a sex act as a “tryout” before sending him to Mike Jeffries, then CEO and chairman of Abercrombie & Fitch, and his British partner.', 'Barrett claimed that, for years, the duo had been throwing elaborate sex events at their palatial home in the Hamptons.', 'He said the one he had attended was facilitated by chaperones in Abercrombie polos and flip-flops, carrying silver platters of alcohol, poppers and lube.', 'What Barrett told me sparked my initial two-year investigation.', 'I travelled across America, from the suburbs of Ohio to the desert of Palm Springs, tracking down men affected and confronting those involved – including the middleman himself.', 'Usually when I’m investigating, I can find a few loose threads to pull at by searching newspaper archives, court records or social media.', 'But there was absolutely nothing in the public domain about these allegations.', 'So I took an old-school approach, piecing together my own trail through word of mouth, knocking on doors, and sending handwritten letters to potential sources.', 'I traced and contacted hundreds of people including former Abercrombie & Fitch models and Mr Jeffries’ ex-household staff, earning trust over months.', 'Then, a massive breakthrough.', 'Barrett Pall had an old iPad that wouldn’t turn on - but we got it fixed.', 'Through that, I obtained an itinerary and flight ticket corroborating the event he attended in the Hamptons.', 'It was sent by the middleman James Jacobson and contained some first names and numbers of others involved.', 'I later recovered more than a dozen of these itineraries from different sources, finally giving me concrete leads.', 'But it took me months to figure out their roles, not wanting to tip the wrong person off while I was still in evidence-gathering mode.', 'Many men were wary of speaking.', 'Two accused me of being a “spy” for Mike Jeffries – initially fearful of his “money and clout”.', 'I, too, became increasingly paranoid after I began facing hundreds of hacking attempts each day from unknown IP addresses.', 'We were right to be cautious.', 'In their indictment, unsealed on Tuesday, prosecutors said Mike Jeffries had employed a full-service security company to oversee non-disclosure agreements (NDA), conduct background checks, and surveil and intimidate anyone who threatened to expose them.', 'I have since spoken with more than 20 men who attended or helped organise these events for Mr Jeffries and his partner Matthew Smith.', 'Some like Luke, an aspiring model who told me he was recruited under the guise of attending an A&F photoshoot, said they had been misled and not told sex was involved.', 'How did this operation stay hidden for so long?', 'The answer I reached was that the shame some men felt talking about same-sex abuse had silenced them as effectively as any NDA.', 'Some told me they had felt suicidal, others completely broken.', 'In many instances, I was the first person they had confided in.', 'One man, who I’m calling Alex, broke down as he told me he believed he was drugged and raped by an unknown assailant at an opulent event hosted in Marrakesh for which dozens of men had been flown in.', 'He believed this led to him contracting HIV. “', 'Jeffries was the kingpin,” he told me at the time. “', 'Without him none of this could have happened.”', 'Ahead of publication, I worked with BBC Panorama to meticulously fact-check my evidence.', 'This involved speaking with those inside the operation - including James Jacobson.', 'When podcast producer Ruth Evans and I knocked on his door one sweltering day in rural Wisconsin in August 2023, he sank onto his steps, put his head in his hands and swore.', 'He asked me for a deal. “', 'Leave my name out and I’ll tell you everything,” he said.', 'Mr Jacobson repeated this request dozens of times the following day, when he agreed to meet for coffee.', 'We spoke for two hours.', 'At times it was bizarre - he admired my shorthand, commented on my British accent and seemed to patronise me - calling me “sweetheart”.', 'He’s a former actor and at one point put on a bunch of accents, and pretended to wear a cloak, trying to convince me he could do an anonymous interview.', 'But he was charismatic too, and joked about his missing nose, saying the only job he could get these days was as a Bond villain.', 'Eventually, Mr Jacobson said he was just “doing his job” and hadn’t spoken to Mr Jeffries or Mr Smith since 2015.', 'Ultimately, he didn’t get his deal, and in court, he again sat with his head in his hands as his lawyer entered a plea of not guilty.', 'After we published in October 2023, some of the men in this story took legal action against Mike Jeffries, Matthew Smith and Abercrombie & Fitch, who they are suing for rape, assault and sex trafficking.', 'All deny wrongdoing.', ""The lawsuit claims it’s likely that more than 100 men were abused during Mr Jeffries' tenure."", 'Sources also began contacting me to say they had been approached by law enforcement.', 'We were not involved in the FBI’s investigation - which was totally independent of mine.', 'Protecting sources is integral to my work.', 'So, it would be the men’s decision to talk.', 'Looking back, there were moments I considered giving up.', 'I initially faced dead end after dead end.', 'But the more I heard, the more I felt a duty to bring this to light for the first time and hold those involved to account.', 'More than two years on from our first conversation, I asked Barrett Pall why he decided to speak to me.', 'He started crying and said: “My gut said trust her.', 'Tell her your story.', 'And maybe, just maybe, someone will listen.”', ""Announcing the charges, US attorney Breon Peace said: “To anyone who thinks they can exploit and coerce others by using the so-called 'casting couch' system, this case should serve as a warning."", 'Prepare to trade that couch for a bed in federal prison.”']",-0.1027495806073375,"At times it was bizarre - he admired my shorthand, commented on my British accent and seemed to patronise me - calling me “sweetheart”.","After we published in October 2023, some of the men in this story took legal action against Mike Jeffries, Matthew Smith and Abercrombie & Fitch, who they are suing for rape, assault and sex trafficking.",-0.1565445065498352,"Then, a massive breakthrough.","I, too, became increasingly paranoid after I began facing hundreds of hacking attempts each day from unknown IP addresses.",2024-10-25
-Yum Brands and Burger King pull onions from select restaurants after McDonald's E. coli outbreak,https://www.cnbc.com/2024/10/24/yum-brands-pulls-onions-from-select-locations-after-mcdonalds-e-coli-outbreak.html,2024-10-25T11:39:57+0000,"In this articleBurger King and Yum Brands, which owns Taco Bell, have pulled onions from select restaurants following an E. coli outbreak tied to McDonald's.""As we continue to monitor the recently reported E. coli outbreak, and out of an abundance of caution, we have proactively removed fresh onions from select Taco Bell, Pizza Hut and KFC restaurants,"" a Yum Brands spokesperson said in a statement to CNBC. ""We will continue following supplier and regulatory guidance to ensure the ongoing safety and quality of our food.""Yum did not specify how many of its restaurants are included in the measure. It's unclear if Yum removed the onions from select locations in response to a recall related to the McDonald's outbreak.Taylor Farms supplies McDonald's onions in the affected region and also provides products to restaurant supplier U.S. Foods. U.S. Foods, which does not supply McDonald's restaurants, issued a recall on Wednesday for four onion products produced by Taylor Farms.Taylor Farms has not responded to CNBC's request for comment.Burger King is removing onions from 5% of its U.S. restaurants after reviewing its supply chain and determining those onions originated at the Taylor Farms Colorado facility at the center of the recall.The burger chain said it only uses whole, fresh onions. Its employees cut, peel, wash and slice the onions at its restaurants.""Despite no contact from health authorities and no indications of illness, we proactively asked our 5% of restaurants who received whole onions distributed by this facility to dispose of them immediately two days ago and we are in the process of restocking them from other facilities,"" a Burger King spokesperson said in a statement to CNBC.Health authorities are currently investigating the source of the E. coli outbreak, which has led to one death and 49 confirmed cases across 10 states, including Colorado, Nebraska and Wyoming. The Centers for Disease Control and Prevention has interviewed 18 people, 14 of whom remember eating a Quarter Pounder burger from McDonald's, as of Tuesday.In response to the outbreak, McDonald's has pulled Quarter Pounders from roughly a fifth of its U.S. restaurants. The investigation has honed in on two ingredients in the burgers: the fresh beef patties and slivered onions.McDonald's said the affected restaurants all source onions from a single facility, which washes and slices the onions. Its beef patties, on the other hand, come from multiple suppliers in the region. If cooked according to internal standards, the temperature would kill any E. coli in the patty.— CNBC's Kate Rogers contributed reporting for this story.",CNBC,25/10/2024,"[""In this articleBurger King and Yum Brands, which owns Taco Bell, have pulled onions from select restaurants following an E. coli outbreak tied to McDonald's."", '""As we continue to monitor the recently reported E. coli outbreak, and out of an abundance of caution, we have proactively removed fresh onions from select Taco Bell, Pizza Hut and KFC restaurants,"" a Yum Brands spokesperson said in a statement to CNBC. ""', 'We will continue following supplier and regulatory guidance to ensure the ongoing safety and quality of our food.', '""Yum did not specify how many of its restaurants are included in the measure.', ""It's unclear if Yum removed the onions from select locations in response to a recall related to the McDonald's outbreak."", ""Taylor Farms supplies McDonald's onions in the affected region and also provides products to restaurant supplier U.S. Foods."", ""U.S. Foods, which does not supply McDonald's restaurants, issued a recall on Wednesday for four onion products produced by Taylor Farms."", ""Taylor Farms has not responded to CNBC's request for comment."", 'Burger King is removing onions from 5% of its U.S. restaurants after reviewing its supply chain and determining those onions originated at the Taylor Farms Colorado facility at the center of the recall.', 'The burger chain said it only uses whole, fresh onions.', 'Its employees cut, peel, wash and slice the onions at its restaurants.', '""Despite no contact from health authorities and no indications of illness, we proactively asked our 5% of restaurants who received whole onions distributed by this facility to dispose of them immediately two days ago and we are in the process of restocking them from other facilities,"" a Burger King spokesperson said in a statement to CNBC.Health authorities are currently investigating the source of the E. coli outbreak, which has led to one death and 49 confirmed cases across 10 states, including Colorado, Nebraska and Wyoming.', ""The Centers for Disease Control and Prevention has interviewed 18 people, 14 of whom remember eating a Quarter Pounder burger from McDonald's, as of Tuesday."", ""In response to the outbreak, McDonald's has pulled Quarter Pounders from roughly a fifth of its U.S. restaurants."", 'The investigation has honed in on two ingredients in the burgers: the fresh beef patties and slivered onions.', ""McDonald's said the affected restaurants all source onions from a single facility, which washes and slices the onions."", 'Its beef patties, on the other hand, come from multiple suppliers in the region.', 'If cooked according to internal standards, the temperature would kill any E. coli in the patty.—', ""CNBC's Kate Rogers contributed reporting for this story.""]",-0.0103769899692607,We will continue following supplier and regulatory guidance to ensure the ongoing safety and quality of our food.,"""Despite no contact from health authorities and no indications of illness, we proactively asked our 5% of restaurants who received whole onions distributed by this facility to dispose of them immediately two days ago and we are in the process of restocking them from other facilities,"" a Burger King spokesperson said in a statement to CNBC.Health authorities are currently investigating the source of the E. coli outbreak, which has led to one death and 49 confirmed cases across 10 states, including Colorado, Nebraska and Wyoming.",-0.9694377779960632,,"U.S. Foods, which does not supply McDonald's restaurants, issued a recall on Wednesday for four onion products produced by Taylor Farms.",2024-10-25
-Coca-Cola CEO says McDonald's E. coli outbreak won't hurt beverage company's sales,https://www.cnbc.com/2024/10/23/coca-cola-ceo-says-mcdonalds-e-coli-outbreak-wont-hurt-sales.html,2024-10-23T18:11:58+0000,"In this articleCoca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales.""When one looks at what's in the media so far, in terms of the states that have been affected, I would say at this stage it's not going to be a large, significant impact to the business,"" Quincey said on Coke's third-quarter earnings call Wednesday.McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades. Most recently, CNBC reported that Coke contributed marketing funds to McDonald's this summer for its $5 value meal, which includes a small soft drink, to make it more attractive to franchisees who can otherwise be wary of steep discounts.""We're a big partner of McDonald's, they're a big partner of ours,"" Quincey said. ""We'll be helping them in any way we can as they work through whatever's happening here.""On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald's Quarter Pounder burgers. The agency said 49 cases have been reported, with one fatality.CDC investigators have narrowed in on two ingredients as the potential cause: the burger's onions and its fresh beef patties. Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.McDonald's said in a statement on Tuesday that Quarter Pounders will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states. The company also said it's instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area.""We are very confident that you can go to McDonald's and enjoy our classics. We took swift action yesterday to remove the Quarter Pounder from our menu,"" McDonald's USA President Joe Erlinger said on NBC's ""TODAY"" show on Wednesday morning.At this point, it's unclear what impact the outbreak will have on McDonald's own sales.The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke. McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales.Despite sluggish consumer spending, Coke's third-quarter earnings and revenue topped Wall Street's estimates, thanks to higher prices. Shares of the company fell more than 2% in morning trading.",CNBC,23/10/2024,"[""In this articleCoca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales."", '""When one looks at what\'s in the media so far, in terms of the states that have been affected, I would say at this stage it\'s not going to be a large, significant impact to the business,"" Quincey said on Coke\'s third-quarter earnings call Wednesday.', ""McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades."", ""Most recently, CNBC reported that Coke contributed marketing funds to McDonald's this summer for its $5 value meal, which includes a small soft drink, to make it more attractive to franchisees who can otherwise be wary of steep discounts."", '""We\'re a big partner of McDonald\'s, they\'re a big partner of ours,"" Quincey said. ""', ""We'll be helping them in any way we can as they work through whatever's happening here."", '""On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald\'s Quarter Pounder burgers.', 'The agency said 49 cases have been reported, with one fatality.', ""CDC investigators have narrowed in on two ingredients as the potential cause: the burger's onions and its fresh beef patties."", 'Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.', ""McDonald's said in a statement on Tuesday that Quarter Pounders will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states."", ""The company also said it's instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area."", '""We are very confident that you can go to McDonald\'s and enjoy our classics.', 'We took swift action yesterday to remove the Quarter Pounder from our menu,"" McDonald\'s USA President Joe Erlinger said on NBC\'s ""TODAY"" show on Wednesday morning.', ""At this point, it's unclear what impact the outbreak will have on McDonald's own sales."", ""The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke."", ""McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales."", ""Despite sluggish consumer spending, Coke's third-quarter earnings and revenue topped Wall Street's estimates, thanks to higher prices."", 'Shares of the company fell more than 2% in morning trading.']",0.0644620419186264,"""We are very confident that you can go to McDonald's and enjoy our classics.","Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.",-0.0721496873431735,"McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales.",Shares of the company fell more than 2% in morning trading.,2024-10-25
-Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures,https://www.cnbc.com/2024/10/23/apple-goldman-sachs-fines-apple-card-failures.html,2024-10-23T20:32:47+0000,"In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service. The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices. While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest. Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.""Apple Card is one of the most consumer-friendly credit cards that has ever been offered. We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.""Apple said it worked closely with Goldman Sachs to address the issues when it learned about them.""While we strongly disagree with the CFPB's characterization of Apple's conduct, we have aligned with them on an agreement,"" an Apple spokesperson said. ""We look forward to continuing to deliver a great experience for our Apple Card customers.""— CNBC's Hugh Son and Steve Kovach contributed to this report.",CNBC,23/10/2024,"['In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.', 'The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.', 'Even when Goldman Sachs did receive disputes, the CFPBsaid the bank did not follow federal requirements when investigating the cases.', 'Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million.', 'The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.', '""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers.', 'Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.', ""Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service."", 'The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.', 'That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.', 'But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices.', 'While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest.', 'Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.', '""Apple Card is one of the most consumer-friendly credit cards that has ever been offered.', 'We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""', 'We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.', '""Apple said it worked closely with Goldman Sachs to address the issues when it learned about them.', '""While we strongly disagree with the CFPB\'s characterization of Apple\'s conduct, we have aligned with them on an agreement,"" an Apple spokesperson said. ""', 'We look forward to continuing to deliver a great experience for our Apple Card customers.""—', ""CNBC's Hugh Son and Steve Kovach contributed to this report.""]",0.270534942455914,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.,-0.1531419952710469,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,"Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.",2024-10-25
-Volkswagen's Scout Motors reveals first EVs as it shifts to include plug-in hybrids,https://www.cnbc.com/2024/10/24/volkswagen-scout-motors-ev-hybrids.html,2024-10-25T14:26:30+0000,"In this articleNASHVILLE, Tenn. — Volkswagen-backed Scout Motors revealed its first electric vehicles Thursday and announced plans for the brand to expand its lineup to include an emerging type of plug-in hybrid electric vehicle in addition to EV models.Scout, a former American vehicle brand from 1961 to 1980, was expected to exclusively offer EVs in a bid for the German automaker to expand its presence in the U.S. However, slower-than-expected adoption of EVs and higher costs have led it to change course and include extended-range electric vehicles, or EREVs.""Being a startup that moves quickly, we can pivot,"" Scout CEO Scott Keogh, a longtime auto executive who previously led VW's operations in the U.S., told CNBC. ""The pivot that we made a number of months ago into offering range extender definitely was a smart play.""EREVs are basically a type of plug-in hybrid electric vehicle. They include EV motors and battery cells, as well as a traditional internal combustion engine to power the vehicle's electric components when the battery loses its energy. The engine essentially acts as a generator to power the EV components when needed.Keogh said Scout added EREVs to better protect the brand from any market volatility amid less-than-expected consumer demand for EVs.""We think electrification is the future. Range extender sets it up as an EV car, so it introduces people to electrification, yet it has a super smart, let's say, 'backup plan,'"" he said during an interview Thursday. ""It will drive like an EV.""He said Scout has no plans to offer a traditional, nonelectric vehicle with only an internal combustion engine.The company's first vehicles — a full-size pickup truck and large SUV — will cover about 40% of the highly profitable U.S. sales market.Keogh said the company targets to be profitable on an operational basis within the first full calendar year after initial production of the vehicles, which will be built at a $2 billion plant that's under construction in South Carolina.""If you look at these profit pools, these two areas, from this size pickup truck to this sized SUV … these are the largest profit pools in the world,"" Keogh said.Being profitable during that timeframe would be quite a success, as current EV startups such as Rivian Automotive and Lucid Group lose tens of thousands of dollars on each vehicle they produce after several years.Meanwhile, Keogh said an announced software deal between VW and Rivian will not impact Scout's operations. He described the $5 billion software agreement, which includes the establishment of a joint venture, as an ""exciting opportunity"" for Scout.""It's good for scaling. It's good for technology. It's good for everything,"" Keogh said.Scout's South Carolina plant is planned to have a production capacity of 200,000 vehicles. Scout expects to use batteries — the most expensive part of an electric vehicle — from VW's joint venture battery cell manufacturer in Canada.The company opened reservations for the vehicles Thursday night on its website. Scout plans to sell the vehicles directly to consumers instead of through a traditional franchised dealer network like VW does in the U.S.Scout's first two vehicles will be the Traveler SUV and Terra pickup truck, scheduled to arrive in 2027.The company revealed ""production-intent concept vehicles"" — which means they are largely expected to be the same vehicles that go on sale — Thursday outside of Nashville.Both the Traveler and Terra are expected to start between $50,000 and $60,000 with available incentives, according to Scout. Keogh said pricing for the EREVs is expected to be in that range as well. He declined to say if they will cost more or less than the all-electric models.The Traveler SUV is expected to account for two-thirds of the company's initial sales, Keogh said.The EREV vehicles will feature more than 500 miles of range, according to the company, compared with 300 miles of range for the all-electric models.The designs of the Traveler and Terra are modernized versions of former Scout vehicles. They feature similar design characteristics but in smoother, more stylish exteriors. The interiors of the vehicles feature large horizontal screens and soft-touch materials.VW acquired the Scout trademark and name following the global conglomerate's $3.7 billion acquisition of Navistar, a successor of Scout's original owner International Harvester, in 2021.Fully electric Scout vehicles are targeted to climb 100% grades and accelerate 0-60 mph in as quick as 3.5 seconds and offer nearly 1,000 pound-feet of torque, the company said.Scout said the vehicles will use the North American Charging Standard, an 800-volt architecture with up to 350-kilowatt charging capability, and will be capable of bi-directional charging that will allow the vehicle to act as a generator.The SUV is expected to be a competitor to traditional off-road SUVs from Jeep as well as the Ford Bronco and Toyota Land Cruiser. It's larger than Jeep's well-known Wrangler, which is currently available as a plug-in hybrid electric vehicle.The truck is a full-size pickup — a segment currently dominated by Ford, General Motors and Stellantis' Ram brand. But the electric pickup market where Scout will compete remains a developing market.Automakers such as GM and Ford rushed to release all-electric pickup trucks early in this decade to compete against several EV startups, many of which never materialized, as well as Tesla. Stellantis is expected to release all-electric and EREV full-size pickups by next year.But after rushing the vehicles to market, sales slowed. Much like the overall EV industry, the large vehicles went from commanding significant price premiums to being highly incentivized.Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence. That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.Keogh believes Scout can differentiate itself in the market with its products, lower pricing and brand appeal. Additional Scout products are expected to follow in the years ahead, Keogh said.""Can we consider some point in the future sizing down? Absolutely,"" he said. ""You want to throw the dart at the best place first. And I think we've done that between these two vehicles.""",CNBC,25/10/2024,"['In this articleNASHVILLE, Tenn. — Volkswagen-backed Scout Motors revealed its first electric vehicles Thursday and announced plans for the brand to expand its lineup to include an emerging type of plug-in hybrid electric vehicle in addition to EV models.', 'Scout, a former American vehicle brand from 1961 to 1980, was expected to exclusively offer EVs in a bid for the German automaker to expand its presence in the U.S. However, slower-than-expected adoption of EVs and higher costs have led it to change course and include extended-range electric vehicles, or EREVs.', '""Being a startup that moves quickly, we can pivot,"" Scout CEO Scott Keogh, a longtime auto executive who previously led VW\'s operations in the U.S., told CNBC. ""', 'The pivot that we made a number of months ago into offering range extender definitely was a smart play.', '""EREVs are basically a type of plug-in hybrid electric vehicle.', ""They include EV motors and battery cells, as well as a traditional internal combustion engine to power the vehicle's electric components when the battery loses its energy."", 'The engine essentially acts as a generator to power the EV components when needed.', 'Keogh said Scout added EREVs to better protect the brand from any market volatility amid less-than-expected consumer demand for EVs.', '""We think electrification is the future.', 'Range extender sets it up as an EV car, so it introduces people to electrification, yet it has a super smart, let\'s say, \'backup plan,\'"" he said during an interview Thursday. ""', 'It will drive like an EV.""He said Scout has no plans to offer a traditional, nonelectric vehicle with only an internal combustion engine.', ""The company's first vehicles — a full-size pickup truck and large SUV — will cover about 40% of the highly profitable U.S. sales market."", ""Keogh said the company targets to be profitable on an operational basis within the first full calendar year after initial production of the vehicles, which will be built at a $2 billion plant that's under construction in South Carolina."", '""If you look at these profit pools, these two areas, from this size pickup truck to this sized SUV … these are the largest profit pools in the world,"" Keogh said.', 'Being profitable during that timeframe would be quite a success, as current EV startups such as Rivian Automotive and Lucid Group lose tens of thousands of dollars on each vehicle they produce after several years.', ""Meanwhile, Keogh said an announced software deal between VW and Rivian will not impact Scout's operations."", 'He described the $5 billion software agreement, which includes the establishment of a joint venture, as an ""exciting opportunity"" for Scout.', '""It\'s good for scaling.', ""It's good for technology."", 'It\'s good for everything,"" Keogh said.', ""Scout's South Carolina plant is planned to have a production capacity of 200,000 vehicles."", ""Scout expects to use batteries — the most expensive part of an electric vehicle — from VW's joint venture battery cell manufacturer in Canada."", 'The company opened reservations for the vehicles Thursday night on its website.', 'Scout plans to sell the vehicles directly to consumers instead of through a traditional franchised dealer network like VW does in the U.S.Scout\'s first two vehicles will be the Traveler SUV and Terra pickup truck, scheduled to arrive in 2027.The company revealed ""production-intent concept vehicles"" — which means they are largely expected to be the same vehicles that go on sale — Thursday outside of Nashville.', 'Both the Traveler and Terra are expected to start between $50,000 and $60,000 with available incentives, according to Scout.', 'Keogh said pricing for the EREVs is expected to be in that range as well.', 'He declined to say if they will cost more or less than the all-electric models.', ""The Traveler SUV is expected to account for two-thirds of the company's initial sales, Keogh said."", 'The EREV vehicles will feature more than 500 miles of range, according to the company, compared with 300 miles of range for the all-electric models.', 'The designs of the Traveler and Terra are modernized versions of former Scout vehicles.', 'They feature similar design characteristics but in smoother, more stylish exteriors.', 'The interiors of the vehicles feature large horizontal screens and soft-touch materials.', ""VW acquired the Scout trademark and name following the global conglomerate's $3.7 billion acquisition of Navistar, a successor of Scout's original owner International Harvester, in 2021.Fully electric Scout vehicles are targeted to climb 100% grades and accelerate 0-60 mph in as quick as 3.5 seconds and offer nearly 1,000 pound-feet of torque, the company said."", 'Scout said the vehicles will use the North American Charging Standard, an 800-volt architecture with up to 350-kilowatt charging capability, and will be capable of bi-directional charging that will allow the vehicle to act as a generator.', 'The SUV is expected to be a competitor to traditional off-road SUVs from Jeep as well as the Ford Bronco and Toyota Land Cruiser.', ""It's larger than Jeep's well-known Wrangler, which is currently available as a plug-in hybrid electric vehicle."", ""The truck is a full-size pickup — a segment currently dominated by Ford, General Motors and Stellantis' Ram brand."", 'But the electric pickup market where Scout will compete remains a developing market.', 'Automakers such as GM and Ford rushed to release all-electric pickup trucks early in this decade to compete against several EV startups, many of which never materialized, as well as Tesla.', 'Stellantis is expected to release all-electric and EREV full-size pickups by next year.', 'But after rushing the vehicles to market, sales slowed.', 'Much like the overall EV industry, the large vehicles went from commanding significant price premiums to being highly incentivized.', 'Overall, this electric ""truck"" market, including the SUVs, accounted for nearly 58,000 vehicles sold during the first half of this year, according to estimates from Motor Intelligence.', ""That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data."", 'Keogh believes Scout can differentiate itself in the market with its products, lower pricing and brand appeal.', 'Additional Scout products are expected to follow in the years ahead, Keogh said.', '""Can we consider some point in the future sizing down?', 'Absolutely,"" he said. ""', 'You want to throw the dart at the best place first.', 'And I think we\'ve done that between these two vehicles.""']",0.2438545289397026,"He described the $5 billion software agreement, which includes the establishment of a joint venture, as an ""exciting opportunity"" for Scout.","Keogh believes Scout can differentiate itself in the market with its products, lower pricing and brand appeal.",0.6924735170144302,"That's less than 1% of the roughly 7.9 million light-duty new vehicles sold during that time in the U.S., but a 35% quarterly increase from the first to the second quarter, according to the data.","But after rushing the vehicles to market, sales slowed.",2024-10-25
-CDC told McDonald's about potential E. coli outbreak late last week,https://www.cnbc.com/2024/10/23/mcdonalds-e-coli-cdc-notified-about-outbreak-last-week.html,2024-10-23T17:54:39+0000,"In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday.At that time, the number of connected cases was smaller than it is now, though the company did not say how many cases there were then. As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers.Once notified about the link, McDonald's started working with the CDC, the U.S. Department of Agriculture and the U.S. Food and Drug Administration. By the time the CDC had issued its advisory notice Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said.Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time.The CDC has interviewed 18 people with confirmed cases, as of Tuesday. Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.The outbreak comes as McDonald's tries to win back diners who balked at years of price increases. It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.The fast-food chain issued a statement on the outbreak Tuesday evening, shortly after the CDC issued its advisory. Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the affected area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states.The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak. However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.That would leave the onions as the more likely contaminant. In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable. The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.Based on reported cases so far, the outbreak took place between Sept. 27 and Oct. 11. Over a two-week period, McDonald's typically sells roughly one million Quarter Pounders in the affected region, the company spokespeople said.Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",CNBC,23/10/2024,"[""In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday."", 'At that time, the number of connected cases was smaller than it is now, though the company did not say how many cases there were then.', ""As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers."", ""Once notified about the link, McDonald's started working with the CDC, the U.S. Department of Agriculture and the U.S. Food and Drug Administration."", ""By the time the CDC had issued its advisory notice Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said."", ""Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time."", 'The CDC has interviewed 18 people with confirmed cases, as of Tuesday.', 'Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.', ""The outbreak comes as McDonald's tries to win back diners who balked at years of price increases."", 'It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.', 'The fast-food chain issued a statement on the outbreak Tuesday evening, shortly after the CDC issued its advisory.', ""Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the affected area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states."", ""The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak."", ""However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria."", 'That would leave the onions as the more likely contaminant.', ""In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable."", 'The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.', 'Based on reported cases so far, the outbreak took place between Sept. 27 and Oct. 11.', ""Over a two-week period, McDonald's typically sells roughly one million Quarter Pounders in the affected region, the company spokespeople said."", ""Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.""]",-0.0718467465157204,The outbreak comes as McDonald's tries to win back diners who balked at years of price increases.,"However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.",0.1050383448600769,It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.,"Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",2024-10-25
-Ex-Abercrombie CEO pleads not guilty to sex trafficking charges,https://www.bbc.co.uk/news/articles/c4gplnlq7zyo,2024-10-25T19:40:50.931Z,"Ex-Abercrombie & Fitch CEO Mike Jeffries has pleaded not guilty to charges of sex trafficking and interstate prostitution.  Lawyers entered the plea on behalf of Mr Jeffries in New York federal court on Long Island as he sat alongside them in court in a navy blue suit, his face expressionless.  Sitting just one row behind Mr Jeffries was his alleged middleman, James Jacobson, who also pleaded not guilty during a hearing right after the ex-CEO.  Mr Jeffries' British-American partner Matthew Smith, who faces the same charges, is expected to appear in New York court at a later date.  Federal prosecutors have said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts. The FBI launched a probe into the former A&F CEO last year after a BBC  investigation found several men who accused Mr Jeffries and Mr Smith of sexually abusing them at events they hosted in their New York residences and hotels around the world. During a 10-minute court hearing on Friday in Long Island, New York Judge Steven Tiscione told Mr Jeffries he would be under house arrest, adding that he was only allowed to leave his homes in New York and Florida for medical appointments, visits with his lawyers and religious events. Mr Jeffries posted a $10m (£7.7m) bond using his house on Fisher Island in New York as collateral.  The hearing was attended by both Mr Jeffries’ son and wife, who had to agree to use their house for the bond, as she owns the property as well. The judge asked his wife, Susan, if she understood that their house could be foreclosed if Mr Jeffries failed to show up to court. She told the judge she understood.  One of Mr Jeffries' alleged victims, David Bradberry, who previously told the BBC about the alleged abuse, sat in the front row of the courtroom as the charges against the former CEO were read.  Mr Jeffries did not respond to questions from reporters on Friday afternoon as he walked out of the courtroom and stepped into a black SUV. The BBC's investigation found a sophisticated operation involving a middleman, Mr Jacobson, and a network of recruiters tasked with finding men for these events. Prosecutors unsealed an indictment against the three men shortly after Mr Jeffries and his partner were arrested in West Palm Beach, Florida, on Tuesday. Mr Jacobson was arrested in Wisconsin.  Mr Jeffries and Mr Jacobson were released on bond. Mr Smith was detained.  Prosecutors say Mr Jeffries and his partner preyed upon ""dozens"" of vulnerable young men seeking careers in fashion and modelling, and exploited them for their own sexual pleasure between 2008 and 2015.  The indictment lists 15 victims who are not named.  The three men could face up to life in prison if convicted of sex trafficking and up to 20 years in prison if convicted of interstate prostitution. US attorney for the Eastern District of New York, Breon Peace, alleged on Tuesday that Mr Jeffries spent a ""prolific amount of money"" to traffic men to engage in sex acts with him and his partner, while staff and security guarded the events.  Mr Peace said the couple hired Mr Jacobson to recruit men for the couple, flying them to his home in New York and other locations where they were pressured to consume alcohol, Viagra, and muscle relaxants or injected with them against their will.  In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts with Mr Jeffries, 80, and his British partner Mr Smith, 61.  The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson. Then, more men came forward last month. Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra. After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations. Mr Jeffries served as the CEO of the company from 1992 until 2014, when he stepped down following declining sales and left with a retirement package valued at around $25m (£20.5m). He is next set to appear in court on 12 December.  ",BBC,25/10/2024,"['Ex-Abercrombie & Fitch CEO Mike Jeffries has pleaded not guilty to charges of sex trafficking and interstate prostitution.', 'Lawyers entered the plea on behalf of Mr Jeffries in New York federal court on Long Island as he sat alongside them in court in a navy blue suit, his face expressionless.', 'Sitting just one row behind Mr Jeffries was his alleged middleman, James Jacobson, who also pleaded not guilty during a hearing right after the ex-CEO.', ""Mr Jeffries' British-American partner Matthew Smith, who faces the same charges, is expected to appear in New York court at a later date."", 'Federal prosecutors have said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts.', 'The FBI launched a probe into the former A&F CEO last year after a BBC investigation found several men who accused Mr Jeffries and Mr Smith of sexually abusing them at events they hosted in their New York residences and hotels around the world.', 'During a 10-minute court hearing on Friday in Long Island, New York Judge Steven Tiscione told Mr Jeffries he would be under house arrest, adding that he was only allowed to leave his homes in New York and Florida for medical appointments, visits with his lawyers and religious events.', 'Mr Jeffries posted a $10m (£7.7m) bond using his house on Fisher Island in New York as collateral.', 'The hearing was attended by both Mr Jeffries’ son and wife, who had to agree to use their house for the bond, as she owns the property as well.', 'The judge asked his wife, Susan, if she understood that their house could be foreclosed if Mr Jeffries failed to show up to court.', 'She told the judge she understood.', ""One of Mr Jeffries' alleged victims, David Bradberry, who previously told the BBC about the alleged abuse, sat in the front row of the courtroom as the charges against the former CEO were read."", 'Mr Jeffries did not respond to questions from reporters on Friday afternoon as he walked out of the courtroom and stepped into a black SUV.', ""The BBC's investigation found a sophisticated operation involving a middleman, Mr Jacobson, and a network of recruiters tasked with finding men for these events."", 'Prosecutors unsealed an indictment against the three men shortly after Mr Jeffries and his partner were arrested in West Palm Beach, Florida, on Tuesday.', 'Mr Jacobson was arrested in Wisconsin.', 'Mr Jeffries and Mr Jacobson were released on bond.', 'Mr Smith was detained.', 'Prosecutors say Mr Jeffries and his partner preyed upon ""dozens"" of vulnerable young men seeking careers in fashion and modelling, and exploited them for their own sexual pleasure between 2008 and 2015.', 'The indictment lists 15 victims who are not named.', 'The three men could face up to life in prison if convicted of sex trafficking and up to 20 years in prison if convicted of interstate prostitution.', 'US attorney for the Eastern District of New York, Breon Peace, alleged on Tuesday that Mr Jeffries spent a ""prolific amount of money"" to traffic men to engage in sex acts with him and his partner, while staff and security guarded the events.', 'Mr Peace said the couple hired Mr Jacobson to recruit men for the couple, flying them to his home in New York and other locations where they were pressured to consume alcohol, Viagra, and muscle relaxants or injected with them against their will.', 'In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts with Mr Jeffries, 80, and his British partner Mr Smith, 61.', 'The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson.', 'Then, more men came forward last month.', ""Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra."", 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations.', 'Mr Jeffries served as the CEO of the company from 1992 until 2014, when he stepped down following declining sales and left with a retirement package valued at around $25m (£20.5m).', 'He is next set to appear in court on 12 December.']",-0.070331486076903,"US attorney for the Eastern District of New York, Breon Peace, alleged on Tuesday that Mr Jeffries spent a ""prolific amount of money"" to traffic men to engage in sex acts with him and his partner, while staff and security guarded the events.","One of Mr Jeffries' alleged victims, David Bradberry, who previously told the BBC about the alleged abuse, sat in the front row of the courtroom as the charges against the former CEO were read.",0.7793729901313782,Ex-Abercrombie & Fitch CEO Mike Jeffries has pleaded not guilty to charges of sex trafficking and interstate prostitution.,,2024-10-25
-Black Powerlist: Dean Forbes named as most influential black Briton,https://www.bbc.co.uk/news/articles/c4g2eplxgklo,2024-10-24T23:08:38.992Z,"A man who was twice homeless as a teenager before becoming a multimillionaire entrepreneur has topped a list celebrating influential black Britons. Dean Forbes, who, after failing to make it as a professional footballer, began his career in a call centre, is now the boss of a software company. He worked his way up from ""abject poverty"" on an estate in south-east London to become chief executive of Forterro, a Swedish software firm. Forbes said topping the Powerlist 2025 was a ""professional and career high"". He told the BBC that although he grew up in a single-parent family on a housing estate in Lewisham, his disabled mum always encouraged her children to be positive, and gave them hope. He said he had a ""whale of a time"" growing up despite having little money, living in a local community which ""looked after each other"". His said his mum taught him and his two brothers to ""raise our expectations"", ""never to be victims"" and not dwell on misfortunes. He twice became homeless as a teenager, but said he and his family always saw these as temporary challenges to be overcome. He managed to get a place at Crystal Palace Academy, but it didn't work out. He points to that failure as a key moment in his eventual success, because it made him more determined. ""Thanks to that disappointment and rejection, it put me on this path which is beyond my wildest dreams,"" he said. He had been borrowing money to ""keep up appearances"" with friends like then-footballer Rio Ferdinand who were being ""paid well"", but he was eventually left with an £88,000 debt pile. To start to clear that, he got a job in a Motorola call centre, and he quickly worked his way up. He moved to a software firm called Primavera which he helped build up, and made his first millions after it was sold to Oracle: he had taken an equity stake. Forbes moved from there and was chief executive of two software firms, KDS and CoreHR, each time taking equity stakes, and making millions more. He also has an equity stake in Forterro, which he said was a firm which makes more than €300m (£250m) in revenue per year and earnings of €130m. Despite his wealth, he said he never wanted ""to lose the value of a pound"". He was able to buy his mum a home, and his children ""have never had to deal with anything I had to deal with"" in terms of poverty. He now describes celebrities like Ferdinand and actor Idris Elba as close friends. But he told the BBC his roots remained very important to him and he wanted to inspire and give opportunities to others who have not started out with advantages in life. Forbes and his wife Danielle set up the Forbes Family Group, a philanthropic organisation for people in underserved communities. They are working to try to break the cycle of poverty and disadvantage, and give people positive role models. ""My experience has made me painfully aware that there is so much talent in these communities - you just need to open the door a crack"" to give people a chance, he said. Forbes said that as he was growing up the only black people he could see who were successful seemed to be in entertainment, sport, or ""doing unsavoury things"" in criminal gangs. He said he wanted to make success in business more ""relatable"" in part through mentoring and networking projects. He has now been named number one on the Powerlist 2025, after being number two last year. The annual Powerlist was first published in 2007, with its aim to provide role models for young black people, according to Powerful Media. Forbes takes the place of British Vogue editor-in-chief Edward Enninful at the head of the list. The top 10 of the Powerlist for 2025 is: 1. Dean Forbes, chief executive at software firm Forterro  2. Bernard Mensah, president of international at Bank of America 3. Afua Kyei, chief financial officer at the Bank of England 4. Emma Grede, chief executive at fashion brand Good American 5. Joshua Siaw, partner at law firm White & Case 6. Tunde Olanrewaju, senior partner at consultancy McKinsey 7. Alexander and Oliver Kent-Braham, founders of insurance firm Marshmallow 8. Adejoke Bakare, chef-owner at Michelin-starred restaurant Chishuru  9. Justin Onuekwusi, fund manager at St. James’s Place 10. Pamela Maynard, chief AI transformation officer at Microsoft ",BBC,24/10/2024,"['A man who was twice homeless as a teenager before becoming a multimillionaire entrepreneur has topped a list celebrating influential black Britons.', 'Dean Forbes, who, after failing to make it as a professional footballer, began his career in a call centre, is now the boss of a software company.', 'He worked his way up from ""abject poverty"" on an estate in south-east London to become chief executive of Forterro, a Swedish software firm.', 'Forbes said topping the Powerlist 2025 was a ""professional and career high"".', 'He told the BBC that although he grew up in a single-parent family on a housing estate in Lewisham, his disabled mum always encouraged her children to be positive, and gave them hope.', 'He said he had a ""whale of a time"" growing up despite having little money, living in a local community which ""looked after each other"".', 'His said his mum taught him and his two brothers to ""raise our expectations"", ""never to be victims"" and not dwell on misfortunes.', 'He twice became homeless as a teenager, but said he and his family always saw these as temporary challenges to be overcome.', ""He managed to get a place at Crystal Palace Academy, but it didn't work out."", 'He points to that failure as a key moment in his eventual success, because it made him more determined. ""', 'Thanks to that disappointment and rejection, it put me on this path which is beyond my wildest dreams,"" he said.', 'He had been borrowing money to ""keep up appearances"" with friends like then-footballer Rio Ferdinand who were being ""paid well"", but he was eventually left with an £88,000 debt pile.', 'To start to clear that, he got a job in a Motorola call centre, and he quickly worked his way up.', 'He moved to a software firm called Primavera which he helped build up, and made his first millions after it was sold to Oracle: he had taken an equity stake.', 'Forbes moved from there and was chief executive of two software firms, KDS and CoreHR, each time taking equity stakes, and making millions more.', 'He also has an equity stake in Forterro, which he said was a firm which makes more than €300m (£250m) in revenue per year and earnings of €130m. Despite his wealth, he said he never wanted ""to lose the value of a pound"".', 'He was able to buy his mum a home, and his children ""have never had to deal with anything I had to deal with"" in terms of poverty.', 'He now describes celebrities like Ferdinand and actor Idris Elba as close friends.', 'But he told the BBC his roots remained very important to him and he wanted to inspire and give opportunities to others who have not started out with advantages in life.', 'Forbes and his wife Danielle set up the Forbes Family Group, a philanthropic organisation for people in underserved communities.', 'They are working to try to break the cycle of poverty and disadvantage, and give people positive role models. ""', 'My experience has made me painfully aware that there is so much talent in these communities - you just need to open the door a crack"" to give people a chance, he said.', 'Forbes said that as he was growing up the only black people he could see who were successful seemed to be in entertainment, sport, or ""doing unsavoury things"" in criminal gangs.', 'He said he wanted to make success in business more ""relatable"" in part through mentoring and networking projects.', 'He has now been named number one on the Powerlist 2025, after being number two last year.', 'The annual Powerlist was first published in 2007, with its aim to provide role models for young black people, according to Powerful Media.', 'Forbes takes the place of British Vogue editor-in-chief Edward Enninful at the head of the list.', 'The top 10 of the Powerlist for 2025 is: 1.', 'Dean Forbes, chief executive at software firm Forterro 2.', 'Bernard Mensah, president of international at Bank of America 3.', 'Afua Kyei, chief financial officer at the Bank of England 4.', 'Emma Grede, chief executive at fashion brand Good American 5.', 'Joshua Siaw, partner at law firm White & Case 6.', 'Tunde Olanrewaju, senior partner at consultancy McKinsey 7.', 'Alexander and Oliver Kent-Braham, founders of insurance firm Marshmallow 8.', 'Adejoke Bakare, chef-owner at Michelin-starred restaurant Chishuru 9.', 'Justin Onuekwusi, fund manager at St. James’s Place 10.', 'Pamela Maynard, chief AI transformation officer at Microsoft']",0.1177980519845664,But he told the BBC his roots remained very important to him and he wanted to inspire and give opportunities to others who have not started out with advantages in life.,"Dean Forbes, who, after failing to make it as a professional footballer, began his career in a call centre, is now the boss of a software company.",0.5319823490248786,"Forbes said topping the Powerlist 2025 was a ""professional and career high"".","Thanks to that disappointment and rejection, it put me on this path which is beyond my wildest dreams,"" he said.",2024-10-25
-"In Las Vegas, a fight rages for working class Nevada voters",https://www.bbc.co.uk/news/articles/c3e9e34w48jo,2024-10-26T04:24:38.461Z,"When the sun sets over Las Vegas, Nicole Williams gets to work, serving drinks from behind the bar of an opulent hotel on the city's infamous strip. But life for Ms Williams, 45, and other service-industry workers who form the quiet backbone of Vegas's booming economy, is far from luxurious. ""When you're shopping for a big family like mine, it's rough out here,"" she told the BBC while shopping for groceries and taking children to appointments across town. The mother of seven children, aged 10 months to 16, said she often fears buckling under the weight of the economy. From sky-high prices on groceries to petrol, Ms Williams said she has had to cut back on vacations as well as on football and gymnastics lessons for her kids that would force her to stretch an already strained household budget. ""We haven't been able to do the things we want to do,"" she said. ""I want a future for my kids."" She is not alone. In dozens of interviews with Las Vegans who work in vital local industries from construction and casinos to restaurants and bars, low-wage workers from across the political spectrum told the BBC that kitchen-table issues -  especially unaffordable housing and costly childcare - are what will determine how they vote on 5 November. It's these voters that Donald Trump and Vice-President Kamala Harris hope to win over in Nevada, a hotly contested battleground state in which the two remain neck-and-neck in the polls. To court low-wage workers, Harris and Trump have laid out starkly different economic visions, including competing anti-poverty policies that could help shape the financial security of millions of families. But victory in unpredictable Nevada - one of the key states which will determine who becomes the next president - will be won by just a tiny fraction of undecided voters there, political insiders say. Data shows that about a third of the state's voters consider themselves independent, with an August New York Times/Siena poll of likely voters showing that a slight majority of independents lean Republican (43%) compared to those who lean Democrat (39%). ""Nevada is not a blue state,"" said Ted Pappageorge, the Secretary-Treasurer of Culinary Union Local 226, referring to the traditional colour of the Democratic Party (the Republicans are red). The politically powerful group has endorsed Harris. ""We're barely purple. If the election happened right now, Trump wins, we think,"" he added. Despite booming business, Nevada's unemployment rate was the highest in the nation at 5.6% in September. In Las Vegas, home to three quarters of the population, the figure stood even higher at 5.9%. The state was also hit particularly hard by the pandemic, when unemployment rose to around 30% - which State Democratic Chair Danielle Monroe-Moreno described as a sign that ""when the country gets a cold, Nevada gets the flu"". As the US economy has rebounded, however, Trump and Harris have pursued contrasting economic policies to alleviate some of the burdens on low-income workers. Harris vowed to expand many of the Covid-era policies President Joe Biden pursued when he took office in 2021, including healthcare and housing subsidies and reviving the enhanced $6,000 child care tax credit. Trump has pushed the idea of renewing his 2017 tax cuts - which are set to expire next year - while imposing sweeping tariffs on foreign imports which he says will reduce poverty and boost economic growth. ""Five dollars isn't $5 anymore, and $100 barely gets you any groceries,"" said Fermin Gonzalez, an unemployed, Mexico-born former restaurant worker living in Las Vegas. At 60 he fears he will have difficulty finding work again. ""We used to be able to make money here. People are dissatisfied."" To try to persuade voters who feel the same, both parties are relying on door-to-door campaigning efforts by allied get-out-the-vote groups. The Culinary Union - the state's largest union which represents a variety of occupations in hotels and the food service industry - has dozens of teams knocking on doors to drum up support for Harris and other Democratic candidates. On a September afternoon, two members walked for hours in 40C (104F) heat in a modest North Las Vegas neighbourhood near the edge of town, where the city gives way to desert and craggy hills. ""Things are very hard. We feel it a lot,"" said Olga Mexia, a Mexican immigrant and mother of five who works as a housekeeper at the Signature hotel on the strip. ""We're paid so much less for everything. [Four years ago,] rent was less, groceries were less."" ""I had to have two jobs at one point to make it work. I'm campaigning for my family. Harris at least has a real plan,"" Ms Mexia added, taking shelter from the sun under a tree while her teammate knocked on a door. ""That's the sort of thing people want to talk about."" One economic proposal where both candidates overlap is ending taxes on tips - a concept that has found a receptive audience among Nevada's service workers, more than half of whom are Latino. More broadly, Latinos represent about 30% of the state's population, along with 19% of its business owners. Given how close the election is likely to be in the state - and nationally - both parties increasingly see the mobilisation of Latino voters as key to their victory. Ms Williams, the bartender - who says she's ""100% voting Trump"" - makes $20 per hour but said tips make up her main income, bringing in as much as $250 on a good night. But even as she uses coupons, bargain hunts and budgets a weekly menu plan, it's not enough. Trump was the first to propose the idea at a Las Vegas rally in June. In August, he again highlighted the plan during a stop at a Mexican-Italian fusion restaurant located on the city's west side. The restaurant is owned by Javier Barajas, a Mexican immigrant who first crossed into the US illegally in 1978 and found himself in Las Vegas, almost by chance, after being separated from his travel companions. Once a dishwasher, Mr Barajas is now a fixture of the community and owns a string of popular Mexican restaurants that employ an overwhelmingly Latino workforce of more than 500. ""My waiters make $12 - the minimum wage. I'm not saying that like it's a lot. It's hard. Every time they go to the gas station they end up spending $100,"" he told the BBC, switching back and forth between English and Spanish in a corner of his restaurant. Mr Barajas, an outspoken Trump supporter, says he believes an end to tax on tips would vastly help his workers with day-to-day expenses, while at the same time having minimal impact on him as an owner. ""That idea is interesting to people like them,"" he said of his workers. ""I completely understand why."" Harris endorsed the no-tax-on-tips policy at her own Las Vegas rally in August, although in her case it's paired with raising the federal minimum wage to $15. Experts have cautioned that cutting taxes on tips may have minimal benefit on the US economy as a whole, and the Tax Foundation has estimated that any change could cost at least $107bn. Any change would also have to be passed by Congress. For many working-class Las Vegans, inflation and rent pressure are compounded by childcare concerns. Childcare in Nevada is more expensive than anywhere else in the US, with the average family spending nearly $26,000 on it a year - more than a third of their annual average income, according to a July report from the state's Office of Workforce Innovation. Harris has campaigned on a promise that child care costs would be capped at 7% of family income, along with a $6,000 child tax credit. Trump has so far offered no specific plans, although his running-mate Senator JD Vance has proposed raising the child tax credit to $5,000 from its current $2,000. Vance skipped a vote in August on a failed Senate bill that would have expanded the child tax credit for low-income families. Among those feeling the pinch is Dominic Richmond, a 50-year-old single grandmother who cares for four young children with special needs - aged one, four, six and nine - as well as a mother with dementia who lives nearby. Ms Richmond lives in a small two-bedroom apartment that costs her $1,600 per month. While she works part-time as a realtor - a job she said ""leaves no money"" - and 16-hours-a-week at an airline, she said that the combined costs of taking care of the children, rent and high prices have left her in dire straits. ""When you put it all together, it's like a hurricane coming at you,"" she said, wiping away tears at the offices of Children's Cabinet, a local non-profit. ""It's just me doing all this. You can't function in society on 'just me'."" Once a week, Ms Richmond heads to a crowded food bank, which she says are now mostly distributing self-heating military-style ration packs - which usually include a small main course, crackers or cheese, dessert and a powdered drink -  to help feed her family. She grudgingly asks acquaintances for help - most often with no success. Ms Richmond says she's ""not a political person"" - she just wants a candidate who would help families like hers. ""I'm just hoping that when November gets here, that we will see somebody start to help where the help is needed,"" she said. ""By the end of this year, I'm probably going to be homeless. I've exhausted everything that I can."" ",BBC,26/10/2024,"[""When the sun sets over Las Vegas, Nicole Williams gets to work, serving drinks from behind the bar of an opulent hotel on the city's infamous strip."", 'But life for Ms Williams, 45, and other service-industry workers who form the quiet backbone of Vegas\'s booming economy, is far from luxurious. ""', 'When you\'re shopping for a big family like mine, it\'s rough out here,"" she told the BBC while shopping for groceries and taking children to appointments across town.', 'The mother of seven children, aged 10 months to 16, said she often fears buckling under the weight of the economy.', 'From sky-high prices on groceries to petrol, Ms Williams said she has had to cut back on vacations as well as on football and gymnastics lessons for her kids that would force her to stretch an already strained household budget. ""', 'We haven\'t been able to do the things we want to do,"" she said. ""', 'I want a future for my kids.""', 'She is not alone.', 'In dozens of interviews with Las Vegans who work in vital local industries from construction and casinos to restaurants and bars, low-wage workers from across the political spectrum told the BBC that kitchen-table issues - especially unaffordable housing and costly childcare - are what will determine how they vote on 5 November.', ""It's these voters that Donald Trump and Vice-President Kamala Harris hope to win over in Nevada, a hotly contested battleground state in which the two remain neck-and-neck in the polls."", 'To court low-wage workers, Harris and Trump have laid out starkly different economic visions, including competing anti-poverty policies that could help shape the financial security of millions of families.', 'But victory in unpredictable Nevada - one of the key states which will determine who becomes the next president - will be won by just a tiny fraction of undecided voters there, political insiders say.', 'Data shows that about a third of the state\'s voters consider themselves independent, with an August New York Times/Siena poll of likely voters showing that a slight majority of independents lean Republican (43%) compared to those who lean Democrat (39%). ""', 'Nevada is not a blue state,"" said Ted Pappageorge, the Secretary-Treasurer of Culinary Union Local 226, referring to the traditional colour of the Democratic Party (the Republicans are red).', 'The politically powerful group has endorsed Harris. ""', ""We're barely purple."", 'If the election happened right now, Trump wins, we think,"" he added.', ""Despite booming business, Nevada's unemployment rate was the highest in the nation at 5.6% in September."", 'In Las Vegas, home to three quarters of the population, the figure stood even higher at 5.9%.', 'The state was also hit particularly hard by the pandemic, when unemployment rose to around 30% - which State Democratic Chair Danielle Monroe-Moreno described as a sign that ""when the country gets a cold, Nevada gets the flu"".', 'As the US economy has rebounded, however, Trump and Harris have pursued contrasting economic policies to alleviate some of the burdens on low-income workers.', 'Harris vowed to expand many of the Covid-era policies President Joe Biden pursued when he took office in 2021, including healthcare and housing subsidies and reviving the enhanced $6,000 child care tax credit.', 'Trump has pushed the idea of renewing his 2017 tax cuts - which are set to expire next year - while imposing sweeping tariffs on foreign imports which he says will reduce poverty and boost economic growth. ""', 'Five dollars isn\'t $5 anymore, and $100 barely gets you any groceries,"" said Fermin Gonzalez, an unemployed, Mexico-born former restaurant worker living in Las Vegas.', 'At 60 he fears he will have difficulty finding work again. ""', 'We used to be able to make money here.', 'People are dissatisfied.""', 'To try to persuade voters who feel the same, both parties are relying on door-to-door campaigning efforts by allied get-out-the-vote groups.', ""The Culinary Union - the state's largest union which represents a variety of occupations in hotels and the food service industry - has dozens of teams knocking on doors to drum up support for Harris and other Democratic candidates."", 'On a September afternoon, two members walked for hours in 40C (104F) heat in a modest North Las Vegas neighbourhood near the edge of town, where the city gives way to desert and craggy hills. ""', 'Things are very hard.', 'We feel it a lot,"" said Olga Mexia, a Mexican immigrant and mother of five who works as a housekeeper at the Signature hotel on the strip. ""', ""We're paid so much less for everything. ["", 'Four years ago,] rent was less, groceries were less."" ""', 'I had to have two jobs at one point to make it work.', ""I'm campaigning for my family."", 'Harris at least has a real plan,"" Ms Mexia added, taking shelter from the sun under a tree while her teammate knocked on a door. ""', 'That\'s the sort of thing people want to talk about.""', ""One economic proposal where both candidates overlap is ending taxes on tips - a concept that has found a receptive audience among Nevada's service workers, more than half of whom are Latino."", ""More broadly, Latinos represent about 30% of the state's population, along with 19% of its business owners."", 'Given how close the election is likely to be in the state - and nationally - both parties increasingly see the mobilisation of Latino voters as key to their victory.', 'Ms Williams, the bartender - who says she\'s ""100% voting Trump"" - makes $20 per hour but said tips make up her main income, bringing in as much as $250 on a good night.', ""But even as she uses coupons, bargain hunts and budgets a weekly menu plan, it's not enough."", 'Trump was the first to propose the idea at a Las Vegas rally in June.', ""In August, he again highlighted the plan during a stop at a Mexican-Italian fusion restaurant located on the city's west side."", 'The restaurant is owned by Javier Barajas, a Mexican immigrant who first crossed into the US illegally in 1978 and found himself in Las Vegas, almost by chance, after being separated from his travel companions.', 'Once a dishwasher, Mr Barajas is now a fixture of the community and owns a string of popular Mexican restaurants that employ an overwhelmingly Latino workforce of more than 500. ""', 'My waiters make $12 - the minimum wage.', ""I'm not saying that like it's a lot."", ""It's hard."", 'Every time they go to the gas station they end up spending $100,"" he told the BBC, switching back and forth between English and Spanish in a corner of his restaurant.', 'Mr Barajas, an outspoken Trump supporter, says he believes an end to tax on tips would vastly help his workers with day-to-day expenses, while at the same time having minimal impact on him as an owner. ""', 'That idea is interesting to people like them,"" he said of his workers. ""', 'I completely understand why.""', ""Harris endorsed the no-tax-on-tips policy at her own Las Vegas rally in August, although in her case it's paired with raising the federal minimum wage to $15."", 'Experts have cautioned that cutting taxes on tips may have minimal benefit on the US economy as a whole, and the Tax Foundation has estimated that any change could cost at least $107bn.', 'Any change would also have to be passed by Congress.', 'For many working-class Las Vegans, inflation and rent pressure are compounded by childcare concerns.', ""Childcare in Nevada is more expensive than anywhere else in the US, with the average family spending nearly $26,000 on it a year - more than a third of their annual average income, according to a July report from the state's Office of Workforce Innovation."", 'Harris has campaigned on a promise that child care costs would be capped at 7% of family income, along with a $6,000 child tax credit.', 'Trump has so far offered no specific plans, although his running-mate Senator JD Vance has proposed raising the child tax credit to $5,000 from its current $2,000.', 'Vance skipped a vote in August on a failed Senate bill that would have expanded the child tax credit for low-income families.', 'Among those feeling the pinch is Dominic Richmond, a 50-year-old single grandmother who cares for four young children with special needs - aged one, four, six and nine - as well as a mother with dementia who lives nearby.', 'Ms Richmond lives in a small two-bedroom apartment that costs her $1,600 per month.', 'While she works part-time as a realtor - a job she said ""leaves no money"" - and 16-hours-a-week at an airline, she said that the combined costs of taking care of the children, rent and high prices have left her in dire straits. ""', 'When you put it all together, it\'s like a hurricane coming at you,"" she said, wiping away tears at the offices of Children\'s Cabinet, a local non-profit. ""', ""It's just me doing all this."", 'You can\'t function in society on \'just me\'.""', 'Once a week, Ms Richmond heads to a crowded food bank, which she says are now mostly distributing self-heating military-style ration packs - which usually include a small main course, crackers or cheese, dessert and a powdered drink - to help feed her family.', 'She grudgingly asks acquaintances for help - most often with no success.', 'Ms Richmond says she\'s ""not a political person"" - she just wants a candidate who would help families like hers. ""', 'I\'m just hoping that when November gets here, that we will see somebody start to help where the help is needed,"" she said. ""', ""By the end of this year, I'm probably going to be homeless."", 'I\'ve exhausted everything that I can.""']",0.0998317800761138,"Among those feeling the pinch is Dominic Richmond, a 50-year-old single grandmother who cares for four young children with special needs - aged one, four, six and nine - as well as a mother with dementia who lives nearby.","The state was also hit particularly hard by the pandemic, when unemployment rose to around 30% - which State Democratic Chair Danielle Monroe-Moreno described as a sign that ""when the country gets a cold, Nevada gets the flu"".",0.0698140922345613,"In Las Vegas, home to three quarters of the population, the figure stood even higher at 5.9%.","For many working-class Las Vegans, inflation and rent pressure are compounded by childcare concerns.",2024-10-25
-Action demanded over surge in illegal meat imports into UK,https://www.bbc.co.uk/news/articles/cqxwrer12xno,2024-10-25T22:59:41.443Z,"The government is under pressure to stop illegal meat being smuggled into the UK, amid warnings of a ""foot-and-mouth"" level crisis for British farmers. The amount of meat seized by Border Force officials has doubled in a year, according to data obtained by BBC News. The data suggests more meat is entering the country in fewer vehicles, which experts say indicates a rise in organised crime. Meat imports classed as illegal have often not gone through checks to confirm they are disease-free and conform to UK health standards. An outbreak of the highly contagious African swine fever has been spreading across Europe's pig herds since last summer. Farmers and MPs have called on the chancellor to fund more stringent border controls in next week’s Budget to prevent the disease from entering the UK. The President of the National Farmers' Union, Tom Bradshaw, told the BBC that he was not confident the government would introduce the measures he believed were necessary. ""We've got a line in the Labour manifesto that food security is national security. Now at the moment there's a very real risk that they are just words on a piece of paper rather than meaningful policy,"" he said. Mr Bradshaw said African swine fever ""could spread very rapidly through our pig herd and have huge, huge implications"". ""At a time of such geopolitical uncertainty, making sure that we have the capability to produce the foods that everyone needs, it should be a political imperative,"" he added. The large rise in illegal meat is likely to be down to more stringent restrictions around the import of pork products, an overall increase in the price of meat and more organised criminal activity. It is understood that red meat makes up the majority of the seizures, but the exact breakdown of beef, pork and lamb is not known. African swine fever leads to very high death rates among infected pigs and currently has no effective treatment or vaccine. Conservative MP Dr Neil Hudson, who worked as a veterinary surgeon during the 2001 foot-and-mouth outbreak, is among those calling for border and health authorities to be given more money. ""If African swine fever comes into the country, that would be as catastrophic as foot-and-mouth,"" he said. ""Vets such as myself were deployed into the front line to supervise the culls and I witnessed sights then that I never want to see again in my lifetime."" He wants the chancellor to fully refurbish the UK's Animal and Plant Health Agency at a cost of £2.8bn. ""I know this is a lot of money, but you need to spend money now to prevent catastrophe in the future,"" he added. The National Audit Office estimated that the 2001 foot-and-mouth outbreak cost the UK economy £8bn, equivalent to around £14.5bn today. Home Office figures, obtained by the BBC using Freedom of Information laws, show the amount of illegal meat seized by Border Force officials doubled from almost 35,000kg in 2022/23 to more than 70,000kg in 2023/24. Figures for the first four months of 2024/25 suggest another large increase will be recorded by the end of the financial year. It’s understood the actual amount caught is likely to be much higher, as the Border Force figures won’t include some seizures recorded by individual port health authorities around the UK. The rise in seizures is not believed to be down to increased success at intercepting illegal imports. ""If we're picking up tonnes of meat, you can imagine how much is coming through that we're not picking up,"" said Dr Hudson. Additionally, the data shows a general trend towards fewer individual seizures, with more than 5,500 in 2015/16 and fewer than 2,000 in 2023/24, sparking fears of larger shipments and more organised criminal activity. ""That is concerning,"" added Dr Hudson, ""if there's a smaller number of individuals being caught, that does imply organisation and we do know that there are organised gangs."" Officials from the Department for Environment, Food and Rural Affairs are understood to have held at least two meetings with representatives from the farming sector in recent weeks to discuss this issue. A new system of post-Brexit border checks at Dover came into effect in April of this year, but critics have said they leave open the possibility of more illegal meat entering the UK. Instead of checks taking place at Dover itself, vehicles are ordered to drive 22 miles away to a border control post at Sevington. Parliament's Environment Select Committee had been set to look into whether the system was working before the general election was called earlier this year. ""We have the potential now that we've left the European Union to have proper border checks, to make sure that biosecurity is protected,"" Dr Hudson said. The government announced £3.5bn of funding for Dover in August, but no additional money for smaller ports has been confirmed. One Labour MP with a port in their constituency told the BBC there was general concern among colleagues that only shoring up Dover would lead to criminal activity moving elsewhere. A government spokesperson said that there had never been an outbreak of African Swine Fever in the UK, and it was determined to ensure that remained the case. ""Strict import controls"" were in place to manage risk, they said, including restrictions on personal pork imports introduced last month.  They added that the government worked closely with Port Health Authorities and Border Force ""to ensure our robust border controls are enforced"". ",BBC,25/10/2024,"['The government is under pressure to stop illegal meat being smuggled into the UK, amid warnings of a ""foot-and-mouth"" level crisis for British farmers.', 'The amount of meat seized by Border Force officials has doubled in a year, according to data obtained by BBC News.', 'The data suggests more meat is entering the country in fewer vehicles, which experts say indicates a rise in organised crime.', 'Meat imports classed as illegal have often not gone through checks to confirm they are disease-free and conform to UK health standards.', ""An outbreak of the highly contagious African swine fever has been spreading across Europe's pig herds since last summer."", 'Farmers and MPs have called on the chancellor to fund more stringent border controls in next week’s Budget to prevent the disease from entering the UK.', 'The President of the National Farmers\' Union, Tom Bradshaw, told the BBC that he was not confident the government would introduce the measures he believed were necessary. ""', ""We've got a line in the Labour manifesto that food security is national security."", 'Now at the moment there\'s a very real risk that they are just words on a piece of paper rather than meaningful policy,"" he said.', 'Mr Bradshaw said African swine fever ""could spread very rapidly through our pig herd and have huge, huge implications"". ""', 'At a time of such geopolitical uncertainty, making sure that we have the capability to produce the foods that everyone needs, it should be a political imperative,"" he added.', 'The large rise in illegal meat is likely to be down to more stringent restrictions around the import of pork products, an overall increase in the price of meat and more organised criminal activity.', 'It is understood that red meat makes up the majority of the seizures, but the exact breakdown of beef, pork and lamb is not known.', 'African swine fever leads to very high death rates among infected pigs and currently has no effective treatment or vaccine.', 'Conservative MP Dr Neil Hudson, who worked as a veterinary surgeon during the 2001 foot-and-mouth outbreak, is among those calling for border and health authorities to be given more money. ""', 'If African swine fever comes into the country, that would be as catastrophic as foot-and-mouth,"" he said. ""', 'Vets such as myself were deployed into the front line to supervise the culls and I witnessed sights then that I never want to see again in my lifetime.""', 'He wants the chancellor to fully refurbish the UK\'s Animal and Plant Health Agency at a cost of £2.8bn. ""', 'I know this is a lot of money, but you need to spend money now to prevent catastrophe in the future,"" he added.', 'The National Audit Office estimated that the 2001 foot-and-mouth outbreak cost the UK economy £8bn, equivalent to around £14.5bn today.', 'Home Office figures, obtained by the BBC using Freedom of Information laws, show the amount of illegal meat seized by Border Force officials doubled from almost 35,000kg in 2022/23 to more than 70,000kg in 2023/24.', 'Figures for the first four months of 2024/25 suggest another large increase will be recorded by the end of the financial year.', 'It’s understood the actual amount caught is likely to be much higher, as the Border Force figures won’t include some seizures recorded by individual port health authorities around the UK.', 'The rise in seizures is not believed to be down to increased success at intercepting illegal imports. ""', 'If we\'re picking up tonnes of meat, you can imagine how much is coming through that we\'re not picking up,"" said Dr Hudson.', 'Additionally, the data shows a general trend towards fewer individual seizures, with more than 5,500 in 2015/16 and fewer than 2,000 in 2023/24, sparking fears of larger shipments and more organised criminal activity. ""', 'That is concerning,"" added Dr Hudson, ""if there\'s a smaller number of individuals being caught, that does imply organisation and we do know that there are organised gangs.""', 'Officials from the Department for Environment, Food and Rural Affairs are understood to have held at least two meetings with representatives from the farming sector in recent weeks to discuss this issue.', 'A new system of post-Brexit border checks at Dover came into effect in April of this year, but critics have said they leave open the possibility of more illegal meat entering the UK.', 'Instead of checks taking place at Dover itself, vehicles are ordered to drive 22 miles away to a border control post at Sevington.', 'Parliament\'s Environment Select Committee had been set to look into whether the system was working before the general election was called earlier this year. ""', 'We have the potential now that we\'ve left the European Union to have proper border checks, to make sure that biosecurity is protected,"" Dr Hudson said.', 'The government announced £3.5bn of funding for Dover in August, but no additional money for smaller ports has been confirmed.', 'One Labour MP with a port in their constituency told the BBC there was general concern among colleagues that only shoring up Dover would lead to criminal activity moving elsewhere.', 'A government spokesperson said that there had never been an outbreak of African Swine Fever in the UK, and it was determined to ensure that remained the case. ""', 'Strict import controls"" were in place to manage risk, they said, including restrictions on personal pork imports introduced last month.', 'They added that the government worked closely with Port Health Authorities and Border Force ""to ensure our robust border controls are enforced"".']",-0.1125961683987987,"We have the potential now that we've left the European Union to have proper border checks, to make sure that biosecurity is protected,"" Dr Hudson said.","The government is under pressure to stop illegal meat being smuggled into the UK, amid warnings of a ""foot-and-mouth"" level crisis for British farmers.",-0.0958935767412185,"The rise in seizures is not believed to be down to increased success at intercepting illegal imports. ""","The government is under pressure to stop illegal meat being smuggled into the UK, amid warnings of a ""foot-and-mouth"" level crisis for British farmers.",2024-10-25
-Jeff Vinik sells stake in NHL's Tampa Bay Lightning to investor group,https://www.cnbc.com/2024/10/24/nhl-tampa-bay-lightning-stake-sold-to-investor-group.html,2024-10-24T15:30:07+0000,"The Tampa Bay Lightning's ownership group is expanding.Vinik Sports Group, run by titan investor Jeff Vinik, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.Terms of the deal were not disclosed, but earlier reports indicate a valuation close to $2 billion. The transaction represents a compound annual growth rate of about 18%, based on the team's valuation in 2010 when it sold to Vinik.The deal was approved by the NHL's Board of Governors on Oct. 1 and will take effect immediately, according to a news release. Vinik will retain control of the team after the transaction and remain as the team's governor for the next three years. At that time, control will transfer to Ostrover and Lipschultz.Private equity has been rushing to acquire stakes in professional sports teams in the U.S. Most recently, the owners of the National Football League voted to allow select private equity firms to acquire up to 10% of teams.Deal-making has intensified as valuations among professional sports teams have skyrocketed.As part of the Lightning deal announced Thursday, Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder.Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset manager with a sports strategy fund. They were introduced to Vinik through their relationships with Arctos.Arctos has a deep bench of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL. The firm, which earlier this year closed its second sports-focused fund, totaling $4.1 billion in commitments, owns roughly two dozen stakes in sports and e-sports teams.The Lightning have won two Stanley Cup championships since 2020 and three overall. Vinik acquired the Lightning in 2010 for a reported $110 million and since then has invested billions in real estate development in downtown Tampa Bay.",CNBC,24/10/2024,"[""The Tampa Bay Lightning's ownership group is expanding."", 'Vinik Sports Group, run by titan investor Jeff Vinik, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.', 'Terms of the deal were not disclosed, but earlier reports indicate a valuation close to $2 billion.', ""The transaction represents a compound annual growth rate of about 18%, based on the team's valuation in 2010 when it sold to Vinik."", ""The deal was approved by the NHL's Board of Governors on Oct. 1 and will take effect immediately, according to a news release."", ""Vinik will retain control of the team after the transaction and remain as the team's governor for the next three years."", 'At that time, control will transfer to Ostrover and Lipschultz.', 'Private equity has been rushing to acquire stakes in professional sports teams in the U.S. Most recently, the owners of the National Football League voted to allow select private equity firms to acquire up to 10% of teams.', 'Deal-making has intensified as valuations among professional sports teams have skyrocketed.', 'As part of the Lightning deal announced Thursday, Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder.', 'Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset manager with a sports strategy fund.', 'They were introduced to Vinik through their relationships with Arctos.', 'Arctos has a deep bench of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL.', 'The firm, which earlier this year closed its second sports-focused fund, totaling $4.1 billion in commitments, owns roughly two dozen stakes in sports and e-sports teams.', 'The Lightning have won two Stanley Cup championships since 2020 and three overall.', 'Vinik acquired the Lightning in 2010 for a reported $110 million and since then has invested billions in real estate development in downtown Tampa Bay.']",0.1920898060943059,The Lightning have won two Stanley Cup championships since 2020 and three overall.,,0.8328887224197388,Deal-making has intensified as valuations among professional sports teams have skyrocketed.,,2024-10-25
-Spirit AeroSystems weighs hundreds more furloughs or layoffs if Boeing strike goes beyond Nov. 25,https://www.cnbc.com/2024/10/24/spirit-aerosystems-weighs-more-furloughs-layoffs.html,2024-10-24T19:49:19+0000,"In this articleSpirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday.Boeing's machinists, whose strike is about to enter its sixth week, voted 64% against a newly proposed labor contract on Wednesday, extending the work stoppage that has halted production of most of Boeing's aircraft, which is centered in the Seattle area.Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities. Those 21-day furloughs could begin next week.Further reductions would be in addition to those furloughs, but no decision has been made, said Spirit spokesman Joe Buccino.Spirit's consideration of additional furloughs demonstrates how the lengthy strike is weighing on an already-fragile aerospace supply chain. Boeing suppliers have largely hesitated to cut staff in part because they had spent years rebuilding their workforces in the wake of the Covid-19 pandemic. Airbus is also facing similar supply chain pressure.More than 32,000 Boeing machinists in the Puget Sound area, Oregon and other locations walked off the job on Sept. 13 after turning down an earlier tentative agreement.Boeing is in the process of acquiring Spirit, a deal it expects to close next year. Spirit has been burning through cash and, on Wednesday, reported a third-quarter net loss of $477 million, more than double a year earlier.Boeing's new CEO Kelly Ortberg has said getting a deal with its Seattle-area machinists and ending the strike is a top priority, and the workers' union has said it is eager to get back to the negotiating table.",CNBC,24/10/2024,"[""In this articleSpirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC on Thursday."", ""Boeing's machinists, whose strike is about to enter its sixth week, voted 64% against a newly proposed labor contract on Wednesday, extending the work stoppage that has halted production of most of Boeing's aircraft, which is centered in the Seattle area."", ""Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities."", 'Those 21-day furloughs could begin next week.', 'Further reductions would be in addition to those furloughs, but no decision has been made, said Spirit spokesman Joe Buccino.', ""Spirit's consideration of additional furloughs demonstrates how the lengthy strike is weighing on an already-fragile aerospace supply chain."", 'Boeing suppliers have largely hesitated to cut staff in part because they had spent years rebuilding their workforces in the wake of the Covid-19 pandemic.', 'Airbus is also facing similar supply chain pressure.', 'More than 32,000 Boeing machinists in the Puget Sound area, Oregon and other locations walked off the job on Sept. 13 after turning down an earlier tentative agreement.', 'Boeing is in the process of acquiring Spirit, a deal it expects to close next year.', 'Spirit has been burning through cash and, on Wednesday, reported a third-quarter net loss of $477 million, more than double a year earlier.', ""Boeing's new CEO Kelly Ortberg has said getting a deal with its Seattle-area machinists and ending the strike is a top priority, and the workers' union has said it is eager to get back to the negotiating table.""]",0.0427826981574502,"Spirit, which makes fuselages for Boeing's best-selling 737 Max as well as other major parts, had already been preparing to temporarily furlough about 700 workers in its Wichita, Kansas, facilities.",Boeing suppliers have largely hesitated to cut staff in part because they had spent years rebuilding their workforces in the wake of the Covid-19 pandemic.,-0.7104109227657318,"Boeing's new CEO Kelly Ortberg has said getting a deal with its Seattle-area machinists and ending the strike is a top priority, and the workers' union has said it is eager to get back to the negotiating table.","Spirit has been burning through cash and, on Wednesday, reported a third-quarter net loss of $477 million, more than double a year earlier.",2024-10-25
-"Southwest Airlines profit tops estimates, company expects higher revenue in fourth quarter",https://www.cnbc.com/2024/10/24/southwest-airlines-luv-3q-2024-earnings.html,2024-10-24T13:58:45+0000,"In this articleSouthwest Airlines' third-quarter profit fell from a year ago but topped Wall Street estimates as the carrier worked to drum up revenue and fend off activist investor Elliott Investment Management.Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board. CEO Bob Jordan will keep his job as part of the deal.The Dallas-based carrier forecast unit revenue for the fourth quarter would increase 3.5% to 5.5% on a 4% drop in capacity compared with a year ago. It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.Other carriers have pointed to strong travel demand to close out 2024 as airlines scale back unprofitable capacity that pushed down airfare.Separately, Southwest last month laid out a three-year plan that the company would add $4 billion to earnings before interest and taxes in 2027. The airline also said it authorized a $2.5 billion buyback and would slash underperforming flights from Atlanta to cut costs.Southwest said Thursday that it will repurchase $250 million of Southwest stock through an ""accelerated"" program under the overall buyback plan.The carrier is planning to abandon its longtime open seating to instead charge for seats as well as offer extra legroom options that come at a higher price, the biggest changes in its more than 50 years of flying.Here is how Southwest performed in the third quarter compared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion, an increase of more than 5% on the year. Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates. Adjusting for one-time items, it reported $89 million in net income or 15 cents a share, compared with analysts' forecasts to break even on an adjusted basis.",CNBC,24/10/2024,"[""In this articleSouthwest Airlines' third-quarter profit fell from a year ago but topped Wall Street estimates as the carrier worked to drum up revenue and fend off activist investor Elliott Investment Management."", ""Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board."", 'CEO Bob Jordan will keep his job as part of the deal.', 'The Dallas-based carrier forecast unit revenue for the fourth quarter would increase 3.5% to 5.5% on a 4% drop in capacity compared with a year ago.', 'It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.', 'Other carriers have pointed to strong travel demand to close out 2024 as airlines scale back unprofitable capacity that pushed down airfare.', 'Separately, Southwest last month laid out a three-year plan that the company would add $4 billion to earnings before interest and taxes in 2027.', 'The airline also said it authorized a $2.5 billionbuybackand would slash underperforming flights from Atlanta to cut costs.', 'Southwest said Thursday that it will repurchase $250 million of Southwest stock through an ""accelerated"" program under the overall buyback plan.', 'The carrier is planning to abandon its longtime open seating to instead charge for seats as well as offer extra legroom options that come at a higher price, the biggest changes in its more than 50 years of flying.', 'Here is how Southwest performed in the third quartercompared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion,an increase ofmore than 5% on the year.', 'Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.', ""Adjusting for one-time items, it reported $89 million in net income or 15 cents a share, compared with analysts' forecasts to break even on an adjusted basis.""]",0.1210492572416796,"It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.","Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board.",0.3974301338195801,"Here is how Southwest performed in the third quartercompared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion,an increase ofmore than 5% on the year.","Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.",2024-10-25
-The water industry is in crisis. Can it be fixed?,https://www.bbc.co.uk/news/articles/c0qdev4vyl5o,2024-10-25T01:35:27.214Z,"Our loos flush and water comes out of our taps. In that sense, the water industry in England and Wales works. In just about every other way, it’s a mess. The most visible sign of that mess comes after those loos have flushed. Last year England’s privatised water firms released raw sewage for a total of 3.6m hours, more than double the amount recorded the year before. Millions of customers, surfers and bathers have joined a chorus that former pop star Feargal Sharkey has been singing for years - that the sector is a “chaotic shambles”. It’s not just our rivers, lakes and coastlines. Some communities have been told to boil tap water to make it safe, others have seen their water supplies cut off for days or even weeks. Environment Secretary Steve Reed told the BBC some parts of the country could face a drinking water shortage by the 2030s and plans to build new homes have been jeopardised by water supply problems. Faith in these companies has never been lower and it’s not hard to see why. There are some common denominators causing stress on the system that will take radical reform to tackle. The government knows this - which is why it has just announced a major new commission to conduct the biggest review of the sector since privatisation 35 years ago. The independent commission will be led by former Bank of England Deputy Governor Sir Jon Cunliffe and will report back with recommendations next June. Options on the table include the reform or abolition of the main regulator Ofwat. To critics like Sharkey, the former lead singer of the Undertones who nowadays is vocal about the state of UK's rivers, it’s an admission that the privatisation of essential monopolies has been a failure. Recently, he described this as ""possibly the greatest organised ripoff perpetrated on the British people"". So how did we get here, how might it be fixed and what will that mean for customers and their bills? Reflecting on water privatisation in her memoirs, Margaret Thatcher wrote that ""the rain may come from the Almighty but he did not send the pipes, plumbing and engineering to go with it"". When her government privatised the water companies in the late 1980s, they were debt free. Today they have a combined £60bn in debt. There is nothing intrinsically wrong with debt. It can be a cost-efficient way to finance investment in an industry that lenders have been very happy to lend to. And it's easy to see why they've been so happy to lend to it. Water companies have guaranteed and rising income from customers, who can’t go anywhere else for something they will always need. Regional monopolies of an essential service that provides a guaranteed income have always been considered a safe bet. The other attraction for shareholders in water companies, like others, is that the cost of the loan repayments can be deducted from earnings to reduce reported profit and therefore their tax bill. Some shareholders, not all, have pushed this too far and loaded an excessive amount of debt on water companies. That can backfire when the cost of that debt begins to rise – as we have seen over the last two years as interest rates rose to tackle the surge in inflation since 2022. For example, during the 10 years that Australian investment firm Macquarie was Thames Water’s biggest shareholder from 2007 to 2017, debt rose from £2bn to £11bn, during which time Macquarie and the other investors did not inject any new cash or equity of their own. In five years out of the 10 that Macquarie was a major shareholder in Thames Water, investors took out more money in dividends than the company made in profit and made up the shortfall by borrowing heavily while letting debt levels soar. Thames Water stood on the brink of bankruptcy following fears it would run out of funding by Christmas until it secured a £3bn emergency cash lifeline that will tide it over until October next year. Macquarie sold its share of the company in 2017. Newer shareholders, including large domestic and foreign pension funds, recently cancelled an injection of £500m. They did so after they learned that Ofwat would not allow bill rises that the newer shareholders insisted were necessary if their investment was to earn a return for their own pensioners and shareholders. In a statement, a spokesperson for Macquarie said: “We supported Thames Water as it delivered record levels of investment, which enabled the company to reduce leakage and pollution incidents while improving drinking water quality and security of supply. Much more needed to be done to upgrade its legacy infrastructure, but when we sold our final stake in 2017 the company was meeting all conditions set by the regulator and had an investment grade credit rating.” Thames Water’s debt today stands at over £16bn and the cost of that debt is rising for the UK’s biggest water company, which one in four people in the UK rely on for their supply. It is the most extreme example but other companies including Southern Water are in a similar debt-laden boat. Since 2021, Southern’s largest shareholder has happened to be Macquarie. As a result of all this, there is a widespread belief among the public that investors and executives have sucked out money in dividends and pay that should have been invested in improving water firms’ infrastructure. The Liberal Democrats capitalised on this perception during this year's general election, gaining dozens of seats after making the state of the reform of the industry one of their key campaign pledges. According to Ofwat, water companies have paid out £52bn in dividends (£78bn in today’s money) since 1990. Many feel that was money that could have been spent helping to prevent sewage spills rather than ending up in investors pockets. But over the same time frame water companies have invested £236bn, according to Water UK, which represents the sector. Last year, it adds, the England and Wales water sector invested £9.2bn, which it says is the highest capital investment ever in a single year. And it’s important to note that not all water companies are the same. A few are well run, have manageable debts and have invested steadily in their infrastructure over the three decades since privatisation, while delivering dividends to the shareholders who have provided the capital required by a privatised model. Regardless, lenders are now demanding higher rates from other water companies, too, as the whole sector appears a riskier bet. The regulator Ofwat allowed this increase in debt to happen as for many years it did not consider that it had the requisite powers to dictate how companies chose to structure their finances. Which brings us neatly to the next factor in this slow-motion car crash - poor regulation. Ofwat not only failed to police the levels of debt piling up on water company balance sheets. It has also been accused of getting its priorities wrong by putting too much emphasis on keeping bills low and not enough on encouraging investment. In the years after the financial crisis, the cost of borrowing fell very sharply – one reason that companies loaded up on debt. The regulator decided, with nudges from government, that cash-strapped customers needed bills to be kept as low as possible. In fact, bills rose less quickly than inflation – so in real terms were getting cheaper. But that meant less money in real terms for investment. Water industry expert John Earwaker, a director at the consultancy First Economics, has suggested that the rapid fall in financing costs could and should have made room for more investment while still keeping bill rises modest. But regulators take their cue and their powers from government. There have been negative comparisons with the telecoms industry and its regulator Ofcom, which was prompted by the government to ensure things like fast broadband received adequate investment. It’s not just a matter of supply. Demand is an issue, too. The size of the population and its concentration in cities have both risen while the weather is getting wetter. I recently went to see rusting pipes laid near Finsbury Park in London during Queen Victoria’s reign over 150 years ago being replaced with bright blue plastic ones. When the old pipes were laid, the land above them was semi-rural. Today, water company engineers are working underneath housing estates with all the disruption and expense that entails. In more recent history, population density in cities has gathered pace. In 1990, when water companies were being privatised, 45 million people lived in urban areas. Today that number is 58 million – and increase of nearly 30%. Meanwhile, there has been a 9% increase in rainfall in the past 30 years compared to the 30 years before that, according to the Met Office, and six of the 10 wettest years since Queen Victoria was on the throne have been after 1998. Heavier and more intense rainfall overwhelms ageing infrastructure like storm drains that then discharge sewage into nearby waterways. And replacing this infrastructure requires enormous investment. As Ofwat CEO David Black recently pointed out, many companies are often keen to blame everyone and everything but themselves for bad outcomes. Two weeks ago, Ofwat announced fines of £168m for three water firms over a “catalogue of failures” in how they ran their sewage works, resulting in excessive spills from storm overflows.  Then, Mr Black told the BBC: “It is clear that companies need to change and that has to start with addressing issues of culture and leadership. Too often we hear that weather, third parties or external factors are blamed for shortcomings.” Sewage discharges may have some external causes but effective monitoring, reporting, rising gripes about complaints handling and billing errors are hard bucks to pass. Some executives privately complain they are in a doom loop. They can’t charge enough to invest what’s needed, the infrastructure fails and then they are fined - leaving them even less money to invest in the very things they were fined for. That is the job Sir John Cunliffe is now charged with. In the coming six months he will hear evidence from customers, companies, engineers, climate scientists, environmental activists and many others. The setting-up of the commission was welcomed by Water UK on behalf of the sector: ""Our current system is not working and needs major reform,"" a spokesperson said. All options are on the table, according to the environment secretary, including the abolition of Ofwat, set up by Margaret Thatcher at the time of privatisation in 1989, and its replacement with a new regulator. All options, that is, apart from renationalisation which many have called for. Free-market competition doesn’t work when you have no choice which pipe you get your water out of, some argue. But Mr Reed, the environment secretary, is adamant that is not the solution: “It will cost taxpayers billions and take years during which time we won’t see more investment and the problems we see today will only get worse.” Ruling that out means that the tens, perhaps hundreds of billions needed to fix and future-proof our water industry will have to come from private investors – who will want to get their money back, plus a return for their own shareholders or pension scheme members. That means one thing is certain - even if the loos continue to flush and the water continues to flow from the taps, the failures of the past will mean significantly higher bills in the future. Asking people to pay more for their loo to flush when the service is seen to have failed will be a hard sell. 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,25/10/2024,"['Our loos flush and water comes out of our taps.', 'In that sense, the water industry in England and Wales works.', 'In just about every other way, it’s a mess.', 'The most visible sign of that mess comes after those loos have flushed.', 'Last year England’s privatised water firms released raw sewage for a total of 3.6m hours, more than double the amount recorded the year before.', 'Millions of customers, surfers and bathers have joined a chorus that former pop star Feargal Sharkey has been singing for years - that the sector is a “chaotic shambles”.', 'It’s not just our rivers, lakes and coastlines.', 'Some communities have been told to boil tap water to make it safe, others have seen their water supplies cut off for days or even weeks.', 'Environment Secretary Steve Reed told the BBC some parts of the country could face a drinking water shortage by the 2030s and plans to build new homes have been jeopardised by water supply problems.', 'Faith in these companies has never been lower and it’s not hard to see why.', 'There are some common denominators causing stress on the system that will take radical reform to tackle.', 'The government knows this - which is why it has just announced a major new commission to conduct the biggest review of the sector since privatisation 35 years ago.', 'The independent commission will be led by former Bank of England Deputy Governor Sir Jon Cunliffe and will report back with recommendations next June.', 'Options on the table include the reform or abolition of the main regulator Ofwat.', ""To critics like Sharkey, the former lead singer of the Undertones who nowadays is vocal about the state of UK's rivers, it’s an admission that the privatisation of essential monopolies has been a failure."", 'Recently, he described this as ""possibly the greatest organised ripoff perpetrated on the British people"".', 'So how did we get here, how might it be fixed and what will that mean for customers and their bills?', 'Reflecting on water privatisation in her memoirs, Margaret Thatcher wrote that ""the rain may come from the Almighty but he did not send the pipes, plumbing and engineering to go with it"".', 'When her government privatised the water companies in the late 1980s, they were debt free.', 'Today they have a combined £60bn in debt.', 'There is nothing intrinsically wrong with debt.', 'It can be a cost-efficient way to finance investment in an industry that lenders have been very happy to lend to.', ""And it's easy to see why they've been so happy to lend to it."", 'Water companies have guaranteed and rising income from customers, who can’t go anywhere else for something they will always need.', 'Regional monopolies of an essential service that provides a guaranteed income have always been considered a safe bet.', 'The other attraction for shareholders in water companies, like others, is that the cost of the loan repayments can be deducted from earnings to reduce reported profit and therefore their tax bill.', 'Some shareholders, not all, have pushed this too far and loaded an excessive amount of debt on water companies.', 'That can backfire when the cost of that debt begins to rise – as we have seen over the last two years as interest rates rose to tackle the surge in inflation since 2022.', 'For example, during the 10 years that Australian investment firm Macquarie was Thames Water’s biggest shareholder from 2007 to 2017, debt rose from £2bn to £11bn, during which time Macquarie and the other investors did not inject any new cash or equity of their own.', 'In five years out of the 10 that Macquarie was a major shareholder in Thames Water, investors took out more money in dividends than the company made in profit and made up the shortfall by borrowing heavily while letting debt levels soar.', 'Thames Water stood on the brink of bankruptcy following fears it would run out of funding by Christmas until it secured a £3bn emergency cash lifeline that will tide it over until October next year.', 'Macquarie sold its share of the company in 2017.', 'Newer shareholders, including large domestic and foreign pension funds, recently cancelled an injection of £500m. They did so after they learned that Ofwat would not allow bill rises that the newer shareholders insisted were necessary if their investment was to earn a return for their own pensioners and shareholders.', 'In a statement, a spokesperson for Macquarie said: “We supported Thames Water as it delivered record levels of investment, which enabled the company to reduce leakage and pollution incidents while improving drinking water quality and security of supply.', 'Much more needed to be done to upgrade its legacy infrastructure, but when we sold our final stake in 2017 the company was meeting all conditions set by the regulator and had an investment grade credit rating.”', 'Thames Water’s debt today stands at over £16bn and the cost of that debt is rising for the UK’s biggest water company, which one in four people in the UK rely on for their supply.', 'It is the most extreme example but other companies including Southern Water are in a similar debt-laden boat.', 'Since 2021, Southern’s largest shareholder has happened to be Macquarie.', 'As a result of all this, there is a widespread belief among the public that investors and executives have sucked out money in dividends and pay that should have been invested in improving water firms’ infrastructure.', ""The Liberal Democrats capitalised on this perception during this year's general election, gaining dozens of seats after making the state of the reform of the industry one of their key campaign pledges."", 'According to Ofwat, water companies have paid out £52bn in dividends (£78bn in today’s money) since 1990.', 'Many feel that was money that could have been spent helping to prevent sewage spills rather than ending up in investors pockets.', 'But over the same time frame water companies have invested £236bn, according to Water UK, which represents the sector.', 'Last year, it adds, the England and Wales water sector invested £9.2bn, which it says is the highest capital investment ever in a single year.', 'And it’s important to note that not all water companies are the same.', 'A few are well run, have manageable debts and have invested steadily in their infrastructure over the three decades since privatisation, while delivering dividends to the shareholders who have provided the capital required by a privatised model.', 'Regardless, lenders are now demanding higher rates from other water companies, too, as the whole sector appears a riskier bet.', 'The regulator Ofwat allowed this increase in debt to happen as for many years it did not consider that it had the requisite powers to dictate how companies chose to structure their finances.', 'Which brings us neatly to the next factor in this slow-motion car crash - poor regulation.', 'Ofwat not only failed to police the levels of debt piling up on water company balance sheets.', 'It has also been accused of getting its priorities wrong by putting too much emphasis on keeping bills low and not enough on encouraging investment.', 'In the years after the financial crisis, the cost of borrowing fell very sharply – one reason that companies loaded up on debt.', 'The regulator decided, with nudges from government, that cash-strapped customers needed bills to be kept as low as possible.', 'In fact, bills rose less quickly than inflation – so in real terms were getting cheaper.', 'But that meant less money in real terms for investment.', 'Water industry expert John Earwaker, a director at the consultancy First Economics, has suggested that the rapid fall in financing costs could and should have made room for more investment while still keeping bill rises modest.', 'But regulators take their cue and their powers from government.', 'There have been negative comparisons with the telecoms industry and its regulator Ofcom, which was prompted by the government to ensure things like fast broadband received adequate investment.', 'It’s not just a matter of supply.', 'Demand is an issue, too.', 'The size of the population and its concentration in cities have both risen while the weather is getting wetter.', 'I recently went to see rusting pipes laid near Finsbury Park in London during Queen Victoria’s reign over 150 years ago being replaced with bright blue plastic ones.', 'When the old pipes were laid, the land above them was semi-rural.', 'Today, water company engineers are working underneath housing estates with all the disruption and expense that entails.', 'In more recent history, population density in cities has gathered pace.', 'In 1990, when water companies were being privatised, 45 million people lived in urban areas.', 'Today that number is 58 million – and increase of nearly 30%.', 'Meanwhile, there has been a 9% increase in rainfall in the past 30 years compared to the 30 years before that, according to the Met Office, and six of the 10 wettest years since Queen Victoria was on the throne have been after 1998.', 'Heavier and more intense rainfall overwhelms ageing infrastructure like storm drains that then discharge sewage into nearby waterways.', 'And replacing this infrastructure requires enormous investment.', 'As Ofwat CEO David Black recently pointed out, many companies are often keen to blame everyone and everything but themselves for bad outcomes.', 'Two weeks ago, Ofwat announced fines of £168m for three water firms over a “catalogue of failures” in how they ran their sewage works, resulting in excessive spills from storm overflows.', 'Then, Mr Black told the BBC: “It is clear that companies need to change and that has to start with addressing issues of culture and leadership.', 'Too often we hear that weather, third parties or external factors are blamed for shortcomings.”', 'Sewage discharges may have some external causes but effective monitoring, reporting, rising gripes about complaints handling and billing errors are hard bucks to pass.', 'Some executives privately complain they are in a doom loop.', 'They can’t charge enough to invest what’s needed, the infrastructure fails and then they are fined - leaving them even less money to invest in the very things they were fined for.', 'That is the job Sir John Cunliffe is now charged with.', 'In the coming six months he will hear evidence from customers, companies, engineers, climate scientists, environmental activists and many others.', 'The setting-up of the commission was welcomed by Water UK on behalf of the sector: ""Our current system is not working and needs major reform,"" a spokesperson said.', 'All options are on the table, according to the environment secretary, including the abolition of Ofwat, set up by Margaret Thatcher at the time of privatisation in 1989, and its replacement with a new regulator.', 'All options, that is, apart from renationalisation which many have called for.', 'Free-market competition doesn’t work when you have no choice which pipe you get your water out of, some argue.', 'But Mr Reed, the environment secretary, is adamant that is not the solution: “It will cost taxpayers billions and take years during which time we won’t see more investment and the problems we see today will only get worse.”', 'Ruling that out means that the tens, perhaps hundreds of billions needed to fix and future-proof our water industry will have to come from private investors – who will want to get their money back, plus a return for their own shareholders or pension scheme members.', 'That means one thing is certain - even if the loos continue to flush and the water continues to flow from the taps, the failures of the past will mean significantly higher bills in the future.', 'Asking people to pay more for their loo to flush when the service is seen to have failed will be a hard sell.', '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.']",-0.0301383304609935,"The other attraction for shareholders in water companies, like others, is that the cost of the loan repayments can be deducted from earnings to reduce reported profit and therefore their tax bill.","But Mr Reed, the environment secretary, is adamant that is not the solution: “It will cost taxpayers billions and take years during which time we won’t see more investment and the problems we see today will only get worse.”",-0.1854951229501278,"For example, during the 10 years that Australian investment firm Macquarie was Thames Water’s biggest shareholder from 2007 to 2017, debt rose from £2bn to £11bn, during which time Macquarie and the other investors did not inject any new cash or equity of their own.","Thames Water’s debt today stands at over £16bn and the cost of that debt is rising for the UK’s biggest water company, which one in four people in the UK rely on for their supply.",2024-10-25
-"Fishermen on Scots trawler win £20,000 modern slavery claim",https://www.bbc.co.uk/news/articles/cqj0ln81yyjo,2024-10-24T18:10:12.015Z,"A group of migrant fishermen recognised as victims of modern slavery have been awarded £20,000 each compensation by the UK Government. The Ghanaian crew were rescued in 2020 from the scallop-trawler Olivia Jean, owned by a Scottish fishing firm TN Trawlers. The boat is part of the fleet owned by Thomas Iain Nicholson of TN Enterprises, a firm based in Annan in Dumfries and Galloway. The company was named in the recent BBC documentary Slavery at Sea. It has denied all allegations of modern slavery and human trafficking.  One of the fishermen, speaking on behalf of the group, said the settlement was a step towards justice but ""no amount of money can erase the suffering"". The claimants had been given leave to enter the UK as contract seamen. However, once on the vessel they were subject to modern slavery and forced labour. Their living conditions were grossly unsanitary and cramped, and they were not able to access safe drinking water, adequate food or medical treatment. They did not have leave to enter and remain on UK shores and could not leave their vessel and enter the UK lawfully even when it was at port. File on 4: Invisible Souls Fishermen from the Philippines, Ghana and Sri Lanka speak out for the first time about how badly they say they were treated by a Scottish fishing company. Listen on BBC Sounds. The group spokesman said: “Being trapped on that boat felt like a nightmare. We worked day and night. ""The conditions were unbearable – there was no dignity, no respect for us as human beings. “I’m grateful that we were finally rescued, but the scars of that time are still with me."" The fishermen argued that the government breached their human rights not to be held in slavery or servitude or to perform forced or compulsory labour. They also argued that the Home Office failed to identify them as being at risk of trafficking and exploitation and failed to take steps to protect them.  Each of them was awarded £20,000. They are now living in safe accommodation in West Yorkshire. Human right partner, Stephanie Hill who represented the men said exploitation remains ""rife"" in the fishing industry. She said: ""Our clients have shown a lot of courage in bringing this claim and this settlement is an important step forward in acknowledging the harm our clients endured. “This case underscores the need for stronger legal safeguards to prevent abuses like these from happening again.” TN Trawlers denied any allegation of modern slavery or human trafficking and said its workers were well-treated and well-paid. The company was the focus of two long-running criminal investigations but no cases of human trafficking or modern slavery have come to trial, although some of the men waited years to give evidence. A Home Office spokesperson said: “Modern slavery has devastating impacts and we are committed to tackling this heinous crime in all its forms. “It is long-standing government policy that we do not comment on individual cases.” Disclosure: Slavery at Sea A three-year investigation uncovers allegations of modern slavery aboard UK fishing vessels. Watch on BBC iPlayer. ",BBC,24/10/2024,"['A group of migrant fishermen recognised as victims of modern slavery have been awarded £20,000 each compensation by the UK Government.', 'The Ghanaian crew were rescued in 2020 from the scallop-trawler Olivia Jean, owned by a Scottish fishing firm TN Trawlers.', 'The boat is part of the fleet owned by Thomas Iain Nicholson of TN Enterprises, a firm based in Annan in Dumfries and Galloway.', 'The company was named in the recent BBC documentary Slavery at Sea.', 'It has denied all allegations of modern slavery and human trafficking.', 'One of the fishermen, speaking on behalf of the group, said the settlement was a step towards justice but ""no amount of money can erase the suffering"".', 'The claimants had been given leave to enter the UK as contract seamen.', 'However, once on the vessel they were subject to modern slavery and forced labour.', 'Their living conditions were grossly unsanitary and cramped, and they were not able to access safe drinking water, adequate food or medical treatment.', 'They did not have leave to enter and remain on UK shores and could not leave their vessel and enter the UK lawfully even when it was at port.', 'File on 4: Invisible Souls Fishermen from the Philippines, Ghana and Sri Lanka speak out for the first time about how badly they say they were treated by a Scottish fishing company.', 'Listen on BBC Sounds.', 'The group spokesman said: “Being trapped on that boat felt like a nightmare.', 'We worked day and night. ""', 'The conditions were unbearable – there was no dignity, no respect for us as human beings. “', 'I’m grateful that we were finally rescued, but the scars of that time are still with me.""', 'The fishermen argued that the government breached their human rights not to be held in slavery or servitude or to perform forced or compulsory labour.', 'They also argued that the Home Office failed to identify them as being at risk of trafficking and exploitation and failed to take steps to protect them.', 'Each of them was awarded £20,000.', 'They are now living in safe accommodation in West Yorkshire.', 'Human right partner, Stephanie Hill who represented the men said exploitation remains ""rife"" in the fishing industry.', 'She said: ""Our clients have shown a lot of courage in bringing this claim and this settlement is an important step forward in acknowledging the harm our clients endured. “', 'This case underscores the need for stronger legal safeguards to prevent abuses like these from happening again.”', 'TN Trawlers denied any allegation of modern slavery or human trafficking and said its workers were well-treated and well-paid.', 'The company was the focus of two long-running criminal investigations but no cases of human trafficking or modern slavery have come to trial, although some of the men waited years to give evidence.', 'A Home Office spokesperson said: “Modern slavery has devastating impacts and we are committed to tackling this heinous crime in all its forms. “', 'It is long-standing government policy that we do not comment on individual cases.”', 'Disclosure: Slavery at Sea A three-year investigation uncovers allegations of modern slavery aboard UK fishing vessels.', 'Watch on BBC iPlayer.']",-0.2181451964224531,This case underscores the need for stronger legal safeguards to prevent abuses like these from happening again.”,"The company was the focus of two long-running criminal investigations but no cases of human trafficking or modern slavery have come to trial, although some of the men waited years to give evidence.",-0.0271687426350333,"She said: ""Our clients have shown a lot of courage in bringing this claim and this settlement is an important step forward in acknowledging the harm our clients endured. “","Their living conditions were grossly unsanitary and cramped, and they were not able to access safe drinking water, adequate food or medical treatment.",2024-10-25
-"GM stock has best day since 2020 after automaker tops Wall Street's third-quarter expectations, raises guidance",https://www.cnbc.com/2024/10/22/general-motors-gm-earnings-q3-2024.html,2024-10-22T20:23:32+0000,"In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year.Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet.GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations.GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50. It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks. The automaker plans to lower its outstanding shares to below 1 billion by early 2025. GM had more than 1.1 billion shares outstanding as of Tuesday close.The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters.GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs.Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening,  remained over $49,000 from July through September.""The consumer has held up remarkably well for us,"" he said during a media briefing. ""Nothing we see has changed from where we've been for the last several quarters.""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier. Its net income during the quarter rose slightly to $3 billion.Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings.The company's North American operations represented a disproportional amount of its earnings. They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier. The results represented a 9.7% adjusted profit margin.The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter. The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter.The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year. GM expects to share its full 2025 guidance in January.Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans.""We think we can turn it around,"" Jacobson told CNBC's Phil LeBeau on Tuesday regarding China. He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.Shares of GM were up about 36% this year as of Monday's close of $48.93. The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. An earlier version misstated a figure.",CNBC,22/10/2024,"[""In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year."", ""Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet."", ""GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations."", 'GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50.', 'It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.', 'The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.', 'Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks.', 'The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.', ""The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters."", ""GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs."", ""Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening, remained over $49,000 from July through September."", '""The consumer has held up remarkably well for us,"" he said during a media briefing. ""', ""Nothing we see has changed from where we've been for the last several quarters."", '""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier.', 'Its net income during the quarter rose slightly to $3 billion.', ""Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings."", ""The company's North American operations represented a disproportional amount of its earnings."", 'They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier.', 'The results represented a 9.7% adjusted profit margin.', 'The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.', ""GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter."", ""The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter."", 'The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year.', 'GM expects to share its full 2025 guidance in January.', ""Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans."", '""We think we can turn it around,"" Jacobson told CNBC\'s Phil LeBeau on Tuesday regarding China.', 'He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.', ""Shares of GM were up about 36% this year as of Monday's close of $48.93."", 'The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.', 'Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'An earlier version misstated a figure.']",0.2014658441001565,The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.,"That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.",0.5029580569267273,Its net income during the quarter rose slightly to $3 billion.,"The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.",2024-10-25
-Shares of Peloton surge 11% after David Einhorn says stock is significantly undervalued,https://www.cnbc.com/2024/10/23/david-einhorn-says-peloton-is-significantly-undervalued.html,2024-10-24T11:21:47+0000,"In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned. Einhorn made the pitch at the Robin Hood Investors Conference. It was not immediately clear what Einhorn believed Peloton shares should trade at.He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said. Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30. Peloton's stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday's close. Einhorn's comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer's stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment. The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year. It is in the process of finding a new CEO and expects to announce its next top executive this year.When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround. Peloton did not immediately respond to CNBC's request for comment.",CNBC,24/10/2024,"[""In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned."", 'Einhorn made the pitch at the Robin Hood Investors Conference.', 'It was not immediately clear what Einhorn believed Peloton shares should trade at.', 'He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said.', ""Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30.Peloton's stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday's close."", ""Einhorn's comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer's stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment."", 'The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year.', 'It is in the process of finding a new CEO and expects to announce its next top executive this year.', 'When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround.', ""Peloton did not immediately respond to CNBC's request for comment.""]",0.1622584217865628,"When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround.",,0.9987915754318236,"In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned.",,2024-10-25
-September home sales drop to lowest level since 2010,https://www.cnbc.com/2024/10/23/september-home-sales-drop-to-the-lowest-level-since-2010.html,2024-10-23T14:15:32+0000,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.Sales were 3.5% lower than in September 2023. Sales fell in three out of four U.S. regions, with just the West region seeing a gain.This count is based on closings, representing contracts signed likely in July and August. Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%. Rates are now more than a full percentage point lower than they were a year ago.""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2% of all transactions in September.""The pressure of still low inventory continues to push prices higher. The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.Cash continues to be king in this market, making up 30% of September sales. Pre-Covid, cash buyers made up about 20% of sales. Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.Homes are sitting longer, an average of 28 days compared with just 21 days a year ago. First-time buyers pulled back again, making up just 26% of September sales. That matches the all-time low from August.",CNBC,23/10/2024,"['Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.', 'Sales were 3.5% lower than in September 2023.', 'Sales fell in three out of four U.S. regions, with just the West region seeing a gain.', 'This count is based on closings, representing contracts signed likely in July and August.', 'Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%.', 'Rates are now more than a full percentage point lower than they were a year ago.', '""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.', 'Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.', 'That represents a 4.3-month supply at the current sales pace.', 'Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""', 'However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.', 'Distressed property sales accounted for only 2% of all transactions in September.', '""The pressure of still low inventory continues to push prices higher.', 'The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.', 'Cash continues to be king in this market, making up 30% of September sales.', 'Pre-Covid, cash buyers made up about 20% of sales.', 'Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.', 'Homes are sitting longer, an average of 28 days compared with just 21 days a year ago.', 'First-time buyers pulled back again, making up just 26% of September sales.', 'That matches the all-time low from August.']",-0.0407087180599269,"Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""","However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.",-0.2287962237993876,Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.",2024-10-25
-Microsoft boss gets 63% pay rise despite asking for reduction,https://www.bbc.co.uk/news/articles/cwy1lkp71n2o,2024-10-25T16:49:56.282Z,"Microsoft's chief executive Satya Nadella earned $79.1m (£61m) last year, a rise of 63% compared to his compensation the year before. That was despite a request from Mr Nadella to reduce one element of his pay package because of cybersecurity flaws at the tech giant  - which resulted in him getting $5m less than he otherwise would have. In common with many tech firms, Microsoft has cut thousands of jobs this year, including many in its gaming division. But in a proxy statement filed with the US financial regulator, the board said the company's revenue grew by 16% in the year to 30 June 2024. ""Mr. Nadella agreed that the Company’s performance was extremely strong,"" Microsoft's compensation committee wrote in a letter to shareholders. It added he asked them ""to consider departing from the established performance metrics and reduce his cash incentive to reflect his personal accountability"" over a number of cyber attacks. One such attack was reported in July 2023 by Microsoft, where hackers gained access to the email accounts of around 25 organisations, including government agencies. Microsoft said the attack originated in China, though the Chinese embassy in London called this ""disinformation"". The fiscal period runs up to 30 June 2024 - just weeks before the massive internet outage which affected Microsoft Windows PCs, causing chaos around the world. While that was not a cyber attack, later in July Microsoft apologised for another outage which was caused by a cyber attack. The compensation committee said it reduced Mr Nadella's cash pay by more than half, to $5.2m. That represents less than 7% of his total pay. The bulk of his pay, $71.2m, was made up of stock options. High Pay Centre director Luke Hildyard said ""superficially"" the earnings made sense given Microsoft's strong financial performance. ""However, we might also ask whether the extra $79 million on top of $49 million last year for someone who is already worth hundreds of millions, with more money than they could spent over multiple lifetimes of absolute luxury, is really necessary as a reward of incentive,"" he told the BBC. ""None of Microsoft's success would be possible without workers, customers and wider society so perhaps the proceeds of that success should be share a little more evenly,"" he added. Elsewhere in big tech, Apple boss Tim Cook earned $63.2m in 2023, while the chief executive of the world's most valuable company Nvidia, Jensen Huang, was paid $34.2m in the 2024 fiscal year. But none of them come close to Tesla boss Elon Musk, whose pay packet could be worth up to $56bn. ",BBC,25/10/2024,"[""Microsoft's chief executive Satya Nadella earned $79.1m (£61m) last year, a rise of 63% compared to his compensation the year before."", 'That was despite a request from Mr Nadella to reduce one element of his pay package because of cybersecurity flaws at the tech giant - which resulted in him getting $5m less than he otherwise would have.', 'In common with many tech firms, Microsoft has cut thousands of jobs this year, including many in its gaming division.', 'But in a proxy statement filed with the US financial regulator, the board said the company\'s revenue grew by 16% in the year to 30 June 2024. ""', 'Mr. Nadella agreed that the Company’s performance was extremely strong,"" Microsoft\'s compensation committee wrote in a letter to shareholders.', 'It added he asked them ""to consider departing from the established performance metrics and reduce his cash incentive to reflect his personal accountability"" over a number of cyber attacks.', 'One such attack was reported in July 2023 by Microsoft, where hackers gained access to the email accounts of around 25 organisations, including government agencies.', 'Microsoft said the attack originated in China, though the Chinese embassy in London called this ""disinformation"".', 'The fiscal period runs up to 30 June 2024 - just weeks before the massive internet outage which affected Microsoft Windows PCs, causing chaos around the world.', 'While that was not a cyber attack, later in July Microsoft apologised for another outage which was caused by a cyber attack.', ""The compensation committee said it reduced Mr Nadella's cash pay by more than half, to $5.2m. That represents less than 7% of his total pay."", 'The bulk of his pay, $71.2m, was made up of stock options.', 'High Pay Centre director Luke Hildyard said ""superficially"" the earnings made sense given Microsoft\'s strong financial performance. ""', 'However, we might also ask whether the extra $79 million on top of $49 million last year for someone who is already worth hundreds of millions, with more money than they could spent over multiple lifetimes of absolute luxury, is really necessary as a reward of incentive,"" he told the BBC. ""', 'None of Microsoft\'s success would be possible without workers, customers and wider society so perhaps the proceeds of that success should be share a little more evenly,"" he added.', ""Elsewhere in big tech, Apple boss Tim Cook earned $63.2m in 2023, while the chief executive of the world's most valuable company Nvidia, Jensen Huang, was paid $34.2m in the 2024 fiscal year."", 'But none of them come close to Tesla boss Elon Musk, whose pay packet could be worth up to $56bn.']",0.0869236189501182,"None of Microsoft's success would be possible without workers, customers and wider society so perhaps the proceeds of that success should be share a little more evenly,"" he added.","The fiscal period runs up to 30 June 2024 - just weeks before the massive internet outage which affected Microsoft Windows PCs, causing chaos around the world.",0.0789886050754123,"But in a proxy statement filed with the US financial regulator, the board said the company's revenue grew by 16% in the year to 30 June 2024. """,That was despite a request from Mr Nadella to reduce one element of his pay package because of cybersecurity flaws at the tech giant - which resulted in him getting $5m less than he otherwise would have.,2024-10-25
-"Peloton partners with Costco to sell Bike+ as it looks to reach young, wealthy customers",https://www.cnbc.com/2024/10/22/peloton-costco-partner-to-sell-bike-for-2024-holiday.html,2024-10-22T16:33:23+0000,"In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday.Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495. The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty. It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer. The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers. Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview. ""We've been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."" Camp Sanders said Peloton's partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers. The membership-based club has gained popularity as shoppers across all incomes prioritize value and try to get more for their money with bulk packs and private-label items.As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data. Costco's members are also getting younger. Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not. About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September. According to Numerator, 36% of Costco's customers have a household income of more than $125,000. Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population.Camp Sanders said Costco's members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers. ""Many of [Costco's] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""Many Costco members are juggling families, they maybe have a busy career … and they've got the space in their home"" to build their own gyms, he continued. Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases. For example, hundreds of Hyatt Hotel properties have Peloton equipment on site. As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay. It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.",CNBC,22/10/2024,"[""In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday."", ""Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495."", ""The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty."", 'It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer.', 'The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.', 'Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.', 'As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers.', ""Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview."", '""We\'ve been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""', ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."", '""Camp Sanders said Peloton\'s partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.', 'The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers.', 'The membership-based club hasgained popularity as shoppersacross all incomesprioritize value and try to get more for their money with bulk packs and private-label items.', 'As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.', ""Costco's members are also getting younger."", 'Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not.', ""About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September."", ""According to Numerator, 36% of Costco's customers have a household income of more than $125,000."", ""Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population."", 'Camp Sanders said Costco\'s members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers.', '""Many of [Costco\'s] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""', 'Many Costco members are juggling families, they maybe have a busy career … and they\'ve got the space in their home"" to build their own gyms, he continued.', ""Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases."", 'For example, hundreds of Hyatt Hotel properties have Peloton equipment on site.', 'As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay.', 'It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.', ""Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.""]",0.2249941021309299,"Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",0.802168380130421,"As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",2024-10-25
-US warns Elon Musk that his $1m voter giveaway may be illegal,https://www.bbc.co.uk/news/articles/c748l0zv4x8o,2024-10-23T22:23:52.333Z,"A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media.  Mr Musk, who is the world's richest man, actively campaigns for Republican Donald Trump in his presidential bid against Kamala Harris.  Over the weekend, the owner of Tesla and X/Twitter began giving away prizes to American voters who signed a petition.  It's unclear when the DOJ letter was sent to Mr Musk's organisation, America PAC. DOJ investigators have declined to comment on the case. US outlets, including CBS News, the BBC's US partner, reported on Wednesday that the letter informed Musk's team that the giveaway may violate federal election laws.  It was sent by the DOJ's Public Integrity Section following outrage from Democrats over the cash stunt.  Under US law, it is illegal to pay people to register to vote. But it remains unclear whether the sweepstakes breaks any laws.  Mr Musk's contest offers money to signatories of a petition, which the PAC circulated.  “We want to try to get over a million, maybe 2 million voters in the battleground states to sign the petition in support of the First and Second Amendment,” Mr Musk said in Pennsylvania on Saturday when he announced the event.  The contest rules state that winners must be registered to vote, but no party affiliation is required.  “We are going to be awarding $1 million (£770,000) randomly to people who have signed the petition, every day, from now until the election,” he said. The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”. It is open to voters in seven swing states - Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina. US election day is 5 November. On Tuesday, a group of Republican ex-prosecutors wrote to the DOJ urging officials to investigate the contest.  ""We are aware of nothing like this in modern political history,"" they wrote, pointing to potential federal and state law violations. ""Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote. But serious questions arising under laws that directly regulate the voting process must be an exception."" Mr Musk previously dismissed claims that the contest is illegal, saying: ""You can be from any or no political party, and you don’t even have to vote."" On Sunday, the contest reframed its rules, describing the money as payment for a job, according to CNN. America PAC said the winner will be “selected to earn $1M as a spokesperson for America PAC”. Winners have gone on to film pro-Trump videos.  Several legal experts have told the BBC that they believe the contest may be illegal. ""His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" said Paul Schiff Berman, a law professor at the George Washington University. He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence. Adav Noti of the non-partisan Campaign Legal Center said Mr Musk's scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC. But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole. He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court. Do you live outside the US and have a question out the election? Tell us here or use the form below. ",BBC,23/10/2024,"[""A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media."", ""Mr Musk, who is the world's richest man, actively campaigns for Republican Donald Trump in his presidential bid against Kamala Harris."", 'Over the weekend, the owner of Tesla and X/Twitter began giving away prizes to American voters who signed a petition.', ""It's unclear when the DOJ letter was sent to Mr Musk's organisation, America PAC."", 'DOJ investigators have declined to comment on the case.', ""US outlets, including CBS News, the BBC's US partner, reported on Wednesday that the letter informed Musk's team that the giveaway may violate federal election laws."", ""It was sent by the DOJ's Public Integrity Section following outrage from Democrats over the cash stunt."", 'Under US law, it is illegal to pay people to register to vote.', 'But it remains unclear whether the sweepstakes breaks any laws.', ""Mr Musk's contest offers money to signatories of a petition, which the PAC circulated. “"", 'We want to try to get over a million, maybe 2 million voters in the battleground states to sign the petition in support of the First and Second Amendment,” Mr Musk said in Pennsylvania on Saturday when he announced the event.', 'The contest rules state that winners must be registered to vote, but no party affiliation is required. “', 'We are going to be awarding $1 million (£770,000) randomly to people who have signed the petition, every day, from now until the election,” he said.', 'The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”.', 'It is open to voters in seven swing states - Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina.', 'US election day is 5 November.', 'On Tuesday, a group of Republican ex-prosecutors wrote to the DOJ urging officials to investigate the contest. ""', 'We are aware of nothing like this in modern political history,"" they wrote, pointing to potential federal and state law violations. ""', 'Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote.', 'But serious questions arising under laws that directly regulate the voting process must be an exception.""', 'Mr Musk previously dismissed claims that the contest is illegal, saying: ""You can be from any or no political party, and you don’t even have to vote.""', 'On Sunday, the contest reframed its rules, describing the money as payment for a job, according to CNN.', 'America PAC said the winner will be “selected to earn $1M as a spokesperson for America PAC”.', 'Winners have gone on to film pro-Trump videos.', 'Several legal experts have told the BBC that they believe the contest may be illegal. ""', 'His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" said Paul Schiff Berman, a law professor at the George Washington University.', 'He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence.', 'Adav Noti of the non-partisan Campaign Legal Center said Mr Musk\'s scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""', 'It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC.', 'But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole.', 'He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.', 'Do you live outside the US and have a question out the election?', 'Tell us here or use the form below.']",-0.0526788716703339,"The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”.","He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.",-0.339995801448822,"But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole.","A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media.",2024-10-25
-US gets $100m settlement for Baltimore bridge collapse,https://www.bbc.co.uk/news/articles/c5yg93dpw6vo,2024-10-24T22:20:18.259Z,"The owners of a container ship that crashed into Baltimore's Francis Scott Key Bridge have been ordered to pay the US government more than $100m (£77.1m) in damages, the US justice department has announced. Grace Ocean Private Limited and Synergy Marine Private Limited, the companies that owned and operated the Dali have agreed to pay, resolving a month-long civil lawsuit. The justice department called the 26 March collision that killed six and sent tonnes of debris into the river ""one of the worst transportation disasters in recent memory"".  Payment will go to the US Treasury and other federal agencies directly affected by the collision or involved in the response. “This is a tremendous outcome that fully compensates the United States for the costs it incurred in responding to this disaster and holds the owner and operator of the Dali accountable,” said Brian Boynton, head of the justice department’s civil division, in a press release on Thursday. The department said the settlement does not include any damages for the reconstruction of the Francis Scott Key Bridge. The state has filed its own claim for those damages. The settlement ""strictly covers costs related to clearing the channel"" and ""not indicative of any liability,"" a Synergy spokesperson said in a statement. ""No punitive damages have been imposed as part of this settlement. In accordance with the settlement, the United States has dismissed its claim,"" it added. The US blamed the incident on electrical and mechanical systems failures on the ship. It alleged the Dali was inadequately maintained, which it said caused the ship to lose power and crash into a bridge column. Six men - all construction workers fixing potholes on the bridge - died when they were plunged into the water after the container ship hit the structure. The Dali's collision sent tonnes of debris into the Patapsco River, freezing traffic for months at one of the busiest ports in the US. In response, the US coordinated dozens of federal, state and local agencies to remove 50,000 tonnes of steel, concrete, and asphalt from the shipping channel and from the Dali, the justice department said. The bridge collapse also caused ""economic devastation"" as shipping was brought to a standstill. The Port of Baltimore reopened in June for commercial navigation. The incident also blocked a key route for local commuters.  ",BBC,24/10/2024,"[""The owners of a container ship that crashed into Baltimore's Francis Scott Key Bridge have been ordered to pay the US government more than $100m (£77.1m) in damages, the US justice department has announced."", 'Grace Ocean Private Limited and Synergy Marine Private Limited, the companies that owned and operated the Dali have agreed to pay, resolving a month-long civil lawsuit.', 'The justice department called the 26 March collision that killed six and sent tonnes of debris into the river ""one of the worst transportation disasters in recent memory"".', 'Payment will go to the US Treasury and other federal agencies directly affected by the collision or involved in the response. “', 'This is a tremendous outcome that fully compensates the United States for the costs it incurred in responding to this disaster and holds the owner and operator of the Dali accountable,” said Brian Boynton, head of the justice department’s civil division, in a press release on Thursday.', 'The department said the settlement does not include any damages for the reconstruction of the Francis Scott Key Bridge.', 'The state has filed its own claim for those damages.', 'The settlement ""strictly covers costs related to clearing the channel"" and ""not indicative of any liability,"" a Synergy spokesperson said in a statement. ""', 'No punitive damages have been imposed as part of this settlement.', 'In accordance with the settlement, the United States has dismissed its claim,"" it added.', 'The US blamed the incident on electrical and mechanical systems failures on the ship.', 'It alleged the Dali was inadequately maintained, which it said caused the ship to lose power and crash into a bridge column.', 'Six men - all construction workers fixing potholes on the bridge - died when they were plunged into the water after the container ship hit the structure.', ""The Dali's collision sent tonnes of debris into the Patapsco River, freezing traffic for months at one of the busiest ports in the US."", 'In response, the US coordinated dozens of federal, state and local agencies to remove 50,000 tonnes of steel, concrete, and asphalt from the shipping channel and from the Dali, the justice department said.', 'The bridge collapse also caused ""economic devastation"" as shipping was brought to a standstill.', 'The Port of Baltimore reopened in June for commercial navigation.', 'The incident also blocked a key route for local commuters.']",-0.2318862050566348,"In response, the US coordinated dozens of federal, state and local agencies to remove 50,000 tonnes of steel, concrete, and asphalt from the shipping channel and from the Dali, the justice department said.","The justice department called the 26 March collision that killed six and sent tonnes of debris into the river ""one of the worst transportation disasters in recent memory"".",-0.4759339226616753,"This is a tremendous outcome that fully compensates the United States for the costs it incurred in responding to this disaster and holds the owner and operator of the Dali accountable,” said Brian Boynton, head of the justice department’s civil division, in a press release on Thursday.","It alleged the Dali was inadequately maintained, which it said caused the ship to lose power and crash into a bridge column.",2024-10-25
-WordPress v WP Engine: Why the feud matters to the internet,https://www.bbc.co.uk/news/articles/cm2y7eyp3zpo,2024-10-25T21:55:34.956Z,"One of the world's biggest web publishing platforms - used by a large chunk of the internet - is locked in a spat which is affecting thousands of businesses worldwide. While most of the work WordPress does is not seen by internet users, it says its behind-the-scenes web-building tools power 40% of the world's websites. That means its disagreement with a company called WP Engine is causing disruption to the huge number businesses that rely on the two organisations to keep their websites running. Tricia Fox, who runs an agency that manages about 70 websites - and is caught up in the row - told the BBC: ""I can't run a business on this level of uncertainty."" The very wide use of WordPress makes it ""crucial to the internet"", according to Daniel Card, fellow of BCS, the Chartered Institute for IT. But that also means ""its actions definitely have a big ripple effect online"", he says - a ripple effect firms like Tricia Fox's are starting to really feel. The row between the companies begins with the fact that WordPress has two sides: its non-profit organisation, called WordPress.org, and its profit-making arm, called Automattic.  WordPress.org makes its source code open, which mean anyone can use it to create and redistribute their own tools for free. That's what WP Engine does to run a web hosting service. But in return for the source code, WordPress expects those who use it to contribute to its maintenance, for example by fixing bugs and testing new features. The boss of WordPress accuses WP Engine of failing to do so, going so far as to call it ""a cancer to WordPress."" As a result, in late September, he banned WP Engine from using key parts of WordPress. WP Engine rejects these claims. ""We are proud of our extensive contributions to the WordPress ecosystem,"" WP Engine wrote in a post on X/Twitter. Caught in the middle of this row are the countless websites and blogs that rely on the two companies services. People like Tricia Fox, who uses a WP Engine subsidiary to host the websites her company serves. She now says she is ""almost certain"" to migrate her websites to a different host - a decision which she says is worth ""tens of thousands of pounds"" over the next few years. She wants to move away from WP Engine because the fallout has resulted in dozens of hours of extra work for her staff - increasing costs for her business. ""The team don't know if it's going to work today or not,"" Ms Fox told the BBC. But she worries even a costly move away from WP Engine may not solve her problems, as she would still be using another host based on the WordPress code. ""What's to stop WordPress from doing this again [to another company]?"" she asks. ""Right now we are currently focused on resolving our dispute with WP Engine,"" WordPress said when the BBC asked if it would go after other companies in a similar manner. The row also underscores how important the open source principle is to the online economy. While big tech might attract the headlines, for many people and businesses it is something much less eye-catching that keeps them afloat. ""Open source is all about sharing code and standards so everyone benefits, and it’s a huge part of what makes the internet work,"" says Daniel Card. And with WordPress being such a big player in that world, if it makes changes to its tools, he adds, ""it’s felt by users everywhere and often impacts hosting, plugins, and web standards across the internet."" While much of the spat between the two sides has taken place through official social media accounts and blog posts, it has also entered the courtroom. WordPress.org cannot force WP Engine to contribute to its open source project - but it does have control over its trademarks. It argues that WP Engine mentions WordPress in its marketing tools to help sell its product - and therefore should pay to use the trademark. ""Any business making hundreds of millions of dollars off of an open source project ought to give back, and if they don't, then they can’t use its trademarks,"" Mr Mullenweg wrote in a blog post. The trademarks do not cover the ""WP"" abbreviation, but the WordPress Foundation says: ""please don’t use it in a way that confuses people"". WP Engine has meanwhile filed a legal case against Mr Mullenweg and Automattic, with accusations of attempted extortion, libel and a violation of the Computer Fraud and Abuse Act among its complaints. It claims Automattic told WP Engine they would have to pay ""tens of millions of dollars"" in order to continue using the WordPress trademarks. WP Engine has since asked for the legal process to be sped up as its businesses are suffering. Its recent filing claimed the number of cancellation requests it receives have increased by 14% compared to normal trading, as a result of the disruption. It said it it is also losing out on potential new customers due to uncertainty over its future access to WordPress products. Automattic has called the lawsuit ""baseless"" and ""flawed, start to finish.""  ""We vehemently deny WP Engine’s allegations - which are gross mischaracterizations of reality,"" it said in a statement, adding that it would ""vigorously litigate against this absurd filing"". ",BBC,25/10/2024,"[""One of the world's biggest web publishing platforms - used by a large chunk of the internet - is locked in a spat which is affecting thousands of businesses worldwide."", ""While most of the work WordPress does is not seen by internet users, it says its behind-the-scenes web-building tools power 40% of the world's websites."", 'That means its disagreement with a company called WP Engine is causing disruption to the huge number businesses that rely on the two organisations to keep their websites running.', 'Tricia Fox, who runs an agency that manages about 70 websites - and is caught up in the row - told the BBC: ""I can\'t run a business on this level of uncertainty.""', 'The very wide use of WordPress makes it ""crucial to the internet"", according to Daniel Card, fellow of BCS, the Chartered Institute for IT.', 'But that also means ""its actions definitely have a big ripple effect online"", he says - a ripple effect firms like Tricia Fox\'s are starting to really feel.', 'The row between the companies begins with the fact that WordPress has two sides: its non-profit organisation, called WordPress.org, and its profit-making arm, called Automattic.', 'WordPress.org makes its source code open, which mean anyone can use it to create and redistribute their own tools for free.', ""That's what WP Engine does to run a web hosting service."", 'But in return for the source code, WordPress expects those who use it to contribute to its maintenance, for example by fixing bugs and testing new features.', 'The boss of WordPress accuses WP Engine of failing to do so, going so far as to call it ""a cancer to WordPress.""', 'As a result, in late September, he banned WP Engine from using key parts of WordPress.', 'WP Engine rejects these claims. ""', 'We are proud of our extensive contributions to the WordPress ecosystem,"" WP Engine wrote in a post on X/Twitter.', 'Caught in the middle of this row are the countless websites and blogs that rely on the two companies services.', 'People like Tricia Fox, who uses a WP Engine subsidiary to host the websites her company serves.', 'She now says she is ""almost certain"" to migrate her websites to a different host - a decision which she says is worth ""tens of thousands of pounds"" over the next few years.', 'She wants to move away from WP Engine because the fallout has resulted in dozens of hours of extra work for her staff - increasing costs for her business. ""', 'The team don\'t know if it\'s going to work today or not,"" Ms Fox told the BBC.', 'But she worries even a costly move away from WP Engine may not solve her problems, as she would still be using another host based on the WordPress code. ""', 'What\'s to stop WordPress from doing this again [to another company]?""', 'she asks. ""', 'Right now we are currently focused on resolving our dispute with WP Engine,"" WordPress said when the BBC asked if it would go after other companies in a similar manner.', 'The row also underscores how important the open source principle is to the online economy.', 'While big tech might attract the headlines, for many people and businesses it is something much less eye-catching that keeps them afloat. ""', 'Open source is all about sharing code and standards so everyone benefits, and it’s a huge part of what makes the internet work,"" says Daniel Card.', 'And with WordPress being such a big player in that world, if it makes changes to its tools, he adds, ""it’s felt by users everywhere and often impacts hosting, plugins, and web standards across the internet.""', 'While much of the spat between the two sides has taken place through official social media accounts and blog posts, it has also entered the courtroom.', 'WordPress.org cannot force WP Engine to contribute to its open source project - but it does have control over its trademarks.', 'It argues that WP Engine mentions WordPress in its marketing tools to help sell its product - and therefore should pay to use the trademark. ""', 'Any business making hundreds of millions of dollars off of an open source project ought to give back, and if they don\'t, then they can’t use its trademarks,"" Mr Mullenweg wrote in a blog post.', 'The trademarks do not cover the ""WP"" abbreviation, but the WordPress Foundation says: ""please don’t use it in a way that confuses people"".', 'WP Engine has meanwhile filed a legal case against Mr Mullenweg and Automattic, with accusations of attempted extortion, libel and a violation of the Computer Fraud and Abuse Act among its complaints.', 'It claims Automattic told WP Engine they would have to pay ""tens of millions of dollars"" in order to continue using the WordPress trademarks.', 'WP Engine has since asked for the legal process to be sped up as its businesses are suffering.', 'Its recent filing claimed the number of cancellation requests it receives have increased by 14% compared to normal trading, as a result of the disruption.', 'It said it it is also losing out on potential new customers due to uncertainty over its future access to WordPress products.', 'Automattic has called the lawsuit ""baseless"" and ""flawed, start to finish."" ""', 'We vehemently deny WP Engine’s allegations - which are gross mischaracterizations of reality,"" it said in a statement, adding that it would ""vigorously litigate against this absurd filing"".']",0.0898919432543614,"Open source is all about sharing code and standards so everyone benefits, and it’s a huge part of what makes the internet work,"" says Daniel Card.","WP Engine has meanwhile filed a legal case against Mr Mullenweg and Automattic, with accusations of attempted extortion, libel and a violation of the Computer Fraud and Abuse Act among its complaints.",-0.441720758875211,"Its recent filing claimed the number of cancellation requests it receives have increased by 14% compared to normal trading, as a result of the disruption.",It said it it is also losing out on potential new customers due to uncertainty over its future access to WordPress products.,2024-10-25
-What we know about the McDonald's E. coli outbreak in the US,https://www.bbc.co.uk/news/articles/ce9gzlpyx7mo,2024-10-24T17:15:12.114Z,"At least 75 people across 13 states have been infected after eating McDonald's Quarter Pounders linked to a deadly E. coli strain, health authorities announced on Friday. The Centers for Disease Control and Prevention (CDC) said 22 people have been admitted to hospital, and one person has died. Most of the cases of E. coli, a type of bacteria that can cause serious stomach problems, were recorded in western and Midwest states. Officials said the outbreak had prompted McDonald's and other major food companies to temporarily remove onions from their offerings, and the risk to the public ""is very low"".  Here's what we know so far.  More illness has been reported since the CDC announced on Tuesday that it was tracking an outbreak of 49 E. coli cases, concentrated in the states of Colorado and Nebraska. As of Friday, the agency had recorded 75 cases across 13 states. Of the 26 people who became sick in Colorado, one older adult has died - the first, and only, death that has been linked to the outbreak.  The CDC said that an infected child is in hospital with a condition known as haemolytic uremic syndrome (HUS), which can cause kidney failure.  The first confirmed case was reported on 27 September, but McDonald's said authorities only notified the company of their concerns late last week. The most recent was on 10 October.  The CDC said all of the people it had interviewed so far had reported eating at McDonald's before becoming ill. McDonald's responded earlier this week by temporarily removing Quarter Pounders and fresh slivered onions from about a fifth of its stores in the US.  Investigators are eyeing the possibility that the onions, a popular topping, could be the cause of contamination.  The CDC and FDA said on Tuesday that they had not yet ruled out that the patties themselves could be to blame.  The chain has agreed with that assessment, but also said that its burgers are cooked to 175 degrees -  which is above the 160 degree level needed to kill the E. coli bacteria The cases involve purchases from multiple stores, making it unlikely that food preparation is at fault, McDonald's said.  The company said the stores involved had also used multiple suppliers for the beef patties, but shared a single supplier of onions - identified as California-based Taylor Farms, one of the world's largest vegetable processors. Taylor Farms, which works with major food suppliers such as US Foods, has issued its own recall of some batches of onions out of an abundance of caution. Taylor Farms said in a statement provided to the BBC's US news partner, CBS News, that it conducted tests on ""raw and finished"" onion products and ""found no traces of E. coli"". The CDC said on Friday that due to the product actions taken by McDonald's and Taylor Farms it believed ""the risk to the public is very low"".  The chain's decision to remove quarter pounders and slivered onions from the menu affects stores in Colorado, Kansas, Utah, Wyoming, as well as parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, and Oklahoma. Other hamburger items are not affected.  On Thursday, the fast food firm Yum! Brands said it was monitoring the outbreak and had decided to proactively remove fresh onions from ""select Taco Bell, Pizza Hut and KFC restaurants"" in the US.  The company declined to say how many locations were affected by the decision. Burger King said on Thursday that about 5% of its restaurants receive onions from Taylor Farms. While there has been no indication of contamination or illness at those restaurants, the chain said they had disposed of the produce and were restocking. US Foods, a major supplier, has also alerted its customers, which include smaller regional chains.   E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals. Although many are harmless, some produce toxins that can make humans very ill. Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.  Some infections can lead to other more serious problems, including kidney failure.  Symptoms tend to emerge three to nine days after eating the contaminated food.  McDonald's shares opened down 7% on Wednesday, after news of the outbreak became public. They have since recovered some ground.  The burger giant said this week that it was too early to say how damaging it would be for sales.     It said that it believed it had removed the problem from its supply chain and is aiming to return quarter pounders to the affected states in the next few weeks.  But the issue came as McDonalds was already on the defensive, as customers have cut back on fast food spending.  The change in consumer spending has forced McDonalds and other chains to lean heavily on discounts and other promotions.  The first lawsuit against McDonald's over the outbreak has been filed by a man who fell ill two days after eating at a restaurant in Greeley, Colorado. After seeking emergency care, Eric Stelly tested positive for E. coli and health officials confirmed his infection was linked to the outbreak, according to a press release from his lawyer, Ron Simon. ""We will make sure that all of the victims are fully compensated for their losses... and that McDonald's and its suppliers permanently fix the health violations that caused the food to become contaminated with E. coli.,"" said Mr Simon. The lawsuit was filed in Chicago, where the headquarters of the fast-food chain is located. ",BBC,24/10/2024,"[""At least 75 people across 13 states have been infected after eating McDonald's Quarter Pounders linked to a deadly E. coli strain, health authorities announced on Friday."", 'The Centers for Disease Control and Prevention (CDC) said 22 people have been admitted to hospital, and one person has died.', 'Most of the cases of E. coli, a type of bacteria that can cause serious stomach problems, were recorded in western and Midwest states.', 'Officials said the outbreak had prompted McDonald\'s and other major food companies to temporarily remove onions from their offerings, and the risk to the public ""is very low"".', ""Here's what we know so far."", 'More illness has been reported since the CDC announced on Tuesday that it was tracking an outbreak of 49 E. coli cases, concentrated in the states of Colorado and Nebraska.', 'As of Friday, the agency had recorded 75 cases across 13 states.', 'Of the 26 people who became sick in Colorado, one older adult has died - the first, and only, death that has been linked to the outbreak.', 'The CDC said that an infected child is in hospital with a condition known as haemolytic uremic syndrome (HUS), which can cause kidney failure.', ""The first confirmed case was reported on 27 September, but McDonald's said authorities only notified the company of their concerns late last week."", 'The most recent was on 10 October.', ""The CDC said all of the people it had interviewed so far had reported eating at McDonald's before becoming ill."", ""McDonald's responded earlier this week by temporarily removing Quarter Pounders and fresh slivered onions from about a fifth of its stores in the US."", 'Investigators are eyeing the possibility that the onions, a popular topping, could be the cause of contamination.', 'The CDC and FDA said on Tuesday that they had not yet ruled out that the patties themselves could be to blame.', ""The chain has agreed with that assessment, but also said that its burgers are cooked to 175 degrees - which is above the 160 degree level needed to kill the E. coli bacteria The cases involve purchases from multiple stores, making it unlikely that food preparation is at fault, McDonald's said."", ""The company said the stores involved had also used multiple suppliers for the beef patties, but shared a single supplier of onions - identified as California-based Taylor Farms, one of the world's largest vegetable processors."", 'Taylor Farms, which works with major food suppliers such as US Foods, has issued its own recall of some batches of onions out of an abundance of caution.', 'Taylor Farms said in a statement provided to the BBC\'s US news partner, CBS News, that it conducted tests on ""raw and finished"" onion products and ""found no traces of E. coli"".', 'The CDC said on Friday that due to the product actions taken by McDonald\'s and Taylor Farms it believed ""the risk to the public is very low"".', ""The chain's decision to remove quarter pounders and slivered onions from the menu affects stores in Colorado, Kansas, Utah, Wyoming, as well as parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico, and Oklahoma."", 'Other hamburger items are not affected.', 'On Thursday, the fast food firm Yum!', 'Brands said it was monitoring the outbreak and had decided to proactively remove fresh onions from ""select Taco Bell, Pizza Hut and KFC restaurants"" in the US.', 'The company declined to say how many locations were affected by the decision.', 'Burger King said on Thursday that about 5% of its restaurants receive onions from Taylor Farms.', 'While there has been no indication of contamination or illness at those restaurants, the chain said they had disposed of the produce and were restocking.', 'US Foods, a major supplier, has also alerted its customers, which include smaller regional chains.', 'E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals.', 'Although many are harmless, some produce toxins that can make humans very ill.', 'Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.', 'Some infections can lead to other more serious problems, including kidney failure.', 'Symptoms tend to emerge three to nine days after eating the contaminated food.', ""McDonald's shares opened down 7% on Wednesday, after news of the outbreak became public."", 'They have since recovered some ground.', 'The burger giant said this week that it was too early to say how damaging it would be for sales.', 'It said that it believed it had removed the problem from its supply chain and is aiming to return quarter pounders to the affected states in the next few weeks.', 'But the issue came as McDonalds was already on the defensive, as customers have cut back on fast food spending.', 'The change in consumer spending has forced McDonalds and other chains to lean heavily on discounts and other promotions.', ""The first lawsuit against McDonald's over the outbreak has been filed by a man who fell ill two days after eating at a restaurant in Greeley, Colorado."", 'After seeking emergency care, Eric Stelly tested positive for E. coli and health officials confirmed his infection was linked to the outbreak, according to a press release from his lawyer, Ron Simon. ""', 'We will make sure that all of the victims are fully compensated for their losses... and that McDonald\'s and its suppliers permanently fix the health violations that caused the food to become contaminated with E. coli.,""', 'said Mr Simon.', 'The lawsuit was filed in Chicago, where the headquarters of the fast-food chain is located.']",-0.2171312732924718,"After seeking emergency care, Eric Stelly tested positive for E. coli and health officials confirmed his infection was linked to the outbreak, according to a press release from his lawyer, Ron Simon. ""","Of the 26 people who became sick in Colorado, one older adult has died - the first, and only, death that has been linked to the outbreak.",-0.3658992648124695,"The CDC said on Friday that due to the product actions taken by McDonald's and Taylor Farms it believed ""the risk to the public is very low"".","But the issue came as McDonalds was already on the defensive, as customers have cut back on fast food spending.",2024-10-25
-What McDonald's needs to do next after E. coli outbreak,https://www.cnbc.com/2024/10/25/what-mcdonalds-needs-to-do-next-after-e-coli-outbreak.html,2024-10-25T20:09:25+0000,"In this articleAs McDonald's and health authorities race to contain a deadly E. coli outbreak, the burger chain faces challenges in the months ahead to keep the trust of diners and investors.Shares of the fast-food giant have fallen 7% since the Centers for Disease Control and Prevention issued an advisory notice Tuesday, warning that the company's Quarter Pounder burgers have been linked to an E. coli outbreak in 10 states that has led to one death.Health investigators have zeroed in on the slivered onions used in the Quarter Pounder as the likely contaminant. McDonald's confirmed that California-based vegetable producer Taylor Farms is the supplier of onions it removed from its supply chain. Taylor Farms issued a recall on four raw onion products, citing potential E. coli contamination, restaurant supplier U.S. Foods said in a notice to customers Thursday. (U.S. Foods is not a supplier for McDonald's.)The CDC initially reported 49 people became ill from the outbreak from Sept. 27 to Oct. 11. The tally has now risen to 75 cases across 13 states, including at least 22 hospitalizations, according to a CDC update on Friday. Health experts say the number of cases will likely rise as the investigation progresses.Just two days after the CDC issued its advisory notice, it's too soon to tell how the outbreak could affect McDonald's business, especially if the case count grows. But investors are already worried that it could cause sales to fall at the company, which has been trying to rebound from lagging traffic by offering deals to price-sensitive customers.Company spokespeople said Wednesday that's it's far too early to share if the outbreak was having any effect on its restaurants' sales. McDonald's is expected to report its third-quarter results on Oct. 29 before the markets open.The damage to the business will depend in part on how effectively McDonald's has already contained the outbreak — and how well it can convince diners it is safe to eat at its restaurants.Investigations into multistate foodborne outbreaks can last from a few weeks to up to several months. But Dr. Thomas Jaenisch, an epidemiology professor at the Colorado School of Public Health, believes it will likely take two or three weeks for federal agencies and McDonald's to determine the exact source of contamination and chain of events leading to the E. coli outbreak. He said any testing of ingredients and supply sources ""really shouldn't take that long.""The CDC has said the number of confirmed cases related to the McDonald's E. coli outbreak could grow as the investigation continues, as many people recover from an infection without testing for it or receiving medical care. It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the agency added. There's also the possibility that cases could crop up in new states or regions that haven't reported any illnesses, according to Xiang Yang, a professor and meat scientist at the University of California, Davis. For example, a person traveling to a state impacted by the outbreak, such as Colorado, could have gotten infected with E. coli and brought it back to where they are from, according to Yang. It is also unclear if the onion supplier ships ingredients to restaurants in other regions of the U.S., which could potentially spread the E.coli strain that caused the McDonald's outbreak. That strain, called O157:H7, can cause a serious complication that can lead to kidney failure. One of the patients in the McDonald's outbreak suffered from that condition, known as hemolytic uremic syndrome. The federal government essentially bans the sale of any ground beef contaminated with the strain, requiring suppliers to test their products for it.E. coli can spread through contaminated food or water, or by an individual coming into contact with an infected person, environment or animal. The CDC and the 10 states impacted have been interviewing each patient case to get detailed information about their exposure to E. coli, such as what they ate and when, according to Craig Hedberg, the co-director of the Minnesota Integrated Food Safety Center of Excellence. Hedberg is also a member of the McDonald's Food Safety Advisory Council, but said he has not worked with the company on its response to the outbreak. The CDC and the states have been sharing the information they gather with the Food and Drug Administration to trace onion distribution and identify a specific source of contamination, he said. The information is also shared with the U.S. Department of Agriculture's Food Safety and Inspection Service, which does the same with ground beef. The CDC is investigating both the Quarter Pounder's uncooked slivered onions and its beef patty as the potential culprit for the outbreak. Hedberg said contamination of raw onions with E. coli is ""highly plausible,"" noting several salmonella outbreaks have been linked to onions in recent years. McDonald's uses a single onion supplier, which washes and slices the vegetable, in the affected area. Meanwhile, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria. The size of the outbreak ""would imply widespread undercooking by many different individual McDonald's restaurants"" if beef was the culprit, according to Hedberg.But he said that seems unlikely since most fast-food chains have designed their cooking systems to prevent E. coli contamination of ground beef, which is a widely recognized hazard. Still, investigators will likely examine the cooking practices of multiple locations as part of the investigation, Hedberg noted. Jaenisch said he hopes the investigation will also examine the preparation process for Quarter Pounders to see if there is any potential for cross contamination between slivered onions and other ingredients.""When you prepare the burger at McDonald's, at which point are the slivered onions added? Do they have a bowl of slivered onions, someone puts their hands in it and then touches the tomatoes?"" Jaenisch said. ""I would look very closely at that point of preparation.""McDonald's has already pulled Quarter Pounders from restaurants in the affected areas. Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time. The company has also instructed restaurants in the area to remove slivered onions from their supply, and has paused the distribution of that ingredient in the region.Based on past foodborne illness outbreaks at other restaurant chains, it's not a given that McDonald's sales and brand image will suffer.For example, rival Wendy's dealt with its own link to an E. coli outbreak two years ago. More than 100 people got sick across six states. Still, the incident didn't have a long-term effect on the chain's sales.""They got past it, and you never really heard about it,"" KeyBanc analyst Eric Gonzalez told CNBC. ""I think there were some operators in the area that probably saw a mid-to-high single digit, maybe 10% decline for a couple days of a week or so, and then it reverted as the news cycle moved on.""On the other side of the spectrum is Jack in the Box, which became the poster child for food safety issues decades ago.An outbreak in 1992 and 1993 linked to the chain resulted in the deaths of four children and infected more than 700 people. Media coverage, coupled with the severity of the outbreak, led to a steep decline in sales that year, fueled three straight years of losses and tarnished Jack in the Box's reputation for years.And then there's Chipotle, a more recent example of a chain that struggled for years to improve its food safety and turn around its image after a string of foodborne illnesses.""It was sort of a victim of its own inexperience, in a way, where not only were there multiple illnesses — E. coli, salmonella, norovirus — but you didn't really have the expertise and experience level to manage through the crisis,"" Gonzalez said.After the initial wave of outbreaks in 2015, it took Chipotle several more years and a new CEO to rebuild trust in its burritos and bowls.While investors fear the outbreak will hit McDonald's sales, it's unlikely that the burger giant turns into another Chipotle or Jack in the Box.""We don't know where this is going to land, as far as McDonald's is concerned, but you have to have a little bit of confidence in their ability to contain the outbreak,"" Gonzalez said. ""It's a very sophisticated organization with a sophisticated supply chain, and I don't doubt their capabilities.""McDonald's has already been taking steps to reassure customers about the safety of its food. Barring a much more serious crisis, it may be able to contain the damage to its brand, experts said.Shortly after the CDC issued its notice, the company released a statement outlining the steps it's taken to contain the outbreak, along with a video featuring McDonald's USA President Joe Erlinger.The following morning, Erlinger appeared on NBC's ""TODAY,"" telling viewers — and potential customers — that its food and drinks were safe to consume.""Any kind of product safety recall requires some crisis communication and reassurance on the part of the corporation that it takes safety seriously, that it takes consumer health seriously and that it will react appropriately,"" said Jo-Ellen Pozner, associate professor at the Santa Clara University Leavey School of Business.She added that she thinks McDonald's needs to apologize ""very publicly"" and aim its messaging at both consumers and its shareholders. However, that transparency means more media coverage, which reminds consumers about the crisis and risks scaring them away from McDonald's restaurants.Yang said McDonald's appears to be ""doing what they can do so far"" while waiting for more information on the specific source of contamination. But other experts hope the chain does more to mitigate the potential spread of the outbreak during the investigation.Dr. Darin Detwiler, professor of food policy and corporate social responsibility at Northeastern University, said he believes locations in other unaffected states should be ""doubling up on their sanitation procedures and protocols and do more testing of their ingredients."" ""Don't wait until the lawyers or inspectors say you have a problem,"" Detwiler said. ""Why don't you make the assumption that there could be something in your state, and check out your product,"" he said. ""That is being proactive. That is corporate social responsibility.""Bill Marler, an attorney who specializes in cases involving foodborne illnesses, said McDonald's should also follow in the footsteps of Jack in the Box, which offered to pay medical bills and lost wages for the victims of its E. coli outbreak.""They just need to be seen as a good corporate player, and that's really how they're going to be able to bounce back pretty quickly,"" Marler said.One potential plaintiff tied to the crisis has already reached out to Marler, who represented hundreds of people who sued Jack in the Box in a class-action lawsuit, leading to a settlement of more than $50 million.McDonald's is already facing at least two lawsuits tied to the outbreak.Both Clarissa DeBock, of Nebraska, and Eric Stelly, a resident of Greeley, Colorado, are suing the company for damages in excess of $50,000 after allegedly testing positive for E. coli after eating at McDonald's, according to court filings.""McDonald's has nowhere to hide. They're strictly liable for producing food that was contaminated. They may be able to point the finger at the onion supplier or the meat supplier, but ultimately they made the hamburger,"" said Marler.McDonald's declined to comment on the lawsuits.While media coverage of related lawsuits could bring more attention to McDonald's, the suits themselves are unlikely to threaten the chain's existence, according to Pozner.""McDonald's is as ubiquitous as Coke. It's one of these very taken-for-granted brands, for its value as a brand to be diminished in a significant way, would require a much more serious outcome of the E. coli outbreak,"" she said. ""The scope of this tragedy is still very contained.""The outbreak comes as McDonald's tries to win back diners who balked at years of price increases. For months, McDonald's has been locked in a war with its rivals over competing value meals.The restaurant industry broadly has seen traffic fall as inflation-weary consumers cook more at home and visit eateries less frequently. Fast-food chains, including McDonald's, Burger King and Wendy's, have turned to discounts and value meals to win back customers.McDonald's U.S. restaurants have been offering a $5 value meal since late June. And earlier this month, the chain launched its Chicken Big Mac nationwide, betting that customers would be willing to pay its higher price point because of the novelty. Those moves seemed to be paying off for McDonald's before the outbreak.""This is somewhat of a momentum killer for them,"" Gonzalez said, adding that the burger category has plenty of ""capable substitutes"" for McDonald's.Combined, McDonald's, Burger King and Wendy's control roughly 70% of the burger quick-service restaurant segment, according to Barclays. McDonald's alone holds 48.8% market share.""It's not a zero-sum game, but the burger category specifically is one of the more concentrated segments,"" Gonzalez said. ""If McDonald's loses a point of sales, that's 3 to 4 points up for grabs for Wendy's or Burger King to capture.""",CNBC,25/10/2024,"[""In this articleAs McDonald's and health authorities race to contain a deadly E. coli outbreak, the burger chain faces challenges in the months ahead to keep the trust of diners and investors."", ""Shares of the fast-food giant have fallen 7% since the Centers for Disease Control and Prevention issued an advisory notice Tuesday, warning that the company's Quarter Pounder burgers have been linked to an E. coli outbreak in 10 states that has led to one death."", 'Health investigators have zeroed in on the slivered onions used in the Quarter Pounder as the likely contaminant.', ""McDonald's confirmed that California-based vegetable producer Taylor Farms is the supplier of onions it removed from its supply chain."", 'Taylor Farms issued a recall on four raw onion products, citing potential E. coli contamination, restaurant supplier U.S. Foods said in a notice to customers Thursday. (', ""U.S. Foods is not a supplier for McDonald's.)The CDC initially reported 49 people became ill from the outbreak from Sept. 27 to Oct. 11."", 'The tally has now risen to 75 cases across 13 states, including at least 22 hospitalizations, according to a CDC update on Friday.', 'Health experts say the number of cases will likely rise as the investigation progresses.', ""Just two days after the CDC issued its advisory notice, it's too soon to tell how the outbreak could affect McDonald's business, especially if the case count grows."", 'But investors are already worried that it could cause sales to fall at the company, which has been trying to rebound from lagging traffic by offering deals to price-sensitive customers.', ""Company spokespeople said Wednesday that's it's far too early to share if the outbreak was having any effect on its restaurants' sales."", ""McDonald's is expected to report its third-quarter results on Oct. 29 before the markets open."", ""The damage to the business will depend in part on how effectively McDonald's has already contained the outbreak — and how well it can convince diners it is safe to eat at its restaurants."", 'Investigations into multistate foodborne outbreaks can last from a few weeks to up to several months.', ""But Dr. Thomas Jaenisch, an epidemiology professor at the Colorado School of Public Health, believes it will likely take two or three weeks for federal agencies and McDonald's to determine the exact source of contamination and chain of events leading to the E. coli outbreak."", 'He said any testing of ingredients and supply sources ""really shouldn\'t take that long.', '""The CDC has said the number of confirmed cases related to the McDonald\'s E. coli outbreak could grow as the investigation continues, as many people recover from an infection without testing for it or receiving medical care.', 'It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the agency added.', ""There's also the possibility that cases could crop up in new states or regions that haven't reported any illnesses, according to Xiang Yang, a professor and meat scientist at the University of California, Davis."", 'For example, a person traveling to a state impacted by the outbreak, such as Colorado, could have gotten infected with E. coli and brought it back to where they are from, according to Yang.', ""It is also unclear if the onion supplier ships ingredients to restaurants in other regions of the U.S., which could potentially spread the E.coli strain that caused the McDonald's outbreak."", 'That strain, called O157:H7, can cause a serious complication that can lead to kidney failure.', ""One of the patients in the McDonald's outbreak suffered from that condition, known as hemolytic uremic syndrome."", 'The federal government essentially bans the sale of any ground beef contaminated with the strain, requiring suppliers to test their products for it.', 'E. coli can spread through contaminated food or water, or by an individual coming into contact with an infected person, environment or animal.', 'The CDC and the 10 states impacted have been interviewing each patient case to get detailed information about their exposure to E. coli, such as what they ate and when, according toCraig Hedberg, the co-director of the Minnesota Integrated Food Safety Center of Excellence.', ""Hedberg is also a member of the McDonald's Food Safety Advisory Council, but said he has not worked with the company on its response to the outbreak."", 'The CDC and the states have been sharing the information they gather with the Food and Drug Administration to trace onion distribution and identify a specific source of contamination, he said.', ""The information is also shared with the U.S. Department of Agriculture's Food Safety and Inspection Service, which does the same with ground beef."", ""The CDC is investigating both the Quarter Pounder's uncooked slivered onions and its beef patty as the potential culprit for the outbreak."", 'Hedberg said contamination of raw onions with E. coli is ""highly plausible,"" noting several salmonella outbreaks have been linked to onions in recent years.', ""McDonald's uses a single onion supplier, which washes and slices the vegetable, in the affected area."", ""Meanwhile, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria."", 'The size of the outbreak ""would imply widespread undercooking by many different individual McDonald\'s restaurants"" if beef was the culprit, according to Hedberg.', 'But he said that seems unlikely since most fast-food chains have designed their cooking systems to prevent E. coli contamination of ground beef, which is a widely recognized hazard.', 'Still, investigators will likely examine the cooking practices of multiple locations as part of the investigation, Hedberg noted.', 'Jaenisch said he hopes the investigation will also examine the preparation process for Quarter Pounders to see if there is any potential for cross contamination between slivered onions and other ingredients.', '""When you prepare the burger at McDonald\'s, at which point are the slivered onions added?', 'Do they have a bowl of slivered onions, someone puts their hands in it andthen touches the tomatoes?""', 'Jaenisch said. ""', 'I would look very closely at that point of preparation.', '""McDonald\'s has already pulled Quarter Pounders from restaurants in the affected areas.', ""Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time."", 'The company has also instructed restaurants in the area to remove slivered onions from their supply, and has paused the distribution of that ingredient in the region.', ""Based on past foodborne illness outbreaks at other restaurant chains, it's not a given that McDonald's sales and brand image will suffer."", ""For example, rival Wendy's dealt with its own link to an E. coli outbreak two years ago."", 'More than 100 people got sick across six states.', ""Still, the incident didn't have a long-term effect on the chain's sales."", '""They got past it, and you never really heard about it,"" KeyBanc analyst Eric Gonzalez told CNBC. ""', 'I think there were some operators in the area that probably saw a mid-to-high single digit, maybe 10% decline for a couple days of a week or so, and then it reverted as the news cycle moved on.', '""On the other side of the spectrum is Jack in the Box, which became the poster child for food safety issues decades ago.', 'An outbreak in 1992 and 1993 linked to the chain resulted in the deaths of four children and infected more than 700 people.', ""Media coverage, coupled with the severity of the outbreak, led to a steep decline in sales that year, fueled three straight years of losses and tarnished Jack in the Box's reputation for years."", ""And then there's Chipotle, a more recent example of a chain that struggled for years to improve its food safety and turn around its image after a string of foodborne illnesses."", '""It was sort of a victim of its own inexperience, in a way, where not only were there multiple illnesses — E. coli, salmonella, norovirus — but you didn\'t really have the expertise and experience level to manage through the crisis,"" Gonzalez said.', 'After the initial wave of outbreaks in 2015, it took Chipotle several more years and a new CEO to rebuild trust in its burritos and bowls.', ""While investors fear the outbreak will hit McDonald's sales, it's unlikely that the burger giant turns into another Chipotle or Jack in the Box."", '""We don\'t know where this is going to land, as far as McDonald\'s is concerned, but you have to have a little bit of confidence in their ability to contain the outbreak,"" Gonzalez said. ""', ""It's a very sophisticated organization with a sophisticated supply chain, and I don't doubt their capabilities."", '""McDonald\'s has already been taking steps to reassure customers about the safety of its food.', 'Barring a much more serious crisis, it may be able to contain the damage to its brand, experts said.', ""Shortly after the CDC issued its notice, the company released a statement outlining the steps it's taken to contain the outbreak, along with a video featuring McDonald's USA President Joe Erlinger."", 'The following morning, Erlinger appeared on NBC\'s ""TODAY,"" telling viewers — and potential customers — that its food and drinks were safe to consume.', '""Any kind of product safety recall requires some crisis communication and reassurance on the part of the corporation that it takes safety seriously, that it takes consumer health seriously and that it will react appropriately,"" said Jo-Ellen Pozner, associate professor at the Santa Clara University Leavey School of Business.', 'She added that she thinks McDonald\'s needs to apologize ""very publicly"" and aim its messaging at both consumers and its shareholders.', ""However, that transparency means more media coverage, which reminds consumers about the crisis and risks scaring them away from McDonald's restaurants."", 'Yang said McDonald\'s appears to be ""doing what they can do so far"" while waiting for more information on the specific source of contamination.', 'But other experts hope the chain does more to mitigate the potential spread of the outbreak during the investigation.', 'Dr. Darin Detwiler, professor of food policy and corporate social responsibility at Northeastern University, said he believes locations in other unaffected states should be ""doubling up on their sanitation procedures and protocols and do more testing of their ingredients.', '""""Don\'t wait until the lawyers or inspectors say you have a problem,"" Detwiler said.', '""Why don\'t you make the assumption that there could be something in your state, and check out your product,"" he said. ""', 'That is being proactive.', 'That is corporate social responsibility.', '""Bill Marler, an attorney who specializes in cases involving foodborne illnesses, said McDonald\'s should also follow in the footsteps of Jack in the Box, which offered to pay medical bills and lost wages for the victims of its E. coli outbreak.', '""They just need to be seen as a good corporate player, and that\'s really how they\'re going to be able to bounce back pretty quickly,"" Marler said.', 'One potential plaintiff tied to the crisis has already reached out to Marler, who represented hundreds of people who sued Jack in the Box in a class-action lawsuit, leading to a settlement of more than $50 million.', ""McDonald's is already facing at least two lawsuits tied to the outbreak."", ""Both Clarissa DeBock, of Nebraska, and Eric Stelly, a resident of Greeley, Colorado, are suing the company for damages in excess of $50,000 after allegedly testing positive for E. coli after eating at McDonald's, according to court filings."", '""McDonald\'s has nowhere to hide.', ""They're strictly liable for producing food that was contaminated."", 'They may be able to point the finger at the onion supplier or the meat supplier, but ultimately they made the hamburger,"" said Marler.', ""McDonald's declined to comment on the lawsuits."", ""While media coverage of related lawsuits could bring more attention to McDonald's, the suits themselves are unlikely to threaten the chain's existence, according to Pozner."", '""McDonald\'s is as ubiquitous as Coke.', 'It\'s one of these very taken-for-granted brands, for its value as a brand to be diminished in a significant way, would require a much more serious outcome of the E. coli outbreak,"" she said. ""', 'The scope of this tragedy is still very contained.', '""The outbreak comes as McDonald\'s tries to win back diners who balked at years of price increases.', ""For months, McDonald's has been locked in a war with its rivals over competing value meals."", 'The restaurant industry broadly has seen traffic fall as inflation-weary consumers cook more at home and visit eateries less frequently.', ""Fast-food chains, including McDonald's, Burger King and Wendy's, have turned to discounts and value meals to win back customers."", ""McDonald's U.S. restaurants have been offering a $5 value meal since late June."", 'And earlier this month, the chain launched its Chicken Big Mac nationwide, betting that customers would be willing to pay its higher price point because of the novelty.', ""Those moves seemed to be paying off for McDonald's before the outbreak."", '""This is somewhat of a momentum killer for them,"" Gonzalez said, adding that the burger category has plenty of ""capable substitutes"" for McDonald\'s.', ""Combined, McDonald's, Burger King and Wendy's control roughly 70% of the burger quick-service restaurant segment, according to Barclays."", ""McDonald's alone holds 48.8% market share."", '""It\'s not a zero-sum game, but the burger category specifically is one of the more concentrated segments,"" Gonzalez said. ""', 'If McDonald\'s loses a point of sales, that\'s 3 to 4 points up for grabs for Wendy\'s or Burger King to capture.""']",-0.029861992658622,"""We don't know where this is going to land, as far as McDonald's is concerned, but you have to have a little bit of confidence in their ability to contain the outbreak,"" Gonzalez said. ""","""It was sort of a victim of its own inexperience, in a way, where not only were there multiple illnesses — E. coli, salmonella, norovirus — but you didn't really have the expertise and experience level to manage through the crisis,"" Gonzalez said.",0.0472615133313571,"""This is somewhat of a momentum killer for them,"" Gonzalez said, adding that the burger category has plenty of ""capable substitutes"" for McDonald's.","Media coverage, coupled with the severity of the outbreak, led to a steep decline in sales that year, fueled three straight years of losses and tarnished Jack in the Box's reputation for years.",2024-10-25
-Mining giants sign $30bn settlement for Brazil 2015 dam collapse,https://www.bbc.co.uk/news/articles/cx2dk8yy4kjo,2024-10-25T23:01:40.695Z,"The mining giants BHP and Vale have signed a deal with the Brazilian government to pay nearly $30bn (£23bn) in compensation for the Mariana dam collapse in 2015 that caused the country's worst environmental disaster. Brazilian President Luis Inacio Lula da Silva attended the signing of the deal on Friday. The dam collapse released toxic waste and mud, which flooded nearby towns, rivers and forests. It killed 19 people, left hundreds others homeless, and poisoned the river. President Lula said: ""I hope the mining companies have learned their lesson; it would have cost them less to prevent the disaster."" The dam was owned by Samarco, a joint venture between Vale and BHP. Since the disaster, the companies have set up a foundation to compensate people, which has already carried out billions of dollars’ worth of repairs. This included building a new town to replace one of the towns that was destroyed. However, many people in the community were still arguing they had not received justice or enough to rebuild their lives nine years on. Separately to these legal proceedings in Brazil, more than 620,000 people had taken BHP to court in the UK, where BHP was headquartered at the time, in a trial that started earlier this week. They are seeking about $47bn in damages in the civil trial. The first stage of it will determine if BHP – as a parent company – was liable. About 70,000 complainants are also taking Vale to court in The Netherlands. Both companies deny liability and argue that this overseas legal action is ""unnecessary"" and duplicates legal proceedings in Brazil. Some members of the community in Mariana had told the BBC they had joined the UK legal action after frustration that the Brazilian proceedings were taking too long, but suspected that the Brazilian settlement may be reached soon after the UK case opened due to more international pressure. In 2016, both companies agreed to pay about $3.5bn in today’s rate in compensation but negotiations were reopened in 2021 due to the slow progress of Brazil’s justice system in resolving the dispute. Friday’s agreement covers their past and future obligations to assist people, communities and ecosystems affected by the disaster. The companies agreed to pay 100bn reais ($17.5bn; £13.5bn ) to local authorities over 20 years and 32bn reais towards compensating and resettling the victims and repairing the harm caused to the environment. The remaining 38bn reais is the amount the companies say they have already paid in compensation. ",BBC,25/10/2024,"[""The mining giants BHP and Vale have signed a deal with the Brazilian government to pay nearly $30bn (£23bn) in compensation for the Mariana dam collapse in 2015 that caused the country's worst environmental disaster."", 'Brazilian President Luis Inacio Lula da Silva attended the signing of the deal on Friday.', 'The dam collapse released toxic waste and mud, which flooded nearby towns, rivers and forests.', 'It killed 19 people, left hundreds others homeless, and poisoned the river.', 'President Lula said: ""I hope the mining companies have learned their lesson; it would have cost them less to prevent the disaster.""', 'The dam was owned by Samarco, a joint venture between Vale and BHP.', 'Since the disaster, the companies have set up a foundation to compensate people, which has already carried out billions of dollars’ worth of repairs.', 'This included building a new town to replace one of the towns that was destroyed.', 'However, many people in the community were still arguing they had not received justice or enough to rebuild their lives nine years on.', 'Separately to these legal proceedings in Brazil, more than 620,000 people had taken BHP to court in the UK, where BHP was headquartered at the time, in a trial that started earlier this week.', 'They are seeking about $47bn in damages in the civil trial.', 'The first stage of it will determine if BHP – as a parent company – was liable.', 'About 70,000 complainants are also taking Vale to court in The Netherlands.', 'Both companies deny liability and argue that this overseas legal action is ""unnecessary"" and duplicates legal proceedings in Brazil.', 'Some members of the community in Mariana had told the BBC they had joined the UK legal action after frustration that the Brazilian proceedings were taking too long, but suspected that the Brazilian settlement may be reached soon after the UK case opened due to more international pressure.', 'In 2016, both companies agreed to pay about $3.5bn in today’s rate in compensation but negotiations were reopened in 2021 due to the slow progress of Brazil’s justice system in resolving the dispute.', 'Friday’s agreement covers their past and future obligations to assist people, communities and ecosystems affected by the disaster.', 'The companies agreed to pay 100bn reais ($17.5bn; £13.5bn ) to local authorities over 20 years and 32bn reais towards compensating and resettling the victims and repairing the harm caused to the environment.', 'The remaining 38bn reais is the amount the companies say they have already paid in compensation.']",-0.3394356861456313,"In 2016, both companies agreed to pay about $3.5bn in today’s rate in compensation but negotiations were reopened in 2021 due to the slow progress of Brazil’s justice system in resolving the dispute.",The mining giants BHP and Vale have signed a deal with the Brazilian government to pay nearly $30bn (£23bn) in compensation for the Mariana dam collapse in 2015 that caused the country's worst environmental disaster.,-0.3222615207944597,The mining giants BHP and Vale have signed a deal with the Brazilian government to pay nearly $30bn (£23bn) in compensation for the Mariana dam collapse in 2015 that caused the country's worst environmental disaster.,"The dam collapse released toxic waste and mud, which flooded nearby towns, rivers and forests.",2024-10-25
-CDC says 75 people affected in E. coli outbreak linked to McDonald's Quarter Pounders,https://www.cnbc.com/2024/10/25/mcdonalds-e-coli-outbreak-cdc-updates-case-count.html,2024-10-25T20:08:54+0000,"In this articleA deadly E. coli outbreak linked to McDonald's Quarter Pounders has led to 75 cases in 13 states, the Centers for Disease Control and Prevention said Friday, as it investigates the source of the spread. The outbreak has led to 22 hospitalizations and one previously reported death of an older adult in Colorado.Out of 61 patients with information available, 22 have been hospitalized and two people have developed a serious condition that can cause kidney failure, called hemolytic uremic syndrome. All of the 42 people who were interviewed by the CDC reported eating at McDonald's, while 39 people reported eating a beef hamburger, the agency said.Those with infections ranged between ages 13 and 88, according to the CDC. The agency reiterated that the number of cases in the outbreak is likely much higher than what has been reported so far. The CDC added that the outbreak may not be limited to the states with related cases. That is because many patients do not test for E. coli and recover from an infection without receiving medical care, the CDC said. It also usually takes three to four weeks to determine if a sick person is part of an outbreak.Shares of the restaurant chain closed down 3% on Friday. The stock has fallen 7% since the CDC announced the outbreak on Tuesday, initially citing 49 cases and one death across 10 states.McDonald's declined to comment on the update, citing the company's statement when the outbreak was first announced.Quarter Pounder hamburgers are a core menu item for McDonald's, raking in billions of dollars annually.Health officials are closely examining the slivered onions used in the Quarter Pounder as a likely contaminant. McDonald's has instructed restaurants in the affected area to remove slivered onions from their supply, and has paused the distribution of that ingredient in the region.McDonald's stores in Colorado, Kansas, Utah, Wyoming as well as parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico and Oklahoma have temporarily stopped using Quarter Pounder slivered onions and beef patties, according to the CDC.McDonald's identified California-based produce giant Taylor Farms as the supplier for the sliced onions the company removed from its supply chain. Taylor Farms has issued a recall on four raw onion products due to potential E. coli contamination. Burger King, Pizza Hut, KFC and Taco Bell have pulled onions from select restaurants in response to the outbreak.But federal agencies are also investigating the Quarter Pounder's beef patty as a potential culprit.As the CDC and other federal agencies trace cases and work to contain the outbreak, McDonald's has pulled Quarter Pounders from restaurants in the affected areas. Around a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers.McDonald's spokespeople said Wednesday that it is too early to tell if the outbreak is having any effect on traffic to its restaurants.The company is expected to report its third-quarter earnings on Tuesday and could share more details with investors about the situation on the conference call.The outbreak comes after several quarters of sluggish U.S. sales for McDonald's. Price-sensitive consumers have not been visiting restaurants as much, leading McDonald's and other fast-food chains to turn to value meals to boost sales. Wall Street analysts are expecting the company to report U.S. same-store sales growth of 0.5% for the third quarter, according to StreetAccount estimates.For now, McDonald's is trying to reassure customers that its menu items are safe to eat and drink and that it is taking the outbreak seriously. Experts told CNBC that barring a more serious crisis, the damage to its brand may be minimal, as with an E. coli outbreak linked to Wendy's two years ago.",CNBC,25/10/2024,"[""In this articleA deadly E. coli outbreak linked to McDonald's Quarter Pounders has led to 75 cases in 13 states, the Centers for Disease Control and Prevention said Friday, as it investigates the source of the spread."", 'The outbreak has led to 22 hospitalizations and one previously reported death of an older adult in Colorado.', 'Out of 61 patients with information available, 22 have been hospitalized and two people have developed a serious condition that can cause kidney failure, called hemolytic uremic syndrome.', ""All of the 42 people who were interviewed by the CDC reported eating at McDonald's, while 39 people reported eating a beef hamburger, the agency said."", 'Those with infections ranged between ages13 and 88, according to the CDC.', 'The agency reiterated that the number of cases in the outbreak is likely much higher than what has been reported so far.', 'The CDC added that the outbreak may not be limited to the states with related cases.', 'That is because many patients do not test for E. coli and recover from an infection without receiving medical care, the CDC said.', 'It also usually takes three to four weeks to determine if a sick person is part of an outbreak.', 'Shares of the restaurant chain closed down 3% on Friday.', 'The stock has fallen 7% since the CDC announced the outbreak on Tuesday, initially citing 49 cases and one death across 10 states.', ""McDonald's declined to comment on the update, citing the company's statement when the outbreak was first announced."", ""Quarter Pounder hamburgers are a core menu item for McDonald's, raking in billions of dollars annually."", 'Health officials are closely examining the slivered onions used in the Quarter Pounder as a likely contaminant.', ""McDonald's has instructed restaurants in the affected area to remove slivered onions from their supply, and has paused the distribution of that ingredient in the region."", ""McDonald's stores in Colorado, Kansas, Utah, Wyoming as well as parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico and Oklahoma have temporarily stopped using Quarter Pounder slivered onions and beef patties, according to the CDC.McDonald's identified California-based produce giant Taylor Farms as the supplier for the sliced onions the company removed from its supply chain."", 'Taylor Farms has issued a recall on four raw onion products due to potential E. coli contamination.', 'Burger King, Pizza Hut, KFC and Taco Bell have pulled onions from select restaurants in response to the outbreak.', ""But federal agencies are also investigating the Quarter Pounder's beef patty as a potential culprit."", ""As the CDC and other federal agencies trace cases and work to contain the outbreak, McDonald's has pulled Quarter Pounders from restaurants in the affected areas."", ""Around a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers."", ""McDonald's spokespeople said Wednesday that it is too early to tell if the outbreak is having any effect on traffic to its restaurants."", 'The company is expected to report its third-quarter earnings on Tuesday and could share more details with investors about the situation on the conference call.', ""The outbreak comes after several quarters of sluggish U.S. sales for McDonald's."", ""Price-sensitive consumers have not been visiting restaurants as much, leading McDonald's and other fast-food chains to turn to value meals to boost sales."", 'Wall Street analysts are expecting the company to report U.S. same-store sales growth of 0.5% for the third quarter, according to StreetAccount estimates.', ""For now, McDonald's is trying to reassure customers that its menu items are safe to eat and drink and that it is taking the outbreak seriously."", ""Experts told CNBC that barring a more serious crisis, the damage to its brand may be minimal, as with an E. coli outbreak linked to Wendy's two years ago.""]",-0.0680836080299735,"Price-sensitive consumers have not been visiting restaurants as much, leading McDonald's and other fast-food chains to turn to value meals to boost sales.","Experts told CNBC that barring a more serious crisis, the damage to its brand may be minimal, as with an E. coli outbreak linked to Wendy's two years ago.",-0.3806626881871904,"Wall Street analysts are expecting the company to report U.S. same-store sales growth of 0.5% for the third quarter, according to StreetAccount estimates.",The outbreak comes after several quarters of sluggish U.S. sales for McDonald's.,2024-10-25
-The art market is in a correction as big spenders fade,https://www.cnbc.com/2024/10/24/art-market-correction.html,2024-10-24T16:43:56+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.The global art market is poised for its second straight year of declines, as demand for the top trophy works wanes and a new generation of buyers favors lower-priced pieces, according to a new survey.Auction sales in the first six months at Christie's, Sotheby's, Phillips and Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting. The number of wealthy collectors surveyed who plan to purchase art in the next year dropped to 43% from over half in 2023. At the same time, the number who plan to sell increased to 55% — meaning there are more likely sellers than buyers in the market.""For the biggest spenders, there has been a moderating in their spending or slowing of their pace,"" said Paul Donovan, chief economist of UBS Global Wealth Management. ""They're taking a more considered approach.""As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound.There are some bright spots. The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market's performance over the next six months, up from 77% at the end of 2023, the survey said. That's a larger share than were optimistic about the stock market, at 88%. Only 3% of high-net-worth collectors are pessimistic about the art market's short-term future.The median spending on art by wealthy collectors remains stable at around $50,000 a year, according to the survey. Over three-quarters of wealthy collectors surveyed had purchased a painting in both 2023 and the first half of 2024.Yet a broad array of measures — from buyer interest to online sales — point to another year of declines or, at best, flat sales. Dealers and auction experts say geopolitical concerns (especially in the Middle East and Ukraine) along with economic weakness in Europe and China are draining buyer confidence. Higher interest rates also raised the opportunity cost of buying art, since wealthy collectors could earn an easy 5% or more from cash and Treasurys.Just as in the classic car market, the art market is going through a generational shift that's created a mismatch between supply and demand. Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works. Younger collectors, mainly Gen Xers and millennials, are coming into the market to replace them, but they're buying more affordable, more modern work from galleries and art shows.""2024 suggests that rather than creating a supply-driven boom in value as they may have done in other years, trends towards greater selling will likely primarily affect sales volumes, with collectors tending to sell from the bottom of their collections, deaccessioning more but lower-value works, and advisors reportedly focused on 'streamlining client collections' with the disposal of more unwanted or insignificant artworks rather than trying to capture price appreciation,"" the UBS report said.Dealers say the diverging paths of the various generations has led to an oversupply of seven- and eight-figure Impressionist and Abstract works. According to the survey, the high end of the art market, or works priced at $10 million or more, was the strongest before 2022. Now, it's the weakest.""Gen X, and to a lesser extent the younger generations, they're not necessarily going to be going out and buying the most expensive artworks,"" Donovan said. ""They're more engaged but they also have potentially more budget constraints. The people who have traditionally been buying the higher-price art are slowing their purchase of those artists.""Gen Xers, in fact, have quickly become the most important generation for collectibles. According to the UBS survey, Gen X respondents had the highest average spending in 2023 — at about $578,000 — and their lead continued in 2024, at more than a third higher than millennials and more than twice those of boomers and Gen Z respondents.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. Overall, wealthy collectors are reducing their exposure to art. While art's role as an ""asset"" is hotly debated, the report said the average allocation to art was 15% in 2024, down from 22% of their portfolios in 2021. Granted, some of the decline may be due to the increased value of stocks and other assets in their portfolios. Yet the drop suggests many collectors have paused their buying.The super-wealthy have the highest exposure to art. Those worth $50 million or more have an average of 25% of their assets in art, down from 29% last year. Millionaires worth less than $5 million have about 12%.Collectors who have been active in the market for decades have built up large collections, that will either have to be sold, passed on to family or bequeathed to museums or nonprofits. The average number of works owned by wealthy collectors worldwide is 44, according to the survey. Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had an average of 110 works.When asked about their biggest concerns for the art market, the largest number (52%) cited ""barriers to the free movement of art internationally."" The second-largest concern was the ""rise of legal issues in the art trade,"" such as restitution cases, fakes and forgeries, as well as ""ethical considerations concerning artists,"" such as how they are compensated and promoted. ""Art market fluctuations"" ranked fourth.The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer. Fully 91% of wealthy collectors had works in their collections that were inherited or gifted through a will or other bequest, according to the survey.Despite the expectation that families will sell the works they inherit, 72% of those surveyed kept at least some of their inherited art. Those who do sell inherited art were more likely to cite a lack of display space or taxes as the reasons, rather than taste.""There has always been an assumption that as art moves down a generation, the younger generation has different tastes,"" Donovan said. ""But to assume that this leads to the wholesale breakup of the collections or selling is wrong. Art is something which stimulates the emotions and there may be an association with certain pieces of art with your parents.""",CNBC,24/10/2024,"[""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.', 'The global art market is poised for its second straight year of declines, as demand for the top trophy works wanes and a new generation of buyers favors lower-priced pieces, according to a new survey.', ""Auction sales in the first six months at Christie's, Sotheby's, Phillipsand Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting."", 'The number of wealthy collectors surveyed who plan to purchase art in the next year dropped to 43% from over half in 2023.', 'At the same time, the number who plan to sell increased to 55% — meaning there are more likely sellers than buyers in the market.', '""For the biggest spenders, there has been a moderating in their spending or slowing of their pace,"" said Paul Donovan, chief economist of UBS Global Wealth Management. ""', ""They're taking a more considered approach."", '""As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound.', 'There are some bright spots.', 'The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market\'s performance over the next six months, up from 77% at the end of 2023, the survey said.', ""That's a larger share than were optimistic about the stock market, at 88%."", ""Only 3% of high-net-worth collectors are pessimistic about the art market's short-term future."", 'The median spending on art by wealthy collectors remains stable at around $50,000 a year, according to the survey.', 'Over three-quarters of wealthy collectors surveyed had purchased a painting in both 2023 and the first half of 2024.Yet a broad array of measures — from buyer interest to online sales — point to another year of declines or, at best, flat sales.', 'Dealers and auction experts say geopolitical concerns (especially in the Middle East and Ukraine) along with economic weakness in Europe and China are draining buyer confidence.', 'Higher interest rates also raised the opportunity cost of buying art, since wealthy collectors could earn an easy 5% or more from cash and Treasurys.', ""Just as in the classic car market, the art market is going through a generational shift that's created a mismatch between supply and demand."", 'Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works.', ""Younger collectors, mainly Gen Xers and millennials, are coming into the market to replace them, but they're buying more affordable, more modern work from galleries and art shows."", '""2024 suggests that rather than creating a supply-driven boom in value as they may have done in other years, trends towards greater selling will likely primarily affect sales volumes, with collectors tending to sell from the bottom of their collections, deaccessioning more but lower-value works, and advisors reportedly focused on \'streamlining client collections\' with the disposal of more unwanted or insignificant artworks rather than trying to capture price appreciation,"" the UBS report said.', 'Dealers say the diverging paths of the various generations has led to an oversupply of seven- and eight-figure Impressionist and Abstract works.', 'According to the survey, the high end of the art market, or works priced at $10 million or more, was the strongest before 2022.', ""Now, it's the weakest."", '""Gen X, and to a lesser extent the younger generations, they\'re not necessarily going to be going out and buying the most expensive artworks,"" Donovan said. ""', ""They're more engaged but they also have potentially more budget constraints."", 'The people who have traditionally been buying the higher-price art are slowing their purchase of those artists.', '""Gen Xers, in fact, have quickly become the most important generation for collectibles.', 'According to the UBS survey, Gen X respondents had the highest average spending in 2023 — at about $578,000 — and their lead continued in 2024, at more than a third higher than millennials and more than twice those of boomers and Gen Z respondents.', '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.', 'Overall, wealthy collectors are reducing their exposure to art.', 'While art\'s role as an ""asset"" is hotly debated, the report said the average allocation to art was 15% in 2024, down from 22% of their portfolios in 2021.', 'Granted, some of the decline may be due to the increased value of stocks and other assets in their portfolios.', 'Yet the drop suggests many collectors have paused their buying.', 'The super-wealthy have the highest exposure to art.', 'Those worth $50 million or more have an average of 25% of their assets in art, down from 29% last year.', 'Millionaires worth less than $5 million have about 12%.Collectors who have been active in the market for decades have built up large collections, that will either have to be sold, passed on to family or bequeathed to museums or nonprofits.', 'The average number of works owned by wealthy collectors worldwide is 44, according to the survey.', 'Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had an average of 110 works.', 'When asked about their biggest concerns for the art market, the largest number (52%) cited ""barriers to the free movement of art internationally.""', 'The second-largest concern was the ""rise of legal issues in the art trade,"" such as restitution cases, fakes and forgeries, as well as ""ethical considerations concerning artists,"" such as how they are compensated and promoted. ""', 'Art market fluctuations"" ranked fourth.', 'The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer.', 'Fully 91% of wealthy collectors had works in their collections that were inherited or gifted through a will or other bequest, according to the survey.', 'Despite the expectation that families will sell the works they inherit, 72% of those surveyed kept at least some of their inherited art.', 'Those who do sell inherited art were more likely to cite a lack of display space or taxes as the reasons, rather than taste.', '""There has always been an assumption that as art moves down a generation, the younger generation has different tastes,"" Donovan said. ""', 'But to assume that this leads to the wholesale breakup of the collections or selling is wrong.', 'Art is something which stimulates the emotions and there may be an association with certain pieces of art with your parents.""']",0.2739736750432975,"The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer.",Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works.,-0.1795427446012143,"The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market's performance over the next six months, up from 77% at the end of 2023, the survey said.","Auction sales in the first six months at Christie's, Sotheby's, Phillipsand Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting.",2024-10-25
-Walmart will start delivering prescriptions to customers' doorsteps as CVS and Walgreens struggle,https://www.cnbc.com/2024/10/22/walmart-will-start-delivering-prescriptions-as-cvs-walgreens-struggle.html,2024-10-22T14:56:56+0000,"In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin. The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January. Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices. With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.""This is actually the No. 1 service requested by our customers,"" he said.Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.Walmart's delivery service will be available for new prescriptions and refills, the company said. It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program.Health insurance plans will be applied to the transaction, like they would in the store, the company said.The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging. Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered. And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31. Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.As of Monday's close, shares of Walmart were up around 54% for the year. Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.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, while Walmart held just 5% of that share.CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs. Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business. On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years. That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.Walmart has faced its own financial challenges on the health-care side of the business. The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn't operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""",CNBC,22/10/2024,"['In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.', ""The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin."", 'The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January.', 'Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.', 'The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices.', 'With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.', ""Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies."", 'Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.', 'Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.', '""This is actually the No.', '1 service requested by our customers,"" he said.', 'Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.', ""Walmart's delivery service will be available for new prescriptions and refills, the company said."", ""It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program."", 'Health insurance plans will be applied to the transaction, like they would in the store, the company said.', ""The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging."", ""Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered."", 'And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.', ""Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31."", 'Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.', ""As of Monday's close, shares of Walmart were up around 54% for the year."", ""Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.CVS is the top U.S. pharmacy in terms of prescription drug revenue, holdingmore 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, while Walmart held just 5% of that share.', 'CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs.', 'Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.', 'CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business.', 'On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years.', 'That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.', 'The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.', 'Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Walmart has faced its own financial challenges on the health-care side of the business.', 'The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.', 'Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn\'t operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""']",0.1607635230885578,"Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31.","Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.",-0.1206125207245349,"As of Monday's close, shares of Walmart were up around 54% for the year.","Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies.",2024-10-25
-"Abercrombie & Fitch responds to former CEO's sex trafficking arrest, says it will cooperate with law enforcement",https://www.cnbc.com/2024/10/23/abercrombie-responds-to-ceo-mike-jeffries-sex-trafficking-arrest.html,2024-10-23T20:34:31+0000,"In this articleAbercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is ""committed to fully cooperating with law enforcement as the legal process continues."" ""As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,"" a company spokesperson said in a statement to CNBC. ""For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today,"" the spokesperson added. ""We have zero tolerance for abuse, harassment or discrimination of any kind."" Shares of Abercrombie were down about 5% on Wednesday.On Tuesday, Jeffries — who helmed the legacy apparel brand from 1992 to 2014 — along with his partner Matthew Smith and another associate, were arrested on charges of sex trafficking and interstate prostitution that prosecutors allege happened during his tenure at Abercrombie. Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts.""Many of the victims, at least one of whom was as young as 19 years old, were financially vulnerable and aspired to become models in the fashion industry, a notoriously cut-throat world,"" prosecutors wrote in a court filing.""Indeed, some of the men they recruited had previously worked at Abercrombie stores or modeled for Abercrombie.""Under Jeffries' tenure, Abercrombie became known for its sexually charged marketing and its efforts to market exclusively to kids perceived as good-looking and cool. But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year. Soon after the investigation was published, Jeffries and Abercrombie were sued by a man who said he was victimized by the former CEO in the 2010s when he was recruited for a modeling opportunity.Nearly a year later, federal prosecutors brought a case against Jeffries. His attorney, Brian Bieber, told NBC News on Tuesday it would respond to the allegations in more detail at a later date.""We will respond in detail to the allegations after the Indictment is unsealed, and when appropriate, but plan to do so in the courthouse — not the media,"" Bieber said.The longtime retailer was ousted from Abercrombie in 2014 following a long sales decline. Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry. It has introduced inclusive sizing and jeans that are designed for curvier bodies, and has made it clear in its marketing that it is no longer after a single customer from one type of racial background. In its statement, Abercrombie said it supports the victims who have come forward. ""Speaking up and coming forward is not easy,"" the spokesperson said. ""Our thoughts remain with those who have bravely raised their voices as part of the federal investigation.""",CNBC,23/10/2024,"['In this articleAbercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is ""committed to fully cooperating with law enforcement as the legal process continues.', '""""As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,"" a company spokesperson said in a statement to CNBC.""For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today,"" the spokesperson added. ""', 'We have zero tolerance for abuse, harassment or discrimination of any kind.', '""Shares of Abercrombie were down about 5% on Wednesday.', 'On Tuesday, Jeffries — who helmed the legacy apparel brand from 1992 to 2014 — along with his partner Matthew Smith and another associate, were arrested on charges of sex trafficking and interstate prostitution that prosecutors allege happened during his tenure at Abercrombie.', 'Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts.', '""Many of the victims, at least one of whom was as young as 19 years old, were financially vulnerable and aspired to become models in the fashion industry, a notoriously cut-throat world,"" prosecutors wrote in a court filing.', '""Indeed, some of the men they recruited had previously worked at Abercrombie stores or modeled for Abercrombie.', '""Under Jeffries\' tenure, Abercrombie became known for its sexually charged marketing and its efforts to market exclusively to kids perceived as good-looking and cool.', 'But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year.', 'Soon after the investigation was published, Jeffries and Abercrombie were sued by a man who said he was victimized by the former CEO in the 2010s when he was recruited for a modeling opportunity.', 'Nearly a year later, federal prosecutors brought a case against Jeffries.', 'His attorney, Brian Bieber, told NBC News on Tuesday it would respond to the allegations in more detail at a later date.', '""We will respond in detail to the allegations after the Indictment is unsealed, and when appropriate, but plan to do so in the courthouse — not the media,"" Bieber said.', 'The longtime retailer was ousted from Abercrombie in 2014 following a long sales decline.', 'Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.', 'It has introduced inclusive sizing and jeans that are designed for curvier bodies, and has made it clear in its marketing that it is no longer after a single customer from one type of racial background.', 'In its statement, Abercrombie said it supports the victims who have come forward.', '""Speaking up and coming forward is not easy,"" the spokesperson said. ""', 'Our thoughts remain with those who have bravely raised their voices as part of the federal investigation.""']",-0.0768802368633965,"Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.",But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year.,-0.017994537949562,"Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.","""Shares of Abercrombie were down about 5% on Wednesday.",2024-10-25
-"Starbucks shares slide after coffee chain says sales fell again, suspends outlook",https://www.cnbc.com/2024/10/22/starbucks-shares-slide-after-preliminary-results-show-sales-fell-again.html,2024-10-23T12:13:21+0000,"In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that's exactly what we are doing with our 'Back to Starbucks' plan,"" CEO Brian Niccol said in a statement.Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30. The coffee chain's new CEO aims to reverse slowing demand for Starbucks' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program. He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers. All three of those goals have been top complaints from customers and baristas in recent years.""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company's website on Tuesday.The company's preliminary net sales fell 3% to $9.1 billion. It reported preliminary adjusted earnings per share of 80 cents.Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.Shares of the company fell more than 3% in extended trading on the announcement.For the third consecutive quarter, Starbucks' same-store sales fell. This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.The company blamed its soft sales on weaker demand in North America. In its home market, its same-store sales decreased 6%. Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.In China, its second-largest market, same-store sales plummeted 14%. The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market.The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant. The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers. Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months.Niccol joined Starbucks after six years as CEO of Chipotle. During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business. In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding.Niccol has also been reshuffling the company's executive ranks. On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position. Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role. Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August.Shares of Starbucks are up 1% this year, as of Tuesday's close. The company has a market cap of more than $109 billion.",CNBC,23/10/2024,"['In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.', '""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that\'s exactly what we are doing with our \'Back to Starbucks\' plan,"" CEO Brian Niccol said in a statement.', ""Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30."", 'The coffee chain\'s new CEO aims to reverse slowing demand for Starbucks\' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program.', 'He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers.', 'All three of those goals have been top complaints from customers and baristas in recent years.', '""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company\'s website on Tuesday.', ""The company's preliminary net sales fell 3% to $9.1 billion."", 'It reported preliminary adjusted earnings per share of 80 cents.', 'Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.', 'Shares of the company fell more than 3% in extended trading on the announcement.', ""For the third consecutive quarter, Starbucks' same-store sales fell."", ""This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic."", 'The company blamed its soft sales on weaker demand in North America.', 'In its home market, its same-store sales decreased 6%.', 'Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.', 'In China, its second-largest market, same-store sales plummeted 14%.', ""The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market."", 'The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.', '""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.', '""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.', 'Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.', ""The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant."", 'The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.', 'In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers.', ""Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months."", 'Niccol joined Starbucks after six years as CEO of Chipotle.', 'During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.', ""To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business."", ""In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding."", ""Niccol has also been reshuffling the company's executive ranks."", 'On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position.', 'Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role.', ""Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August."", ""Shares of Starbucks are up 1% this year, as of Tuesday's close."", 'The company has a market cap of more than $109 billion.']",0.0891955299188254,"""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.",The company blamed its soft sales on weaker demand in North America.,-0.3245488777756691,"Shares of Starbucks are up 1% this year, as of Tuesday's close.",This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.,2024-10-25
-"Novo Nordisk asks FDA to ban compounding pharmacies from making Ozempic, Wegovy copies",https://www.cnbc.com/2024/10/23/novo-nordisk-asks-fda-to-ban-compounded-ozempic-wegovy-copies-.html,2024-10-23T17:52:53+0000,"In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely. The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy. In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year. It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates. Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements. The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years. The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database. But Novo Nordisk late Tuesday nominated semaglutide to the FDA's ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks. ""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement. The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all. ""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement. The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide. That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market. The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment. Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro. Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug. A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.",CNBC,23/10/2024,"['In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely.', 'The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy.', 'In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.', ""The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year."", 'It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates.', ""Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", 'When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements.', 'The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years.', ""The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database."", 'But Novo Nordisk late Tuesday nominated semaglutide to the FDA\'s ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks.', '""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement.', 'The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all.', '""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement.', 'The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.', '""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide.', ""That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", 'Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.', 'The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment.', 'Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', ""Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro."", 'Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.', 'A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.']",-0.1024098906911005,"The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.","Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.",-0.3954338810660622,"Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.","Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.",2024-10-25
-Disney will name Bob Iger's replacement in early 2026; James Gorman to become board chair next year,https://www.cnbc.com/2024/10/21/disney-ceo-succession-plan-board-chair.html,2024-10-21T15:43:09+0000,"In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday.Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement. That includes spending more time working on Nike-related matters, according to a person familiar with the matter. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.Succession hasn't been smooth at Disney. The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.Gorman said in a CNBC interview in March, before taking over as the board's succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.Iger has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.Iger's current contract as CEO runs until Dec. 31, 2026. He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.",CNBC,21/10/2024,"[""In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday."", ""Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August."", 'He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.', '""The Disney board has benefited tremendously from James Gorman\'s expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""', 'I\'m extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.', 'That includes spending more time working on Nike-related matters, according to a person familiar with the matter.', 'Elliott Hill took over as Nike CEO last week, replacing John Donahoe.', 'Disney had initially targeted 2025 to announce a successor, as CNBC reported last year.', 'Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.', 'Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.', ""Succession hasn't been smooth at Disney."", ""The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years."", 'Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.', ""Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar."", 'Gorman said in a CNBC interview in March, before taking over as the board\'s succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.', '""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.', 'Iger has pushed back his retirement five different times to continue to lead Disney as CEO.', ""Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year."", ""Iger's current contract as CEO runs until Dec. 31, 2026."", ""He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.""]",0.2569005596636836,"I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.","The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years.",0.0619976967573165,"""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. """,Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.,2024-10-25
-"Southwest and activist investor Elliott strike deal to keep CEO Bob Jordan, add six new directors",https://www.cnbc.com/2024/10/24/southwest-elliott-near-settlement-which-would-end-proxy-fight-source-says.html,2024-10-24T20:24:41+0000,"In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly. Southwest CEO Bob Jordan will keep his job as part of the deal.""We are pleased to have come to an agreement with Southwest on the addition of six new directors that will enhance and revitalize its Board,"" Elliott's John Pike and Bobby Xu said in a statement Thursday.Five of Elliott's board nominees along with former Chevron CFO Pierre Breber will join the board, which will stand at 13 members, Southwest said.The Southwest board will appoint a new chairman to replace Kelly, who will now step down next month instead of next year.Elliott had called for both Kelly and Jordan's ouster and criticized the airline's leadership for not moving fast enough on sales- and profit-boosting strategies. The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.Southwest's shares are up less than 1% this year while the S&P 500 has risen 21%. The airline's third-quarter profit, also announced Thursday, topped analysts' estimates. Shares in the carrier were down roughly 6% in midday trading.The Dallas-based carrier has been slashing unprofitable routes to cut costs. At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion. The airline also authorized a $2.5 billion buyback, the first $250 million of which was announced Thursday. Elliott and Southwest as recently as last week had been girding for a proxy fight. The activist called for a special meeting in December to vote on its slate of board nominees, which it had trimmed from 10 to eight.Elliott's campaign hinged in large part on the removal of Kelly and Jordan from their leadership positions.With eight new directors joining as a result of the settlement and of Southwest's earlier board refreshment, the deal is the largest board change Elliott has driven in a U.S. fight.Southwest's board said in September it would drop from 15 directors to 12. Thursday's announcement notches the board back up to 13 members.Also in September, Southwest said Kelly would step down next spring, but the airline's board had staunchly backed Jordan. Both Kelly and Jordan have worked at Southwest for more than three decades.""I believe Southwest's best days lie ahead under the vision and leadership of Bob Jordan and the oversight of this reconstituted Board,"" Kelly said in a release Thursday.— CNBC's Leslie Josephs contributed to this report.Correction: This story has been corrected to remove an inaccurate description for Pierre Breber, who will be joining Southwest's board. Southwest previously announced its board would drop from 15 directors to 12. An earlier version of this story misstated that announcement.",CNBC,24/10/2024,"[""In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly."", 'Southwest CEO Bob Jordan will keep his job as part of the deal.', '""We are pleased to have come to an agreement with Southwest on the addition of six new directors that will enhance and revitalize its Board,"" Elliott\'s John Pike and Bobby Xu said in a statement Thursday.', ""Five of Elliott's board nominees along with former Chevron CFO Pierre Breber will join the board, which will stand at 13 members, Southwest said."", 'The Southwest board will appoint a new chairman to replace Kelly, who will now step down next month instead of next year.', ""Elliott had called for both Kelly and Jordan's ouster and criticized the airline's leadership for not moving fast enough on sales- and profit-boosting strategies."", 'The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.', ""Southwest's shares are up less than 1% this year while the S&P 500 has risen 21%."", ""The airline's third-quarter profit, also announced Thursday, topped analysts' estimates."", 'Shares in the carrier were down roughly 6% in midday trading.', 'The Dallas-based carrier has been slashing unprofitable routes to cut costs.', 'At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion.', 'The airline also authorized a $2.5 billionbuyback, the first $250 million of which was announced Thursday.', 'Elliott and Southwest as recently as last week had been girding for a proxy fight.', 'The activist called for a special meeting in December to vote on its slate of board nominees, which it had trimmed from 10 to eight.', ""Elliott's campaign hinged in large part on the removal of Kelly and Jordan from their leadership positions."", ""With eight new directors joining as a result of the settlement and of Southwest's earlier board refreshment, the deal is the largest board change Elliott has driven in a U.S. fight."", ""Southwest's board said in September it would drop from 15 directors to 12."", ""Thursday's announcement notches the board back up to 13 members."", ""Also in September, Southwest said Kelly would step down next spring, but the airline's board had staunchly backed Jordan."", 'Both Kelly and Jordan have worked at Southwest for more than three decades.', '""I believe Southwest\'s best days lie ahead under the vision and leadership of Bob Jordan and the oversight of this reconstituted Board,"" Kelly said in a release Thursday.—', ""CNBC's Leslie Josephs contributed to this report."", ""Correction: This story has been corrected to remove an inaccurate description for Pierre Breber, who will be joining Southwest's board."", 'Southwest previously announced its board would drop from 15 directors to 12.', 'An earlier version of this story misstated that announcement.']",0.10408466974743,The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.,In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly.,0.5372037470340729,"At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion.",Shares in the carrier were down roughly 6% in midday trading.,2024-10-25
-Judge blocks Coach owner Tapestry's proposed acquisition of Michael Kors parent Capri,https://www.cnbc.com/2024/10/24/judge-blocks-coach-owner-tapestrys-proposed-acquisition-of-michael-kors-owner-capri.html,2024-10-25T12:46:02+0000,"In this articleA federal judge blocked Tapestry's acquisition of Capri on Thursday following a brief trial last month in New York.In her order, Judge Jennifer Rochon granted the Federal Trade Commission's motion for a preliminary injunction to block the proposed merger, which would marry America's two largest luxury houses and put six fashion brands under one company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors. Tapestry's stock surged 10% after the order was filed while Capri's plunged about 50%.In a statement, Tapestry said it plans to appeal the order, ""consistent with our obligations under the merger agreement.""""Today's decision granting the FTC's request for a preliminary injunction is disappointing and, we believe, incorrect on the law and the facts. Tapestry and Capri operate in an industry that is intensely competitive and dynamic, constantly expanding, and highly fragmented among both established players and new entrants,"" the company said. ""We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer.""Under the terms of the merger agreement, Tapestry agreed to reimburse Capri for expenses incurred in connection with the transaction if it fails to be approved, according to a securities filing. If either Tapestry or Capri walks away from the deal because it didn't receive regulatory approval or, a government issued a permanent, non-appealable injunction against it, Tapestry agreed to pay Capri between $30 million and $50 million, the filing said.Capri, on the other hand, has agreed to pay a breakup fee of $240 million if it decides to terminate the proposed merger.Rochon's reasoning behind the order wasn't immediately clear. A detailed opinion was filed under seal and isn't currently accessible to the public.The former rivals and longtime competitors announced the $8.5 billion deal more than a year ago but the Federal Trade Commission sued to block it in April and sought a preliminary injunction to stop the agreement. The FTC argued if the companies merged, it would harm consumers by making the affordable handbag market less accessible and would leave employees with worse salaries and benefits. Tapestry argued consumers would be better off if it merged with Capri because it would allow them to keep up with trends faster, offer better products and reach more customers.""Today's decision is a victory not only for the FTC, but also for consumers across the country seeking access to quality handbags at affordable prices,"" Henry Liu, director of the FTC's Bureau of Competition, said in a statement. ""These bags are a product which millions of people rely on throughout their daily lives. The decision will ensure that Tapestry and Capri continue to engage in head-to-head competition to the benefit of the American public.""The decision comes at a time when consumers are more price-sensitive than ever after years of elevated inflation. The Biden administration, and Democratic presidential candidate Vice President Kamala Harris, have pushed for the federal government to use its power to maintain competition and help keep prices low. Republican candidate Donald Trump has also criticized inflation and has pushed for tariffs to address the issue.The FTC under Chair Lina Khan has moved to block mergers and acquisitions in the grocery, technology and apparel spaces.During the trial last month, key witnesses called by the FTC cited research that showed the merger could raise prices for handbags, accessories and apparel, and may give the combined company little incentive to invest in product quality.Lawyers for Tapestry and Capri argued the companies are not each other's main competitors. They said shoppers now have more options than ever in the handbag market, and trends can change in a blink in the era of TikTok.— CNBC's Melissa Repko contributed to this report",CNBC,25/10/2024,"[""In this articleA federal judge blocked Tapestry's acquisition of Capri on Thursday following a brief trial last month in New York."", ""In her order, Judge Jennifer Rochon granted the Federal Trade Commission's motion for a preliminary injunction to block the proposed merger, which would marry America's two largest luxury houses and put six fashion brands under one company: Tapestry's Coach, Kate Spade and Stuart Weitzman with Capri's Versace, Jimmy Choo and Michael Kors."", 'Tapestry\'s stock surged 10% after the order was filed while Capri\'s plunged about 50%.In a statement, Tapestry said it plans to appeal the order, ""consistent with our obligations under the merger agreement.', '""""Today\'s decision granting the FTC\'s request for a preliminary injunction is disappointing and, we believe, incorrect on the law and the facts.', 'Tapestry and Capri operate in an industry that is intensely competitive and dynamic, constantly expanding, and highly fragmented among both established players and new entrants,"" the company said. ""', 'We face competitive pressures from both lower- and higher-priced products and continue to believe this transaction is pro-competitive and pro-consumer.', '""Under the terms of the merger agreement, Tapestry agreed to reimburse Capri for expenses incurred in connection with the transaction if it fails to be approved, according to a securities filing.', ""If either Tapestry or Capri walks away from the deal because it didn't receive regulatory approval or, a government issued a permanent, non-appealable injunction against it, Tapestry agreed to pay Capri between $30 million and $50 million, the filing said."", 'Capri, on the other hand, has agreed to pay a breakup fee of $240 million if it decides to terminate the proposed merger.', ""Rochon's reasoning behind the order wasn't immediately clear."", ""A detailed opinion was filed under seal and isn't currently accessible to the public."", 'The former rivals and longtime competitors announced the $8.5 billion deal more than a year ago but the Federal Trade Commission sued to block it in April and sought a preliminary injunction to stop the agreement.', 'The FTC argued if the companies merged, it would harm consumers by making the affordable handbag market less accessible and would leave employees with worse salaries and benefits.', 'Tapestry argued consumers would be better off if it merged with Capri because it would allow them to keep up with trends faster, offer better products and reach more customers.', '""Today\'s decision is a victory not only for the FTC, but also for consumers across the country seeking access to quality handbags at affordable prices,"" Henry Liu, director of the FTC\'s Bureau of Competition, said in a statement. ""', 'These bags are a product which millions of people rely on throughout their daily lives.', 'The decision will ensure that Tapestry and Capri continue to engage in head-to-head competition to the benefit of the American public.', '""The decision comes at a time when consumers are more price-sensitive than ever after years of elevated inflation.', 'The Biden administration, and Democratic presidential candidate Vice President Kamala Harris, have pushed for the federal government to use its power to maintain competition and help keep prices low.', 'Republican candidate Donald Trump has also criticized inflation and has pushed for tariffs to address the issue.', 'The FTC under Chair Lina Khan has moved to block mergers and acquisitions in the grocery, technology and apparel spaces.', 'During the trial last month, key witnesses called by the FTC cited research that showed the merger could raise prices for handbags, accessories and apparel, and may give the combined company little incentive to invest in product quality.', ""Lawyers for Tapestry and Capri argued the companies are not each other's main competitors."", 'They said shoppers now have more options than ever in the handbag market, and trends can change in a blink in the era of TikTok.—', ""CNBC's Melissa Repko contributed to this report""]",0.093541599220243,The decision will ensure that Tapestry and Capri continue to engage in head-to-head competition to the benefit of the American public.,"The FTC argued if the companies merged, it would harm consumers by making the affordable handbag market less accessible and would leave employees with worse salaries and benefits.",0.1318200767040252,"Tapestry's stock surged 10% after the order was filed while Capri's plunged about 50%.In a statement, Tapestry said it plans to appeal the order, ""consistent with our obligations under the merger agreement.","During the trial last month, key witnesses called by the FTC cited research that showed the merger could raise prices for handbags, accessories and apparel, and may give the combined company little incentive to invest in product quality.",2024-10-25
-'Swicy' items take over restaurant menus as Gen Z seeks heat,https://www.cnbc.com/2024/10/22/swicy-items-take-over-restaurant-menus-as-gen-z-seeks-heat.html,2024-10-22T18:46:25+0000,"The hottest food and drink trend this year isn't just spicy — it's also sweet.""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing. While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors. The Food Institute even dubbed it the ""Summer of Swicy"" this year.Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential. Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers. Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment.Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales. In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence. Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen. The one element that might have changed over time are the spice levels.""I'm sure food is hotter now than it was 20 years ago,"" Nielsen said.She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen. Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza. But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.""Now, four years on, we're moving out of this and adding more spicy flavors,"" Nielsen said.Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division.McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show. The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.The following year, McCormick, which owns Frank's RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there's something for everyone,"" Cohen Aviram said.One reason why so many U.S. consumers are seeking out spicy foods and drinks? Increasing diversity.""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it. Then it gets introduced and repackaged,"" Nielsen said.For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation.One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze. After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors. It told customers to pick a side: team swicy or team umami.The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that's really excited about complex flavor profiles — but there's only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.Here's one example of the generation's heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said.Feedback from Shake Shack's customers reflects that, too.""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like 'Hey, you could have punched it up a little bit,'"" Karangis said.Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar.""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you're just not going to sense the nuance,"" she said.When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness. At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink. The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O'Toole, Burger King North America's chief marketing officer.The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile.""Guests can easily and accessibly try a 'swicy' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.Of course, not all swicy profiles resonate with customers. For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.But despite some missteps, the swicy pairing is likely here to stay – at least for a while.""The flavors will stick around, for sure. I think the name will get tiresome. ... It probably still has a couple of years to go,"" Nielsen said.",CNBC,22/10/2024,"[""The hottest food and drink trend this year isn't just spicy — it's also sweet."", '""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing.', ""While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors."", 'The Food Institute even dubbed it the ""Summer of Swicy"" this year.', 'Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.', ""Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers."", ""Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment."", 'Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.', 'Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales.', ""In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence."", 'Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.', 'While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen.', 'The one element that might have changed over time are the spice levels.', '""I\'m sure food is hotter now than it was 20 years ago,"" Nielsen said.', 'She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.', ""The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen."", 'Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.', 'The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza.', 'But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.', '""Now, four years on, we\'re moving out of this and adding more spicy flavors,"" Nielsen said.', ""Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division."", 'McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show.', 'The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.', 'The following year, McCormick, which owns Frank\'s RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.', '""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there\'s something for everyone,"" Cohen Aviram said.', 'One reason why so many U.S. consumers are seeking out spicy foods and drinks?', 'Increasing diversity.', '""The reason that sweet heat or swicy is sort of everlasting is that it\'s a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.', 'Then it gets introduced and repackaged,"" Nielsen said.', ""For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation."", 'One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze.', ""After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors."", 'It told customers to pick a side: team swicy or team umami.', 'The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that\'s really excited about complex flavor profiles — but there\'s only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.', 'Here\'s one example of the generation\'s heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.', ""And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said."", ""Feedback from Shake Shack's customers reflects that, too."", '""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like \'Hey, you could have punched it up a little bit,\'"" Karangis said.', ""Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar."", '""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you\'re just not going to sense the nuance,"" she said.', 'When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness.', 'At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink.', 'The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O\'Toole, Burger King North America\'s chief marketing officer.', ""The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile."", '""Guests can easily and accessibly try a \'swicy\' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O\'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.', 'Of course, not all swicy profiles resonate with customers.', 'For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.', 'But despite some missteps, the swicy pairing is likely here to stay – at least for a while.', '""The flavors will stick around, for sure.', 'I think the name will get tiresome. ...', 'It probably still has a couple of years to go,"" Nielsen said.']",0.2628919497619236,"""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.","Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers.",0.5218298898802863,"Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.","In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence.",2024-10-25
-"Spirit Airlines stock jumps 15% after struggling budget carrier said it will sell planes, cut jobs",https://www.cnbc.com/2024/10/25/spirit-airlines-stock-sell-planes-cut-jobs.html,2024-10-25T20:07:51+0000,"In this articleSpirit Airlines shares surged Friday after the struggling budget carrier said it would cut jobs and sell aircraft.The stock closed the day 16% higher, at $2.79 per share.The carrier late Thursday laid out a plan to reduce costs and raise cash by selling 23 older Airbus aircraft. That sale will bring in $519 million, Spirit said in a securities filing.It also said it will reduce costs by about $80 million, mostly through job cuts.Last week the airline again delayed a deadline to refinance more than $1 billion in debt until late December, giving it breathing room with its credit card processor.Spirit has struggled to return to profitability in the wake of the pandemic, facing a shift in travel demand and the grounding of dozens of Pratt & Whitney powered aircraft.Even with Friday's jump, Spirit's shares have tumbled more than 80% this year after a judge blocked its planned acquisition by JetBlue Airways.Spirit didn't immediately comment on how many employees it will cut but said its 2025 capacity will be down in the mid-teen percentage point range compared with this year. It started furloughing about 200 pilots in September. Flight attendants ""are well-positioned"" because so many crew members took voluntary leaves of absence, according to the company.Earlier this week, The Wall Street Journal reported that Spirit and Frontier Airlines have revived merger discussions, sending shares higher. The airlines didn't immediately comment. The two budget airlines had a merger agreement that was derailed by JetBlue's April 2022 offer to purchase Spirit outright.Late Thursday, Spirit forecast a third-quarter negative operating margin of 24.5%, better than a previous estimate for as much as a negative 29% margin for the three-month period.",CNBC,25/10/2024,"['In this articleSpiritAirlinesshares surged Friday after the struggling budget carrier said it would cut jobs and sell aircraft.', 'The stock closed the day 16% higher, at $2.79 per share.', 'The carrier late Thursday laid out a plan toreduce costs and raise cash by selling 23 older Airbus aircraft.', 'That sale will bring in $519 million, Spirit said in a securities filing.', 'It also said it will reduce costs by about $80 million, mostly through job cuts.', 'Last week theairlineagain delayed a deadline to refinancemore than $1 billion indebtuntil late December, giving it breathing room with its credit card processor.', 'Spirit has struggled to return to profitability in the wake of the pandemic, facing a shift in travel demand and the grounding of dozens of Pratt & Whitney powered aircraft.', ""Even with Friday's jump, Spirit's shares have tumbled more than 80% this year after a judge blocked its planned acquisition by JetBlue Airways."", ""Spirit didn't immediately comment on how many employees it will cut but said its 2025 capacity will be down in the mid-teen percentage point range compared with this year."", 'It started furloughing about 200 pilots in September.', 'Flight attendants ""are well-positioned"" because so many crew members took voluntary leaves of absence, according to the company.', 'Earlier this week, The Wall Street Journal reported that Spirit and Frontier Airlines have revived merger discussions, sending shares higher.', ""The airlines didn't immediately comment."", ""The two budget airlines had a merger agreement that was derailed by JetBlue's April 2022 offer to purchase Spirit outright."", 'Late Thursday, Spirit forecast a third-quarter negative operating margin of 24.5%, better than a previous estimate for as much as a negative 29% margin for the three-month period.']",0.0621031075025447,"Last week theairlineagain delayed a deadline to refinancemore than $1 billion indebtuntil late December, giving it breathing room with its credit card processor.",In this articleSpiritAirlinesshares surged Friday after the struggling budget carrier said it would cut jobs and sell aircraft.,0.2455452626401728,"Earlier this week, The Wall Street Journal reported that Spirit and Frontier Airlines have revived merger discussions, sending shares higher.","Spirit has struggled to return to profitability in the wake of the pandemic, facing a shift in travel demand and the grounding of dozens of Pratt & Whitney powered aircraft.",2024-10-25
-Elon Musk battles Mukesh Ambani over India's satellite internet,https://www.bbc.co.uk/news/articles/ce3z3ydwdppo,2024-10-22T23:01:35.849Z,"The race between two of the world’s richest men, Elon Musk and Mukesh Ambani, is intensifying as they prepare to face off in India’s satellite broadband market. After India's government announced last week that satellite spectrum for broadband would be allocated administratively rather than through auction, this battle has only heated up. Mr Musk had previously criticised the auction model supported by Mr Ambani. Satellite broadband provides internet access anywhere within the satellite’s coverage. This makes it a reliable option for remote or rural areas where traditional services like DSL - a connection that uses telephone lines to transmit data - or cable are unavailable. It also helps to bridge the hard-to-reach digital divide. India's telecom regulator has yet to announce spectrum pricing, and commercial satellite internet services are still to begin.  However, satellite internet subscribers in India are projected to reach two million by 2025, according to credit rating agency ICRA.  The market is competitive, with around half a dozen key players, led by Mr Ambani's Reliance Jio.  Having invested billions in airwave auctions to dominate the telecom sector, Jio has now partnered with Luxembourg-based SES Astra, a leading satellite operator. Unlike Mr Musk's Starlink, which uses low-Earth orbit (LEO) satellites positioned between 160 and 1,000 km from Earth's surface for faster service, SES operates medium-Earth orbit (MEO) satellites at a much higher altitude, offering a more cost-effective system. Receivers on the ground receive satellite signals and process it to internet data. Mr Musk’s Starlink has 6,419 satellites in orbit and four million subscribers across 100 countries. He has been aiming to launch services in India since 2021, but regulatory hurdles have caused delays.  If his company enters India this time, it will boost Prime Minister Narendra Modi's efforts to attract foreign investment, many say.  It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani. While auctions have proved lucrative for it in the past, India’s government defends its decision to allocate satellite spectrum administratively this time, claiming it aligns with international norms.  Satellite spectrum is not typically allocated by auction as the costs involved could impact the financial rationale or investment in the business, says Gareth Owen, a technology analyst at Counterpoint Research. In contrast, administrative allocation would ensure spectrum is fairly distributed among ""qualified"" players, giving Starlink a chance to enter the race.  But Mr Ambani’s Reliance says an auction is necessary to ensure fair competition, given the lack of clear legal provisions in India on how satellite broadband services can be offered directly to people.  In letters written to the telecoms regulator earlier in October, seen by the BBC, Reliance repeatedly urged the creation of a ""level playing field between satellite-based and terrestrial access services"".  The firm also said that ""recent advancements in satellite technologies... have significantly blurred the lines between satellite and terrestrial networks"", and that ""satellite-based services are no longer confined to areas unserved by terrestrial networks"". One letter stated that spectrum assignment is done through auctions under India's telecom laws, with administrative allocation allowed only in cases of ""public interest, government functions, or technical or economic reasons preventing auctions."" On X, Mr Musk pointed out that the spectrum “was long designated by the ITU as shared spectrum for satellites”. The International Telecommunication Union (ITU), a UN agency for digital technology, sets global regulations, and India is a member and signatory. When Reuters news agency reported that Mukesh Ambani was lobbying the government to reconsider its position, Mr Musk responded to a post on X, saying: “I will call [Mr Ambani] and ask if it would not be too much trouble to allow Starlink to compete to provide internet services to the people of India.” Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen. The tycoon could be “prepared to outbid Musk”, using an auction to potentially exclude Starlink from the Indian market, he says. But it is not Mr Ambani alone who supported the auction route.  Sunil Mittal, chairman of Bharti Airtel, has said that companies aiming to serve urban, high-end customers should “take telecom licences and buy spectrum like everyone else”.  Mr Mittal - India's second-largest wireless operator - along with Mr Ambani, controls 80% of the country's telecom market. Such resistance is a “defensive move aimed at raising costs for international players seen as long-term threats,"" says Mahesh Uppal, a telecommunications expert.  “While not immediate competition, satellite technologies are advancing quickly. Telecom companies [in India] with large terrestrial businesses fear that satellites could soon become more competitive, challenging their dominance.” At stake, clearly, is the promise of the vast Indian market. Nearly 40% of India’s 1.4 billion people still don’t have internet access, with rural areas making up most of the cases, according to EY-Parthenon, a consulting company.  For context, China is  home to almost 1.09 billion internet users, which is almost 340 million more than India’s 751 million, according to DataReportal, which tracks global online trends. India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.  If priced properly, satellite broadband can help bridge some of this gap, and even help in the internet-of things (IoT), a network that connects everyday objects to the internet, allowing them to talk to each other.  Pricing will be crucial in India, where mobile data is among the cheapest globally - just 12 cents per gigabyte, according to Modi.  ""A price war [with Indian operators] is inevitable. Musk has deep pockets. There's no reason why he cannot offer a year of free services in [some] places to gain a foothold in the domestic market,"" says Prasanto K Roy, a technology analyst. Starlink has already cut prices in Kenya and South Africa.   It may not be easy though. In a 2023 report, EY-Parthenon noted that Starlink's higher costs - almost 10 times those of major Indian broadband providers - could make it difficult to compete without government subsidies.  Many more LEO satellites - the kind Starlink operates - are needed to provide global coverage than MEO satellites, increasing launch and maintenance costs. And some of the fears of Indian operators could be unfounded.  ""Businesses will never switch completely to satellite unless there is no terrestrial option. Terrestrial networks will always be less expensive than satellite, except in thinly populated regions,"" says Mr Owen.  Mr Musk could have a first-mover advantage, but ""satellite markets are notoriously slow to develop"".  The battle between two of the world's richest men over internet of space has truly begun.  ",BBC,22/10/2024,"['The race between two of the world’s richest men, Elon Musk and Mukesh Ambani, is intensifying as they prepare to face off in India’s satellite broadband market.', ""After India's government announced last week that satellite spectrum for broadband would be allocated administratively rather than through auction, this battle has only heated up."", 'Mr Musk had previously criticised the auction model supported by Mr Ambani.', 'Satellite broadband provides internet access anywhere within the satellite’s coverage.', 'This makes it a reliable option for remote or rural areas where traditional services like DSL - a connection that uses telephone lines to transmit data - or cable are unavailable.', 'It also helps to bridge the hard-to-reach digital divide.', ""India's telecom regulator has yet to announce spectrum pricing, and commercial satellite internet services are still to begin."", 'However, satellite internet subscribers in India are projected to reach two million by 2025, according to credit rating agency ICRA.', ""The market is competitive, with around half a dozen key players, led by Mr Ambani's Reliance Jio."", 'Having invested billions in airwave auctions to dominate the telecom sector, Jio has now partnered with Luxembourg-based SES Astra, a leading satellite operator.', ""Unlike Mr Musk's Starlink, which uses low-Earth orbit (LEO) satellites positioned between 160 and 1,000 km from Earth's surface for faster service, SES operates medium-Earth orbit (MEO) satellites at a much higher altitude, offering a more cost-effective system."", 'Receivers on the ground receive satellite signals and process it to internet data.', 'Mr Musk’s Starlink has 6,419 satellites in orbit and four million subscribers across 100 countries.', 'He has been aiming to launch services in India since 2021, but regulatory hurdles have caused delays.', ""If his company enters India this time, it will boost Prime Minister Narendra Modi's efforts to attract foreign investment, many say."", ""It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani."", 'While auctions have proved lucrative for it in the past, India’s government defends its decision to allocate satellite spectrum administratively this time, claiming it aligns with international norms.', 'Satellite spectrum is not typically allocated by auction as the costs involved could impact the financial rationale or investment in the business, says Gareth Owen, a technology analyst at Counterpoint Research.', 'In contrast, administrative allocation would ensure spectrum is fairly distributed among ""qualified"" players, giving Starlink a chance to enter the race.', 'But Mr Ambani’s Reliance says an auction is necessary to ensure fair competition, given the lack of clear legal provisions in India on how satellite broadband services can be offered directly to people.', 'In letters written to the telecoms regulator earlier in October, seen by the BBC, Reliance repeatedly urged the creation of a ""level playing field between satellite-based and terrestrial access services"".', 'The firm also said that ""recent advancements in satellite technologies... have significantly blurred the lines between satellite and terrestrial networks"", and that ""satellite-based services are no longer confined to areas unserved by terrestrial networks"".', 'One letter stated that spectrum assignment is done through auctions under India\'s telecom laws, with administrative allocation allowed only in cases of ""public interest, government functions, or technical or economic reasons preventing auctions.""', 'On X, Mr Musk pointed out that the spectrum “was long designated by the ITU as shared spectrum for satellites”.', 'The International Telecommunication Union (ITU), a UN agency for digital technology, sets global regulations, and India is a member and signatory.', 'When Reuters news agency reported that Mukesh Ambani was lobbying the government to reconsider its position, Mr Musk responded to a post on X, saying: “I will call [Mr Ambani] and ask if it would not be too much trouble to allow Starlink to compete to provide internet services to the people of India.”', ""Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen."", 'The tycoon could be “prepared to outbid Musk”, using an auction to potentially exclude Starlink from the Indian market, he says.', 'But it is not Mr Ambani alone who supported the auction route.', 'Sunil Mittal, chairman of Bharti Airtel, has said that companies aiming to serve urban, high-end customers should “take telecom licences and buy spectrum like everyone else”.', ""Mr Mittal - India's second-largest wireless operator - along with Mr Ambani, controls 80% of the country's telecom market."", 'Such resistance is a “defensive move aimed at raising costs for international players seen as long-term threats,"" says Mahesh Uppal, a telecommunications expert. “', 'While not immediate competition, satellite technologies are advancing quickly.', 'Telecom companies [in India] with large terrestrial businesses fear that satellites could soon become more competitive, challenging their dominance.”', 'At stake, clearly, is the promise of the vast Indian market.', 'Nearly 40% of India’s 1.4 billion people still don’t have internet access, with rural areas making up most of the cases, according to EY-Parthenon, a consulting company.', 'For context, China is home to almost 1.09 billion internet users, which is almost 340 million more than India’s 751 million, according to DataReportal, which tracks global online trends.', 'India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.', 'If priced properly, satellite broadband can help bridge some of this gap, and even help in the internet-of things (IoT), a network that connects everyday objects to the internet, allowing them to talk to each other.', 'Pricing will be crucial in India, where mobile data is among the cheapest globally - just 12 cents per gigabyte, according to Modi. ""', 'A price war [with Indian operators] is inevitable.', 'Musk has deep pockets.', 'There\'s no reason why he cannot offer a year of free services in [some] places to gain a foothold in the domestic market,"" says Prasanto K Roy, a technology analyst.', 'Starlink has already cut prices in Kenya and South Africa.', 'It may not be easy though.', ""In a 2023 report, EY-Parthenon noted that Starlink's higher costs - almost 10 times those of major Indian broadband providers - could make it difficult to compete without government subsidies."", 'Many more LEO satellites - the kind Starlink operates - are needed to provide global coverage than MEO satellites, increasing launch and maintenance costs.', 'And some of the fears of Indian operators could be unfounded. ""', 'Businesses will never switch completely to satellite unless there is no terrestrial option.', 'Terrestrial networks will always be less expensive than satellite, except in thinly populated regions,"" says Mr Owen.', 'Mr Musk could have a first-mover advantage, but ""satellite markets are notoriously slow to develop"".', ""The battle between two of the world's richest men over internet of space has truly begun.""]",0.1298894937791282,"It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani.",A price war [with Indian operators] is inevitable.,0.3341103170229041,"Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen.",India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.,2024-10-24
-Binance in Nigeria: Charges dropped against cryptocurrency executive Tigran Gambaryan,https://www.bbc.co.uk/news/articles/c8dmp1jg448o,2024-10-23T16:08:30.693Z,"Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad. Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) - which they denied. The 40-year-old was in charge of financial crime compliance at Binance, the world's largest crypto exchange that Nigeria blames for much of its recent economic turmoil. It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency. The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism. Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre - a prison in the capital, Abuja where he had been held since April - were exacerbating a back problem. “The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August. The High Court judge has twice denied him bail, saying he was a potential flight risk. This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager. He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest - and is still wanted by the Nigerian authorities. According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness. The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him. ""We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,"" Reuters quotes EFCC lawyer Ekele Ihenacho as saying. The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court. Binance has also fallen foul of US laws. Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform. 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,23/10/2024,"['Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad.', 'Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) - which they denied.', ""The 40-year-old was in charge of financial crime compliance at Binance, the world's largest crypto exchange that Nigeria blames for much of its recent economic turmoil."", 'It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.', 'The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.', 'Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre - a prison in the capital, Abuja where he had been held since April - were exacerbating a back problem. “', 'The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August.', 'The High Court judge has twice denied him bail, saying he was a potential flight risk.', 'This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager.', 'He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest - and is still wanted by the Nigerian authorities.', 'According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness.', 'The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him. ""', 'We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,"" Reuters quotes EFCC lawyer Ekele Ihenacho as saying.', 'The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court.', 'Binance has also fallen foul of US laws.', 'Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform.', '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']",-0.3603618320711833,"It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.","The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.",-0.6003132121903556,Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad.,"It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.",2024-10-24
-Tanzania railway: Dar es Salaam to Dodoma link is East Africa's first electric train,https://www.bbc.co.uk/news/articles/c70z109nnk4o,2024-10-23T23:04:31.641Z,"Shaped and coloured like the country’s rare gemstone, tanzanite, the sparkling new railway terminal in Dar es Salaam is a symbol of Tanzania’s transport ambitions. The glass panels gleam in the sun, like an outsize version of the prismatic bluish-purple gem that glitters in the light. The trains – powered by electricity, a first for the region – carry passengers from the commercial hub to the capital, Dodoma, in less than four hours, half the time it takes by road. It marks the starting point of one of the country’s strategic projects – the building of a 2,560km (1,590-mile) Standard Gauge Railway (SGR) envisaged to connect key cities and link up with neighbours Burundi, Rwanda and the Democratic Republic of Congo. The 460km (285-mile) Dar es Salaam to Dodoma leg has been open since August, when President Samia Suluhu described the railway as “a pathway to our future” that would ""enhance our standing in the region"". In Dodoma, the station is another grand building, resembling the rocky hills around the city – an effort to blend the country’s natural heritage with modernity. It is a reluctant capital. In the middle of the country, it was first designated the centre of power 50 years ago, but it took the strong-willed late President John Magufuli to force government bodies to relocate. But as most commercial activity, and even some government work, continues in Dar es Salaam, a fast and efficient transport link between the cities has been seen as vital. The electric train has also made it smooth and convenient for the ordinary Tanzanian. A far cry from the experience on the road or the older slower, narrower train that this service replaces. Inside the train carriage, the seats are clean, comfortable and reclinable. There is a foldable tray table attached to each one. A member of the train crew is on hand to sell hot and cold drinks as well as snacks. In economy class there are five seats in each row, three on one side of the aisle and two on the other. In the business and luxury (royal) classes there are two seats on either side of the row, offering more comfort and legroom. ""We are grateful, we are not tired,"" Gloria Sebastian who lives in Dar es Salaam, tells the BBC during a trip to visit her family in Dodoma. She is happy about the convenience that the train provides. And she is not alone. The man who is overseeing the building and operation of the SGR service says at least 7,000 passengers travel on the eight daily services on the line, which is already approaching capacity. Machibya Masanja tells the BBC that the demand has been so high that ""we cannot meet it with those trips we are making per day. We expect the number [of passengers] will double or triple."" There are plans afoot to add more journeys. The popularity means that advance planning is essential as services can be fully booked several days in advance. Payment must be made within an hour of booking in order to reserve a seat. An economy class trip to Dodoma costs a reasonable 40,000 Tanzanian shillings ($15; £11), while going business class will set you back 70,000 shillings ($26). The early morning service leaves Dar es Salaam at 06:00 but people are required to turn up two hours earlier for security checks. The inside of the tanzanite-shaped building resembles an airport terminal. Passengers queue up and go through thorough checks just like in an airport. The luggage is scanned and people are sometimes frisked before accessing the boarding lounge. One man later told the BBC that he felt the intense scrutiny seemed unnecessary, and there does not seem to have been any direct security threat, but the atmosphere is good-natured. Nevertheless, there is an edginess from officials evidenced by the fact that a police officer questioned the BBC team who were taking pictures at the terminal  – but they were quickly cleared after some checks. The boarding was calm and orderly and the train pulled away on time. Gathering speed – the trains currently hit a maximum of 120km/h (75mph) but can go faster – it was soon whizzing through the outskirts of Dar es Salaam as the early morning sun began to illuminate the panoramic view. We cross a vast countryside - scrub and grassland plains interspersed with views of lush farms – and pass a meandering river, craggy terrain and undulating hills. There were also the tunnels, causing some discomfort in the eardrum. “You are advised to be chewing something, yawn or keep your mouth open,” the announcer said, to the amusement of some passengers. For first-timers, the excitement was evident. Bernice Augustine was with her daughter for a weekend vacation in Dodoma. ""It is awesome,"" she says. ""You cannot compare it with the old train: it's convenient, it's clean, it’s easy."" Hilaly Mussa Maginga has bad memories of going on the old line. After the trip to Kigoma he vowed never to get on a train again as he was so tired and his lower back was in pain. But his curiosity was piqued when he heard about the SGR. ""When you are used to travel for long distances, you sit until it hurts, so when you have this option to travel for a shorter time, there is a lot to enjoy. We've come from far, thank God,"" he says. For Mr Maginga the journey on the SGR is a zen-like voyage, a calm, unperturbed travel experience. The project’s journey to reach this point has not been entirely smooth. From the initial groundbreaking in 2017, the first section had been scheduled for completion in 2019. But it faced lengthy delays which the railway company attributes to Covid and construction costs as well as labour issues. There have also been questions about its huge cost, estimated at $10bn (£8bn) upon completion. Turkish firm Yapi Merkezi is the main contractor for the route’s first four sections, including the Dar es Salaam to Dodoma segment, while Chinese firms are building the other two. Funding has come from the Tanzanian government and lenders, including from Denmark and Sweden,  the Chinese Exim bank and the African Development Bank. But Mr Masanja says it is too soon to be worried about profitability, saying this will only be realisable once the entire network is complete. He adds that the service is generating enough passenger income to offset operation costs, and that from January the company plans to introduce freight trains. For now, he says, ""its social contribution is much more profitable"". The service has occasionally been disrupted by power failure but Mr Masanja says they are building a dedicated power transmission line, tapping into the country’s vast power generation capacity to eliminate the risk of unstable power.  Using electricity has reduced the cost of operations to about a third of what would have been spent on diesel, which neighbouring Kenya uses to power its own SGR line, he tells the BBC. ""We are the cheapest in the region, and in Africa, in terms of the cost,"" he says. Not everyone is entirely happy, though. Adam Ally Mwanshinga, chairman of the Dodoma Bus Terminal Agents’ Union, says his members have lost a significant part of their business because of the railway. The modern bus station in the capital was not so long ago a bustling terminal, he says, adding there are now 4-500 fewer passengers each day. While it is cheaper to travel by bus, the convenience of the train has been more attractive for many. ""Business is down and life is difficult,"" Mr Mwanshinga says. ""The buses can’t fill up and the many businesses here that used to benefit from the many people coming here are suffering,"" he says. However he seems resigned to the situation, saying that the SGR development ""has done well for the majority of the people"". ""It is the nature of life - there are those who benefit and those who will suffer."" 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,23/10/2024,"['Shaped and coloured like the country’s rare gemstone, tanzanite, the sparkling new railway terminal in Dar es Salaam is a symbol of Tanzania’s transport ambitions.', 'The glass panels gleam in the sun, like an outsize version of the prismatic bluish-purple gem that glitters in the light.', 'The trains – powered by electricity, a first for the region – carry passengers from the commercial hub to the capital, Dodoma, in less than four hours, half the time it takes by road.', 'It marks the starting point of one of the country’s strategic projects – the building of a 2,560km (1,590-mile) Standard Gauge Railway (SGR) envisaged to connect key cities and link up with neighbours Burundi, Rwanda and the Democratic Republic of Congo.', 'The 460km (285-mile) Dar es Salaam to Dodoma leg has been open since August, when President Samia Suluhu described the railway as “a pathway to our future” that would ""enhance our standing in the region"".', 'In Dodoma, the station is another grand building, resembling the rocky hills around the city – an effort to blend the country’s natural heritage with modernity.', 'It is a reluctant capital.', 'In the middle of the country, it was first designated the centre of power 50 years ago, but it took the strong-willed late President John Magufuli to force government bodies to relocate.', 'But as most commercial activity, and even some government work, continues in Dar es Salaam, a fast and efficient transport link between the cities has been seen as vital.', 'The electric train has also made it smooth and convenient for the ordinary Tanzanian.', 'A far cry from the experience on the road or the older slower, narrower train that this service replaces.', 'Inside the train carriage, the seats are clean, comfortable and reclinable.', 'There is a foldable tray table attached to each one.', 'A member of the train crew is on hand to sell hot and cold drinks as well as snacks.', 'In economy class there are five seats in each row, three on one side of the aisle and two on the other.', 'In the business and luxury (royal) classes there are two seats on either side of the row, offering more comfort and legroom. ""', 'We are grateful, we are not tired,"" Gloria Sebastian who lives in Dar es Salaam, tells the BBC during a trip to visit her family in Dodoma.', 'She is happy about the convenience that the train provides.', 'And she is not alone.', 'The man who is overseeing the building and operation of the SGR service says at least 7,000 passengers travel on the eight daily services on the line, which is already approaching capacity.', 'Machibya Masanja tells the BBC that the demand has been so high that ""we cannot meet it with those trips we are making per day.', 'We expect the number [of passengers] will double or triple.""', 'There are plans afoot to add more journeys.', 'The popularity means that advance planning is essential as services can be fully booked several days in advance.', 'Payment must be made within an hour of booking in order to reserve a seat.', 'An economy class trip to Dodoma costs a reasonable 40,000 Tanzanian shillings ($15; £11), while going business class will set you back 70,000 shillings ($26).', 'The early morning service leaves Dar es Salaam at 06:00 but people are required to turn up two hours earlier for security checks.', 'The inside of the tanzanite-shaped building resembles an airport terminal.', 'Passengers queue up and go through thorough checks just like in an airport.', 'The luggage is scanned and people are sometimes frisked before accessing the boarding lounge.', 'One man later told the BBC that he felt the intense scrutiny seemed unnecessary, and there does not seem to have been any direct security threat, but the atmosphere is good-natured.', 'Nevertheless, there is an edginess from officials evidenced by the fact that a police officer questioned the BBC team who were taking pictures at the terminal – but they were quickly cleared after some checks.', 'The boarding was calm and orderly and the train pulled away on time.', 'Gathering speed – the trains currently hit a maximum of 120km/h (75mph) but can go faster – it was soon whizzing through the outskirts of Dar es Salaam as the early morning sun began to illuminate the panoramic view.', 'We cross a vast countryside - scrub and grassland plains interspersed with views of lush farms – and pass a meandering river, craggy terrain and undulating hills.', 'There were also the tunnels, causing some discomfort in the eardrum. “', 'You are advised to be chewing something, yawn or keep your mouth open,” the announcer said, to the amusement of some passengers.', 'For first-timers, the excitement was evident.', 'Bernice Augustine was with her daughter for a weekend vacation in Dodoma. ""', 'It is awesome,"" she says. ""', 'You cannot compare it with the old train: it\'s convenient, it\'s clean, it’s easy.""', 'Hilaly Mussa Maginga has bad memories of going on the old line.', 'After the trip to Kigoma he vowed never to get on a train again as he was so tired and his lower back was in pain.', 'But his curiosity was piqued when he heard about the SGR. ""', 'When you are used to travel for long distances, you sit until it hurts, so when you have this option to travel for a shorter time, there is a lot to enjoy.', 'We\'ve come from far, thank God,"" he says.', 'For Mr Maginga the journey on the SGR is a zen-like voyage, a calm, unperturbed travel experience.', 'The project’s journey to reach this point has not been entirely smooth.', 'From the initial groundbreaking in 2017, the first section had been scheduled for completion in 2019.', 'But it faced lengthy delays which the railway company attributes to Covid and construction costs as well as labour issues.', 'There have also been questions about its huge cost, estimated at $10bn (£8bn) upon completion.', 'Turkish firm Yapi Merkezi is the main contractor for the route’s first four sections, including the Dar es Salaam to Dodoma segment, while Chinese firms are building the other two.', 'Funding has come from the Tanzanian government and lenders, including from Denmark and Sweden, the Chinese Exim bank and the African Development Bank.', 'But Mr Masanja says it is too soon to be worried about profitability, saying this will only be realisable once the entire network is complete.', 'He adds that the service is generating enough passenger income to offset operation costs, and that from January the company plans to introduce freight trains.', 'For now, he says, ""its social contribution is much more profitable"".', 'The service has occasionally been disrupted by power failure but Mr Masanja says they are building a dedicated power transmission line, tapping into the country’s vast power generation capacity to eliminate the risk of unstable power.', 'Using electricity has reduced the cost of operations to about a third of what would have been spent on diesel, which neighbouring Kenya uses to power its own SGR line, he tells the BBC. ""', 'We are the cheapest in the region, and in Africa, in terms of the cost,"" he says.', 'Not everyone is entirely happy, though.', 'Adam Ally Mwanshinga, chairman of the Dodoma Bus Terminal Agents’ Union, says his members have lost a significant part of their business because of the railway.', 'The modern bus station in the capital was not so long ago a bustling terminal, he says, adding there are now 4-500 fewer passengers each day.', 'While it is cheaper to travel by bus, the convenience of the train has been more attractive for many. ""', 'Business is down and life is difficult,"" Mr Mwanshinga says. ""', 'The buses can’t fill up and the many businesses here that used to benefit from the many people coming here are suffering,"" he says.', 'However he seems resigned to the situation, saying that the SGR development ""has done well for the majority of the people"". ""', 'It is the nature of life - there are those who benefit and those who will suffer.""', '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']",0.1524785735295211,"But as most commercial activity, and even some government work, continues in Dar es Salaam, a fast and efficient transport link between the cities has been seen as vital.",After the trip to Kigoma he vowed never to get on a train again as he was so tired and his lower back was in pain.,0.1940054105860846,"For now, he says, ""its social contribution is much more profitable"".","Adam Ally Mwanshinga, chairman of the Dodoma Bus Terminal Agents’ Union, says his members have lost a significant part of their business because of the railway.",2024-10-24
-Rachel Reeves: Chancellor changes debt rules to release billions,https://www.bbc.co.uk/news/articles/cvg745ggn3no,2024-10-24T15:01:19.566Z,"The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC. Rachel Reeves said that she would make a technical change to the way debt is measured which will allow it to fund extra investment. She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"". However, Reeves' first Budget next week is still expected to mean some cuts to public services and tax rises. The government has committed to get debt falling as share of the economy during the course of this Parliament, rather than over a rolling five-year period. But the wider debt measure is expected to allow for up to £50bn more borrowing to invest in big building projects such as roads, railways or hospitals, although not all of this is expected to be allocated at the Budget. ""We will be changing the measure of debt,"" Reeves told the BBC, adding that she will set out the details of that on 30 October. She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government's financial watchdog, ""validating the investments we're making to ensure we deliver that value-for-money"". Reeves added having such oversight would also ""give markets confidence that there are rules around the investments we can make as a country"". Shadow chancellor Jeremy Hunt said the ""consistent advice I received from Treasury officials was always that increasing borrowing meant interest rates would be higher for longer – and punish families with mortgages"". ""The markets are watching,"" he added. It is understood the extra room for manoeuvre for spending on investment projects will not be able to be used for extra day-to-day spending or to reduce planned Budget tax rises. The chancellor also said she will confirm a tighter rule on spending on welfare, in government departments, and on debt interest. That rule ""is the one that really binds, and it's hard to meet, and that will require difficult decisions on spending, welfare and taxation,"" she said. The chancellor said she intended to reverse what she called ""the path of decline"" that she says she has inherited from the previous Conservative administration. She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. ""If we continued on that path, we'd miss out on other opportunities, and other countries would seize them,"" she said. ""We need to invest more to grow our economy and seize the huge opportunities there are in digital, in tech, in life sciences, in clean energy, but we'll only be able to do that if we change the way that we we measure debt,"" she said at a meeting at the International Monetary Fund (IMF) in Washington DC. The Treasury had already signalled that a rule change was likely ahead of the Budget. The chancellor cited top economists as backing the move, including both the former governor and chief economist of the Bank of England, Mark Carney and Andrew Haldane, as well as former Conservative Treasury minister Jim O’Neill. She also referred to the words of a top IMF official overnight. The organisation's first deputy managing director Gita Gopinath backed greater investment, speaking to the BBC: ""I just want to emphasize again, that public investment is needed in the UK.  ""If you compare the UK to G7 countries, investment has fallen short, and so that spending will have to take place alongside having the kind of rules that stabilizes debt over the next five years."" But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing. ",BBC,24/10/2024,"['The government will change its self-imposed debt rules in order to free up billions for infrastructure spending, the chancellor has told the BBC.', 'Rachel Reeves said that she would make a technical change to the way debt is measured which will allow it to fund extra investment.', 'She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"".', ""However, Reeves' first Budget next week is still expected to mean some cuts to public services and tax rises."", 'The government has committed to get debt falling as share of the economy during the course of this Parliament, rather than over a rolling five-year period.', 'But the wider debt measure is expected to allow for up to £50bn more borrowing to invest in big building projects such as roads, railways or hospitals, although not all of this is expected to be allocated at the Budget. ""', 'We will be changing the measure of debt,"" Reeves told the BBC, adding that she will set out the details of that on 30 October.', 'She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government\'s financial watchdog, ""validating the investments we\'re making to ensure we deliver that value-for-money"".', 'Reeves added having such oversight would also ""give markets confidence that there are rules around the investments we can make as a country"".', 'Shadow chancellor Jeremy Hunt said the ""consistent advice I received from Treasury officials was always that increasing borrowing meant interest rates would be higher for longer – and punish families with mortgages"". ""', 'The markets are watching,"" he added.', 'It is understood the extra room for manoeuvre for spending on investment projects will not be able to be used for extra day-to-day spending or to reduce planned Budget tax rises.', 'The chancellor also said she will confirm a tighter rule on spending on welfare, in government departments, and on debt interest.', 'That rule ""is the one that really binds, and it\'s hard to meet, and that will require difficult decisions on spending, welfare and taxation,"" she said.', 'The chancellor said she intended to reverse what she called ""the path of decline"" that she says she has inherited from the previous Conservative administration.', 'She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. ""', 'If we continued on that path, we\'d miss out on other opportunities, and other countries would seize them,"" she said. ""', 'We need to invest more to grow our economy and seize the huge opportunities there are in digital, in tech, in life sciences, in clean energy, but we\'ll only be able to do that if we change the way that we we measure debt,"" she said at a meeting at the International Monetary Fund (IMF) in Washington DC.', 'The Treasury had already signalled that a rule change was likely ahead of the Budget.', 'The chancellor cited top economists as backing the move, including both the former governor and chief economist of the Bank of England, Mark Carney and Andrew Haldane, as well as former Conservative Treasury minister Jim O’Neill.', 'She also referred to the words of a top IMF official overnight.', 'The organisation\'s first deputy managing director Gita Gopinath backed greater investment, speaking to the BBC: ""I just want to emphasize again, that public investment is needed in the UK. ""', 'If you compare the UK to G7 countries, investment has fallen short, and so that spending will have to take place alongside having the kind of rules that stabilizes debt over the next five years.""', ""But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing.""]",0.0808127257026636,"She said the Treasury would ""be putting in guard rails"" on investment spending by having the National Audit Office and the Office for Budget Responsibility, the government's financial watchdog, ""validating the investments we're making to ensure we deliver that value-for-money"".","But writing in The Times newspaper last week, Paul Johnson, director of the Institute for Fiscal Studies think tank, said that using a broader debt measure called public sector net financial liabilities could have downsides, including potentially spooking financial markets, which fund the government's borrowing.",-0.0796302236043489,"She said this was being done ""so that we can grow our economy and bring jobs and growth to Britain"".","She suggested this would have seen a fall in government investment from 2.6% of the share of the economy last year to 1.7% by 2028-29, or £20bn a year in cash terms. """,2024-10-24
-Ubisoft: Prince of Persia Lost Crown team disbanded,https://www.bbc.co.uk/news/articles/c0j8p8l26pgo,2024-10-23T09:25:26.086Z,"The team behind one of this year's best-reviewed games has effectively been disbanded, videogame giant Ubisoft has confirmed. Prince of Persia: The Lost Crown was released in January to a positive reception from critics and users and currently sits in review aggregator Metacritic's top 50 games of 2024. Despite this, reports have suggested the game did not hit sales targets in a difficult year for the French publisher, best known for the Assassin's Creed series. In a statement, Ubisoft said: ""Most of the team members who worked on Prince of Persia: The Lost Crown have shifted to other projects that will benefit from their expertise."" A spokeswoman said there had been no layoffs as a result. The Lost Crown, made by Ubisoft's Montepellier studio, was the first game in the long-running franchise for more than 10 years. Players guided protagonist Sargon through a series of areas, unlocking more parts of the game's map as he acquired new abilities. The game was praised for its visuals, controls and the ability to hear its dialogue performed in Farsi, reflecting the story's Middle Eastern location. Senior producer Abdelhak Elguess said he was ""extremely proud of our team's work and passion"" on a ""game that resonated with players and critics alike"".  He said he was confident in the game's ""long-term success"" and that remaining team members would focus on making it available to more players on new platforms. Mr Elguess said there would be ""more Prince of Persia experiences in future"", and Ubisoft has confirmed it's working on a remake of 2003's Sands of Time - one of the most beloved entries in the series. It's not unusual for a large publisher to move staff between projects, but the announcement has left Lost Crown fans hoping for a sequel disappointed. Ubisoft has been criticised recently over the troubled early release of Star Wars: Outlaws in August. Sales of the game were ""softer than expected"", according to the company, which also delayed Assassin's Creed: Shadows. Ubisoft co-founder and boss Yves Guillemot told shareholders the move was due to the company's performance falling ""short of our expectations"". ""We remain committed to creating games for fans and players that everyone can enjoy,"" he said. Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. ",BBC,23/10/2024,"[""The team behind one of this year's best-reviewed games has effectively been disbanded, videogame giant Ubisoft has confirmed."", ""Prince of Persia: The Lost Crown was released in January to a positive reception from critics and users and currently sits in review aggregator Metacritic's top 50 games of 2024."", ""Despite this, reports have suggested the game did not hit sales targets in a difficult year for the French publisher, best known for the Assassin's Creed series."", 'In a statement, Ubisoft said: ""Most of the team members who worked on Prince of Persia: The Lost Crown have shifted to other projects that will benefit from their expertise.""', 'A spokeswoman said there had been no layoffs as a result.', ""The Lost Crown, made by Ubisoft's Montepellier studio, was the first game in the long-running franchise for more than 10 years."", ""Players guided protagonist Sargon through a series of areas, unlocking more parts of the game's map as he acquired new abilities."", ""The game was praised for its visuals, controls and the ability to hear its dialogue performed in Farsi, reflecting the story's Middle Eastern location."", 'Senior producer Abdelhak Elguess said he was ""extremely proud of our team\'s work and passion"" on a ""game that resonated with players and critics alike"".', 'He said he was confident in the game\'s ""long-term success"" and that remaining team members would focus on making it available to more players on new platforms.', 'Mr Elguess said there would be ""more Prince of Persia experiences in future"", and Ubisoft has confirmed it\'s working on a remake of 2003\'s Sands of Time - one of the most beloved entries in the series.', ""It's not unusual for a large publisher to move staff between projects, but the announcement has left Lost Crown fans hoping for a sequel disappointed."", 'Ubisoft has been criticised recently over the troubled early release of Star Wars: Outlaws in August.', 'Sales of the game were ""softer than expected"", according to the company, which also delayed Assassin\'s Creed: Shadows.', 'Ubisoft co-founder and boss Yves Guillemot told shareholders the move was due to the company\'s performance falling ""short of our expectations"". ""', 'We remain committed to creating games for fans and players that everyone can enjoy,"" he said.', 'Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here.']",0.1695307667104767,"The team behind one of this year's best-reviewed games has effectively been disbanded, videogame giant Ubisoft has confirmed.",Ubisoft has been criticised recently over the troubled early release of Star Wars: Outlaws in August.,-0.1716372907161712,"He said he was confident in the game's ""long-term success"" and that remaining team members would focus on making it available to more players on new platforms.","Ubisoft co-founder and boss Yves Guillemot told shareholders the move was due to the company's performance falling ""short of our expectations"". """,2024-10-24
-Chhattisgarh: How scammers duped India job seekers with a fake bank branch,https://www.bbc.co.uk/news/articles/c0qzyy5q0j9o,2024-10-22T05:55:00.672Z,"A few weeks ago, police in India discovered that scammers had set up a fake bank branch - complete with a logo, office furniture and even some employees - in a village in Chhattisgarh state. BBC Hindi pieced together what happened. Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village. She had been job-hunting for four years, facing increasing financial pressure. The bank officials asked her to join immediately, and she agreed because it was the State Bank of India (SBI), the country's largest government-backed lender and one of its most recognisable brands. But just a week after she joined, the police and employees from a nearby branch of SBI arrived at the bank - about 200 km (124 miles) from Chhattisgarh's capital, Raipur - and told them it was fake. Yadav was stunned. She said the people who gave her a job had conducted an interview, issued her an appointment letter and provided an identity card, with a promised salary of 30,000 rupees ($357; £273) a month. She had begun work along with five others. Police have arrested one person and say they are on the lookout for eight others. Employment-related scams are not uncommon in India, where millions of young people are desperate to find a stable job. In 2022, more than two dozen men who thought they would get jobs with the Indian Railways were tricked into counting trains for days. The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future. The police said that the six employees of the fake bank came from financially weak backgrounds, and that some of them had paid substantial amounts as bribes for the job. An officer involved in the investigation told BBC Hindi that the motive appeared to be swindling job-seekers of money. According to the initial investigation, a large number of people were asked for money under the pretence of securing a bank job and were sent to the fake branch for “training”, the officer said. After around two weeks of training, they were sent back with the promise that they would be “appointed” to an SBI branch soon, he added. Those who were allegedly duped say the fraudsters made the bank appear legitimate. Yadav says she filed an online form, uploaded her educational certificates and submitted biometric data as part of the onboarding process - common when joining many Indian firms. “I never felt for a moment that I was caught in a fraud. But now everything is ruined,” she said.  She claimed to have paid 250,000 rupees – a sum she had difficulty raising – as a bribe for the job. Rohini Sahu, from a village in the neighbouring district, was offered a job as a marketing officer by the fake employers. Sahu told BBC Hindi that her offer letter said that she had been appointed to the Raipur branch of the SBI, but had to undergo training at this branch. The letter, the signboard, the building and its infrastructure all convinced her it was a real bank. “No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.  But some villagers who wanted to open accounts were told by employees that the bank was still installing servers and that they should return next month. For some, it also offered business opportunities. Ajay Agarwal, one of the villagers, immediately applied to run a kiosk under a scheme that allows people to operate limited banking services outside the premises of the bank. Such banking kiosks are common in villages and small towns across India. But he says he soon grew sceptical after his application was not approved, and that he approached the SBI branch nearby to ask questions about the branch. Soon, the local police raided the bank. But by then the “manager” of the branch had already absconded. The man they have arrested, police say, is also an accused in another job scam in the state. He has not issued any statement in police custody. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. ",BBC,22/10/2024,"['A few weeks ago, police in India discovered that scammers had set up a fake bank branch - complete with a logo, office furniture and even some employees - in a village in Chhattisgarh state.', 'BBC Hindi pieced together what happened.', 'Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village.', 'She had been job-hunting for four years, facing increasing financial pressure.', ""The bank officials asked her to join immediately, and she agreed because it was the State Bank of India (SBI), the country's largest government-backed lender and one of its most recognisable brands."", ""But just a week after she joined, the police and employees from a nearby branch of SBI arrived at the bank - about 200 km (124 miles) from Chhattisgarh's capital, Raipur - and told them it was fake."", 'Yadav was stunned.', 'She said the people who gave her a job had conducted an interview, issued her an appointment letter and provided an identity card, with a promised salary of 30,000 rupees ($357; £273) a month.', 'She had begun work along with five others.', 'Police have arrested one person and say they are on the lookout for eight others.', 'Employment-related scams are not uncommon in India, where millions of young people are desperate to find a stable job.', 'In 2022, more than two dozen men who thought they would get jobs with the Indian Railways were tricked into counting trains for days.', 'The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future.', 'The police said that the six employees of the fake bank came from financially weak backgrounds, and that some of them had paid substantial amounts as bribes for the job.', 'An officer involved in the investigation told BBC Hindi that the motive appeared to be swindling job-seekers of money.', 'According to the initial investigation, a large number of people were asked for money under the pretence of securing a bank job and were sent to the fake branch for “training”, the officer said.', 'After around two weeks of training, they were sent back with the promise that they would be “appointed” to an SBI branch soon, he added.', 'Those who were allegedly duped say the fraudsters made the bank appear legitimate.', 'Yadav says she filed an online form, uploaded her educational certificates and submitted biometric data as part of the onboarding process - common when joining many Indian firms. “', 'I never felt for a moment that I was caught in a fraud.', 'But now everything is ruined,” she said.', 'She claimed to have paid 250,000 rupees – a sum she had difficulty raising – as a bribe for the job.', 'Rohini Sahu, from a village in the neighbouring district, was offered a job as a marketing officer by the fake employers.', 'Sahu told BBC Hindi that her offer letter said that she had been appointed to the Raipur branch of the SBI, but had to undergo training at this branch.', 'The letter, the signboard, the building and its infrastructure all convinced her it was a real bank. “', 'No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.', 'But some villagers who wanted to open accounts were told by employees that the bank was still installing servers and that they should return next month.', 'For some, it also offered business opportunities.', 'Ajay Agarwal, one of the villagers, immediately applied to run a kiosk under a scheme that allows people to operate limited banking services outside the premises of the bank.', 'Such banking kiosks are common in villages and small towns across India.', 'But he says he soon grew sceptical after his application was not approved, and that he approached the SBI branch nearby to ask questions about the branch.', 'Soon, the local police raided the bank.', 'But by then the “manager” of the branch had already absconded.', 'The man they have arrested, police say, is also an accused in another job scam in the state.', 'He has not issued any statement in police custody.', 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",-0.1651479443105825,"No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.","The man they have arrested, police say, is also an accused in another job scam in the state.",-0.2039158716797828,Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village.,"The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future.",2024-10-24
-Canadians and Mexicans nervously watch the US election,https://www.bbc.co.uk/news/articles/c62gppprr6wo,2024-10-21T23:02:56.777Z,"As Americans prepare to vote for their next president, Canadians and Mexicans are watching on nervously. For some Canadians living next to the US border, politics isn’t a topic often discussed. “You don't talk politics and you don't talk religion,” says 85-year-old Ernie, who lives in the Canadian town of Fort Erie, just across the Niagara River from Buffalo, New York. Yet for others in Fort Erie, Ontario, politics can come up, especially after a few beers, and with a US presidential election fast approaching. A short walk from the Peace Bridge that connects the two countries is Southsides Patio Bar & Grill, where US-born bartender Lauren says she frequently has to break up political arguments. “It happens, especially after a few drinks. Everybody's voice is heard here,” she laughs while shaking her head. Some 2,000 miles (3,200 km) southwest in the Mexican border city of Juarez, Sofia Ana is in the Monday morning queue of cars waiting to cross to El Paso, Texas for work. ""There's better employment opportunities in the US, there's better benefits,” she explains. Ana is one of an estimated 500,000 Mexicans who legally cross the border into the US every week day.  It is in their interest that relations between the two countries remain cordial. “It affects us deeply… it is very intense,” adds Ana from her car window. With more than 155 million Americans due to vote in the US presidential election on 5 November, it is fair to say that the outcome will be felt well beyond the US. No more so than its largest trading partners Canada and Mexico. The two-way trade of goods between the US and Mexico totalled $807bn (£621bn) last year, making Mexico the US’s biggest trading partner when it comes to physical items. Meanwhile, the US’s goods trade with Canada in 2023 was in second place on $782bn. By comparison the figure for the US and China was $576bn. Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election. This is because he is proposing to introduce substantial import tariffs. These would be 60% for goods from China, and 20% on products from all other countries, apparently including Mexico and Canada. By contrast, Kamala Harris is widely expected to maintain the current more open trade policies of President Biden. This is despite the fact she voted against the 2020 United States Mexico Canada Agreement (USMCA) free trade deal, saying it didn’t go far enough on tackling climate change. Trump and Harris have “starkly different visions for the future of US economic relations with the world”, said one study in September. Back in Juarez, shop owner Adrian Ramos says that US political instability is something business owners like himself have had to get used to. “We’ve seen it all,” he says. Mr Ramos adds that the result in the US on 5 November will likely impact on his business whoever wins. “If Trump wins, it's going to take longer to cross over to the States, if Harris wins, it may not, but there will be changes depending on who wins.” In the rural Canadian township of Puslinch, Ontario, beef farmer Dave Braden is definitely more concerned about Trump returning to the White House. “The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “I think with Harris, we have the assumption that she will recognize the relationship between the two countries and we will work together.” The Canadian Chamber of Commerce is also concerned about the possibility of a second Trump presidency introducing new tariffs. It calculated that tariffs of 10% on Canadian imports (a level that Trump has previously suggested), would cost each Canadian and American $CA1,100 ($800; £615) per year.  The Canadian government has reportedly been talking to Trump’s camp to try to exempt Canada in the event that he does win the election. Not every Canadian has such fears about Trump though. One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada. For Georganne Burke, the Republicans Overseas chapter leader for Canada, it’s no surprise that some Trump supporters don’t speak publicly about him. She says that backing Trump is “not a popular position to be in”. Recent polling suggests that Harris is significantly more popular than Trump among Canadians. The USMCA, which was negotiated in 2018 under Trump’s presidency, is up for renegotiation in 2026. With that on his mind, Canada’s Minister for Innovation, Science and Industry Francois Champagne tells the BBC he is checking the US election polls daily. “Because this is such a valued relationship. It’s why I call it this indispensable relationship, because when you look at everything, you realise how indispensable we are to each other,” he explains. In the run up to the election Mr Champagne is spending time meeting American counterparts of both parties. In his words “connecting the dots”. “For example, when I meet the governor of South Carolina, which has a plant in the auto sector, I remind him that a lot of the critical minerals are coming from Canada,” he says. “So, it's making sure that everyone understands that we are joint at the hip in terms of security, supply chain, but also a growth agenda for North America.” Lila Abed, an expert on US-Mexico relations, says that whatever November’s outcome, “there will be three essential topics on the bilateral agenda with Mexico that are going to have to be dealt with immediately” – migration, security and trade. “It is telling that [new Mexican president] Claudia Sheinbaum hasn't designated Mexico's ambassador to the US,” adds Ms Abed, who is director of the Mexico Institute at the Washington-based Wilson Centre think tank. “I don't believe that will be announced until after the US presidential election, because she wants to take into consideration what kind of individual she wants in Washington after the result.” Looking ahead to 2026, Ms Abed believes the USMCA renegotiation will focus on US efforts to stop increased Chinese investment in Mexico. ""Where Republicans and Democrats actually coincide is on trying to stem or trying to stop Chinese investment in Mexico, which is something that both political parties in the United States are very concerned about,” she says. “While I believe that, you know, the tone and the policies will naturally differ depending on who wins the White House, I do believe that the main issues on the bilateral agenda will remain.” Additional reporting by Vianey Alderete. North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,21/10/2024,"['As Americans prepare to vote for their next president, Canadians and Mexicans are watching on nervously.', 'For some Canadians living next to the US border, politics isn’t a topic often discussed. “', ""You don't talk politics and you don't talk religion,” says 85-year-old Ernie, who lives in the Canadian town of Fort Erie, just across the Niagara River from Buffalo, New York."", 'Yet for others in Fort Erie, Ontario, politics can come up, especially after a few beers, and with a US presidential election fast approaching.', 'A short walk from the Peace Bridge that connects the two countries is Southsides Patio Bar & Grill, where US-born bartender Lauren says she frequently has to break up political arguments. “', 'It happens, especially after a few drinks.', ""Everybody's voice is heard here,” she laughs while shaking her head."", 'Some 2,000 miles (3,200 km) southwest in the Mexican border city of Juarez, Sofia Ana is in the Monday morning queue of cars waiting to cross to El Paso, Texas for work. ""', ""There's better employment opportunities in the US, there's better benefits,” she explains."", 'Ana is one of an estimated 500,000 Mexicans who legally cross the border into the US every week day.', 'It is in their interest that relations between the two countries remain cordial. “', 'It affects us deeply… it is very intense,” adds Ana from her car window.', 'With more than 155 million Americans due to vote in the US presidential election on 5 November, it is fair to say that the outcome will be felt well beyond the US.', 'No more so than its largest trading partners Canada and Mexico.', 'The two-way trade of goods between the US and Mexico totalled $807bn (£621bn) last year, making Mexico the US’s biggest trading partner when it comes to physical items.', 'Meanwhile, the US’s goods trade with Canada in 2023 was in second place on $782bn.', 'By comparison the figure for the US and China was $576bn.', 'Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election.', 'This is because he is proposing to introduce substantial import tariffs.', 'These would be 60% for goods from China, and 20% on products from all other countries, apparently including Mexico and Canada.', 'By contrast, Kamala Harris is widely expected to maintain the current more open trade policies of President Biden.', 'This is despite the fact she voted against the 2020 United States Mexico Canada Agreement (USMCA) free trade deal, saying it didn’t go far enough on tackling climate change.', 'Trump and Harris have “starkly different visions for the future of US economic relations with the world”, said one study in September.', 'Back in Juarez, shop owner Adrian Ramos says that US political instability is something business owners like himself have had to get used to. “', 'We’ve seen it all,” he says.', 'Mr Ramos adds that the result in the US on 5 November will likely impact on his business whoever wins. “', ""If Trump wins, it's going to take longer to cross over to the States, if Harris wins, it may not, but there will be changes depending on who wins.”"", 'In the rural Canadian township of Puslinch, Ontario, beef farmer Dave Braden is definitely more concerned about Trump returning to the White House. “', ""The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “"", 'I think with Harris, we have the assumption that she will recognize the relationship between the two countries and we will work together.”', 'The Canadian Chamber of Commerce is also concerned about the possibility of a second Trump presidency introducing new tariffs.', 'It calculated that tariffs of 10% on Canadian imports (a level that Trump has previously suggested), would cost each Canadian and American $CA1,100 ($800; £615) per year.', 'The Canadian government has reportedly been talking to Trump’s camp to try to exempt Canada in the event that he does win the election.', 'Not every Canadian has such fears about Trump though.', 'One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada.', 'For Georganne Burke, the Republicans Overseas chapter leader for Canada, it’s no surprise that some Trump supporters don’t speak publicly about him.', 'She says that backing Trump is “not a popular position to be in”.', 'Recent polling suggests that Harris is significantly more popular than Trump among Canadians.', 'The USMCA, which was negotiated in 2018 under Trump’s presidency, is up for renegotiation in 2026.', 'With that on his mind, Canada’s Minister for Innovation, Science and Industry Francois Champagne tells the BBC he is checking the US election polls daily. “', 'Because this is such a valued relationship.', 'It’s why I call it this indispensable relationship, because when you look at everything, you realise how indispensable we are to each other,” he explains.', 'In the run up to the election Mr Champagne is spending time meeting American counterparts of both parties.', 'In his words “connecting the dots”. “', 'For example, when I meet the governor of South Carolina, which has a plant in the auto sector, I remind him that a lot of the critical minerals are coming from Canada,” he says. “', ""So, it's making sure that everyone understands that we are joint at the hip in terms of security, supply chain, but also a growth agenda for North America.”"", 'Lila Abed, an expert on US-Mexico relations, says that whatever November’s outcome, “there will be three essential topics on the bilateral agenda with Mexico that are going to have to be dealt with immediately” – migration, security and trade. “', ""It is telling that [new Mexican president] Claudia Sheinbaum hasn't designated Mexico's ambassador to the US,” adds Ms Abed, who is director of the Mexico Institute at the Washington-based Wilson Centre think tank. “"", ""I don't believe that will be announced until after the US presidential election, because she wants to take into consideration what kind of individual she wants in Washington after the result.”"", 'Looking ahead to 2026, Ms Abed believes the USMCA renegotiation will focus on US efforts to stop increased Chinese investment in Mexico. ""', 'Where Republicans and Democrats actually coincide is on trying to stem or trying to stop Chinese investment in Mexico, which is something that both political parties in the United States are very concerned about,” she says. “', 'While I believe that, you know, the tone and the policies will naturally differ depending on who wins the White House, I do believe that the main issues on the bilateral agenda will remain.”', 'Additional reporting by Vianey Alderete.', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1988487057926199,"There's better employment opportunities in the US, there's better benefits,” she explains.","The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “",-0.127877140045166,"One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada.",Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election.,2024-10-24
-Blade Runner 2049 producers sue Elon Musk over cybercab images,https://www.bbc.co.uk/news/articles/ce3z37dpvl9o,2024-10-22T04:07:54.769Z,"The maker of the film Blade Runner 2049 has sued Tesla, Elon Musk and Warner Bros Discovery, alleging they used imagery from the movie without permission. Production firm Alcon Entertainment claims it had specifically denied a request from Warner Bros to use material from the film at the launch event for Tesla's long-awaited robotaxi. Alcon alleges that despite its refusal Tesla and the other organisers of the event on 10 October used artificial intelligence (AI) to create promotional imagery based on the film. Tesla and Warner Bros did not immediately reply to requests for comment from BBC News. The “financial magnitude of the misappropriation here was substantial,"" the lawsuit said. ""Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added. Alcon also accused the event organisers of ""false endorsement"" by suggesting a connection between the production company and Tesla.  Warner Bros, which hosted the robotaxi launch event at one of its movie studios, was also the distributor of Blade Runner 2049 when it was released in 2017. The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards. Elon Musk has referred to the original film several times in the past, hinting at one point that it was a source of inspiration for Tesla's Cybertruck. Alcon is currently producing a spinoff television series Blade Runner 2099. Separately, the director of 2004 sci-fi film I, Robot accused Mr Musk of copying his designs for humanoid machines and self-driving vehicles. The title of Tesla robotaxi event - We, Robot - which played on the the title of an Isaac Asimov short story collection, caught the eye of Alex Proyas. ""Hey Elon, can I have my designs back please,"" Mr Proyas said in a post on X which has been viewed more than eight million times. But the claim was met with scepticism online, with some suggesting his own film is derivative. ",BBC,22/10/2024,"['The maker of the film Blade Runner 2049 has sued Tesla, Elon Musk and Warner Bros Discovery, alleging they used imagery from the movie without permission.', ""Production firm Alcon Entertainment claims it had specifically denied a request from Warner Bros to use material from the film at the launch event for Tesla's long-awaited robotaxi."", 'Alcon alleges that despite its refusal Tesla and the other organisers of the event on 10 October used artificial intelligence (AI) to create promotional imagery based on the film.', 'Tesla and Warner Bros did not immediately reply to requests for comment from BBC News.', 'The “financial magnitude of the misappropriation here was substantial,"" the lawsuit said. ""', 'Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added.', 'Alcon also accused the event organisers of ""false endorsement"" by suggesting a connection between the production company and Tesla.', 'Warner Bros, which hosted the robotaxi launch event at one of its movie studios, was also the distributor of Blade Runner 2049 when it was released in 2017.', 'The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards.', ""Elon Musk has referred to the original film several times in the past, hinting at one point that it was a source of inspiration for Tesla's Cybertruck."", 'Alcon is currently producing a spinoff television series Blade Runner 2099.', 'Separately, the director of 2004 sci-fi film I, Robot accused Mr Musk of copying his designs for humanoid machines and self-driving vehicles.', 'The title of Tesla robotaxi event - We, Robot - which played on the the title of an Isaac Asimov short story collection, caught the eye of Alex Proyas. ""', 'Hey Elon, can I have my designs back please,"" Mr Proyas said in a post on X which has been viewed more than eight million times.', 'But the claim was met with scepticism online, with some suggesting his own film is derivative.']",0.1028167001888412,"The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards.","Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added.",-0.7040505806605021,,"But the claim was met with scepticism online, with some suggesting his own film is derivative.",2024-10-24
-Ex-Abercrombie CEO charged with running sex trafficking ring,https://www.bbc.co.uk/news/articles/cgj4j05wy31o,2024-10-22T13:08:01.315Z,"The former CEO of Abercrombie & Fitch (A&F) and his partner have been arrested and charged with running a prostitution and international sex trafficking business. Authorities arrested former fashion executive Mike Jeffries, his partner Matthew Smith and the couple’s alleged middleman - James Jacobson - on Tuesday morning. Federal prosecutors said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts. Mr Jeffries and his partner have previously denied any wrongdoing via their lawyers, and Mr Jeffries' lawyer told the BBC on Tuesday that they would ""respond in detail to the allegations after the Indictment is unsealed"". A lawyer for Mr Smith has been approached for new comment. A&F declined to comment on the latest developments. Warning: This story contains descriptions of sexual acts The FBI opened an investigation last year after the BBC revealed claims that Mike Jeffries and his partner sexually exploited and abused men at events they hosted in their New York residences and hotels around the world. The BBC investigation found that there was a sophisticated operation involving a middleman and a network of recruiters tasked with finding men for these events. On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.  Outlining prosecutors' accusations, Mr Peace alleged the couple employed Mr Jacobson as their recruiter who would conduct ""tryouts"" with men from across the globe by engaging them in sex acts in exchange for money. Once Mr Jeffries approved of the men, they would be flown to his New York home where they were ""pressured to consume alcohol, Viagra, and muscle relaxants"", Mr Peace claimed. Prosecutors further alleged that Mr Jeffries and Mr Smith directed others or personally ""injected men with an erection inducing substance"" when they were incapable or unwilling to participate.  The ex-CEO ""spent millions of dollars on a massive infrastucture to support this operation and maintain its secrecy"", prosecutors said, which included international travel, hotel stays, paid staff and security for the events. Prosecutors said there were 15 victims mentioned in the indictment but alleged that the operation ""encompassed dozens and dozens of men"".   After a court appearance on Tuesday, Mr Jeffries was released on a $10m (£7.7m) bond, while Mr Jacobson was released on a $500,000 bond. They are next due in court on Friday.  Mr Smith was ordered detained.  Mr Peace, the federal prosecutor, confirmed at a press conference on Tuesday that authorities were initially tipped off by media reports. Following the BBC’s reporting, a civil lawsuit was also filed in New York accusing Mr Jeffries and Mr Smith of sex-trafficking, rape and sexual assault. The lawsuit also accused Abercrombie & Fitch of having funded a sex-trafficking operation led by its former CEO over the two decades he was in charge. Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""The unprecedented reporting of the BBC, coupled with the lawsuit our firm filed detailing the operation, are to credit for these monumental arrests.  This was the result of impressive investigative journalism.” In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts run for Mr Jeffries, 80, and his British partner Mr Smith, 61, between 2009 and 2015. The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson. Then, more men came forward last month. Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra. Mr Jacobson, 71, previously told the BBC in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"". The BBC also interviewed dozens of other sources, including former household staff. Some of the men the BBC spoke to said they were misled about the nature of the events or not told sex was involved. Others said they understood the events would be sexual, but not exactly what was expected of them. All were paid. Several told the BBC the middleman or other recruiters raised the possibility of modelling opportunities with A&F. David Bradberry, then 23 and an aspiring model, said that it was ""made clear"" to him that without performing oral sex on Mr Jacobson, he would not be meeting A&F CEO Mr Jeffries. ""It was like he was selling fame. And the price was compliance,"" Mr Bradberry told the BBC.  Mr Bradberry said he later attended a party at Mr Jeffries's mansion in the Hamptons in Long Island where he met Mr Jeffries and had sex with him.  He said the ""secluded"" location and presence of Mr Jeffries' personal staff, dressed in A&F uniforms, supervising events meant he ""didn't feel safe to say 'no' or 'I don't feel comfortable with this'"". After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised. When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer. Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded. Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape. The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees. The brand said it did not comment on legal matters. However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others. In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time. Once one of America's highest-paid CEOs, he was a controversial figure who faced claims of discrimination against staff, concerns about his lavish expenses and complaints about the unofficial influence of his life partner, Matthew Smith, inside A&F.  Do you have information about this story that you wish to share? ",BBC,22/10/2024,"['The former CEO of Abercrombie & Fitch (A&F) and his partner have been arrested and charged with running a prostitution and international sex trafficking business.', 'Authorities arrested former fashion executive Mike Jeffries, his partner Matthew Smith and the couple’s alleged middleman - James Jacobson - on Tuesday morning.', 'Federal prosecutors said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts.', 'Mr Jeffries and his partner have previously denied any wrongdoing via their lawyers, and Mr Jeffries\' lawyer told the BBC on Tuesday that they would ""respond in detail to the allegations after the Indictment is unsealed"".', 'A lawyer for Mr Smith has been approached for new comment.', 'A&F declined to comment on the latest developments.', 'Warning: This story contains descriptions of sexual acts The FBI opened an investigation last year after the BBC revealed claims that Mike Jeffries and his partner sexually exploited and abused men at events they hosted in their New York residences and hotels around the world.', 'The BBC investigation found that there was a sophisticated operation involving a middleman and a network of recruiters tasked with finding men for these events.', 'On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.', 'Outlining prosecutors\' accusations, Mr Peace alleged the couple employed Mr Jacobson as their recruiter who would conduct ""tryouts"" with men from across the globe by engaging them in sex acts in exchange for money.', 'Once Mr Jeffries approved of the men, they would be flown to his New York home where they were ""pressured to consume alcohol, Viagra, and muscle relaxants"", Mr Peace claimed.', 'Prosecutors further alleged that Mr Jeffries and Mr Smith directed others or personally ""injected men with an erection inducing substance"" when they were incapable or unwilling to participate.', 'The ex-CEO ""spent millions of dollars on a massive infrastucture to support this operation and maintain its secrecy"", prosecutors said, which included international travel, hotel stays, paid staff and security for the events.', 'Prosecutors said there were 15 victims mentioned in the indictment but alleged that the operation ""encompassed dozens and dozens of men"".', 'After a court appearance on Tuesday, Mr Jeffries was released on a $10m (£7.7m) bond, while Mr Jacobson was released on a $500,000 bond.', 'They are next due in court on Friday.', 'Mr Smith was ordered detained.', 'Mr Peace, the federal prosecutor, confirmed at a press conference on Tuesday that authorities were initially tipped off by media reports.', 'Following the BBC’s reporting, a civil lawsuit was also filed in New York accusing Mr Jeffries and Mr Smith of sex-trafficking, rape and sexual assault.', 'The lawsuit also accused Abercrombie & Fitch of having funded a sex-trafficking operation led by its former CEO over the two decades he was in charge.', 'Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""', 'The unprecedented reporting of the BBC, coupled with the lawsuit our firm filed detailing the operation, are to credit for these monumental arrests.', 'This was the result of impressive investigative journalism.”', 'In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts run for Mr Jeffries, 80, and his British partner Mr Smith, 61, between 2009 and 2015.', 'The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson.', 'Then, more men came forward last month.', ""Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra."", 'Mr Jacobson, 71, previously told the BBC in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"".', 'The BBC also interviewed dozens of other sources, including former household staff.', 'Some of the men the BBC spoke to said they were misled about the nature of the events or not told sex was involved.', 'Others said they understood the events would be sexual, but not exactly what was expected of them.', 'All were paid.', 'Several told the BBC the middleman or other recruiters raised the possibility of modelling opportunities with A&F. David Bradberry, then 23 and an aspiring model, said that it was ""made clear"" to him that without performing oral sex on Mr Jacobson, he would not be meeting A&F CEO Mr Jeffries. ""', 'It was like he was selling fame.', 'And the price was compliance,"" Mr Bradberry told the BBC.', ""Mr Bradberry said he later attended a party at Mr Jeffries's mansion in the Hamptons in Long Island where he met Mr Jeffries and had sex with him."", 'He said the ""secluded"" location and presence of Mr Jeffries\' personal staff, dressed in A&F uniforms, supervising events meant he ""didn\'t feel safe to say \'no\' or \'I don\'t feel comfortable with this\'"".', 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised.', 'When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer.', 'Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded.', ""Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape."", 'The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees.', 'The brand said it did not comment on legal matters.', 'However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.', 'In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time.', ""Once one of America's highest-paid CEOs, he was a controversial figure who faced claims of discrimination against staff, concerns about his lavish expenses and complaints about the unofficial influence of his life partner, Matthew Smith, inside A&F. Do you have information about this story that you wish to share?""]",-0.0553059153290303,"On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.","However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.",-0.047278955578804,"Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""","In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time.",2024-10-24
-Reeves confirms Budget spending deals struck with all departments,https://www.bbc.co.uk/news/articles/cwy9yd318reo,2024-10-23T04:30:41.939Z,"Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October. It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts. Reeves told BBC Radio 5 Live's Matt Chorley she had struck deals with all her cabinet colleagues - and in line with tradition, popped all balloons put up in the Treasury to represent each department's funding agreement. While sympathising with ""the mess"" her colleagues had inherited, Reeves insisted departments needed to find savings to balance the budget.  In recent Budgets, chancellors have adopted the tradition of hanging balloons in the office of the Chief Secretary to the Treasury to represent spending deals that must be negotiated with government departments. As settlements are reached, the balloons are popped. In the exclusive interview, Reeves said: ""There are no balloons left in the Chief Secretary's office - the balloons have been burst."" In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.  Sky News reported that the Treasury missed its initial 16 October deadline to finalise all major Budget measures for submission to spending watchdog the Office of Budget Responsibility ahead of the Budget. Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh have all been reported as writing to Sir Keir Starmer to complain about the scale of cuts their departments were facing. Haigh has since told the BBC she did not write a letter, but had been having Budget negotiations with the Treasury ""in the normal way"". Addressing reports colleagues had gone over her head to take their concerns about budget cuts directly to the prime minister, Reeves said, ""I wouldn't believe everything you read"" in the media. But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""I'm very sympathetic towards the mess that my colleagues have inherited"", Reeves said. ""But any additional money, in the end, it has to be paid for either by taking money from other departments or raising taxes."" The Labour manifesto promised not to raise income tax rates, national insurance or VAT to protect ""working people"". Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. ""All of those things mean that we do need to find additional money,"" Reeves said. Reeves admitted this meant she was considering tweaks to ""other taxes to ensure the sums add up"". ""We were clear during the election campaign, you can't undo 14 years of damage in one Budget or in just a few months,"" she said. ""It is going to take time to rebuild our public services to ensure that working people are better off and to fix the foundations of our economy and our society as well."" As she looks to balance the first Labour Budget in 14 years, Reeves admitted she speaks to  several major political figures. ""I speak to Gordon regularly - I also speak to Tony Blair regularly,"" she said. She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well,"" she said. The one person she wishes she could ""pick up the phone to now"" is Alistair Darling, the last Labour chancellor to deliver a Budget - who died last year aged 70. Lord Darling served in cabinet for 13 years under both Blair and Brown, and was best known as the chancellor who steered the UK through the 2008 financial crisis. ""I hope that he would be proud of what I'm doing as the next Labour chancellor after him,"" she said. Reeves spoke about her pride at being the first female chancellor in the role's 800-year history. Becoming chancellor was ""beyond what a girl like me, from the ordinary background that I came from, could have ever dreamed of,"" Reeves said. Now in her ""dream job"", Reeves said, ""one of the wonderful things in the first few months of doing this job is to meet female finance ministers from around the world"" - such as US Secretary of the Treasury Janet Yellen and Chrystia Freeland, the Canadian finance minister. ""I take a lot of inspiration from those amazing women and so many others,"" Reeves said. Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It’ll be delivered straight to your inbox every weekday. ",BBC,23/10/2024,"['Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October.', 'It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts.', ""Reeves told BBC Radio 5 Live's Matt Chorley she had struck deals with all her cabinet colleagues - and in line with tradition, popped all balloons put up in the Treasury to represent each department's funding agreement."", 'While sympathising with ""the mess"" her colleagues had inherited, Reeves insisted departments needed to find savings to balance the budget.', 'In recent Budgets, chancellors have adopted the tradition of hanging balloons in the office of the Chief Secretary to the Treasury to represent spending deals that must be negotiated with government departments.', 'As settlements are reached, the balloons are popped.', 'In the exclusive interview, Reeves said: ""There are no balloons left in the Chief Secretary\'s office - the balloons have been burst.""', 'In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.', 'Sky News reported that the Treasury missed its initial 16 October deadline to finalise all major Budget measures for submission to spending watchdog the Office of Budget Responsibility ahead of the Budget.', 'Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh have all been reported as writing to Sir Keir Starmer to complain about the scale of cuts their departments were facing.', 'Haigh has since told the BBC she did not write a letter, but had been having Budget negotiations with the Treasury ""in the normal way"".', 'Addressing reports colleagues had gone over her head to take their concerns about budget cuts directly to the prime minister, Reeves said, ""I wouldn\'t believe everything you read"" in the media.', 'But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""', 'I\'m very sympathetic towards the mess that my colleagues have inherited"", Reeves said. ""', 'But any additional money, in the end, it has to be paid for either by taking money from other departments or raising taxes.""', 'The Labour manifesto promised not to raise income tax rates, national insurance or VAT to protect ""working people"".', 'Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. ""', 'All of those things mean that we do need to find additional money,"" Reeves said.', 'Reeves admitted this meant she was considering tweaks to ""other taxes to ensure the sums add up"". ""', 'We were clear during the election campaign, you can\'t undo 14 years of damage in one Budget or in just a few months,"" she said. ""', 'It is going to take time to rebuild our public services to ensure that working people are better off and to fix the foundations of our economy and our society as well.""', 'As she looks to balance the first Labour Budget in 14 years, Reeves admitted she speaks to several major political figures. ""', 'I speak to Gordon regularly - I also speak to Tony Blair regularly,"" she said.', 'She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""', 'I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well,"" she said.', 'The one person she wishes she could ""pick up the phone to now"" is Alistair Darling, the last Labour chancellor to deliver a Budget - who died last year aged 70.', 'Lord Darling served in cabinet for 13 years under both Blair and Brown, and was best known as the chancellor who steered the UK through the 2008 financial crisis. ""', 'I hope that he would be proud of what I\'m doing as the next Labour chancellor after him,"" she said.', ""Reeves spoke about her pride at being the first female chancellor in the role's 800-year history."", 'Becoming chancellor was ""beyond what a girl like me, from the ordinary background that I came from, could have ever dreamed of,"" Reeves said.', 'Now in her ""dream job"", Reeves said, ""one of the wonderful things in the first few months of doing this job is to meet female finance ministers from around the world"" - such as US Secretary of the Treasury Janet Yellen and Chrystia Freeland, the Canadian finance minister. ""', 'I take a lot of inspiration from those amazing women and so many others,"" Reeves said.', 'Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.2121071351466193,"But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""","Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. """,0.3232622254978526,"She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""","In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.",2024-10-24
-Giuliani ordered to turn over NYC apartment to Georgia election workers,https://www.bbc.co.uk/news/articles/cly3y501zxvo,2024-10-22T20:44:36.431Z,"A judge has ordered Rudy Giuliani to turn over his Manhattan apartment and other valuables to two Georgia election workers as part of a defamation lawsuit.   Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).  Mr Giuliani, a former attorney to Donald Trump, had falsely accused them of tampering with votes during the 2020 presidential election. In addition to the apartment, the federal judge ruled on Tuesday that Mr Giuliani must turn over his watches, furniture and sports memorabilia to Ms Freeman and Ms Moss.  The judge also ruled that Ms Freeman and Ms Moss are the beneficiaries of $2m that the one-time New York City mayor says Trump's 2020 presidential campaign still owes him.  Ms Freeman and Ms Moss asked a court last month to seize some of Mr Giuliani's assets, including multiple properties in New York and Palm Beach, Florida, as well as dozens of luxury watches, a Mercedes-Benz and other personal items.  They also sought three of his New York Yankees World Series rings, one of which is valued at roughly $30,000. In the 24-page order released on Tuesday, the judge ruled Mr Giuliani must turn over more than two dozen watches and a jersey signed by former New York Yankees centre fielder Joe Dimaggio.  The judge deferred judgment on the World Series rings and the condo in Palm Beach.  Mr Giuliani has seven days to turn over his possessions, including the luxurious Manhattan apartment, which he previously tried to sell for $6m, according to BBC's US news partner CBS.  Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss.  Separately, he has pleaded not guilty to nine felony charges in what prosecutors called a ""fake elector scheme"" to declare Trump the winning candidate in Arizona during the 2020 presidential election.  Mr Giuliani was charged with 17 others for his alleged role in that scheme. He filed for bankruptcy last year after losing the defamation lawsuit to Ms Freeman and Ms Moss.  The women said they had to endure threats and harassment after being targeted by Mr Giuliani. In July, a federal judge dismissed his bankruptcy case, leaving him without protection from his creditors. ",BBC,22/10/2024,"['A judge has ordered Rudy Giuliani to turn over his Manhattan apartment and other valuables to two Georgia election workers as part of a defamation lawsuit.', 'Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).', 'Mr Giuliani, a former attorney to Donald Trump, had falsely accused them of tampering with votes during the 2020 presidential election.', 'In addition to the apartment, the federal judge ruled on Tuesday that Mr Giuliani must turn over his watches, furniture and sports memorabilia to Ms Freeman and Ms Moss.', ""The judge also ruled that Ms Freeman and Ms Moss are the beneficiaries of $2m that the one-time New York City mayor says Trump's 2020 presidential campaign still owes him."", ""Ms Freeman and Ms Moss asked a court last month to seize some of Mr Giuliani's assets, including multiple properties in New York and Palm Beach, Florida, as well as dozens of luxury watches, a Mercedes-Benz and other personal items."", 'They also sought three of his New York Yankees World Series rings, one of which is valued at roughly $30,000.', 'In the 24-page order released on Tuesday, the judge ruled Mr Giuliani must turn over more than two dozen watches and a jersey signed by former New York Yankees centre fielder Joe Dimaggio.', 'The judge deferred judgment on the World Series rings and the condo in Palm Beach.', ""Mr Giuliani has seven days to turn over his possessions, including the luxurious Manhattan apartment, which he previously tried to sell for $6m, according to BBC's US news partner CBS."", ""Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss."", 'Separately, he has pleaded not guilty to nine felony charges in what prosecutors called a ""fake elector scheme"" to declare Trump the winning candidate in Arizona during the 2020 presidential election.', 'Mr Giuliani was charged with 17 others for his alleged role in that scheme.', 'He filed for bankruptcy last year after losing the defamation lawsuit to Ms Freeman and Ms Moss.', 'The women said they had to endure threats and harassment after being targeted by Mr Giuliani.', 'In July, a federal judge dismissed his bankruptcy case, leaving him without protection from his creditors.']",0.0520888354035124,"Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).",The women said they had to endure threats and harassment after being targeted by Mr Giuliani.,-0.9091254770755768,,Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss.,2024-10-24
-"Novo Nordisk asks FDA to ban compounding pharmacies from making Ozempic, Wegovy copies",https://www.cnbc.com/2024/10/23/novo-nordisk-asks-fda-to-ban-compounded-ozempic-wegovy-copies-.html,2024-10-23T17:52:53+0000,"In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely. The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy. In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year. It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates. Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements. The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years. The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database. But Novo Nordisk late Tuesday nominated semaglutide to the FDA's ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks. ""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement. The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all. ""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement. The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide. That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market. The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment. Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro. Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug. A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.",CNBC,23/10/2024,"['In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely.', 'The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy.', 'In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.', ""The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year."", 'It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates.', ""Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", 'When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements.', 'The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years.', ""The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database."", 'But Novo Nordisk late Tuesday nominated semaglutide to the FDA\'s ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks.', '""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement.', 'The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all.', '""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement.', 'The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.', '""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide.', ""That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", 'Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.', 'The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment.', 'Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', ""Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro."", 'Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.', 'A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.']",-0.1024098906911005,"The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.","Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.",-0.3954338810660622,"Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.","Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.",2024-10-24
-Meta combats celebrity scam ads with face recognition tech,https://www.bbc.co.uk/news/articles/cg565mrdz7zo,2024-10-22T10:33:20.809Z,"Facebook and Instagram owner Meta is to introduce facial recognition technology to try and crack down on scammers who fraudulently use celebrities in adverts. Elon Musk and personal finance expert, Martin Lewis, are among those to fall victim to such scams, which typically promote investment schemes and crypto-currencies. Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them. Meta already uses an ad review system which uses artificial intelligence (AI) to detect fake celebrity endorsements but is now seeking to beef it up with facial recognition tech. It will work by comparing images from ads flagged as being dubious with celebrities' Facebook or Instagram profile photos. If the image is a confirmed to be a match, and the ad a scam, it will be automatically deleted. Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait."" The problem of celebrity scams has been a long-running one for Meta. It became so significant in the 2010s that Mr Lewis took legal action against Facebook, but he ultimately dropped the case when the tech giant agreed to introduce a button so people could report scam ads.  In addition to introducing the button, Facebook also agreed to donate £3m to Citizens Advice. But, since then, the scams have become more complex and significantly more believable. They are increasingly powered by so-called deepfake technology, where a realistic computer-generated likeness or video is used to make it seem like the celebrity is backing a product or service. Meta has faced pressure to do something about the growing threat of these ads. On Sunday, Mr Lewis urged the government to give the UK regulator, Ofcom, more powers to tackle scam ads after a fake interview with Chancellor Rachel Reeves was used to trick people into giving away their bank details. ""Scammers are relentless and continuously evolve their tactics to try to evade detection,"" Meta acknowledged. ""We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added. Meta has also announced it will also use facial recognition tech to help people who find themselves locked out of their social media. Currently, unlocking Instagram or Facebook accounts involves uploading official ID or documents. But now video selfies and face recognition is being tested as a way to prove who a person is and and regain access more quickly. The material provided by the user will be checked against the account's profile image to see if it is a match. However, the widespread use of facial recognition is controversial - Facebook has previously used it, before ditching it in 2021 over privacy, accuracy and bias concerns. It now says that the video selfies will be encrypted and stored securely, and won't be shown publicly. Facial data generated in making the comparison will be deleted after the check. But the system will not be initially offered in areas where permission from regulators has not yet been obtained, including the UK and EU. ",BBC,22/10/2024,"['Facebook and Instagram owner Meta is to introduce facial recognition technology to try and crack down on scammers who fraudulently use celebrities in adverts.', 'Elon Musk and personal finance expert, Martin Lewis, are among those to fall victim to such scams, which typically promote investment schemes and crypto-currencies.', 'Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.', 'Meta already uses an ad review system which uses artificial intelligence (AI) to detect fake celebrity endorsements but is now seeking to beef it up with facial recognition tech.', ""It will work by comparing images from ads flagged as being dubious with celebrities' Facebook or Instagram profile photos."", 'If the image is a confirmed to be a match, and the ad a scam, it will be automatically deleted.', 'Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait.""', 'The problem of celebrity scams has been a long-running one for Meta.', 'It became so significant in the 2010s that Mr Lewis took legal action against Facebook, but he ultimately dropped the case when the tech giant agreed to introduce a button so people could report scam ads.', 'In addition to introducing the button, Facebook also agreed to donate £3m to Citizens Advice.', 'But, since then, the scams have become more complex and significantly more believable.', 'They are increasingly powered by so-called deepfake technology, where a realistic computer-generated likeness or video is used to make it seem like the celebrity is backing a product or service.', 'Meta has faced pressure to do something about the growing threat of these ads.', 'On Sunday, Mr Lewis urged the government to give the UK regulator, Ofcom, more powers to tackle scam ads after a fake interview with Chancellor Rachel Reeves was used to trick people into giving away their bank details. ""', 'Scammers are relentless and continuously evolve their tactics to try to evade detection,"" Meta acknowledged. ""', 'We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added.', 'Meta has also announced it will also use facial recognition tech to help people who find themselves locked out of their social media.', 'Currently, unlocking Instagram or Facebook accounts involves uploading official ID or documents.', 'But now video selfies and face recognition is being tested as a way to prove who a person is and and regain access more quickly.', ""The material provided by the user will be checked against the account's profile image to see if it is a match."", 'However, the widespread use of facial recognition is controversial - Facebook has previously used it, before ditching it in 2021 over privacy, accuracy and bias concerns.', ""It now says that the video selfies will be encrypted and stored securely, and won't be shown publicly."", 'Facial data generated in making the comparison will be deleted after the check.', 'But the system will not be initially offered in areas where permission from regulators has not yet been obtained, including the UK and EU.']",-0.1253329903494627,"We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added.","Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.",0.3802930882998875,"Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait.""","Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.",2024-10-24
-CDC told McDonald's about potential E. coli outbreak late last week,https://www.cnbc.com/2024/10/23/mcdonalds-e-coli-cdc-notified-about-outbreak-last-week.html,2024-10-23T17:54:39+0000,"In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday.At that time, the number of connected cases was smaller than it is now, though the company did not say how many cases there were then. As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers.Once notified about the link, McDonald's started working with the CDC, the U.S. Department of Agriculture and the U.S. Food and Drug Administration. By the time the CDC had issued its advisory notice Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said.Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time.The CDC has interviewed 18 people with confirmed cases, as of Tuesday. Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.The outbreak comes as McDonald's tries to win back diners who balked at years of price increases. It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.The fast-food chain issued a statement on the outbreak Tuesday evening, shortly after the CDC issued its advisory. Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the affected area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states.The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak. However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.That would leave the onions as the more likely contaminant. In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable. The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.Based on reported cases so far, the outbreak took place between Sept. 27 and Oct. 11. Over a two-week period, McDonald's typically sells roughly one million Quarter Pounders in the affected region, the company spokespeople said.Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",CNBC,23/10/2024,"[""In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday."", 'At that time, the number of connected cases was smaller than it is now, though the company did not say how many cases there were then.', ""As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers."", ""Once notified about the link, McDonald's started working with the CDC, the U.S. Department of Agriculture and the U.S. Food and Drug Administration."", ""By the time the CDC had issued its advisory notice Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said."", ""Roughly a fifth of McDonald's U.S. restaurants are not selling Quarter Pounder burgers at this time."", 'The CDC has interviewed 18 people with confirmed cases, as of Tuesday.', 'Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.', ""The outbreak comes as McDonald's tries to win back diners who balked at years of price increases."", 'It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.', 'The fast-food chain issued a statement on the outbreak Tuesday evening, shortly after the CDC issued its advisory.', ""Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the affected area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states."", ""The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak."", ""However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria."", 'That would leave the onions as the more likely contaminant.', ""In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable."", 'The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.', 'Based on reported cases so far, the outbreak took place between Sept. 27 and Oct. 11.', ""Over a two-week period, McDonald's typically sells roughly one million Quarter Pounders in the affected region, the company spokespeople said."", ""Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.""]",-0.0718467465157204,The outbreak comes as McDonald's tries to win back diners who balked at years of price increases.,"However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.",0.1050383448600769,It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.,"Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",2024-10-24
-Boeing-made communications satellite breaks up in space,https://www.bbc.co.uk/news/articles/ce8d886l028o,2024-10-23T03:50:35.838Z,"A communications satellite designed and built by embattled aerospace giant Boeing has broken up in orbit. The satellite's operator, Intelsat, has confirmed the ""total loss"" of  iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.   Intelsat also says it has taken steps to complete ""a comprehensive analysis"" of the incident.  Boeing has been facing crises on multiple fronts, with a strike at its commercial plane business and issues with its Starliner spacecraft. ""We are coordinating with the satellite manufacturer, Boeing, and government agencies to analyse data and observations,"" Intelsat said. Boeing did not comment directly on the incident, referring BBC News to Intelsat's statements. The US Department of Defense's space-tracking website, SpaceTrack, also confirmed the incident.   An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite. Separately, two astronauts have been stranded at the International Space Station (ISS) after the Boeing Starliner capsule they arrived on in June was deemed unfit to make the return flight.  They are due to travel back to Earth on a spacecraft made by Elon Musk's SpaceX next year. Since last month, Boeing has also been dealing with a strike involving more than 30,000 workers at its commercial plane making operation.  Union members are set to vote on the company's latest offer on Wednesday. The new offer includes a 35% pay rise over the next four years. Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding. It also said it would start laying off 17,000 employees - about 10% of its workforce - from November. In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal. The agreement was in relation to two 737-MAX planes that were lost in nearly-identical accidents that cost 346 lives more than five years ago. ",BBC,23/10/2024,"['A communications satellite designed and built by embattled aerospace giant Boeing has broken up in orbit.', 'The satellite\'s operator, Intelsat, has confirmed the ""total loss"" of iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.', 'Intelsat also says it has taken steps to complete ""a comprehensive analysis"" of the incident.', 'Boeing has been facing crises on multiple fronts, with a strike at its commercial plane business and issues with its Starliner spacecraft. ""', 'We are coordinating with the satellite manufacturer, Boeing, and government agencies to analyse data and observations,"" Intelsat said.', ""Boeing did not comment directly on the incident, referring BBC News to Intelsat's statements."", ""The US Department of Defense's space-tracking website, SpaceTrack, also confirmed the incident."", 'An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite.', 'Separately, two astronauts have been stranded at the International Space Station (ISS) after the Boeing Starliner capsule they arrived on in June was deemed unfit to make the return flight.', ""They are due to travel back to Earth on a spacecraft made by Elon Musk's SpaceX next year."", 'Since last month, Boeing has also been dealing with a strike involving more than 30,000 workers at its commercial plane making operation.', ""Union members are set to vote on the company's latest offer on Wednesday."", 'The new offer includes a 35% pay rise over the next four years.', 'Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding.', 'It also said it would start laying off 17,000 employees - about 10% of its workforce - from November.', 'In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal.', 'The agreement was in relation to two 737-MAX planes that were lost in nearly-identical accidents that cost 346 lives more than five years ago.']",-0.0999536706147653,"An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite.","In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal.",-0.1331610764775957,"Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding.","The satellite's operator, Intelsat, has confirmed the ""total loss"" of iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.",2024-10-24
-McDonald's shares fall after CDC says E. coli outbreak linked to Quarter Pounders,https://www.cnbc.com/2024/10/22/mcdonalds-shares-fall-after-cdc-says-e-coli-outbreak-linked-to-quarter-pounders.html,2024-10-23T12:09:20+0000,"In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""Most"" sick people reported eating a McDonald's Quarter Pounder, the CDC added.One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure. An older adult in Colorado died. McDonald's shares dropped about 7% in trading before the market opened Wednesday.In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers. McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area.Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said. It added that it was working with suppliers to replenish ingredients.The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video. The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added. Those sandwiches use a different type of onion product.""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""I hope these steps demonstrate McDonald's commitment to food safety.""Quarter Pounder hamburgers are a core menu item for McDonald's, raking in billions of dollars each year. In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores.The CDC said the number of people affected by the outbreak is ""likely much higher"" than what has been reported so far. The agency said that is because many people recover from an E. coli infection without testing for it or receiving medical care. It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added. E. coli refers to a group of bacteria found in the gut of nearly all people and animals. But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC. Most people recover without treatment after five to seven days.There have been several past reported cases of E. coli at McDonald's restaurants.In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama. Four of the six children were admitted to a hospital after experiencing severe adverse effects.",CNBC,23/10/2024,"[""In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death."", 'The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""', 'Most"" sick people reported eating a McDonald\'s Quarter Pounder, the CDC added.', 'One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure.', 'An older adult in Colorado died.', ""McDonald's shares dropped about 7% in trading before the market opened Wednesday."", 'In a statement Tuesday, McDonald\'s said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.', 'The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers.', ""McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area."", ""Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said."", 'It added that it was working with suppliers to replenish ingredients.', ""The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video."", ""The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added."", 'Those sandwiches use a different type of onion product.', '""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""', ""I hope these steps demonstrate McDonald's commitment to food safety."", '""Quarter Pounder hamburgers are a core menu item for McDonald\'s, raking in billions of dollars each year.', ""In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores."", 'The CDCsaidthe number of people affected by the outbreak is""likely much higher""than whathas beenreported so far.', 'The agencysaidthat is because many people recover from an E. coli infection without testing for it or receiving medical care.', 'It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added.', 'E. coli refers to a group of bacteria found in the gut of nearly all people and animals.', 'But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.', 'Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC.', 'Most people recover without treatment after five to seven days.', ""There have been several past reported cases of E. coli at McDonald's restaurants."", ""In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama."", 'Four of the six children were admitted to a hospital after experiencing severe adverse effects.']",-0.0794976328822082,I hope these steps demonstrate McDonald's commitment to food safety.,But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.,-0.2117051407694816,"In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.",In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.,2024-10-24
-Reeves welcomes IMF's improved growth forecast,https://www.bbc.co.uk/news/articles/c3vkv9qwl5do,2024-10-22T13:01:44.664Z,"The UK economy is set to ""accelerate"", the International Monetary Fund (IMF) has said as it raised its growth forecast for this year. The influential global organisation now expects the UK to grow by 1.1% this year, up from the 0.7% it forecast three months ago. While slow compared to previous periods, this would put the UK in the middle of the pack of global nations.   Chancellor Rachel Reeves welcomed the IMF's more upbeat forecast, but said: ""I know there is more work to do."" The IMF's outlook contrasts with Reeves's assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule. The chancellor is expected to outline tax rises and spending cuts aimed at raising £40bn at next week's Budget. The IMF and UK government have disagreed over previous predictions, and economic forecasts are not always accurate. The IMF has previously stated its forecasts for most advanced economies, such as the UK's, have more often than not been within about 1.5 percentage points of what actually happens. The IMF's global forecast shows the world economy has proven resilient, with richer countries having made up for lost pandemic growth. The US continues to outperform all its peers in the G7 group of advanced economies as the presidential election looms. Its economy is forecast to grow 2.8% this year and 2.2% next year. The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"". Europe’s major economies, remain sluggish, especially Germany, but Spain is growing rapidly, by 2.9% this year and 2.1% next year. Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure. The IMF pointed to internal research showing countries that spend a high proportion of their budgets on investment have significantly faster growing economies. Reeves has inherited Conservative plans for a notable cut to public investment, measured as a share of the national economy. The Treasury has clearly signalled in recent days that it could reverse that policy, instead maintaining or increasing investment. Reeves is also expected to confirm in the Budget that the way in which the government defines its self-imposed rules on reducing the national debt will change to accommodate more investment in infrastructure projects. Elsewhere, the IMF pointed to concerns that emerging economies had been left with more ""permanent scars"" and more persistent inflation from recent global crises. Nevertheless, the sanctions-hit Russian economy has had its forecast upgraded yet again, as its move to a war economy supports growth. This year it is expected to expand by 3.6%. However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow. Speaking at the IMF meeting in Washington, Treasury Secretary Janet Yellen said on Tuesday the US would unveil ""strong new sanctions targeting those facilitating the Kremlin's war machine"". That would include anyone supplying Russia with ""critical inputs for its military"" she said. The US has taken a series of actions against Russia since the invasion of Ukraine in February 2022, including preventing banks dealing with sanctioned Russian entities and restrictions on supplying technology such as microchips and drones.  ",BBC,22/10/2024,"['The UK economy is set to ""accelerate"", the International Monetary Fund (IMF) has said as it raised its growth forecast for this year.', 'The influential global organisation now expects the UK to grow by 1.1% this year, up from the 0.7% it forecast three months ago.', 'While slow compared to previous periods, this would put the UK in the middle of the pack of global nations.', 'Chancellor Rachel Reeves welcomed the IMF\'s more upbeat forecast, but said: ""I know there is more work to do.""', 'The IMF\'s outlook contrasts with Reeves\'s assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule.', ""The chancellor is expected to outline tax rises and spending cuts aimed at raising £40bn at next week's Budget."", 'The IMF and UK government have disagreed over previous predictions, and economic forecasts are not always accurate.', ""The IMF has previously stated its forecasts for most advanced economies, such as the UK's, have more often than not been within about 1.5 percentage points of what actually happens."", ""The IMF's global forecast shows the world economy has proven resilient, with richer countries having made up for lost pandemic growth."", 'The US continues to outperform all its peers in the G7 group of advanced economies as the presidential election looms.', 'Its economy is forecast to grow 2.8% this year and 2.2% next year.', 'The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"".', 'Europe’s major economies, remain sluggish, especially Germany, but Spain is growing rapidly, by 2.9% this year and 2.1% next year.', 'Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure.', 'The IMF pointed to internal research showing countries that spend a high proportion of their budgets on investment have significantly faster growing economies.', 'Reeves has inherited Conservative plans for a notable cut to public investment, measured as a share of the national economy.', 'The Treasury has clearly signalled in recent days that it could reverse that policy, instead maintaining or increasing investment.', 'Reeves is also expected to confirm in the Budget that the way in which the government defines its self-imposed rules on reducing the national debt will change to accommodate more investment in infrastructure projects.', 'Elsewhere, the IMF pointed to concerns that emerging economies had been left with more ""permanent scars"" and more persistent inflation from recent global crises.', 'Nevertheless, the sanctions-hit Russian economy has had its forecast upgraded yet again, as its move to a war economy supports growth.', 'This year it is expected to expand by 3.6%.', 'However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow.', 'Speaking at the IMF meeting in Washington, Treasury Secretary Janet Yellen said on Tuesday the US would unveil ""strong new sanctions targeting those facilitating the Kremlin\'s war machine"".', 'That would include anyone supplying Russia with ""critical inputs for its military"" she said.', 'The US has taken a series of actions against Russia since the invasion of Ukraine in February 2022, including preventing banks dealing with sanctioned Russian entities and restrictions on supplying technology such as microchips and drones.']",0.119453043223912,"Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure.","The IMF's outlook contrasts with Reeves's assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule.",0.3363874918884701,"The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"".","However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow.",2024-10-24
-Workers could get right to strike for a year,https://www.bbc.co.uk/news/articles/cx279nypygvo,2024-10-23T18:26:20.445Z,"The government is considering giving workers twice as long to strike. Under existing legislation, if workers vote to take industrial action, the mandate expires after six months and unions are required to hold another ballot to extend it. But a consultation document produced by the government said the mandate could be extended to a year.  It said due to unions being ""very likely'' win a second ballot, keeping the six-month rule would ''add administrative costs'' to them. Railway staff, train drivers, doctors and teachers are just some of the groups that have staged walk outs in recent times. The walk outs across different sectors and industries over the past couple of years have resulted in more than 5.7 million working days have been lost, the highest number for more than 30 years, according to official figures. Ministers argue that by making it easier for unions to organise, it would lead to a more co-operative relationship with employers and lessen the need for industrial action. The government is proposing to also abolish the requirement that 50% of a workforce turns out to vote.  It is looking to get rid of the rule that for ""important public services"" such as the NHS, some 40% of the workforce must have voted in favour of industrial action for it to go ahead. The BBC has contacted the Conservative Party for comment over the proposals. Deputy Prime Minister Angela Rayner, said the government's policies under the Employment Rights Bill were aimed at ""repealing the anti-worker, anti-union laws, and turning the page on industrial relations"". The Employment Rights Bill is a major shake-up of workers' rights, but the reforms proposed are still being worked out and it is still unclear how some will work in practice. Conservative Shadow Business Secretary, Kevin Hollinrake, has urged the government to withdraw the Employment Rights Bill and ""think again"". He said the proposed legislation created ""existential crisis of a magnitude not seen since the pandemic"" for jobs and business people. The government's own analysis released earlier this week said Labour's plans to upgrade workers' rights would cost businesses up to £5bn a year to implement. Paul Nowak, general secretary of the TUC, said the union welcomed the government's ""commitment to introduce a modern framework for industrial relations"". Under the bill, the government plans to make to easier for unions to be recognised by employers and companies. A main function of a union is to represent workers in negotiations with their employers over pay and working conditions.  At present, 10% of a workforce must be union members for an application to be made to get recognition, but it has been proposed this could be lowered to 2%.  Under existing rules, 40% of a workforce must vote in favour of recognition, but under the government's new proposals, that threshold would be abolished. Trade unions have argued that it is too easy for companies to employ extra employees to make it harder for them to reach the required thresholds to be recognised.  In July, the GMB trade union lost a vote for recognition at the Amazon Fulfilment Centre in Coventry by 28 votes. The union accused the company of packing out the warehouse with surplus workers in an effort to thwart their bid for recognition.  Amazon denied doing so and said it recruited the workers as part of normal business planning. ",BBC,23/10/2024,"['The government is considering giving workers twice as long to strike.', 'Under existing legislation, if workers vote to take industrial action, the mandate expires after six months and unions are required to hold another ballot to extend it.', 'But a consultation document produced by the government said the mandate could be extended to a year.', 'It said due to unions being ""very likely\'\' win a second ballot, keeping the six-month rule would \'\'add administrative costs\'\' to them.', 'Railway staff, train drivers, doctors and teachers are just some of the groups that have staged walk outs in recent times.', 'The walk outs across different sectors and industries over the past couple of years have resulted in more than 5.7 million working days have been lost, the highest number for more than 30 years, according to official figures.', 'Ministers argue that by making it easier for unions to organise, it would lead to a more co-operative relationship with employers and lessen the need for industrial action.', 'The government is proposing to also abolish the requirement that 50% of a workforce turns out to vote.', 'It is looking to get rid of the rule that for ""important public services"" such as the NHS, some 40% of the workforce must have voted in favour of industrial action for it to go ahead.', 'The BBC has contacted the Conservative Party for comment over the proposals.', 'Deputy Prime Minister Angela Rayner, said the government\'s policies under the Employment Rights Bill were aimed at ""repealing the anti-worker, anti-union laws, and turning the page on industrial relations"".', ""The Employment Rights Bill is a major shake-up of workers' rights, but the reforms proposed are still being worked out and it is still unclear how some will work in practice."", 'Conservative Shadow Business Secretary, Kevin Hollinrake, has urged the government to withdraw the Employment Rights Bill and ""think again"".', 'He said the proposed legislation created ""existential crisis of a magnitude not seen since the pandemic"" for jobs and business people.', ""The government's own analysis released earlier this week said Labour's plans to upgrade workers' rights would cost businesses up to £5bn a year to implement."", 'Paul Nowak, general secretary of the TUC, said the union welcomed the government\'s ""commitment to introduce a modern framework for industrial relations"".', 'Under the bill, the government plans to make to easier for unions to be recognised by employers and companies.', 'A main function of a union is to represent workers in negotiations with their employers over pay and working conditions.', 'At present, 10% of a workforce must be union members for an application to be made to get recognition, but it has been proposed this could be lowered to 2%.', ""Under existing rules, 40% of a workforce must vote in favour of recognition, but under the government's new proposals, that threshold would be abolished."", 'Trade unions have argued that it is too easy for companies to employ extra employees to make it harder for them to reach the required thresholds to be recognised.', 'In July, the GMB trade union lost a vote for recognition at the Amazon Fulfilment Centre in Coventry by 28 votes.', 'The union accused the company of packing out the warehouse with surplus workers in an effort to thwart their bid for recognition.', 'Amazon denied doing so and said it recruited the workers as part of normal business planning.']",0.0300485409821384,"It said due to unions being ""very likely'' win a second ballot, keeping the six-month rule would ''add administrative costs'' to them.","Deputy Prime Minister Angela Rayner, said the government's policies under the Employment Rights Bill were aimed at ""repealing the anti-worker, anti-union laws, and turning the page on industrial relations"".",-0.066295407035134,"Ministers argue that by making it easier for unions to organise, it would lead to a more co-operative relationship with employers and lessen the need for industrial action.","The walk outs across different sectors and industries over the past couple of years have resulted in more than 5.7 million working days have been lost, the highest number for more than 30 years, according to official figures.",2024-10-24
-Striking Boeing workers reject 35% pay rise offer,https://www.bbc.co.uk/news/articles/cp9zrylmdk0o,2024-10-23T14:31:26.426Z,"Striking Boeing workers have rejected a new offer from the plane-making giant, which included a 35% pay rise over four years. The International Association of Machinists and Aerospace Workers (IAM) union said 64% of its members voted against the proposed deal. More than 30,000 of Boeing's employees have joined the walkout, which started on 13 September, after an initial offer was rejected. Hours earlier Boeing's boss Kelly Ortberg warned that the company is at a ""crossroads"" as losses at the firm surged to roughly $6bn (£4.6bn). “After 10 years of sacrifices, we still have ground to make up, and we're hopeful to do so by resuming negotiations promptly,"" union representatives said in a statement.  ""This is workplace democracy – and also clear evidence that there are consequences when a company mistreats its workers year after year,"" it added.  Boeing has declined to comment on its latest offer being rejected. It is the second time that the striking workers have rejected a proposed deal in a formal vote. The previous offer was turned down last month by 95% of workers. Earlier, Mr Ortberg, who took over as chief executive in August, said he had been working ""feverishly"" to stabilise the firm, as it worked to repair its reputation, which has been hit by manufacturing and safety concerns.  ""This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,"" he said. The latest crisis at Boeing erupted in January with a dramatic mid-air blowout of a piece of one of its passenger planes.  Its space business also suffered a reputational hit after its Starliner vessel was forced to return to Earth without carrying astronauts.    The strike has compounded the problems, leading to a dramatic slowdown in production. Mr Ortberg said the firm was ""saddled with too much debt"" and had disappointed customers with lapses in performance across the business. Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn.  The strike ""is costing them $100m a day so the cash burn is really significant... This is getting to a pretty severe situation for Boeing,” said Anna McDonald from Aubrey Capital Management. Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.   But he warned investors that restar7ting the firm's factories, whenever the strike does end, will be tricky.  ""It’s much harder to turn this on than it is to turn it off. So it’s critical, absolutely critical, that we do this right,"" he said.  ""We have a detailed return-to-work plan in place and I’m really looking forward to getting everybody back and getting to work on that plan."" The company announced plans earlier this month to cut roughly 10% of its workforce. Thousands of other staff are already on a rolling furlough due to the strike, which has also hit suppliers.  Mr Ortberg told investors that his first priority was a ""fundamental culture change"". ""We need to prevent the festering of issues and work better together to identify, fix and understand root cause,"" he said. Boeing's suppliers are also feeling the impact of the strike. Spirit AeroSystems, which makes plane bodies, has already announced a 21-day furlough for 700 of its workers. It has also warned it could have to lay off staff if the Boeing strike continues beyond next month. ",BBC,23/10/2024,"['Striking Boeing workers have rejected a new offer from the plane-making giant, which included a 35% pay rise over four years.', 'The International Association of Machinists and Aerospace Workers (IAM) union said 64% of its members voted against the proposed deal.', ""More than 30,000 of Boeing's employees have joined the walkout, which started on 13 September, after an initial offer was rejected."", 'Hours earlier Boeing\'s boss Kelly Ortberg warned that the company is at a ""crossroads"" as losses at the firm surged to roughly $6bn (£4.6bn). “', 'After 10 years of sacrifices, we still have ground to make up, and we\'re hopeful to do so by resuming negotiations promptly,"" union representatives said in a statement. ""', 'This is workplace democracy – and also clear evidence that there are consequences when a company mistreats its workers year after year,"" it added.', 'Boeing has declined to comment on its latest offer being rejected.', 'It is the second time that the striking workers have rejected a proposed deal in a formal vote.', 'The previous offer was turned down last month by 95% of workers.', 'Earlier, Mr Ortberg, who took over as chief executive in August, said he had been working ""feverishly"" to stabilise the firm, as it worked to repair its reputation, which has been hit by manufacturing and safety concerns. ""', 'This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,"" he said.', 'The latest crisis at Boeing erupted in January with a dramatic mid-air blowout of a piece of one of its passenger planes.', 'Its space business also suffered a reputational hit after its Starliner vessel was forced to return to Earth without carrying astronauts.', 'The strike has compounded the problems, leading to a dramatic slowdown in production.', 'Mr Ortberg said the firm was ""saddled with too much debt"" and had disappointed customers with lapses in performance across the business.', ""Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn."", 'The strike ""is costing them $100m a day so the cash burn is really significant... This is getting to a pretty severe situation for Boeing,” said Anna McDonald from Aubrey Capital Management.', 'Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.', 'But he warned investors that restar7ting the firm\'s factories, whenever the strike does end, will be tricky. ""', 'It’s much harder to turn this on than it is to turn it off.', 'So it’s critical, absolutely critical, that we do this right,"" he said. ""', 'We have a detailed return-to-work plan in place and I’m really looking forward to getting everybody back and getting to work on that plan.""', 'The company announced plans earlier this month to cut roughly 10% of its workforce.', 'Thousands of other staff are already on a rolling furlough due to the strike, which has also hit suppliers.', 'Mr Ortberg told investors that his first priority was a ""fundamental culture change"". ""', 'We need to prevent the festering of issues and work better together to identify, fix and understand root cause,"" he said.', ""Boeing's suppliers are also feeling the impact of the strike."", 'Spirit AeroSystems, which makes plane bodies, has already announced a 21-day furlough for 700 of its workers.', 'It has also warned it could have to lay off staff if the Boeing strike continues beyond next month.']",-0.1643581849786317,"This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,"" he said.",Its space business also suffered a reputational hit after its Starliner vessel was forced to return to Earth without carrying astronauts.,-0.3924233376979827,"Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.","Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn.",2024-10-24
-HSBC splits bank between East and West in major overhaul,https://www.bbc.co.uk/news/articles/cg787nkl8nno,2024-10-22T07:36:33.823Z,"HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged. The changes are set to take effect from 2025. HSBC also announced a reshuffle in its leadership ranks, with the appointment of its first female finance chief in the bank's 159-year history. Its new chief executive Georges Elhedery said he wants to ""unleash our full potential and drive success into the future."" Under the plans, the bank will create separate business units in the UK and Hong Kong.  There will also be two other operations: ""corporate and institutional banking"" and ""international wealth and premier banking"". Business in these operations will fall into either “eastern markets”, which includes the Asia-Pacific region and the Middle East, or “western markets”, covering the UK, continental Europe and the Americas. ""The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged,"" Mr Elhedery said. ""The creation of a new international wealth and premier banking division signals HSBC’s intent to be the bank of choice for the rich,"" said AJ Bell investment director Russ Mould. He added that the Middle East is expected to be a ""major opportunity for the group given its significant wealth and HSBC will want to have people on the ground ready to serve."" ""By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested. The newly-appointed Ms Kaur has worked at the bank for more than a decade and is currently its chief risk and compliance officer.  As well as becoming HSBC's chief financial officer, Ms Kaur will take up the role of executive director of the board, which is subject to election at the firm's next annual general meeting. ",BBC,22/10/2024,"[""HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs."", 'The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged.', 'The changes are set to take effect from 2025.', ""HSBC also announced a reshuffle in its leadership ranks, with the appointment of its first female finance chief in the bank's 159-year history."", 'Its new chief executive Georges Elhedery said he wants to ""unleash our full potential and drive success into the future.""', 'Under the plans, the bank will create separate business units in the UK and Hong Kong.', 'There will also be two other operations: ""corporate and institutional banking"" and ""international wealth and premier banking"".', 'Business in these operations will fall into either “eastern markets”, which includes the Asia-Pacific region and the Middle East, or “western markets”, covering the UK, continental Europe and the Americas. ""', 'The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged,"" Mr Elhedery said. ""', 'The creation of a new international wealth and premier banking division signals HSBC’s intent to be the bank of choice for the rich,"" said AJ Bell investment director Russ Mould.', 'He added that the Middle East is expected to be a ""major opportunity for the group given its significant wealth and HSBC will want to have people on the ground ready to serve."" ""', 'By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.', 'The newly-appointed Ms Kaur has worked at the bank for more than a decade and is currently its chief risk and compliance officer.', ""As well as becoming HSBC's chief financial officer, Ms Kaur will take up the role of executive director of the board, which is subject to election at the firm's next annual general meeting.""]",0.2746520768632859,"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.","HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.",0.9686275869607924,"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.",,2024-10-24
-New Boeing CEO sets sights on 'leaner' future as quarterly loss tops $6 billion,https://www.cnbc.com/2024/10/23/boeing-ba-3q-2024-earnings.html,2024-10-23T20:03:51+0000,"In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday. At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.""We're going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now. That may include streamlining certain things,"" Ortberg said in an interview with CNBC's Squawk on the Street"" on Wednesday. He added that no decisions have been made yet. ""I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025. Boeing had originally planned to be cash-flow positive this year. Boeing shares slid during the call, and ended the day down less than 2%. Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8 billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767. Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner. The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September.When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we've got to improve our systems engineering and our design capabilities so that never happens again.""Here's what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company's reputation and stamping out quality problems on aircraft and in other programs. In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory. The near-catastrophe reignited safety concerns from regulators and customers.""We need to know what's going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer. He is expected to face questions on the call about which units or projects the company will consider shedding.""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced. More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes. A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.""We have been feverishly working to find a solution that works for the company and meets our employees' needs,"" Ortberg said.The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest. That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.""Boeing is an airplane company and at the right time in the future we need to develop a new airplane. But we have a lot of work to do before then,"" Ortberg said Wednesday.Analysts are optimistic that the deal will pass. Results of the labor vote are expected late Wednesday night.— CNBC's Phil LeBeau contributed to this article.",CNBC,23/10/2024,"[""In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday."", 'At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.', '""We\'re going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now.', 'That may include streamlining certain things,"" Ortberg said in an interview with CNBC\'s Squawk on the Street"" on Wednesday.', 'He added that no decisions have been made yet. ""', 'I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.', 'Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.', 'CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.', 'Boeing had originally planned to be cash-flow positive this year.', 'Boeing shares slid during the call, and ended the day down less than 2%.', 'Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion.', 'It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.', ""Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before."", 'The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.', 'Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner.', 'The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.', ""Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September."", 'When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we\'ve got to improve our systems engineering and our design capabilities so that never happens again.', '""Here\'s what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company\'s reputation and stamping out quality problems on aircraft and in other programs.', ""In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory."", 'The near-catastrophe reignited safety concerns from regulators and customers.', '""We need to know what\'s going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""', 'And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.', '""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.', '""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.', 'Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer.', 'He is expected to face questions on the call about which units or projects the company will consider shedding.', '""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.', 'The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced.', 'More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes.', 'A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.', 'The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.', '""We have been feverishly working to find a solution that works for the company and meets our employees\' needs,"" Ortberg said.', 'The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest.', 'That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.', '""Boeing is anairplanecompany and at the right time in the future we need to develop a newairplane.', 'But we have a lot of work to do before then,"" Ortberg said Wednesday.', 'Analysts are optimistic that the deal will pass.', 'Results of the labor vote are expected late Wednesday night.—', ""CNBC's Phil LeBeau contributed to this article.""]",0.0656851716985363,"""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.",The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.,-0.1720458018152337,"CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.","Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner.",2024-10-24
-Customers 'shocked' by hefty Juul settlement payouts,https://www.bbc.co.uk/news/articles/cn01l2nzj1wo,2024-10-23T20:55:29.169Z,"Howard Feinstein wasn't expecting much when he submitted his information to a lawsuit against Juul Labs that accused the vaping company of misleading customers about the addictiveness and safety of their products.  Then more than $3,000 (£2,320) hit his bank account.  ""I thought it was fake at first,"" said the 55-year-old real estate agent, who lives in Washington state. ""I was absolutely shocked."" The payment to Mr Feinstein this week was one of more than 800,000 that the company is making to former customers as a result of a more than $300m court settlement finally approved earlier this year.  The payouts range from $15 to more than $10,000, with an average of about $240, said Dena Sharp of the San Francisco law firm Girard & Sharp, who was the lead attorney on the case. Administrators of the settlement, which involved Juul and tobacco giant Altria, which previously held a sizable stake in the company, started mailing checks late last week. Electronic payments began on Monday. Ms Sharp said more payments would be sent out over the next few days.  ""Please continue to be patient and give us a little bit of time to process these claims,"" she said. More than 14 million people submitted claims to the court, of which only about 842,000 were officially validated.  Ms Sharp said the court followed a careful process to winnow the claims, looking for duplicates, signs of fraud and proof of purchase.  About a quarter of the recipients purchased directly from the company, making their eligibility easier to verify, she said.  The lawsuit alleged two things: that Juul customers paid more for the product than they would have had they been provided with accurate information about its addictiveness and safety, and that the products were unlawfully marketed to minors. The court did not decide whether either firm violated any laws. In a statement, Juul Labs said they are “pleased to have resolved the vast majority of the company’s past legal issues and are focused on advancing our mission"", which they added included reducing the use of their products by underage users.  Many of the people receiving payouts, like Mr Feinstein, have been pleasantly surprised by the sums, and have taken to social media to celebrate their haul. ""The money couldn't have come at a better time so I'm really grateful that they're following through,"" Mr Feinstein said, adding that he might use some of the money to pay down his credit card debt.   Mr Feinstein said he started smoking cigarettes at the age of 16 and tried multiple methods to quit. Eventually vaping stuck. For a few years, he was a loyal Juul customer, consuming a pod roughly every three days, and for several months participating in regular surveys the company conducted collecting data about his health and usage.  He eventually switched to other brands because of the cost, he said.  He said he felt that Juul had been unfairly singled out among vaping companies by regulators.  ""I am grateful that we got the settlement but I don't think it was fair,"" he confessed. ""Does that make me a hypocrite? I don't know."" ",BBC,23/10/2024,"[""Howard Feinstein wasn't expecting much when he submitted his information to a lawsuit against Juul Labs that accused the vaping company of misleading customers about the addictiveness and safety of their products."", 'Then more than $3,000 (£2,320) hit his bank account. ""', 'I thought it was fake at first,"" said the 55-year-old real estate agent, who lives in Washington state. ""', 'I was absolutely shocked.""', 'The payment to Mr Feinstein this week was one of more than 800,000 that the company is making to former customers as a result of a more than $300m court settlement finally approved earlier this year.', 'The payouts range from $15 to more than $10,000, with an average of about $240, said Dena Sharp of the San Francisco law firm Girard & Sharp, who was the lead attorney on the case.', 'Administrators of the settlement, which involved Juul and tobacco giant Altria, which previously held a sizable stake in the company, started mailing checks late last week.', 'Electronic payments began on Monday.', 'Ms Sharp said more payments would be sent out over the next few days. ""', 'Please continue to be patient and give us a little bit of time to process these claims,"" she said.', 'More than 14 million people submitted claims to the court, of which only about 842,000 were officially validated.', 'Ms Sharp said the court followed a careful process to winnow the claims, looking for duplicates, signs of fraud and proof of purchase.', 'About a quarter of the recipients purchased directly from the company, making their eligibility easier to verify, she said.', 'The lawsuit alleged two things: that Juul customers paid more for the product than they would have had they been provided with accurate information about its addictiveness and safety, and that the products were unlawfully marketed to minors.', 'The court did not decide whether either firm violated any laws.', 'In a statement, Juul Labs said they are “pleased to have resolved the vast majority of the company’s past legal issues and are focused on advancing our mission"", which they added included reducing the use of their products by underage users.', 'Many of the people receiving payouts, like Mr Feinstein, have been pleasantly surprised by the sums, and have taken to social media to celebrate their haul. ""', 'The money couldn\'t have come at a better time so I\'m really grateful that they\'re following through,"" Mr Feinstein said, adding that he might use some of the money to pay down his credit card debt.', 'Mr Feinstein said he started smoking cigarettes at the age of 16 and tried multiple methods to quit.', 'Eventually vaping stuck.', 'For a few years, he was a loyal Juul customer, consuming a pod roughly every three days, and for several months participating in regular surveys the company conducted collecting data about his health and usage.', 'He eventually switched to other brands because of the cost, he said.', 'He said he felt that Juul had been unfairly singled out among vaping companies by regulators. ""', 'I am grateful that we got the settlement but I don\'t think it was fair,"" he confessed. ""', 'Does that make me a hypocrite?', 'I don\'t know.""']",0.0931851516937203,"Many of the people receiving payouts, like Mr Feinstein, have been pleasantly surprised by the sums, and have taken to social media to celebrate their haul. ""","Ms Sharp said the court followed a careful process to winnow the claims, looking for duplicates, signs of fraud and proof of purchase.",0.6656796236832937,"In a statement, Juul Labs said they are “pleased to have resolved the vast majority of the company’s past legal issues and are focused on advancing our mission"", which they added included reducing the use of their products by underage users.","He said he felt that Juul had been unfairly singled out among vaping companies by regulators. """,2024-10-24
-MLS attendance and sponsorship revenue hit regular season records,https://www.cnbc.com/2024/10/22/mls-attendance-sponsorship-revenue-hit-regular-season-records.html,2024-10-22T13:54:52+0000,"Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play. It's even created a corporate team to help clubs implement new business strategies.It appears to be paying off. Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league. That's up 5% from last year, and 14% from 2022. Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement. The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league. The MLS postseason begins this week.But it wasn't just on-the-field talent that made the difference.This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023. McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs. McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not.For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they're going to launch in their stadium.""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now.""The bigger audience is drawing bigger sponsorship dollars.The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS. Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.League- and club-level sponsorship revenue both reached records.Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league. It was also No. 1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league. On TikTok, followers were up 26% since the beginning of the year. On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS. It was the third most followed North American sports team on Instagram with 17.2 million followers.Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally. Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own. The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.",CNBC,22/10/2024,"['Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.', 'MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play.', ""It's even created a corporate team to help clubs implement new business strategies."", 'It appears to be paying off.', 'Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league.', ""That's up 5% from last year, and 14% from 2022."", 'Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.', 'While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.', ""Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement."", 'The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.', 'This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league.', 'The MLS postseason begins this week.', ""But it wasn't just on-the-field talent that made the difference."", 'This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023.', 'McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.', ""While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs."", ""McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not."", 'For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they\'re going to launch in their stadium.', '""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""', ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now."", '""The bigger audience is drawing bigger sponsorship dollars.', 'The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS.', 'Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.', 'League- and club-level sponsorship revenue both reached records.', ""Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league."", 'It was also No.', ""1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league."", 'On TikTok, followers were up 26% since the beginning of the year.', 'On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.', 'It was the third most followed North American sports team on Instagram with 17.2 million followers.', 'Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally.', 'Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.', 'When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own.', 'The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.', ""Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.""]",0.2374627452650975,"""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. """,It was also No.,0.971635035106114,"On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.",,2024-10-24
-AI at work: Will it contribute to employee burnout?,https://www.bbc.co.uk/news/articles/c93pz1dz2kxo,2024-10-22T23:09:53.634Z,"When ChatGPT burst onto the scene in late 2022, PR agency founder Anurag Garg was eager for his team of 11 to quickly incorporate the technology in their workflow, so the business could keep up with its competitors. Mr Garg encouraged his employees to use the AI language tool for the agency’s long list of daily tasks, from coming up with story ideas for clients, pitches to offer the media, and transcribing meeting and interview notes. But rather than increase the team’s productivity, it created stress and tension. Staff reported that tasks were in fact taking longer as they had to create a brief and prompts for ChatGPT, while also having to double check its output for inaccuracies, of which there were many. And every time the platform was updated, they had to learn its new features, which also took extra time. “There were too many distractions. The team complained that their tasks were taking twice the amount of time because we were now expecting them to use AI tools,""  says Mr Garg, who runs Everest PR and divides his time between the US and India. The entire aim of introducing AI to the company was to simplify people’s workflows, but it was actually giving everyone more work to do, and making them feel stressed and burnt out."" As a business leader, Mr Garg also began to feel overwhelmed by the growing number of AI tools being launched, and feeling he had to keep pace with every new addition. Not only was he using ChatGPT like his team, but Zapier to track team tasks, and Perplexity to supplement client research. “There's an overflow of AI tools in the market, and no single tool solves multiple problems. As a result, I constantly needed to keep tabs on multiple AI tools to execute tasks, which became more of a mess. It was hard to track which tool was supposed to do what, and I started getting utterly frustrated,” says Mr Garg. “The market is flooded with AI tools, so if I invest in a specific app today, there's a better one available next week. There's a constant learning curve to stay relevant, which I was finding hard to manage, leading to burnout.” Mr Garg backtracked on the mandate that the team should use AI in all their work, and now they use it primarily for research purposes - and everyone is much happier. “It was a learning phase for us. The work is more manageable now as we are not using too many AI tools. We’ve gone back to everything being done directly by the team, and they feel more connected and more involved in their work. It's much better,” says Mr Garg. The stress Mr Garg and his team experienced using AI tools at work is reflected in recent research. In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year. Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload. And 47% of employees using AI in the survey say they have no idea how to achieve the productivity gains their employers expect. As a result, 61% of people believe that using AI at work will increase their chances of experiencing burnout - rising to 87% of people under 25, as revealed in a separate survey of 1,150 Americans, by CV writing company Resume Now. Resume Now’s survey also highlights how 43% of people feel AI will negatively impact work-life balance. Whether the tech is based on AI or not, surveys suggest many workers are already feeling overwhelmed. A further study by work management platform Asana highlights the effect of introducing more work-based apps.  In its survey of 9,615 knowledge workers across Australia, France, Germany, Japan, the UK and the US, it found that, of those that use six to 15 different apps in the workplace, 15% say they miss messages and notifications because of the number of tools. For those that use 16 or more, 23% say they are less efficient, and their attention span is reduced because of constantly having to switch apps. As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.” Lawyer turned coach Leah Steele now specialises in helping legal professionals overcome burnout, with many coming to her feeling burdened by their companies’ increased workload demands after introducing AI-based productivity tools. It’s an experience she’s familiar with, after the introduction of a new technology platform in a previous role saw her client caseload rise from 50 to 250. “The biggest thing I'm seeing is this continuous competing demand to do more with less - but companies are not really considering whether the systems and the tech that they’re introducing are giving an outcome that isn't helpful,” says Bristol- based Ms Steele. “Everything's moving so quickly. It's a constant battle to keep on top of things to develop expertise in such a cutting edge area.” The burnout lawyers are now experiencing, Ms Steele adds, is not only about the growing volume of work tech and AI tools are facilitating, but the knock on effects. “When we're looking at burnout, it's not just about the volume of the work we're doing, but how we feel about the work and what we're getting from it,” says Ms Steele. “You could feel stressed about having ended up in an environment of high volume and low control, when what you originally wanted to do was interact personally with clients and make a difference to them.” Ms Steele adds: “You could also feel stressed about the risk of losing your job, and the fear of being replaced because you’re no longer enjoying the work as it’s become so tech driven.” The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “While AI and new technologies can make legal work more efficient by automating routine tasks, they can also create more work for lawyers, not less,” says president Richard Atkinson. “Learning to use these tools takes time and lawyers often need to undertake training and adapt their work processes. Many technologies were not originally designed for the legal sector, which can make the transition more challenging.” Alicia Navarro is the founder and chief executive of Flown, an online platform and community which helps people focus on “deep work” - tasks that require sustained concentration. She agrees that there is an “avalanche” of AI tools, but says they need to be used correctly. “There's such a huge amount of filtering and learning that has to take place before these tools can even start to become productive elements in our lives”. But she argues that for small firms, with limited resources, AI can be a big help. “It’s an incredibly empowering thing for start-ups to be able to do a lot more, or companies to be able to pay more dividends or pay their team more.” ",BBC,22/10/2024,"['When ChatGPT burst onto the scene in late 2022, PR agency founder Anurag Garg was eager for his team of 11 to quickly incorporate the technology in their workflow, so the business could keep up with its competitors.', 'Mr Garg encouraged his employees to use the AI language tool for the agency’s long list of daily tasks, from coming up with story ideas for clients, pitches to offer the media, and transcribing meeting and interview notes.', 'But rather than increase the team’s productivity, it created stress and tension.', 'Staff reported that tasks were in fact taking longer as they had to create a brief and prompts for ChatGPT, while also having to double check its output for inaccuracies, of which there were many.', 'And every time the platform was updated, they had to learn its new features, which also took extra time. “', 'There were too many distractions.', 'The team complained that their tasks were taking twice the amount of time because we were now expecting them to use AI tools,"" says Mr Garg, who runs Everest PR and divides his time between the US and India.', 'The entire aim of introducing AI to the company was to simplify people’s workflows, but it was actually giving everyone more work to do, and making them feel stressed and burnt out.""', 'As a business leader, Mr Garg also began to feel overwhelmed by the growing number of AI tools being launched, and feeling he had to keep pace with every new addition.', 'Not only was he using ChatGPT like his team, but Zapier to track team tasks, and Perplexity to supplement client research. “', ""There's an overflow of AI tools in the market, and no single tool solves multiple problems."", 'As a result, I constantly needed to keep tabs on multiple AI tools to execute tasks, which became more of a mess.', 'It was hard to track which tool was supposed to do what, and I started getting utterly frustrated,” says Mr Garg. “', ""The market is flooded with AI tools, so if I invest in a specific app today, there's a better one available next week."", ""There's a constant learning curve to stay relevant, which I was finding hard to manage, leading to burnout.”"", 'Mr Garg backtracked on the mandate that the team should use AI in all their work, and now they use it primarily for research purposes - and everyone is much happier. “', 'It was a learning phase for us.', 'The work is more manageable now as we are not using too many AI tools.', 'We’ve gone back to everything being done directly by the team, and they feel more connected and more involved in their work.', ""It's much better,” says Mr Garg."", 'The stress Mr Garg and his team experienced using AI tools at work is reflected in recent research.', 'In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year.', 'Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload.', 'And 47% of employees using AI in the survey say they have no idea how to achieve the productivity gains their employers expect.', 'As a result, 61% of people believe that using AI at work will increase their chances of experiencing burnout - rising to 87% of people under 25, as revealed in a separate survey of 1,150 Americans, by CV writing company Resume Now.', 'Resume Now’s survey also highlights how 43% of people feel AI will negatively impact work-life balance.', 'Whether the tech is based on AI or not, surveys suggest many workers are already feeling overwhelmed.', 'A further study by work management platform Asana highlights the effect of introducing more work-based apps.', 'In its survey of 9,615 knowledge workers across Australia, France, Germany, Japan, the UK and the US, it found that, of those that use six to 15 different apps in the workplace, 15% say they miss messages and notifications because of the number of tools.', 'For those that use 16 or more, 23% say they are less efficient, and their attention span is reduced because of constantly having to switch apps.', 'As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.”', 'Lawyer turned coach Leah Steele now specialises in helping legal professionals overcome burnout, with many coming to her feeling burdened by their companies’ increased workload demands after introducing AI-based productivity tools.', 'It’s an experience she’s familiar with, after the introduction of a new technology platform in a previous role saw her client caseload rise from 50 to 250. “', ""The biggest thing I'm seeing is this continuous competing demand to do more with less - but companies are not really considering whether the systems and the tech that they’re introducing are giving an outcome that isn't helpful,” says Bristol- based Ms Steele. “"", ""Everything's moving so quickly."", ""It's a constant battle to keep on top of things to develop expertise in such a cutting edge area.”"", 'The burnout lawyers are now experiencing, Ms Steele adds, is not only about the growing volume of work tech and AI tools are facilitating, but the knock on effects. “', ""When we're looking at burnout, it's not just about the volume of the work we're doing, but how we feel about the work and what we're getting from it,” says Ms Steele. “"", 'You could feel stressed about having ended up in an environment of high volume and low control, when what you originally wanted to do was interact personally with clients and make a difference to them.”', 'Ms Steele adds: “You could also feel stressed about the risk of losing your job, and the fear of being replaced because you’re no longer enjoying the work as it’s become so tech driven.”', 'The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “', 'While AI and new technologies can make legal work more efficient by automating routine tasks, they can also create more work for lawyers, not less,” says president Richard Atkinson. “', 'Learning to use these tools takes time and lawyers often need to undertake training and adapt their work processes.', 'Many technologies were not originally designed for the legal sector, which can make the transition more challenging.”', 'Alicia Navarro is the founder and chief executive of Flown, an online platform and community which helps people focus on “deep work” - tasks that require sustained concentration.', 'She agrees that there is an “avalanche” of AI tools, but says they need to be used correctly. “', ""There's such a huge amount of filtering and learning that has to take place before these tools can even start to become productive elements in our lives”."", 'But she argues that for small firms, with limited resources, AI can be a big help. “', 'It’s an incredibly empowering thing for start-ups to be able to do a lot more, or companies to be able to pay more dividends or pay their team more.”']",0.0552549558056169,The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “,"As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.”",-0.160477677360177,"In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year.",Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload.,2024-10-24
-Starbucks boss shakes up menu to win back customers,https://www.bbc.co.uk/news/articles/czxgxjrdy80o,2024-10-23T01:49:01.604Z,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales. Brian Niccol said the company needed to “fundamentally change” and said it would review its pricing. Figures revealed that Starbucks' customers have cut back on spending as the rising cost of living squeezed budgets, particularly in China. But Mr Niccol also admitted that there were issues in its stores such as not enough staff and customer bottlenecks. Starbucks refused to confirm or deny whether menu changes and price adjustments will apply to the UK. The company said global sales tumbled by 7% between July and September. The downturn was more dramatic in China, where sales fell 14% for the same period, as the economy there falters. “Despite our heightened investments, we were unable to change the trajectory of our traffic decline,"" said Rachel Ruggeri, Starbucks' finance chief. Months earlier, she had said the company was seeing signs of revival. To improve its slowing sales, Mr Niccol pledged to ""get back to Starbucks"". ""We will simplify our overly complex menu, fix our pricing architecture, and ensure that every customer feels Starbucks is worth it every single time they visit,"" he said. He added: ""We need to refine mobile order and pay so it doesn’t overwhelm the café experience."" Randeep Somel, fund manager at financial services firm L&G, said a cheaper and less complicated menu could help speed up service. ""At peak times, the queues are just too large so if you simplify the menu it might help customer throughput,"" he told BBC Radio 4's Today Programme. Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around. But he faced criticism over his plan to commute almost 1,000 miles (1,600km) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet. Critics saw it as in contradiction with the company's public stance on green issues. Starbucks is due to release its full results next week. It shares dropped 4% on Tuesday as it suspended its financial forecasts for the next year due to ""current state of the business"". Starbucks' former chief executive Laxman Narasimhan, who was ousted after a year-and-a-half in the role, had attempted to revitalised the chain's menu. He said in summer he wanted to add new items such as boba drinks and an egg sandwich with pesto as well speedier service in stores. However, weeks later he left. Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US. A union working to organise baristas in the US posted a message on social media expressing ""solidarity"" with Palestine, shortly after the 7 October attack by Hamas. The post, which the union said was not authorised by leaders, spread rapidly despite being taken down, and sparked backlash against the coffee giant. Starbucks said it disagreed with the union's statement. It described its official position as condemning ""violence in the region"". ",BBC,23/10/2024,"['The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.', 'Brian Niccol said the company needed to “fundamentally change” and said it would review its pricing.', ""Figures revealed that Starbucks' customers have cut back on spending as the rising cost of living squeezed budgets, particularly in China."", 'But Mr Niccol also admitted that there were issues in its stores such as not enough staff and customer bottlenecks.', 'Starbucks refused to confirm or deny whether menu changes and price adjustments will apply to the UK.', 'The company said global sales tumbled by 7% between July and September.', 'The downturn was more dramatic in China, where sales fell 14% for the same period, as the economy there falters. “', 'Despite our heightened investments, we were unable to change the trajectory of our traffic decline,"" said Rachel Ruggeri, Starbucks\' finance chief.', 'Months earlier, she had said the company was seeing signs of revival.', 'To improve its slowing sales, Mr Niccol pledged to ""get back to Starbucks"". ""', 'We will simplify our overly complex menu, fix our pricing architecture, and ensure that every customer feels Starbucks is worth it every single time they visit,"" he said.', 'He added: ""We need to refine mobile order and pay so it doesn’t overwhelm the café experience.""', 'Randeep Somel, fund manager at financial services firm L&G, said a cheaper and less complicated menu could help speed up service. ""', 'At peak times, the queues are just too large so if you simplify the menu it might help customer throughput,"" he told BBC Radio 4\'s Today Programme.', 'Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around.', ""But he faced criticism over his plan to commute almost 1,000 miles (1,600km) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet."", ""Critics saw it as in contradiction with the company's public stance on green issues."", 'Starbucks is due to release its full results next week.', 'It shares dropped 4% on Tuesday as it suspended its financial forecasts for the next year due to ""current state of the business"".', ""Starbucks' former chief executive Laxman Narasimhan, who was ousted after a year-and-a-half in the role, had attempted to revitalised the chain's menu."", 'He said in summer he wanted to add new items such as boba drinks and an egg sandwich with pesto as well speedier service in stores.', 'However, weeks later he left.', 'Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US.', 'A union working to organise baristas in the US posted a message on social media expressing ""solidarity"" with Palestine, shortly after the 7 October attack by Hamas.', 'The post, which the union said was not authorised by leaders, spread rapidly despite being taken down, and sparked backlash against the coffee giant.', ""Starbucks said it disagreed with the union's statement."", 'It described its official position as condemning ""violence in the region"".']",-0.0379451617746635,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.",Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US.,-0.1369648178418477,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.",The company said global sales tumbled by 7% between July and September.,2024-10-24
-Jeff Vinik sells stake in NHL's Tampa Bay Lightning to investor group,https://www.cnbc.com/2024/10/24/nhl-tampa-bay-lightning-stake-sold-to-investor-group.html,2024-10-24T15:30:07+0000,"The Tampa Bay Lightning's ownership group is expanding.Vinik Sports Group, run by titan investor Jeff Vinik, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.Terms of the deal were not disclosed, but earlier reports indicate a valuation close to $2 billion. The transaction represents a compound annual growth rate of about 18%, based on the team's valuation in 2010 when it sold to Vinik.The deal was approved by the NHL's Board of Governors on Oct. 1 and will take effect immediately, according to a news release. Vinik will retain control of the team after the transaction and remain as the team's governor for the next three years. At that time, control will transfer to Ostrover and Lipschultz.Private equity has been rushing to acquire stakes in professional sports teams in the U.S. Most recently, the owners of the National Football League voted to allow select private equity firms to acquire up to 10% of teams.Deal-making has intensified as valuations among professional sports teams have skyrocketed.As part of the Lightning deal announced Thursday, Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder.Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset manager with a sports strategy fund. They were introduced to Vinik through their relationships with Arctos.Arctos has a deep bench of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL. The firm, which earlier this year closed its second sports-focused fund, totaling $4.1 billion in commitments, owns roughly two dozen stakes in sports and e-sports teams.The Lightning have won two Stanley Cup championships since 2020 and three overall. Vinik acquired the Lightning in 2010 for a reported $110 million and since then has invested billions in real estate development in downtown Tampa Bay.",CNBC,24/10/2024,"[""The Tampa Bay Lightning's ownership group is expanding."", 'Vinik Sports Group, run by titan investor Jeff Vinik, is selling a portion of the National Hockey League team to a group of investors led by Doug Ostrover and Marc Lipschultz.', 'Terms of the deal were not disclosed, but earlier reports indicate a valuation close to $2 billion.', ""The transaction represents a compound annual growth rate of about 18%, based on the team's valuation in 2010 when it sold to Vinik."", ""The deal was approved by the NHL's Board of Governors on Oct. 1 and will take effect immediately, according to a news release."", ""Vinik will retain control of the team after the transaction and remain as the team's governor for the next three years."", 'At that time, control will transfer to Ostrover and Lipschultz.', 'Private equity has been rushing to acquire stakes in professional sports teams in the U.S. Most recently, the owners of the National Football League voted to allow select private equity firms to acquire up to 10% of teams.', 'Deal-making has intensified as valuations among professional sports teams have skyrocketed.', 'As part of the Lightning deal announced Thursday, Arctos Partners will also sell a portion of its ownership and remain a minority stakeholder.', 'Ostrover and Lipschultz are co-CEOs of Blue Owl Capital, an asset manager with a sports strategy fund.', 'They were introduced to Vinik through their relationships with Arctos.', 'Arctos has a deep bench of investments in sports, and was among the private equity investors recently approved to take stakes in the NFL.', 'The firm, which earlier this year closed its second sports-focused fund, totaling $4.1 billion in commitments, owns roughly two dozen stakes in sports and e-sports teams.', 'The Lightning have won two Stanley Cup championships since 2020 and three overall.', 'Vinik acquired the Lightning in 2010 for a reported $110 million and since then has invested billions in real estate development in downtown Tampa Bay.']",0.1920898060943059,The Lightning have won two Stanley Cup championships since 2020 and three overall.,,0.8328887224197388,Deal-making has intensified as valuations among professional sports teams have skyrocketed.,,2024-10-24
-McDonald's hamburgers linked to deadly E. coli outbreak in the US,https://www.bbc.co.uk/news/articles/c33v3klkdy8o,2024-10-22T20:58:42.819Z,"A McDonald's sandwich has been making people sick in the US, according to the Centers for Disease Control and Prevention (CDC).  E. coli, a type of bacteria that can cause serious stomach problems, has been found in McDonald's Quarter Pounder sandwiches, the CDC announced on Tuesday.  So far, the CDC has recorded 49 cases of illness across 10 states. Ten cases resulted in patients being admitted to hospital and one person has died.  Most of the cases were recorded in western and Midwest states, according to the CDC. The fast-food restaurant is working with investigators to determine which ingredients caused the outbreak, according to a statement from the CDC. “McDonald’s has pulled ingredients for these burgers, and they won’t be available for sale in some states,” the agency said. “It is not yet known which specific food ingredient is contaminated,” the CDC added, noting that McDonald's has already “stopped using fresh slivered onions and quarter-pound beef patties in several states”. The CDC said that the slivered onions are believed to be the likely source of contamination, and investigators with the Food and Drug Administration (FDA) are working to determine if the onions were sold to any other business. No recalls have been issued yet by the CDC or by other health and food regulators. The first case was recorded on 27 September, investigators say. Victims have ranged in age from 13 to 88. Of the 10 people taken to hospital, one person developed hemolytic uremic syndrome, a serious condition that can cause kidney failure. Another person, who the CDC described as “an older adult in Colorado” died after eating at McDonald’s. Cases have been reported in Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, Oregon, Utah, Wisconsin and Wyoming. McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday. In a statement, McDonald's said that a preliminary investigation found ""that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers"". The Chicago-based company added that it has instructed all local restaurants ""to remove this product from their supply"" and have paused shipments of slivered onions to the region. The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do."" Other beef products remain on the menu, McDonald's USA President Joe Erlinger said in a video message.  ""At McDonald's, you can count on us to do the right thing,"" he said. E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals. Although many are harmless, some produce toxins that can make you sick. Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever. It usually takes a few days after being infected for symptoms to show. This is not the first E. coli outbreak to affect McDonald's in recent years.  In 2022, six children in Alabama were sickened with E. coli after eating chicken McNuggets.  Four children were admitted to hospital. Health inspectors later visited the affected restaurant and found several violations, including improper hand-washing and a lack of gloves. ",BBC,22/10/2024,"[""A McDonald's sandwich has been making people sick in the US, according to the Centers for Disease Control and Prevention (CDC)."", ""E. coli, a type of bacteria that can cause serious stomach problems, has been found in McDonald's Quarter Pounder sandwiches, the CDC announced on Tuesday."", 'So far, the CDC has recorded 49 cases of illness across 10 states.', 'Ten cases resulted in patients being admitted to hospital and one person has died.', 'Most of the cases were recorded in western and Midwest states, according to the CDC.', 'The fast-food restaurant is working with investigators to determine which ingredients caused the outbreak, according to a statement from the CDC. “', 'McDonald’s has pulled ingredients for these burgers, and they won’t be available for sale in some states,” the agency said. “', ""It is not yet known which specific food ingredient is contaminated,” the CDC added, noting that McDonald's has already “stopped using fresh slivered onions and quarter-pound beef patties in several states”."", 'The CDC said that the slivered onions are believed to be the likely source of contamination, and investigators with the Food and Drug Administration (FDA) are working to determine if the onions were sold to any other business.', 'No recalls have been issued yet by the CDC or by other health and food regulators.', 'The first case was recorded on 27 September, investigators say.', 'Victims have ranged in age from 13 to 88.', 'Of the 10 people taken to hospital, one person developed hemolytic uremic syndrome, a serious condition that can cause kidney failure.', 'Another person, who the CDC described as “an older adult in Colorado” died after eating at McDonald’s.', 'Cases have been reported in Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, Oregon, Utah, Wisconsin and Wyoming.', ""McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday."", 'In a statement, McDonald\'s said that a preliminary investigation found ""that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers"".', 'The Chicago-based company added that it has instructed all local restaurants ""to remove this product from their supply"" and have paused shipments of slivered onions to the region.', 'The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do.""', 'Other beef products remain on the menu, McDonald\'s USA President Joe Erlinger said in a video message. ""', 'At McDonald\'s, you can count on us to do the right thing,"" he said.', 'E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals.', 'Although many are harmless, some produce toxins that can make you sick.', 'Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.', 'It usually takes a few days after being infected for symptoms to show.', ""This is not the first E. coli outbreak to affect McDonald's in recent years."", 'In 2022, six children in Alabama were sickened with E. coli after eating chicken McNuggets.', 'Four children were admitted to hospital.', 'Health inspectors later visited the affected restaurant and found several violations, including improper hand-washing and a lack of gloves.']",-0.2183907153797128,"The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do.""","Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.",-0.8761950731277466,,McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday.,2024-10-24
-"Southwest Airlines profit tops estimates, company expects higher revenue in fourth quarter",https://www.cnbc.com/2024/10/24/southwest-airlines-luv-3q-2024-earnings.html,2024-10-24T13:58:45+0000,"In this articleSouthwest Airlines' third-quarter profit fell from a year ago but topped Wall Street estimates as the carrier worked to drum up revenue and fend off activist investor Elliott Investment Management.Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board. CEO Bob Jordan will keep his job as part of the deal.The Dallas-based carrier forecast unit revenue for the fourth quarter would increase 3.5% to 5.5% on a 4% drop in capacity compared with a year ago. It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.Other carriers have pointed to strong travel demand to close out 2024 as airlines scale back unprofitable capacity that pushed down airfare.Separately, Southwest last month laid out a three-year plan that the company would add $4 billion to earnings before interest and taxes in 2027. The airline also said it authorized a $2.5 billion buyback and would slash underperforming flights from Atlanta to cut costs.Southwest said Thursday that it will repurchase $250 million of Southwest stock through an ""accelerated"" program under the overall buyback plan.The carrier is planning to abandon its longtime open seating to instead charge for seats as well as offer extra legroom options that come at a higher price, the biggest changes in its more than 50 years of flying.Here is how Southwest performed in the third quarter compared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion, an increase of more than 5% on the year. Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates. Adjusting for one-time items, it reported $89 million in net income or 15 cents a share, compared with analysts' forecasts to break even on an adjusted basis.",CNBC,24/10/2024,"[""In this articleSouthwest Airlines' third-quarter profit fell from a year ago but topped Wall Street estimates as the carrier worked to drum up revenue and fend off activist investor Elliott Investment Management."", ""Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board."", 'CEO Bob Jordan will keep his job as part of the deal.', 'The Dallas-based carrier forecast unit revenue for the fourth quarter would increase 3.5% to 5.5% on a 4% drop in capacity compared with a year ago.', 'It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.', 'Other carriers have pointed to strong travel demand to close out 2024 as airlines scale back unprofitable capacity that pushed down airfare.', 'Separately, Southwest last month laid out a three-year plan that the company would add $4 billion to earnings before interest and taxes in 2027.', 'The airline also said it authorized a $2.5 billionbuybackand would slash underperforming flights from Atlanta to cut costs.', 'Southwest said Thursday that it will repurchase $250 million of Southwest stock through an ""accelerated"" program under the overall buyback plan.', 'The carrier is planning to abandon its longtime open seating to instead charge for seats as well as offer extra legroom options that come at a higher price, the biggest changes in its more than 50 years of flying.', 'Here is how Southwest performed in the third quartercompared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion,an increase ofmore than 5% on the year.', 'Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.', ""Adjusting for one-time items, it reported $89 million in net income or 15 cents a share, compared with analysts' forecasts to break even on an adjusted basis.""]",0.1210492572416796,"It said costs, excluding fuel, would likely rise as much as 13%.""Thus far in the quarter, travel demand remains healthy and bookings-to-date for the holiday season are strong, demonstrating the continued resilience of the leisure travel market,"" Southwest said in an earnings release.","Elliott and Southwest struck a deal, announced Thursday, that averts a proxy fight and adds six of the activist's candidates to the board.",0.3974301338195801,"Here is how Southwest performed in the third quartercompared with Wall Street expectations, according to consensus estimates from LSEG:It reported third quarter revenue of $6.87 billion,an increase ofmore than 5% on the year.","Net income fell 65% from the year-earlier quarter to $67 million, or 11 cents a share, though that was ahead of estimates.",2024-10-24
-US warns Elon Musk that his $1m voter giveaway may be illegal,https://www.bbc.co.uk/news/articles/c748l0zv4x8o,2024-10-23T22:23:52.333Z,"A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media.  Mr Musk, who is the world's richest man, actively campaigns for Republican Donald Trump in his presidential bid against Kamala Harris.  Over the weekend, the owner of Tesla and X/Twitter began giving away prizes to American voters who signed a petition.  It's unclear when the DOJ letter was sent to Mr Musk's organisation, America PAC. DOJ investigators have declined to comment on the case. US outlets, including CBS News, the BBC's US partner, reported on Wednesday that the letter informed Musk's team that the giveaway may violate federal election laws.  It was sent by the DOJ's Public Integrity Section following outrage from Democrats over the cash stunt.  Under US law, it is illegal to pay people to register to vote. But it remains unclear whether the sweepstakes breaks any laws.  Mr Musk's contest offers money to signatories of a petition, which the PAC circulated.  “We want to try to get over a million, maybe 2 million voters in the battleground states to sign the petition in support of the First and Second Amendment,” Mr Musk said in Pennsylvania on Saturday when he announced the event.  The contest rules state that winners must be registered to vote, but no party affiliation is required.  “We are going to be awarding $1 million (£770,000) randomly to people who have signed the petition, every day, from now until the election,” he said. The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”. It is open to voters in seven swing states - Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina. US election day is 5 November. On Tuesday, a group of Republican ex-prosecutors wrote to the DOJ urging officials to investigate the contest.  ""We are aware of nothing like this in modern political history,"" they wrote, pointing to potential federal and state law violations. ""Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote. But serious questions arising under laws that directly regulate the voting process must be an exception."" Mr Musk previously dismissed claims that the contest is illegal, saying: ""You can be from any or no political party, and you don’t even have to vote."" On Sunday, the contest reframed its rules, describing the money as payment for a job, according to CNN. America PAC said the winner will be “selected to earn $1M as a spokesperson for America PAC”. Winners have gone on to film pro-Trump videos.  Several legal experts have told the BBC that they believe the contest may be illegal. ""His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" said Paul Schiff Berman, a law professor at the George Washington University. He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence. Adav Noti of the non-partisan Campaign Legal Center said Mr Musk's scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC. But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole. He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court. Do you live outside the US and have a question out the election? Tell us here or use the form below. ",BBC,23/10/2024,"[""A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media."", ""Mr Musk, who is the world's richest man, actively campaigns for Republican Donald Trump in his presidential bid against Kamala Harris."", 'Over the weekend, the owner of Tesla and X/Twitter began giving away prizes to American voters who signed a petition.', ""It's unclear when the DOJ letter was sent to Mr Musk's organisation, America PAC."", 'DOJ investigators have declined to comment on the case.', ""US outlets, including CBS News, the BBC's US partner, reported on Wednesday that the letter informed Musk's team that the giveaway may violate federal election laws."", ""It was sent by the DOJ's Public Integrity Section following outrage from Democrats over the cash stunt."", 'Under US law, it is illegal to pay people to register to vote.', 'But it remains unclear whether the sweepstakes breaks any laws.', ""Mr Musk's contest offers money to signatories of a petition, which the PAC circulated. “"", 'We want to try to get over a million, maybe 2 million voters in the battleground states to sign the petition in support of the First and Second Amendment,” Mr Musk said in Pennsylvania on Saturday when he announced the event.', 'The contest rules state that winners must be registered to vote, but no party affiliation is required. “', 'We are going to be awarding $1 million (£770,000) randomly to people who have signed the petition, every day, from now until the election,” he said.', 'The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”.', 'It is open to voters in seven swing states - Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina.', 'US election day is 5 November.', 'On Tuesday, a group of Republican ex-prosecutors wrote to the DOJ urging officials to investigate the contest. ""', 'We are aware of nothing like this in modern political history,"" they wrote, pointing to potential federal and state law violations. ""', 'Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote.', 'But serious questions arising under laws that directly regulate the voting process must be an exception.""', 'Mr Musk previously dismissed claims that the contest is illegal, saying: ""You can be from any or no political party, and you don’t even have to vote.""', 'On Sunday, the contest reframed its rules, describing the money as payment for a job, according to CNN.', 'America PAC said the winner will be “selected to earn $1M as a spokesperson for America PAC”.', 'Winners have gone on to film pro-Trump videos.', 'Several legal experts have told the BBC that they believe the contest may be illegal. ""', 'His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" said Paul Schiff Berman, a law professor at the George Washington University.', 'He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence.', 'Adav Noti of the non-partisan Campaign Legal Center said Mr Musk\'s scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""', 'It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC.', 'But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole.', 'He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.', 'Do you live outside the US and have a question out the election?', 'Tell us here or use the form below.']",-0.0526788716703339,"The America PAC website states the goal is getting “1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms”.","He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.",-0.339995801448822,"But Jeremy Paul, who teaches law at Northeastern University, said that Mr Musk may have found a legal loophole.","A letter sent to Elon Musk's political action committee from the US Department of Justice (DOJ) warned that his lottery-style giveaway of $1m per day to a registered voter may be illegal, according to US media.",2024-10-24
-"GM stock has best day since 2020 after automaker tops Wall Street's third-quarter expectations, raises guidance",https://www.cnbc.com/2024/10/22/general-motors-gm-earnings-q3-2024.html,2024-10-22T20:23:32+0000,"In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year.Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet.GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations.GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50. It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks. The automaker plans to lower its outstanding shares to below 1 billion by early 2025. GM had more than 1.1 billion shares outstanding as of Tuesday close.The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters.GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs.Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening,  remained over $49,000 from July through September.""The consumer has held up remarkably well for us,"" he said during a media briefing. ""Nothing we see has changed from where we've been for the last several quarters.""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier. Its net income during the quarter rose slightly to $3 billion.Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings.The company's North American operations represented a disproportional amount of its earnings. They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier. The results represented a 9.7% adjusted profit margin.The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter. The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter.The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year. GM expects to share its full 2025 guidance in January.Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans.""We think we can turn it around,"" Jacobson told CNBC's Phil LeBeau on Tuesday regarding China. He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.Shares of GM were up about 36% this year as of Monday's close of $48.93. The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. An earlier version misstated a figure.",CNBC,22/10/2024,"[""In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year."", ""Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet."", ""GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations."", 'GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50.', 'It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.', 'The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.', 'Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks.', 'The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.', ""The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters."", ""GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs."", ""Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening, remained over $49,000 from July through September."", '""The consumer has held up remarkably well for us,"" he said during a media briefing. ""', ""Nothing we see has changed from where we've been for the last several quarters."", '""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier.', 'Its net income during the quarter rose slightly to $3 billion.', ""Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings."", ""The company's North American operations represented a disproportional amount of its earnings."", 'They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier.', 'The results represented a 9.7% adjusted profit margin.', 'The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.', ""GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter."", ""The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter."", 'The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year.', 'GM expects to share its full 2025 guidance in January.', ""Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans."", '""We think we can turn it around,"" Jacobson told CNBC\'s Phil LeBeau on Tuesday regarding China.', 'He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.', ""Shares of GM were up about 36% this year as of Monday's close of $48.93."", 'The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.', 'Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'An earlier version misstated a figure.']",0.2014658441001565,The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.,"That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.",0.5029580569267273,Its net income during the quarter rose slightly to $3 billion.,"The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.",2024-10-24
-Trump has the world’s richest man on his side. What does Musk want?,https://www.bbc.co.uk/news/articles/cj6e6zzwnllo,2024-10-22T09:15:24.272Z,"Zander Mundy was midway through a typical day at his office when he heard the news: tech billionaire Elon Musk was speaking at a nearby school in the town of Folsom, in the US state of Pennsylvania.  ""When is the richest guy in the world in town often?"" Mr Mundy remembers thinking to himself.  With a population of just under 9,000 people, Folsom is a quiet place. Residents typically shy away from speaking openly about their politics, and political yard signs are few and far between.  The 21-year-old Mr Mundy, who works at a leasing agent at an apartment complex, admits that he wasn't planning on voting in the November election.  But once he saw crowds forming - and felt the excitement - he decided to go in, eager to hear from Musk.  By the time he left the school, he recalls leaning more towards Donald Trump than towards Kamala Harris.  ""[If] someone like that tells you this is the election that's going to decide our future, not only who's president for the next four years but what the world world is going to be like... I think that's pretty huge,"" he told the BBC. ""That matters. That's significant.""  Musk, who previously cultivated an image as an eccentric tech genius who was only on the sidelines of politics, has now pledged full allegiance to Trump.  In full view of the American public, the 53-year-old has invested his time, operational know-how and ample pocketbook into trying to get the Republican elected - a rarity among the nation's business elite who traditionally prefer to influence politics from behind the scenes. It's an approach that is starkly different to traditional CEOs, many of whom have been better known for holding expensive, exclusive fundraising dinners or hosting potential donors at lavish homes in the Hamptons.  And it's prompted observers to ask questions about Mr Musk's motivations. The traditional approach by CEOs is ""not out in the public spotlight,"" explains Erik Gordon, chair of the entrepreneurship department at the University of Michigan's Ross School of Business. But ""Musk does it loudly and proudly, and, therefore, perhaps makes himself a lightning rod"".  Musk's Trump-supporting political action committee - America PAC - has already spent more than $119m (£91.6m) this election cycle, according to Open Secrets, a non-profit tracker.  Additionally, Musk's own contributions make him one of the largest individual donors in the presidential race, and reportedly play a vital role in Trump's door-knocking and ground operation in key swing states in which the campaign hopes to mobilise voters.  Steve Davis, a key lieutenant of Musk's who has worked for his companies including SpaceX, X and the Boring Company, has reportedly been recruited to help in the effort.  Mr Musk's personal investment into the campaign is something that was quickly noticed by Mr Mundy.  ""That alone was shocking to me,"" he said. ""That someone would really spend that much time and money to influence voters. That means he's doing it for a reason.""  Some Democrats, like Pennsylvania Senator John Fetterman, have been urging their party to not ignore the threat Mr Musk poses ahead of the election.  Mr Musk appeals to a demographic of people who see him as ""undeniably brilliant"" and among whom traditional Democratic outreach efforts have proven difficult, Fetterman believes.  Since first endorsing Trump in the wake of the assassination attempt in Butler, Pennsylvania, on 13 July, Mr Musk has become a common fixture on the campaign trail, where he often delivers warnings that only Trump can ""save"" American democracy.  In the closing days of the race, Mr Musk has criss-crossed the state of Pennsylvania, a key battleground state that has become a focus for Trump and Kamala Harris alike.  America PAC is now doling out $1m a day until election day to one random voter - no matter their party affiliation - provided they have registered to vote and sign a petition.  At ""town hall"" events in Harrisburg and Pittsburgh over the weekend, for example, Mr Musk presented giant lottery-style cheques to winners, with enthusiastic crowds chanting ""Elon"". He responded by telling the crowd that their energy ""lights a fire"" in his soul. At a rally in Philadelphia on Monday, Congresswoman Alexandria Ocasio-Cortez said Mr Musk was “dangling a million bucks to many of us who are struggling to make ends meet, if they dance for him"". “Elon Musk thinks that dangling money in front of a working person is a cute thing to do when the election of our lives is before us because that’s what people and billionaires like that do,"" she added. Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.  Among those observers is Matt Teske, the CEO of electric vehicle charging platform Chargeway.  According to Mr Teske, Mr Musk's political shift has been difficult for many in the electric vehicle industry, but comes as no surprise after several years of becoming increasingly active in politics.  ""I think Musk's interests are focused, predominantly, around a handful of things that are important to him related to his businesses, [with] regulation being something he's voiced concerns around,"" Mr Teske says. He notes that Mr Musk ""pushed back heavily"" on restrictions implemented during the Covid-19 pandemic in California.  The University of Michigan's Professor Gordon agrees. He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving.  ""He wants to be sort of on the frontier, [a] wild and woolly entrepreneur who can break new paths and not be bogged down by regulation, which tends to fall five, 10, 20 years behind advances in technology,"" Prof Gordon says.  ""Musk wants to go the other way,"" he adds. ""He wants to go to Mars."" If he wins in November, Donald Trump has suggested that Mr Musk could oversee ""cost cutting"" in the US government. Even if he doesn't do that exact job, Mr Musk would have Trump's ear thanks to his support during the campaign, observers believe, and he could have a strong influence on the administration's decision-making.  Mr Musk, for his part, has said he would be open to the idea of leading a ""department of government efficiency"" to end regulation's ""strangulation"" of the US.  That position, Democrats say, could present a complex conflict of interest, given the billions in government contracts Mr Musk has received for SpaceX and Tesla.  ""That's kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom's former chief economic and business adviser.  Mendonca believes that those with intertwined government and regulatory relationships ""can have a voice"" but should not be in a position of authority over those same interests.  Lawrence Noble, a former general counsel at the Federal Election Commission, has questioned the legality of Mr Musk's giveaways in the election cycle.  Mr Noble believes that this form of campaigning should concern Americans who value safe work environments and consumer protections.  “We know what companies do when left to their own devices. They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC.  ""It's dangerous to have somebody who views business that way, and views government that way, in charge of safety,"" he adds.  For Mr Musk -  who relishes being a ""disrupter"" and renegade - there's little question that his lucrative relationships with the US government will continue, no matter the result of the November election.  But his brand, and his reputation, are now tied to Donald Trump's - and his actions suggest he knows it.  Additional reporting by Pratiksha Ghildial North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,22/10/2024,"['Zander Mundy was midway through a typical day at his office when he heard the news: tech billionaire Elon Musk was speaking at a nearby school in the town of Folsom, in the US state of Pennsylvania. ""', 'When is the richest guy in the world in town often?""', 'Mr Mundy remembers thinking to himself.', 'With a population of just under 9,000 people, Folsom is a quiet place.', 'Residents typically shy away from speaking openly about their politics, and political yard signs are few and far between.', ""The 21-year-old Mr Mundy, who works at a leasing agent at an apartment complex, admits that he wasn't planning on voting in the November election."", 'But once he saw crowds forming - and felt the excitement - he decided to go in, eager to hear from Musk.', 'By the time he left the school, he recalls leaning more towards Donald Trump than towards Kamala Harris. ""[', 'If] someone like that tells you this is the election that\'s going to decide our future, not only who\'s president for the next four years but what the world world is going to be like... I think that\'s pretty huge,"" he told the BBC. ""', 'That matters.', 'That\'s significant.""', 'Musk, who previously cultivated an image as an eccentric tech genius who was only on the sidelines of politics, has now pledged full allegiance to Trump.', ""In full view of the American public, the 53-year-old has invested his time, operational know-how and ample pocketbook into trying to get the Republican elected - a rarity among the nation's business elite who traditionally prefer to influence politics from behind the scenes."", ""It's an approach that is starkly different to traditional CEOs, many of whom have been better known for holding expensive, exclusive fundraising dinners or hosting potential donors at lavish homes in the Hamptons."", ""And it's prompted observers to ask questions about Mr Musk's motivations."", 'The traditional approach by CEOs is ""not out in the public spotlight,"" explains Erik Gordon, chair of the entrepreneurship department at the University of Michigan\'s Ross School of Business.', 'But ""Musk does it loudly and proudly, and, therefore, perhaps makes himself a lightning rod"".', ""Musk's Trump-supporting political action committee - America PAC - has already spent more than $119m (£91.6m) this election cycle, according to Open Secrets, a non-profit tracker."", ""Additionally, Musk's own contributions make him one of the largest individual donors in the presidential race, and reportedly play a vital role in Trump's door-knocking and ground operation in key swing states in which the campaign hopes to mobilise voters."", ""Steve Davis, a key lieutenant of Musk's who has worked for his companies including SpaceX, X and the Boring Company, has reportedly been recruited to help in the effort."", 'Mr Musk\'s personal investment into the campaign is something that was quickly noticed by Mr Mundy. ""', 'That alone was shocking to me,"" he said. ""', 'That someone would really spend that much time and money to influence voters.', 'That means he\'s doing it for a reason.""', 'Some Democrats, like Pennsylvania Senator John Fetterman, have been urging their party to not ignore the threat Mr Musk poses ahead of the election.', 'Mr Musk appeals to a demographic of people who see him as ""undeniably brilliant"" and among whom traditional Democratic outreach efforts have proven difficult, Fetterman believes.', 'Since first endorsing Trump in the wake of the assassination attempt in Butler, Pennsylvania, on 13 July, Mr Musk has become a common fixture on the campaign trail, where he often delivers warnings that only Trump can ""save"" American democracy.', 'In the closing days of the race, Mr Musk has criss-crossed the state of Pennsylvania, a key battleground state that has become a focus for Trump and Kamala Harris alike.', 'America PAC is now doling out $1m a day until election day to one random voter - no matter their party affiliation - provided they have registered to vote and sign a petition.', 'At ""town hall"" events in Harrisburg and Pittsburgh over the weekend, for example, Mr Musk presented giant lottery-style cheques to winners, with enthusiastic crowds chanting ""Elon"".', 'He responded by telling the crowd that their energy ""lights a fire"" in his soul.', 'At a rally in Philadelphia on Monday, Congresswoman Alexandria Ocasio-Cortez said Mr Musk was “dangling a million bucks to many of us who are struggling to make ends meet, if they dance for him"". “', 'Elon Musk thinks that dangling money in front of a working person is a cute thing to do when the election of our lives is before us because that’s what people and billionaires like that do,"" she added.', 'Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.', 'Among those observers is Matt Teske, the CEO of electric vehicle charging platform Chargeway.', 'According to Mr Teske, Mr Musk\'s political shift has been difficult for many in the electric vehicle industry, but comes as no surprise after several years of becoming increasingly active in politics. ""', 'I think Musk\'s interests are focused, predominantly, around a handful of things that are important to him related to his businesses, [with] regulation being something he\'s voiced concerns around,"" Mr Teske says.', 'He notes that Mr Musk ""pushed back heavily"" on restrictions implemented during the Covid-19 pandemic in California.', ""The University of Michigan's Professor Gordon agrees."", 'He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving. ""', 'He wants to be sort of on the frontier, [a] wild and woolly entrepreneur who can break new paths and not be bogged down by regulation, which tends to fall five, 10, 20 years behind advances in technology,"" Prof Gordon says. ""', 'Musk wants to go the other way,"" he adds. ""', 'He wants to go to Mars.""', 'If he wins in November, Donald Trump has suggested that Mr Musk could oversee ""cost cutting"" in the US government.', ""Even if he doesn't do that exact job, Mr Musk would have Trump's ear thanks to his support during the campaign, observers believe, and he could have a strong influence on the administration's decision-making."", 'Mr Musk, for his part, has said he would be open to the idea of leading a ""department of government efficiency"" to end regulation\'s ""strangulation"" of the US.', 'That position, Democrats say, could present a complex conflict of interest, given the billions in government contracts Mr Musk has received for SpaceX and Tesla. ""', 'That\'s kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom\'s former chief economic and business adviser.', 'Mendonca believes that those with intertwined government and regulatory relationships ""can have a voice"" but should not be in a position of authority over those same interests.', ""Lawrence Noble, a former general counsel at the Federal Election Commission, has questioned the legality of Mr Musk's giveaways in the election cycle."", 'Mr Noble believes that this form of campaigning should concern Americans who value safe work environments and consumer protections. “', 'We know what companies do when left to their own devices.', 'They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC. ""', 'It\'s dangerous to have somebody who views business that way, and views government that way, in charge of safety,"" he adds.', 'For Mr Musk - who relishes being a ""disrupter"" and renegade - there\'s little question that his lucrative relationships with the US government will continue, no matter the result of the November election.', ""But his brand, and his reputation, are now tied to Donald Trump's - and his actions suggest he knows it."", 'Additional reporting by Pratiksha Ghildial North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1992492799169361,"They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC. ""","That's kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom's former chief economic and business adviser.",-0.2747049083312352,"Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.","He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving. """,2024-10-24
-Disney will name Bob Iger's replacement in early 2026; James Gorman to become board chair next year,https://www.cnbc.com/2024/10/21/disney-ceo-succession-plan-board-chair.html,2024-10-21T15:43:09+0000,"In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday.Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement. That includes spending more time working on Nike-related matters, according to a person familiar with the matter. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.Succession hasn't been smooth at Disney. The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.Gorman said in a CNBC interview in March, before taking over as the board's succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.Iger has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.Iger's current contract as CEO runs until Dec. 31, 2026. He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.",CNBC,21/10/2024,"[""In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday."", ""Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August."", 'He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.', '""The Disney board has benefited tremendously from James Gorman\'s expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""', 'I\'m extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.', 'That includes spending more time working on Nike-related matters, according to a person familiar with the matter.', 'Elliott Hill took over as Nike CEO last week, replacing John Donahoe.', 'Disney had initially targeted 2025 to announce a successor, as CNBC reported last year.', 'Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.', 'Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.', ""Succession hasn't been smooth at Disney."", ""The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years."", 'Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.', ""Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar."", 'Gorman said in a CNBC interview in March, before taking over as the board\'s succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.', '""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.', 'Iger has pushed back his retirement five different times to continue to lead Disney as CEO.', ""Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year."", ""Iger's current contract as CEO runs until Dec. 31, 2026."", ""He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.""]",0.2569005596636836,"I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.","The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years.",0.0619976967573165,"""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. """,Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.,2024-10-24
-IMF deputy head warns world to avoid global trade war,https://www.bbc.co.uk/news/articles/c1lg5reqlpyo,2024-10-24T01:42:32.431Z,"The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC. It comes as concerns are heightened ahead of the possible re-election of Donald Trump. Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy. Last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas. IMF first deputy managing director Gita Gopinath said the Fund could not yet assess the specifics of Trump's trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7%"". ""These are very large numbers, 7% is basically losing the French and German economies. That's the size of the loss that would be,"" she continued. Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”. The IMF’s deputy chief said another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt.  She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis. There will be additional shocks. You will need the fiscal space to respond. And now is the time to do it”. Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”.  She suggested the world economy had seen a soft landing from the multiple crises.  “Past experiences with bringing down inflation have not been with a soft landing. It was a big, big increases in unemployment. So that was a big hit, and it has turned out to be much better than many feared”, she said. Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment. But that now was the time to rebuild resilience in a fragile world. ",BBC,24/10/2024,"['The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.', 'It comes as concerns are heightened ahead of the possible re-election of Donald Trump.', 'Trump says he plans to introduce a universal tax or tariff of up to 20% on all imports into the US, while the European Union is already planning retaliation if Washington goes ahead with the new levy.', 'Last week, Trump said “tariff is the most beautiful word in the dictionary”, and global markets and finance ministers are now beginning to take seriously the prospect of him enacting the ideas.', 'IMF first deputy managing director Gita Gopinath said the Fund could not yet assess the specifics of Trump\'s trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7%"". ""', 'These are very large numbers, 7% is basically losing the French and German economies.', 'That\'s the size of the loss that would be,"" she continued.', 'Ms Gopinath also said tariffs worth hundreds of billions of dollars “is very different from the world we’ve lived in over the past two of three decades”.', 'The IMF’s deputy chief said another of the Fund’s main messages at its Annual Meetings was to warn on ballooning levels of global government debt.', 'She said the current period of steady economic growth was a “moment to rebuild your fiscal buffers” as “this will not be the last crisis.', 'There will be additional shocks.', 'You will need the fiscal space to respond.', 'And now is the time to do it”.', 'Ms Gopinath said it was also necessary to “look at the bright side” with a resilient world economy after “some very tough knocks”.', 'She suggested the world economy had seen a soft landing from the multiple crises. “', 'Past experiences with bringing down inflation have not been with a soft landing.', 'It was a big, big increases in unemployment.', 'So that was a big hit, and it has turned out to be much better than many feared”, she said.', 'Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment.', 'But that now was the time to rebuild resilience in a fragile world.']",-0.0778016897023006,Ms Gopinath added that it was a “good win” for central banks everywhere that inflation has come down without high unemployment.,"The world economy could contract by the size of the combined French and German economies, if there is a broad-based trade war between the world’s major economies, the International Monetary Fund (IMF) has told the BBC.",0.1242692199620333,"So that was a big hit, and it has turned out to be much better than many feared”, she said.","IMF first deputy managing director Gita Gopinath said the Fund could not yet assess the specifics of Trump's trade plans, but thinks that “if you have some very serious decoupling and broad scale use of tariffs, you could end up with a loss to world GDP of close to 7%"". """,2024-10-24
-AI on the trading floor: Morgan Stanley expands OpenAI-powered chatbot tools to Wall Street division,https://www.cnbc.com/2024/10/23/morgan-stanley-rolls-out-openai-powered-chatbot-for-wall-street-division.html,2024-10-23T16:58:15+0000,"In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview. The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.""Since its arrival as a viral consumer app in late 2022, OpenAI's generative AI technology has been swiftly adopted by Wall Street's largest players.Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter who wasn't authorized to disclose the figure publicly. The San Francisco-based startup recently raised money at a $157 billion valuation.OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, said Pierre Buhler, a banking consultant with SSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.""But it is an emerging market, and we are still at the very beginning."" It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added.At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank.It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty.""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material.The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said. The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available.Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner.""I don't see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""I really think that it's humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""",CNBC,23/10/2024,"['In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.', ""The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research."", ""The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank."", '""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview.', 'The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.', '""Since its arrival as a viral consumer app in late 2022, OpenAI\'s generative AI technology has been swiftly adopted by Wall Street\'s largest players.', ""Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter whowasn'tauthorized to disclose the figure publicly."", 'The San Francisco-based startup recently raised money at a $157 billion valuation.', 'OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, saidPierre Buhler,a banking consultant withSSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.', '""But it is an emerging market, and we are still at the very beginning.""', ""It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added."", 'At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.', ""Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank."", ""It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty."", '""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.', ""In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material."", ""The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said."", ""The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available."", ""Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner."", '""I don\'t see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""', 'I really think that it\'s humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""']",0.2135415517849616,"The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.","The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.",0.9984887440999348,"The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said.",,2024-10-24
-McDonald's tells U.S. restaurants it's not a 'political brand' after Trump visit,https://www.cnbc.com/2024/10/21/mcdonalds-says-its-not-political-after-trump-visit.html,2024-10-22T13:19:15+0000,"In this articleThough President Donald Trump visited a Pennsylvania McDonald's location on Sunday, the fast-food giant is trying to stay neutral in the presidential race.""As we've seen, our brand has been a fixture of conversation in this election cycle. While we've not sought this, it's a testament to how much McDonald's resonates with so many Americans. McDonald's does not endorse candidates for elected office and that remains true in this race for the next President,"" the company said in an internal message viewed by CNBC and confirmed by a source familiar with the matter.Trump learned how to operate a fry cooker and work the drive-thru line during his short shift at a Feasterville, Pennsylvania, restaurant. He used the stunt as an opportunity to take more shots at his opponent, Vice President Kamala Harris.Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim. Harris has denied the accusation. McDonald's and its franchisees don't have all of their employment records for workers dating back to the early 1980s, when the 60-year-old Harris would have worked there, the company said in the Sunday memo.""Though we are not a political brand, we've been proud to hear former President Trump's love for McDonald's and Vice President Harris's fond memories working under the Arches,"" McDonald's said.Both McDonald's and the franchisee who operates the location emphasized that the chain opens its doors to ""everyone.""""As a small, independent business owner, it is a fundamental value of my organization that we proudly open our doors to everyone who visits the Feasterville community,"" franchisee Derek Giacomantonio said in a statement. ""That's why I accepted former President Trump's request to observe the transformative working experience that 1 in 8 Americans have had: a job at McDonald's.""Although McDonald's publicly supported the Black Lives Matter movement in 2020, it has tried to portray itself as an apolitical brand to avoid alienating customers. It follows a broader shift in Corporate America away from politics or initiatives perceived as ideological.A number of companies, including Ford, Lowe's and Harley-Davidson, have walked back their diversity, equity and inclusion policies and practices this year.And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring. But McDonald's has already been involved with another controversy this election cycle.In late May, several viral social media posts criticized the burger giant's affordability, citing everything from an $18 Big Mac meal at a Connecticut location to charts that alleged the chain's prices had more than doubled over the last five years. Republicans latched onto the controversy, tying a jump in McDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation.To quell the controversy, McDonald's U.S. President Joe Erlinger wrote an open letter and released fact sheets about the company's pricing.— CNBC's Kate Rogers contributed reporting.",CNBC,22/10/2024,"[""In this articleThough President Donald Trump visited a Pennsylvania McDonald's location on Sunday, the fast-food giant is trying to stay neutral in the presidential race."", '""As we\'ve seen, our brand has been a fixture of conversation in this election cycle.', ""While we've not sought this, it's a testament to how much McDonald's resonates with so many Americans."", 'McDonald\'s does not endorse candidates for elected office and that remains true in this race for the next President,"" the company said in an internal message viewed by CNBC and confirmed by a source familiar with the matter.', 'Trump learned how to operate a fry cooker and work the drive-thru line during his short shift at a Feasterville, Pennsylvania, restaurant.', 'He used the stunt as an opportunity to take more shots at his opponent, Vice President Kamala Harris.', ""Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim."", 'Harris has denied the accusation.', ""McDonald's and its franchisees don't have all of their employment records for workers dating back to the early 1980s, when the 60-year-old Harris would have worked there, the company said in the Sunday memo."", '""Though we are not a political brand, we\'ve been proud to hear former President Trump\'s love for McDonald\'s and Vice President Harris\'s fond memories working under the Arches,"" McDonald\'s said.', 'Both McDonald\'s and the franchisee who operates the location emphasized that the chain opens its doors to ""everyone.', '""""As a small, independent business owner, it is a fundamental value of my organization that we proudly open our doors to everyone who visits the Feasterville community,"" franchisee Derek Giacomantonio said in a statement. ""', ""That's why I accepted former President Trump's request to observe the transformative working experience that 1 in 8 Americans have had: a job at McDonald's."", '""Although McDonald\'s publicly supported the Black Lives Matter movement in 2020, it has tried to portray itself as an apolitical brand to avoid alienating customers.', 'It follows a broader shift in Corporate America away from politics or initiatives perceived as ideological.', ""A number of companies, including Ford, Lowe's and Harley-Davidson, have walked back their diversity, equity and inclusion policies and practices this year."", ""And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring."", ""But McDonald's has already been involved with another controversy this election cycle."", ""In late May, several viral social media posts criticized the burger giant's affordability, citing everything from an $18 Big Mac meal at a Connecticut location to charts that alleged the chain's prices had more than doubled over the last five years."", ""Republicans latched onto the controversy, tying a jump inMcDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation."", ""To quell the controversy, McDonald's U.S. President Joe Erlinger wrote an open letter and released fact sheets about the company's pricing.—"", ""CNBC's Kate Rogers contributed reporting.""]",0.0822679171161547,"""Though we are not a political brand, we've been proud to hear former President Trump's love for McDonald's and Vice President Harris's fond memories working under the Arches,"" McDonald's said.","Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim.",-0.0422786672910054,"Republicans latched onto the controversy, tying a jump inMcDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation.","And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring.",2024-10-24
-September home sales drop to lowest level since 2010,https://www.cnbc.com/2024/10/23/september-home-sales-drop-to-the-lowest-level-since-2010.html,2024-10-23T14:15:32+0000,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.Sales were 3.5% lower than in September 2023. Sales fell in three out of four U.S. regions, with just the West region seeing a gain.This count is based on closings, representing contracts signed likely in July and August. Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%. Rates are now more than a full percentage point lower than they were a year ago.""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2% of all transactions in September.""The pressure of still low inventory continues to push prices higher. The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.Cash continues to be king in this market, making up 30% of September sales. Pre-Covid, cash buyers made up about 20% of sales. Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.Homes are sitting longer, an average of 28 days compared with just 21 days a year ago. First-time buyers pulled back again, making up just 26% of September sales. That matches the all-time low from August.",CNBC,23/10/2024,"['Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.', 'Sales were 3.5% lower than in September 2023.', 'Sales fell in three out of four U.S. regions, with just the West region seeing a gain.', 'This count is based on closings, representing contracts signed likely in July and August.', 'Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%.', 'Rates are now more than a full percentage point lower than they were a year ago.', '""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.', 'Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.', 'That represents a 4.3-month supply at the current sales pace.', 'Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""', 'However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.', 'Distressed property sales accounted for only 2% of all transactions in September.', '""The pressure of still low inventory continues to push prices higher.', 'The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.', 'Cash continues to be king in this market, making up 30% of September sales.', 'Pre-Covid, cash buyers made up about 20% of sales.', 'Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.', 'Homes are sitting longer, an average of 28 days compared with just 21 days a year ago.', 'First-time buyers pulled back again, making up just 26% of September sales.', 'That matches the all-time low from August.']",-0.0407087180599269,"Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""","However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.",-0.2287962237993876,Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.",2024-10-24
-"Elections, hurricane damage and more: Here are four factors that will shape holiday shoppers' purchases",https://www.cnbc.com/2024/10/19/holiday-shopping-season-elections-hurricanes-to-affect-retail-spending.html,2024-10-21T00:57:10+0000,"Inflation may have cooled, but retailers are still staring down a holiday season with plenty of uncertainty.Several hard-to-predict factors will influence consumers' spending, as they deck the halls and look for the perfect gifts. Volatile weather, election distraction and a deal-hunting mindset may shape the season. And fewer days between Thanksgiving and Christmas than last year will put shoppers on the clock.Yet there's reason for optimism for retailers: Shoppers are feeling more upbeat and plan to spend more compared with last holiday season, according to an annual survey by consulting firm Deloitte and a separate forecast by the National Retail Federation.Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation. That's a more modest increase than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion. The NRF's figure excludes automobile dealers, gasoline stations and restaurants.Shoppers expect to spend an average of $1,778 on the holidays this year, 8% more than last holiday season, according to consulting firm Deloitte's survey. The survey, which included about 4,000 consumers and was conducted in late August and early September, attributed that spending increase to a more favorable economic outlook, a perception among respondents that prices would be higher and more willingness to spend among higher-earning households with an annual income of between $100,000 and $199,000.Low unemployment, a return to more typical inflation levels and a recent Federal Reserve interest rate cut are lifting consumers' spirits, said Stephen Rogers, managing director of Deloitte's Consumer Industry Center.""People are still in a better frame of mind, despite the political chatter,"" he said. ""When they look at their bank account and think about what their financial situation is, they feel better.""Weeks before trick-or-treating, shoppers got a taste of their first holiday deals.Those early offers set the stage for a season when shoppers are expected to seek out more ways to stretch the budget after costs of living climbed for years.Nearly 80% of shoppers surveyed by Deloitte said they would participate in deals events in October and November, up from 61% last year.""Our deal seeking muscle has been really exercised the past two years and we are just going to continue to exercise it,"" Rogers said.NRF CEO Matt Shay echoed that prediction. On a call with reporters this week, he said the retail trade group expects a more promotional environment this holiday season, with deals across more brands and categories than a year ago.Another potential challenge for retailers? Catering to customers who are more focused on decorations and experiences than gifts. Consumers plan to spend 16% more year over year on experiences, but spend 3% less on gifts compared with the year-ago holiday period, according to Deloitte's survey. Non-gift purchases, including spending on decor and party apparel, is also expected to jump 9% year over year.The firm's survey found that spending in retail categories would remain relatively flat with an average of $1,043 in 2024 compared with $1,020 in 2023. Consumers across income groups reported value-seeking habits, including less self-gifting, more trading down to affordable retailers and more seeking out private labels or ""dupes"" of pricier items.That shift could hurt retailers that sell goods, unless they come up with compelling ways to tie their merchandise to experiences, such as suggesting hiking gear, Rogers said.For Home Depot, which sells a wide range of holiday decor including Santa-themed throw pillows and a giant animated reindeer for yards, the high demand for decor could be an opportunity. Yet the home improvement retailer said it's prepared for consumers to seek value, too.This holiday season, Home Depot bought more low-priced artificial Christmas trees, such as a prelit tree that sells for $49, said Lance Allen, senior merchant of decorative holiday for the home improvement retailer.As Americans await results of the presidential election, will they also shop for the holidays?That's a question on the minds of retailers and consumer brands, including Walmart and SharkNinja, that are hoping shoppers will browse and buy rather than become glued to the news. The election is on Nov. 5, and it could take days for a winner to be called if the race between Vice President Kamala Harris and former President Donald Trump ends up as close as polls suggest.SharkNinja CEO Mark Barrocas described the election as the ""biggest unknown"" that will shape the holiday season.""It may be a blip and it may be nothing, and it may disrupt things for a few weeks if the news cycle is all-consuming,"" he said. ""Christmas is going to come and there will be a holiday season. It's just a matter of how many distractions there are.""He said the election and the news cycle around it may also influence how consumers feel about the economy.Walmart's internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.""The one thing that is still out there and moving is what's going to happen with the election, and what happens with the election will really determine if this is something that stays positive or not,"" she said.Already, some companies have blamed the election for taking a bite out of their sales. Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue.""Consumers will, I think, take a little bit of pause in making investment decisions, whether it's discretionary or other things,"" he said. ""I think you're going to hear other industries talking about that as well.""For retailers, cooler and wintery weather is always on the Christmas wish list.Weather can tip shoppers into the holiday spirit and get them in the mood to buy thicker sweaters, coats and gifts, said Evan Gold, executive vice president for Planalytics, a Philadelphia-based company that advises retailers on weather-related inventory planning.""There's no external factor that influences consumers' purchases as directly, frequently and immediately as the weather,"" he said.This year, the early fall got off to a rockier start. The now unofficial kickoff to the holiday shopping season marked by October sales events coincided with unseasonably warm temperatures in San Francisco and other parts of the country, and severe hurricanes that battered North Carolina and Florida. That makes shoppers less likely to want to buy sweaters, coats and artificial trees.Yet the weather this year should eventually help retailers, Gold said, since November and December temperatures are expected to be colder than a year ago. He said the shift in weather, such as a dusting of snow or a cold snap, can help signal shoppers to get ready for the season.Many families will just be trying to rebuild from hurricane damage rather than buying holiday gifts, which could redirect money to furniture, clothes or home repairs, Jack Kleinhenz, the NRF's chief economist, said on a call with reporters.""It'll be just an adjustment in their budget in what they'll be spending for, but it's really too early to know the full impact on retail,"" he said.Home Depot expects that, too. It pulled holiday product out of 124 of its big-box stores to make room for items that hard-hit areas need, such as shingles and drywall, Allen said. Instead, he said, it plans to sell a more limited assortment in those stores of items such as wreaths and its top-selling trees.""They're trying to rebuild and recover their houses,"" he said. ""So obviously, they're not going to go buy a nine-foot reindeer and put that out there.""Thanks to the calendar, the holiday rush may be on overdrive.Shoppers will have five fewer days between Thanksgiving and Christmas this year compared with last year — which could dampen spending or potentially motivate time-pressured shoppers to seek out rush shipping, curbside pickup or other quicker options to get gifts.The pressure will be on retailers to make the most of each day and to deliver on convenience, as shoppers race to get what they need and expect items to arrive within a few hours or at minimum, within a few days, said the NRF's Shay.""A shorter period does have consequences and implications and one of those, of course, is that the shipping season will be shorter,"" he said.On a recent store tour, Kohl's Chief Marketing Officer Christie Raymond said the retailer expects it will have to work harder to woo customers, especially lower- and middle-income shoppers, who have felt pinched by the cumulative effect of inflation and crunched for time.""We think they're feeling more squeezed than last year,"" Raymond said. And, she added, shoppers have also said they are ""feeling time-squeezed.""To appeal to those consumers, Kohl's wants to have more of what they need, Chief Merchandising and Digital Officer Nick Jones said.The retailer has bulked up its offering of gift items, added more party dresses and started to sell a wider range of decorations, including Christmas trees, lawn ornaments and wrapping paper.""We want to be a holiday destination,"" he said. ""We haven't got the food, but we've got everything else.""",CNBC,21/10/2024,"['Inflation may have cooled, but retailers are still staring down a holiday season with plenty of uncertainty.', ""Several hard-to-predict factors will influence consumers' spending, as they deck the halls and look for the perfect gifts."", 'Volatile weather, election distraction and a deal-hunting mindset may shape the season.', 'And fewer days between Thanksgiving and Christmas than last year will put shoppers on the clock.', ""Yet there's reason for optimism for retailers: Shoppers are feeling more upbeat and plan to spend more compared with last holiday season, according to an annual survey by consulting firm Deloitte and a separate forecast by the National Retail Federation."", 'Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation.', ""That's a more modest increase than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion."", ""The NRF's figure excludes automobile dealers, gasoline stations and restaurants."", ""Shoppers expect to spend an average of $1,778 on the holidays this year, 8% more than last holiday season, according to consulting firm Deloitte's survey."", ""The survey, which included about 4,000 consumers and was conducted in late August and early September, attributed that spending increase to a more favorable economic outlook, a perception among respondents that prices would be higher and more willingness to spend among higher-earning households with an annual income of between $100,000 and $199,000.Low unemployment, a return to more typical inflation levels and a recent Federal Reserve interest rate cut are lifting consumers' spirits, said Stephen Rogers, managing director ofDeloitte's Consumer Industry Center."", '""People are still in a better frame of mind, despite the political chatter,"" he said. ""', 'When they look at their bank account and think about what their financial situation is, they feel better.', '""Weeks before trick-or-treating, shoppers got a taste of their first holiday deals.', 'Those early offersset the stage for a season when shoppers are expected to seek out more ways to stretch the budget after costs of living climbed for years.', 'Nearly 80% of shoppers surveyed by Deloitte said they would participate in deals events in October and November, up from 61% last year.', '""Our deal seeking muscle has been really exercised the past two years and we are just going to continue to exercise it,"" Rogers said.', 'NRF CEO Matt Shay echoed that prediction.', 'On a call with reporters this week, he said the retail trade group expects a more promotional environment this holiday season, with deals across more brands and categories than a year ago.', 'Another potential challenge for retailers?', 'Catering to customers who are more focused on decorations and experiences than gifts.', ""Consumers plan to spend 16% more year over year on experiences, but spend 3% less on gifts compared with the year-ago holiday period, according to Deloitte's survey."", 'Non-gift purchases, including spending on decor and party apparel, is also expected to jump 9% year over year.', ""The firm's survey found that spending in retail categories would remain relatively flat with an average of $1,043 in 2024 compared with $1,020 in 2023."", 'Consumers across income groups reported value-seeking habits, including less self-gifting, more trading down to affordable retailers and more seeking out private labels or ""dupes"" of pricier items.', 'That shift could hurt retailers that sell goods, unless they come up with compelling ways to tie their merchandise to experiences, such as suggesting hiking gear, Rogers said.', 'For Home Depot, which sells a wide range of holiday decor including Santa-themed throw pillows and a giant animated reindeer for yards, the high demand for decor could be an opportunity.', ""Yet the home improvement retailer said it's prepared for consumers to seek value, too."", 'This holiday season, Home Depot bought more low-priced artificial Christmas trees, such as a prelit tree that sells for $49, said Lance Allen, senior merchant of decorative holiday for the home improvement retailer.', ""As Americans await results of the presidential election, will they also shop for the holidays?That's a question on the minds of retailers and consumer brands, including Walmart and SharkNinja, that are hoping shoppers will browse and buy rather than become glued to the news."", 'The election is on Nov. 5, and it could take days for a winner to be called if the race between Vice President Kamala Harris and former President Donald Trump ends up as close as polls suggest.', 'SharkNinja CEO Mark Barrocas described the election as the ""biggest unknown"" that will shape the holiday season.', '""It may be a blip and it may be nothing, and it may disrupt things for afew weeks if the news cycle is all-consuming,"" he said. ""', 'Christmas is going to come and there will be a holiday season.', ""It's just a matter of how many distractions there are."", '""He said the election and the news cycle around it may also influence how consumers feel about the economy.', 'Walmart\'s internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.', '""The one thing that is still out there and moving is what\'s going to happen with the election, and what happens with the election will really determine if this is something that stays positive or not,"" she said.', 'Already, some companies have blamed the election for taking a bite out of their sales.', 'Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.', ""Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue."", '""Consumers will, I think, take a little bit of pause in making investment decisions, whether it\'s discretionary or other things,"" he said. ""', ""I think you're going to hear other industries talking about that as well."", '""For retailers, cooler and wintery weather is always on the Christmas wish list.', 'Weather can tip shoppers into the holiday spirit and get them in the mood to buy thicker sweaters, coats and gifts, said Evan Gold, executive vice president for Planalytics, a Philadelphia-based company that advises retailers on weather-related inventory planning.', '""There\'s no external factor that influences consumers\' purchases as directly, frequently and immediately as the weather,"" he said.', 'This year, the early fall got off to a rockier start.', 'The now unofficial kickoff to the holiday shopping season marked by October sales events coincided with unseasonably warm temperatures in San Francisco and other parts of the country, and severe hurricanes that battered North Carolina and Florida.', 'That makes shoppers less likely to want to buy sweaters, coats and artificial trees.', 'Yet the weather this year should eventually help retailers, Gold said, since November and December temperatures are expected to be colder than a year ago.', 'He said the shift in weather, such as a dusting of snow or a cold snap, can help signal shoppers to get ready for the season.', ""Many families will just be trying to rebuild from hurricane damage rather than buying holiday gifts, which could redirect money to furniture, clothes or home repairs, Jack Kleinhenz, the NRF's chief economist, said on a call with reporters."", '""It\'ll be just an adjustment in their budget in what they\'ll be spending for, but it\'s really too early to know the full impact on retail,"" he said.', 'Home Depot expects that, too.', 'It pulled holiday product out of 124 of its big-box stores to make room for items that hard-hit areas need, such as shingles and drywall, Allen said.', 'Instead, he said, it plans to sell a more limited assortment in those stores of items such as wreaths and its top-selling trees.', '""They\'re trying to rebuild and recover their houses,"" he said. ""', ""So obviously, they're not going to go buy a nine-foot reindeer and put that out there."", '""Thanks to the calendar, the holiday rush may be on overdrive.', 'Shoppers will have five fewer days between Thanksgiving and Christmas this year compared with last year — which could dampen spending or potentially motivate time-pressured shoppers to seek out rush shipping, curbside pickup or other quicker options to get gifts.', ""The pressure will be on retailers to make the most of each day and to deliver on convenience, as shoppers race to get what they need and expect items to arrive within a few hours or at minimum, within a few days, said the NRF's Shay."", '""A shorter period does have consequences and implications and one of those, of course, is that the shipping season will be shorter,"" he said.', ""On a recent store tour, Kohl's Chief Marketing Officer Christie Raymond said the retailer expects it will have to work harder to woo customers, especially lower- and middle-income shoppers, who have felt pinched by the cumulative effect of inflation and crunched for time."", '""We think they\'re feeling more squeezed than last year,"" Raymond said.', 'And, she added, shoppers have also said they are ""feeling time-squeezed.', '""To appeal to those consumers, Kohl\'s wants to have more of what they need, Chief Merchandising and Digital Officer Nick Jones said.', 'The retailer has bulked up its offering of gift items, added more party dresses and started to sell a wider range of decorations, including Christmas trees, lawn ornaments and wrapping paper.', '""We want to be a holiday destination,"" he said. ""', 'We haven\'t got the food, but we\'ve got everything else.""']",0.2251670779755516,"Walmart's internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.","Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.",0.1810809847186593,"Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation.","Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue.",2024-10-24
-Walmart will start delivering prescriptions to customers' doorsteps as CVS and Walgreens struggle,https://www.cnbc.com/2024/10/22/walmart-will-start-delivering-prescriptions-as-cvs-walgreens-struggle.html,2024-10-22T14:56:56+0000,"In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin. The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January. Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices. With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.""This is actually the No. 1 service requested by our customers,"" he said.Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.Walmart's delivery service will be available for new prescriptions and refills, the company said. It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program.Health insurance plans will be applied to the transaction, like they would in the store, the company said.The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging. Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered. And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31. Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.As of Monday's close, shares of Walmart were up around 54% for the year. Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.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, while Walmart held just 5% of that share.CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs. Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business. On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years. That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.Walmart has faced its own financial challenges on the health-care side of the business. The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn't operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""",CNBC,22/10/2024,"['In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.', ""The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin."", 'The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January.', 'Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.', 'The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices.', 'With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.', ""Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies."", 'Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.', 'Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.', '""This is actually the No.', '1 service requested by our customers,"" he said.', 'Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.', ""Walmart's delivery service will be available for new prescriptions and refills, the company said."", ""It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program."", 'Health insurance plans will be applied to the transaction, like they would in the store, the company said.', ""The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging."", ""Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered."", 'And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.', ""Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31."", 'Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.', ""As of Monday's close, shares of Walmart were up around 54% for the year."", ""Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.CVS is the top U.S. pharmacy in terms of prescription drug revenue, holdingmore 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, while Walmart held just 5% of that share.', 'CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs.', 'Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.', 'CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business.', 'On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years.', 'That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.', 'The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.', 'Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Walmart has faced its own financial challenges on the health-care side of the business.', 'The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.', 'Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn\'t operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""']",0.1607635230885578,"Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31.","Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.",-0.1206125207245349,"As of Monday's close, shares of Walmart were up around 54% for the year.","Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies.",2024-10-24
-"Abercrombie & Fitch responds to former CEO's sex trafficking arrest, says it will cooperate with law enforcement",https://www.cnbc.com/2024/10/23/abercrombie-responds-to-ceo-mike-jeffries-sex-trafficking-arrest.html,2024-10-23T20:34:31+0000,"In this articleAbercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is ""committed to fully cooperating with law enforcement as the legal process continues."" ""As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,"" a company spokesperson said in a statement to CNBC. ""For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today,"" the spokesperson added. ""We have zero tolerance for abuse, harassment or discrimination of any kind."" Shares of Abercrombie were down about 5% on Wednesday.On Tuesday, Jeffries — who helmed the legacy apparel brand from 1992 to 2014 — along with his partner Matthew Smith and another associate, were arrested on charges of sex trafficking and interstate prostitution that prosecutors allege happened during his tenure at Abercrombie. Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts.""Many of the victims, at least one of whom was as young as 19 years old, were financially vulnerable and aspired to become models in the fashion industry, a notoriously cut-throat world,"" prosecutors wrote in a court filing.""Indeed, some of the men they recruited had previously worked at Abercrombie stores or modeled for Abercrombie.""Under Jeffries' tenure, Abercrombie became known for its sexually charged marketing and its efforts to market exclusively to kids perceived as good-looking and cool. But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year. Soon after the investigation was published, Jeffries and Abercrombie were sued by a man who said he was victimized by the former CEO in the 2010s when he was recruited for a modeling opportunity.Nearly a year later, federal prosecutors brought a case against Jeffries. His attorney, Brian Bieber, told NBC News on Tuesday it would respond to the allegations in more detail at a later date.""We will respond in detail to the allegations after the Indictment is unsealed, and when appropriate, but plan to do so in the courthouse — not the media,"" Bieber said.The longtime retailer was ousted from Abercrombie in 2014 following a long sales decline. Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry. It has introduced inclusive sizing and jeans that are designed for curvier bodies, and has made it clear in its marketing that it is no longer after a single customer from one type of racial background. In its statement, Abercrombie said it supports the victims who have come forward. ""Speaking up and coming forward is not easy,"" the spokesperson said. ""Our thoughts remain with those who have bravely raised their voices as part of the federal investigation.""",CNBC,23/10/2024,"['In this articleAbercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is ""committed to fully cooperating with law enforcement as the legal process continues.', '""""As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,"" a company spokesperson said in a statement to CNBC.""For close to a decade, we have successfully transformed our brands and culture into the values-driven organization we are today,"" the spokesperson added. ""', 'We have zero tolerance for abuse, harassment or discrimination of any kind.', '""Shares of Abercrombie were down about 5% on Wednesday.', 'On Tuesday, Jeffries — who helmed the legacy apparel brand from 1992 to 2014 — along with his partner Matthew Smith and another associate, were arrested on charges of sex trafficking and interstate prostitution that prosecutors allege happened during his tenure at Abercrombie.', 'Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts.', '""Many of the victims, at least one of whom was as young as 19 years old, were financially vulnerable and aspired to become models in the fashion industry, a notoriously cut-throat world,"" prosecutors wrote in a court filing.', '""Indeed, some of the men they recruited had previously worked at Abercrombie stores or modeled for Abercrombie.', '""Under Jeffries\' tenure, Abercrombie became known for its sexually charged marketing and its efforts to market exclusively to kids perceived as good-looking and cool.', 'But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year.', 'Soon after the investigation was published, Jeffries and Abercrombie were sued by a man who said he was victimized by the former CEO in the 2010s when he was recruited for a modeling opportunity.', 'Nearly a year later, federal prosecutors brought a case against Jeffries.', 'His attorney, Brian Bieber, told NBC News on Tuesday it would respond to the allegations in more detail at a later date.', '""We will respond in detail to the allegations after the Indictment is unsealed, and when appropriate, but plan to do so in the courthouse — not the media,"" Bieber said.', 'The longtime retailer was ousted from Abercrombie in 2014 following a long sales decline.', 'Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.', 'It has introduced inclusive sizing and jeans that are designed for curvier bodies, and has made it clear in its marketing that it is no longer after a single customer from one type of racial background.', 'In its statement, Abercrombie said it supports the victims who have come forward.', '""Speaking up and coming forward is not easy,"" the spokesperson said. ""', 'Our thoughts remain with those who have bravely raised their voices as part of the federal investigation.""']",-0.0768802368633965,"Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.",But the abuse he allegedly perpetrated did not become widely known until the BBC published an explosive investigation into his practices last year.,-0.017994537949562,"Under the direction of its new CEO Fran Horowitz, Abercrombie is now one of the best-performing apparel companies in the industry.","""Shares of Abercrombie were down about 5% on Wednesday.",2024-10-24
-Coca-Cola CEO says McDonald's E. coli outbreak won't hurt beverage company's sales,https://www.cnbc.com/2024/10/23/coca-cola-ceo-says-mcdonalds-e-coli-outbreak-wont-hurt-sales.html,2024-10-23T18:11:58+0000,"In this articleCoca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales.""When one looks at what's in the media so far, in terms of the states that have been affected, I would say at this stage it's not going to be a large, significant impact to the business,"" Quincey said on Coke's third-quarter earnings call Wednesday.McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades. Most recently, CNBC reported that Coke contributed marketing funds to McDonald's this summer for its $5 value meal, which includes a small soft drink, to make it more attractive to franchisees who can otherwise be wary of steep discounts.""We're a big partner of McDonald's, they're a big partner of ours,"" Quincey said. ""We'll be helping them in any way we can as they work through whatever's happening here.""On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald's Quarter Pounder burgers. The agency said 49 cases have been reported, with one fatality.CDC investigators have narrowed in on two ingredients as the potential cause: the burger's onions and its fresh beef patties. Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.McDonald's said in a statement on Tuesday that Quarter Pounders will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states. The company also said it's instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area.""We are very confident that you can go to McDonald's and enjoy our classics. We took swift action yesterday to remove the Quarter Pounder from our menu,"" McDonald's USA President Joe Erlinger said on NBC's ""TODAY"" show on Wednesday morning.At this point, it's unclear what impact the outbreak will have on McDonald's own sales.The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke. McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales.Despite sluggish consumer spending, Coke's third-quarter earnings and revenue topped Wall Street's estimates, thanks to higher prices. Shares of the company fell more than 2% in morning trading.",CNBC,23/10/2024,"[""In this articleCoca-Cola CEO James Quincey said the company doesn't expect an E. coli outbreak linked to McDonald's to hurt the beverage company's sales."", '""When one looks at what\'s in the media so far, in terms of the states that have been affected, I would say at this stage it\'s not going to be a large, significant impact to the business,"" Quincey said on Coke\'s third-quarter earnings call Wednesday.', ""McDonald's is Coke's largest restaurant customer, and the two companies' symbiotic relationship has existed for nearly seven decades."", ""Most recently, CNBC reported that Coke contributed marketing funds to McDonald's this summer for its $5 value meal, which includes a small soft drink, to make it more attractive to franchisees who can otherwise be wary of steep discounts."", '""We\'re a big partner of McDonald\'s, they\'re a big partner of ours,"" Quincey said. ""', ""We'll be helping them in any way we can as they work through whatever's happening here."", '""On Tuesday, the Centers for Disease Control and Prevention announced that it has linked an E. coli outbreak in 10 states to McDonald\'s Quarter Pounder burgers.', 'The agency said 49 cases have been reported, with one fatality.', ""CDC investigators have narrowed in on two ingredients as the potential cause: the burger's onions and its fresh beef patties."", 'Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.', ""McDonald's said in a statement on Tuesday that Quarter Pounders will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states."", ""The company also said it's instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area."", '""We are very confident that you can go to McDonald\'s and enjoy our classics.', 'We took swift action yesterday to remove the Quarter Pounder from our menu,"" McDonald\'s USA President Joe Erlinger said on NBC\'s ""TODAY"" show on Wednesday morning.', ""At this point, it's unclear what impact the outbreak will have on McDonald's own sales."", ""The outbreak comes as consumers broadly have been spending less at restaurants, hurting both McDonald's and Coke."", ""McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales."", ""Despite sluggish consumer spending, Coke's third-quarter earnings and revenue topped Wall Street's estimates, thanks to higher prices."", 'Shares of the company fell more than 2% in morning trading.']",0.0644620419186264,"""We are very confident that you can go to McDonald's and enjoy our classics.","Both ingredients are unique to the Quarter Pounder burgers, although cooking the patty at the correct internal temperature should kill the bacteria.",-0.0721496873431735,"McDonald's and its fast-food rivals have been leaning into discounts in the hopes that deals will bring back customers, while Coke has been chipping in to market the combo meals to boost its own sales.",Shares of the company fell more than 2% in morning trading.,2024-10-24
-The art market is in a correction as big spenders fade,https://www.cnbc.com/2024/10/24/art-market-correction.html,2024-10-24T16:43:56+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.The global art market is poised for its second straight year of declines, as demand for the top trophy works wanes and a new generation of buyers favors lower-priced pieces, according to a new survey.Auction sales in the first six months at Christie's, Sotheby's, Phillips and Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting. The number of wealthy collectors surveyed who plan to purchase art in the next year dropped to 43% from over half in 2023. At the same time, the number who plan to sell increased to 55% — meaning there are more likely sellers than buyers in the market.""For the biggest spenders, there has been a moderating in their spending or slowing of their pace,"" said Paul Donovan, chief economist of UBS Global Wealth Management. ""They're taking a more considered approach.""As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound.There are some bright spots. The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market's performance over the next six months, up from 77% at the end of 2023, the survey said. That's a larger share than were optimistic about the stock market, at 88%. Only 3% of high-net-worth collectors are pessimistic about the art market's short-term future.The median spending on art by wealthy collectors remains stable at around $50,000 a year, according to the survey. Over three-quarters of wealthy collectors surveyed had purchased a painting in both 2023 and the first half of 2024.Yet a broad array of measures — from buyer interest to online sales — point to another year of declines or, at best, flat sales. Dealers and auction experts say geopolitical concerns (especially in the Middle East and Ukraine) along with economic weakness in Europe and China are draining buyer confidence. Higher interest rates also raised the opportunity cost of buying art, since wealthy collectors could earn an easy 5% or more from cash and Treasurys.Just as in the classic car market, the art market is going through a generational shift that's created a mismatch between supply and demand. Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works. Younger collectors, mainly Gen Xers and millennials, are coming into the market to replace them, but they're buying more affordable, more modern work from galleries and art shows.""2024 suggests that rather than creating a supply-driven boom in value as they may have done in other years, trends towards greater selling will likely primarily affect sales volumes, with collectors tending to sell from the bottom of their collections, deaccessioning more but lower-value works, and advisors reportedly focused on 'streamlining client collections' with the disposal of more unwanted or insignificant artworks rather than trying to capture price appreciation,"" the UBS report said.Dealers say the diverging paths of the various generations has led to an oversupply of seven- and eight-figure Impressionist and Abstract works. According to the survey, the high end of the art market, or works priced at $10 million or more, was the strongest before 2022. Now, it's the weakest.""Gen X, and to a lesser extent the younger generations, they're not necessarily going to be going out and buying the most expensive artworks,"" Donovan said. ""They're more engaged but they also have potentially more budget constraints. The people who have traditionally been buying the higher-price art are slowing their purchase of those artists.""Gen Xers, in fact, have quickly become the most important generation for collectibles. According to the UBS survey, Gen X respondents had the highest average spending in 2023 — at about $578,000 — and their lead continued in 2024, at more than a third higher than millennials and more than twice those of boomers and Gen Z respondents.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. Overall, wealthy collectors are reducing their exposure to art. While art's role as an ""asset"" is hotly debated, the report said the average allocation to art was 15% in 2024, down from 22% of their portfolios in 2021. Granted, some of the decline may be due to the increased value of stocks and other assets in their portfolios. Yet the drop suggests many collectors have paused their buying.The super-wealthy have the highest exposure to art. Those worth $50 million or more have an average of 25% of their assets in art, down from 29% last year. Millionaires worth less than $5 million have about 12%.Collectors who have been active in the market for decades have built up large collections, that will either have to be sold, passed on to family or bequeathed to museums or nonprofits. The average number of works owned by wealthy collectors worldwide is 44, according to the survey. Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had an average of 110 works.When asked about their biggest concerns for the art market, the largest number (52%) cited ""barriers to the free movement of art internationally."" The second-largest concern was the ""rise of legal issues in the art trade,"" such as restitution cases, fakes and forgeries, as well as ""ethical considerations concerning artists,"" such as how they are compensated and promoted. ""Art market fluctuations"" ranked fourth.The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer. Fully 91% of wealthy collectors had works in their collections that were inherited or gifted through a will or other bequest, according to the survey.Despite the expectation that families will sell the works they inherit, 72% of those surveyed kept at least some of their inherited art. Those who do sell inherited art were more likely to cite a lack of display space or taxes as the reasons, rather than taste.""There has always been an assumption that as art moves down a generation, the younger generation has different tastes,"" Donovan said. ""But to assume that this leads to the wholesale breakup of the collections or selling is wrong. Art is something which stimulates the emotions and there may be an association with certain pieces of art with your parents.""",CNBC,24/10/2024,"[""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.', 'The global art market is poised for its second straight year of declines, as demand for the top trophy works wanes and a new generation of buyers favors lower-priced pieces, according to a new survey.', ""Auction sales in the first six months at Christie's, Sotheby's, Phillipsand Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting."", 'The number of wealthy collectors surveyed who plan to purchase art in the next year dropped to 43% from over half in 2023.', 'At the same time, the number who plan to sell increased to 55% — meaning there are more likely sellers than buyers in the market.', '""For the biggest spenders, there has been a moderating in their spending or slowing of their pace,"" said Paul Donovan, chief economist of UBS Global Wealth Management. ""', ""They're taking a more considered approach."", '""As the art world prepares for the big auctions in New York in November and Art Basel Miami Beach in December, dealers, galleries and auctioneers are hoping for a post-election rebound.', 'There are some bright spots.', 'The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market\'s performance over the next six months, up from 77% at the end of 2023, the survey said.', ""That's a larger share than were optimistic about the stock market, at 88%."", ""Only 3% of high-net-worth collectors are pessimistic about the art market's short-term future."", 'The median spending on art by wealthy collectors remains stable at around $50,000 a year, according to the survey.', 'Over three-quarters of wealthy collectors surveyed had purchased a painting in both 2023 and the first half of 2024.Yet a broad array of measures — from buyer interest to online sales — point to another year of declines or, at best, flat sales.', 'Dealers and auction experts say geopolitical concerns (especially in the Middle East and Ukraine) along with economic weakness in Europe and China are draining buyer confidence.', 'Higher interest rates also raised the opportunity cost of buying art, since wealthy collectors could earn an easy 5% or more from cash and Treasurys.', ""Just as in the classic car market, the art market is going through a generational shift that's created a mismatch between supply and demand."", 'Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works.', ""Younger collectors, mainly Gen Xers and millennials, are coming into the market to replace them, but they're buying more affordable, more modern work from galleries and art shows."", '""2024 suggests that rather than creating a supply-driven boom in value as they may have done in other years, trends towards greater selling will likely primarily affect sales volumes, with collectors tending to sell from the bottom of their collections, deaccessioning more but lower-value works, and advisors reportedly focused on \'streamlining client collections\' with the disposal of more unwanted or insignificant artworks rather than trying to capture price appreciation,"" the UBS report said.', 'Dealers say the diverging paths of the various generations has led to an oversupply of seven- and eight-figure Impressionist and Abstract works.', 'According to the survey, the high end of the art market, or works priced at $10 million or more, was the strongest before 2022.', ""Now, it's the weakest."", '""Gen X, and to a lesser extent the younger generations, they\'re not necessarily going to be going out and buying the most expensive artworks,"" Donovan said. ""', ""They're more engaged but they also have potentially more budget constraints."", 'The people who have traditionally been buying the higher-price art are slowing their purchase of those artists.', '""Gen Xers, in fact, have quickly become the most important generation for collectibles.', 'According to the UBS survey, Gen X respondents had the highest average spending in 2023 — at about $578,000 — and their lead continued in 2024, at more than a third higher than millennials and more than twice those of boomers and Gen Z respondents.', '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.', 'Overall, wealthy collectors are reducing their exposure to art.', 'While art\'s role as an ""asset"" is hotly debated, the report said the average allocation to art was 15% in 2024, down from 22% of their portfolios in 2021.', 'Granted, some of the decline may be due to the increased value of stocks and other assets in their portfolios.', 'Yet the drop suggests many collectors have paused their buying.', 'The super-wealthy have the highest exposure to art.', 'Those worth $50 million or more have an average of 25% of their assets in art, down from 29% last year.', 'Millionaires worth less than $5 million have about 12%.Collectors who have been active in the market for decades have built up large collections, that will either have to be sold, passed on to family or bequeathed to museums or nonprofits.', 'The average number of works owned by wealthy collectors worldwide is 44, according to the survey.', 'Gen Z collectors have an average of 33 works, while collectors who have been buying for more than 20 years had an average of 110 works.', 'When asked about their biggest concerns for the art market, the largest number (52%) cited ""barriers to the free movement of art internationally.""', 'The second-largest concern was the ""rise of legal issues in the art trade,"" such as restitution cases, fakes and forgeries, as well as ""ethical considerations concerning artists,"" such as how they are compensated and promoted. ""', 'Art market fluctuations"" ranked fourth.', 'The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer.', 'Fully 91% of wealthy collectors had works in their collections that were inherited or gifted through a will or other bequest, according to the survey.', 'Despite the expectation that families will sell the works they inherit, 72% of those surveyed kept at least some of their inherited art.', 'Those who do sell inherited art were more likely to cite a lack of display space or taxes as the reasons, rather than taste.', '""There has always been an assumption that as art moves down a generation, the younger generation has different tastes,"" Donovan said. ""', 'But to assume that this leads to the wholesale breakup of the collections or selling is wrong.', 'Art is something which stimulates the emotions and there may be an association with certain pieces of art with your parents.""']",0.2739736750432975,"The great wealth transfer, which could see tens of trillions of dollars in wealth passed from older generations to younger generations, could also usher in a great art transfer.",Older collectors are downsizing their collection by selling off pricey but not masterpiece-level works.,-0.1795427446012143,"The vast majority (91%) of wealthy collectors were ""optimistic"" about the global art market's performance over the next six months, up from 77% at the end of 2023, the survey said.","Auction sales in the first six months at Christie's, Sotheby's, Phillipsand Bonhams fell 26% from 2023 and 36% from the market peak in 2021, according to The Art Basel and UBS Survey of Global Collecting.",2024-10-24
-"Southwest and activist investor Elliott strike deal to keep CEO Bob Jordan, add six new directors",https://www.cnbc.com/2024/10/24/southwest-elliott-near-settlement-which-would-end-proxy-fight-source-says.html,2024-10-24T14:06:43+0000,"In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly. Southwest CEO Bob Jordan will keep his job as part of the deal.""We are pleased to have come to an agreement with Southwest on the addition of six new directors that will enhance and revitalize its Board,"" Elliott's John Pike and Bobby Xu said in a statement Thursday.Five of Elliott's board nominees along with former Chevron CFO Pierre Breber will join the board, which will stand at 13 members, Southwest said.The Southwest board will appoint a new chairman to replace Kelly, who will now step down next month instead of next year.Elliott had called for both Kelly and Jordan's ouster and criticized the airline's leadership for not moving fast enough on sales- and profit-boosting strategies. The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.Southwest shares are up more than 6% so far this year while the S&P 500 has risen 21%. The airline's third-quarter profit, also announced Thursday, topped analysts' estimates.The Dallas-based carrier has been slashing unprofitable routes to cut costs. At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion. The airline also authorized a $2.5 billion buyback, the first $250 million of which was announced Thursday. Elliott and Southwest as recently as last week had been girding for a proxy fight. The activist called for a special meeting in December to vote on its slate of board nominees, which it had trimmed from 10 to eight.Elliott's campaign hinged in large part on the removal of Kelly and Jordan from their leadership positions.With eight new directors joining as a result of the settlement and of Southwest's earlier board refreshment, the deal is the largest board change Elliott has driven in a U.S. fight.Southwest's board said in September it would drop from 15 directors to 12. Thursday's announcement notches the board back up to 13 members.Also in September, Southwest said Kelly would step down next spring, but the airline's board had staunchly backed Jordan. Both Kelly and Jordan have worked at Southwest for more than three decades.""I believe Southwest's best days lie ahead under the vision and leadership of Bob Jordan and the oversight of this reconstituted Board,"" Kelly said in a release Thursday.— CNBC's Leslie Josephs contributed to this report.Correction: This story has been corrected to remove an inaccurate description for Pierre Breber, who will be joining Southwest's board. Southwest previously announced its board would drop from 15 directors to 12. An earlier version of this story misstated that announcement.",CNBC,24/10/2024,"[""In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly."", 'Southwest CEO Bob Jordan will keep his job as part of the deal.', '""We are pleased to have come to an agreement with Southwest on the addition of six new directors that will enhance and revitalize its Board,"" Elliott\'s John Pike and Bobby Xu said in a statement Thursday.', ""Five of Elliott's board nominees along with former Chevron CFO Pierre Breber will join the board, which will stand at 13 members, Southwest said."", 'The Southwest board will appoint a new chairman to replace Kelly, who will now step down next month instead of next year.', ""Elliott had called for both Kelly and Jordan's ouster and criticized the airline's leadership for not moving fast enough on sales- and profit-boosting strategies."", 'The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.', 'Southwest shares are up more than 6% so far this year while the S&P 500 has risen 21%.', ""The airline's third-quarter profit, also announced Thursday, topped analysts' estimates."", 'The Dallas-based carrier has been slashing unprofitable routes to cut costs.', 'At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion.', 'The airline also authorized a $2.5 billionbuyback, the first $250 million of which was announced Thursday.', 'Elliott and Southwest as recently as last week had been girding for a proxy fight.', 'The activist called for a special meeting in December to vote on its slate of board nominees, which it had trimmed from 10 to eight.', ""Elliott's campaign hinged in large part on the removal of Kelly and Jordan from their leadership positions."", ""With eight new directors joining as a result of the settlement and of Southwest's earlier board refreshment, the deal is the largest board change Elliott has driven in a U.S. fight."", ""Southwest's board said in September it would drop from 15 directors to 12."", ""Thursday's announcement notches the board back up to 13 members."", ""Also in September, Southwest said Kelly would step down next spring, but the airline's board had staunchly backed Jordan."", 'Both Kelly and Jordan have worked at Southwest for more than three decades.', '""I believe Southwest\'s best days lie ahead under the vision and leadership of Bob Jordan and the oversight of this reconstituted Board,"" Kelly said in a release Thursday.—', ""CNBC's Leslie Josephs contributed to this report."", ""Correction: This story has been corrected to remove an inaccurate description for Pierre Breber, who will be joining Southwest's board."", 'Southwest previously announced its board would drop from 15 directors to 12.', 'An earlier version of this story misstated that announcement.']",0.0964097295693194,The airline has made few changes to its business model in its 50 years of flying and is now planning to upend its long-standing policies like open seating and a single-class cabin for premium seats that more profitable carriers like Delta Air Lines offer.,In this articleSouthwest Airlines and activist hedge fund Elliott Investment Management struck a deal to avert a proxy fight in exchange for naming six directors to the airline's board — short of board control — and an earlier retirement for Executive Chairman Gary Kelly.,0.7077855467796326,"At an investor day last month, it said the new revenue initiatives and other changes put it on track to boost earnings before interest and taxes in 2027 by $4 billion.",Elliott had called for both Kelly and Jordan's ouster and criticized the airline's leadership for not moving fast enough on sales- and profit-boosting strategies.,2024-10-24
-Lucid CEO defends $1.75 billion capital raise following stock drop,https://www.cnbc.com/2024/10/21/lucid-ceo-wall-street-capital-raise.html,2024-10-22T11:24:38+0000,"In this articleDETROIT — Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock's worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.Rawlinson said the raise, which included a public offering of nearly 262.5 million shares of its common stock, was a timely, strategic business decision to ensure the electric vehicle company has enough capital for its ongoing operations and growth plans. It also should alleviate any potential worries that the company would need to issue a ""going concern"" disclosure regarding its operations, he said.""We'd signaled that we had a cash runway to Q4 next year. As a Nasdaq company, we have to avoid a going concern. And a going concern is issued within 12 months of your financial runway,"" Rawlinson said Monday from the company's newly opened offices in suburban Detroit. ""So, it should have been no surprise to anybody.""But Wall Street analysts largely took a negative view of the move due to its timing. Several said the raise was unnecessary or came earlier than expected for the company, which had $5.16 billion of total liquidity to end the third quarter. That included more than $4 billion in cash, cash equivalents and investment balances.The announced transactions also come two months after Lucid said Saudi Arabia's Public Investment Fund had agreed to supply the company with $1.5 billion in cash, as the EV maker looks to add new models to its product line.""A cap raise was slightly larger and earlier than we had expected,"" Morgan Stanley analyst Adam Jonas wrote following the raise being announced Wednesday after markets closed.RBC Capital Markets analyst Tom Narayan shared similar thoughts: ""We suspect that investors will wonder why LCID is raising more capital just after it secured the PIF capital in August, and at currently depressed share price levels. We expect Lucid shares to trade sharply lower as a result,"" he wrote in an investor note Wednesday night.Rawlinson on Monday reiterated that the company would raise capital ""opportunistically."" He said the company's current funds now secure its capital into 2026, ahead of it launching a new midsize platform later that year.""This is exactly as expected. It is exactly to the playbook. It should have come as zero surprise to anyone,"" he said. ""And why did I choose this moment? Because I didn't want to string it out to the end, because I didn't have to.""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.""Those five categories are the long-term investment for the future that we're making now,"" Rawlinson said. ""Have we got to cut costs with every car we're making? Absolutely.""Wednesday's announcement was made in conjunction with plans for Lucid's majority stockholder and affiliate of PIF, Ayar Third Investment Co., to purchase more than 374.7 million shares of common stock from Lucid to maintain its roughly 59% ownership of the company.Such a transaction is called pro rata, which allows an investor such as PIF to participate in future rounds of financing and retain its ownership stake. It's something the PIF has routinely done with Lucid.Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.""I think it's been misinterpreted and misreported,"" Rawlinson said. ""The norm is to go pro rata. If we didn't go pro rata, it surely would be a signal that the PIF were losing faith in us.""Lucid last week said the public offering was expected to raise about $1.67 billion, with a 30-day option for underwriter BofA Securities to purchase up to nearly 39.37 million additional shares of Lucid's common stock as well.Lucid has reported record deliveries in 2024 of its current model, an all-electric sedan called Air. The company expects to produce 9,000 vehicles this year. Production of its Gravity SUV is expected to start by the end of this year.However, Lucid's sales and financial performance have not scaled as quickly as expected following higher costs, slower-than-expected demand for EVs, and marketing and awareness problems for the company. — CNBC's Michael Bloom contributed to this report.",CNBC,22/10/2024,"[""In this articleDETROIT — Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock's worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.Rawlinson said the raise, which included a public offering of nearly 262.5 million shares of its common stock, was a timely, strategic business decision to ensure the electric vehicle company has enough capital for its ongoing operations and growth plans."", 'It also should alleviate any potential worries that the company would need to issue a ""going concern"" disclosure regarding its operations, he said.', '""We\'d signaled that we had a cash runway to Q4 next year.', 'As a Nasdaq company, we have to avoid a going concern.', 'And a going concern is issued within 12 months of your financial runway,"" Rawlinson said Monday from the company\'s newly opened offices in suburban Detroit. ""', 'So, it should have been no surprise to anybody.', '""But Wall Street analysts largely took a negative view of the move due to its timing.', 'Several said the raise was unnecessary or came earlier than expected for the company, which had $5.16 billion of total liquidity to end the third quarter.', 'That included more than $4 billion in cash, cash equivalents and investment balances.', ""The announced transactions also come two months after Lucid said Saudi Arabia's Public Investment Fund had agreed to supply the company with $1.5 billion in cash, as the EV maker looks to add new models to its product line."", '""A cap raise was slightly larger and earlier than we had expected,"" Morgan Stanley analyst Adam Jonas wrote following the raise being announced Wednesday after markets closed.', 'RBC Capital Markets analyst Tom Narayan shared similar thoughts: ""We suspect that investors will wonder why LCID is raising more capital just after it secured the PIF capital in August, and at currently depressed share price levels.', 'We expect Lucid shares to trade sharply lower as a result,"" he wrote in an investor note Wednesday night.', 'Rawlinson on Monday reiterated that the company would raise capital ""opportunistically.""', ""He said the company's current funds now secure its capital into 2026, ahead of it launching a new midsize platform later that year."", '""This is exactly as expected.', 'It is exactly to the playbook.', 'It should have come as zero surprise to anyone,"" he said. ""', 'And why did I choose this moment?', ""Because I didn't want to string it out to the end, because I didn't have to."", '""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.', '""Those five categories are the long-term investment for the future that we\'re making now,"" Rawlinson said. ""', ""Have we got to cut costs with every car we're making?"", 'Absolutely.', '""Wednesday\'s announcement was made in conjunction with plans for Lucid\'s majority stockholder and affiliate of PIF, Ayar Third Investment Co., to purchase more than 374.7 million shares of common stock from Lucid to maintain its roughly 59% ownership of the company.', 'Such a transaction is called pro rata, which allows an investorsuch as PIF to participate in future roundsof financing and retain its ownership stake.', ""It's something the PIF has routinely done with Lucid."", 'Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.', '""I think it\'s been misinterpreted and misreported,"" Rawlinson said. ""', 'The norm is to go pro rata.', ""If we didn't go pro rata, it surely would be a signal that the PIF were losing faith in us."", '""Lucid last week said the public offering was expected to raise about $1.67 billion, with a 30-day option for underwriter BofA Securities to purchase up to nearly 39.37 million additional shares of Lucid\'s common stock as well.', 'Lucid has reported record deliveries in 2024 of its current model, an all-electric sedan called Air.', 'The company expects to produce 9,000 vehicles this year.', 'Production of its Gravity SUV is expected to start by the end of this year.', ""However, Lucid's sales and financial performancehave not scaled as quickly as expectedfollowing higher costs, slower-than-expecteddemand for EVs, and marketing and awareness problems for the company. —"", ""CNBC's Michael Bloom contributed to this report.""]",0.0240898600705502,"Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.","""But Wall Street analysts largely took a negative view of the move due to its timing.",0.0642392845714793,"Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.","""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.",2024-10-24
-"Coca-Cola tops earnings estimates, as higher prices offset sluggish demand",https://www.cnbc.com/2024/10/23/coca-cola-ko-q3-2024-earnings.html,2024-10-23T14:59:31+0000,"In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand.Shares of the company fell 2% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier.Excluding items, the company earned 77 cents per share.Adjusted net sales of $11.95 billion were roughly flat from a year earlier. Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter.Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets. The metric strips out the impact of pricing and foreign currency to reflect demand. Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company's conference call. That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less. Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors. Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions. The company called out volume declines in China and Turkey specifically. Like North America, Latin America reported flat volume.Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter. The company's juice, dairy and plant-based beverages division reported a 3% decline in volume. Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.Coke said its pricing rose 10%. Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%. The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year. Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.",CNBC,23/10/2024,"[""In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand."", 'Shares of the company fell 2% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier."", 'Excluding items, the company earned 77 cents per share.', 'Adjusted net sales of $11.95 billion were roughly flat from a year earlier.', ""Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter."", 'Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets.', 'The metric strips out the impact of pricing and foreign currency to reflect demand.', 'Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.', 'A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company\'s conference call.', 'That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.', 'Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less.', 'Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.', ""Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors."", 'Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.', ""But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions."", 'The company called out volume declines in China and Turkey specifically.', 'Like North America, Latin America reported flat volume.', ""Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter."", ""The company's juice, dairy and plant-based beverages division reported a 3% decline in volume."", 'Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.', 'Coke said its pricing rose 10%.', 'Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.', '""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""', 'Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.', '""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%.', 'The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.', 'Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.']",0.0973301379868602,"Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.","The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.",-0.2266080638636713,Coke said its pricing rose 10%.,Adjusted net sales of $11.95 billion were roughly flat from a year earlier.,2024-10-24
-Shares of Peloton surge 11% after David Einhorn says stock is significantly undervalued,https://www.cnbc.com/2024/10/23/david-einhorn-says-peloton-is-significantly-undervalued.html,2024-10-24T11:21:47+0000,"In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned. Einhorn made the pitch at the Robin Hood Investors Conference. It was not immediately clear what Einhorn believed Peloton shares should trade at.He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said. Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30. Peloton's stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday's close. Einhorn's comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer's stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment. The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year. It is in the process of finding a new CEO and expects to announce its next top executive this year.When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround. Peloton did not immediately respond to CNBC's request for comment.",CNBC,24/10/2024,"[""In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned."", 'Einhorn made the pitch at the Robin Hood Investors Conference.', 'It was not immediately clear what Einhorn believed Peloton shares should trade at.', 'He made the case for the company as he was riding a Peloton bike, a person familiar with his remarks said.', ""Over the summer, Greenlight Capital, the hedge fund that Einhorn founded in 1996, disclosed it had a $6.8 million stake in the company as of June 30.Peloton's stock tends to be volatile and is up a little more than 1% so far this year, as of Tuesday's close."", ""Einhorn's comments come one day after the company announced it was partnering with Costco to sell its Bike+ in the retailer's stores and online as it looks to reach younger, wealthier consumers with the discretionary income to buy pricey exercise equipment."", 'The company is currently being led by two board members after CEO Barry McCarthy stepped down earlier this year.', 'It is in the process of finding a new CEO and expects to announce its next top executive this year.', 'When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround.', ""Peloton did not immediately respond to CNBC's request for comment.""]",0.1622584217865628,"When reporting earnings in August, Peloton indicated it was ready to focus more on profitability over growth after completing a massive refinancing that pushed out its debt maturities and bought it some time to affect a turnaround.",,0.9987915754318236,"In this articleShares of Peloton spiked more than 11% on Wednesday after Greenlight Capital's David Einhorn said shares of the company are significantly undervalued, CNBC has learned.",,2024-10-24
-"TKO Group to acquire IMG, Professional Bull Riders and On Location from Endeavor for $3.25 billion",https://www.cnbc.com/2024/10/24/tko-group-to-acquire-img-pbr-and-on-location-from-endeavor.html,2024-10-24T13:40:19+0000,"In this articleTKO Group, the company that owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses for $3.25 billion from its controlling owner, Endeavor Group.The businesses are Professional Bull Riders, On Location and IMG, the companies announced Thursday. The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues. While the company does acquire a new league in PBR, the world's largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. ""At TKO, we're primarily interested in league ownership if that exists and businesses that can power our current sports ecosystem. That could be ticket sales, hospitality, consumer products, media rights expertise. That's what we're getting in IMG and On Location.""Private equity firm Silver Lake announced its intentions to take Endeavor private earlier this year. As part of that transaction, Silver Lake wanted to divest certain assets, Shapiro said. Endeavor came to the TKO board with a proposal to sell the three businesses. TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.PBR puts on more than 200 events annually for more than 1 million fans. PBR CEO and Commissioner Sean Gleason will continue to lead the organization, TKO said in a statement.On Location provides luxury hospitality for major sporting events including the Super Bowl, the Ryder Cup, March Madness, the FIFA World Cup and the Olympics. IMG packages and sells media rights and brand partnerships, providing strategic consultancy on the biggest TV deals for the NFL, English Premier League, National Hockey League, Major League Soccer, UFC, WWE and PBR. The acquisition of IMG does not include ""businesses associated with the IMG brand in licensing, models, and tennis representation, nor IMG's full events portfolio,"" according to the TKO statement. In addition to the transaction, TKO also announced it is initiating an annual dividend of $300 million and has authorized a share buyback program of up to $2 billion for its Class A common stock.",CNBC,24/10/2024,"['In this articleTKO Group, the company that owns WWE and UFC, is expanding into sports-adjacent properties by acquiring three businesses for $3.25 billion from its controlling owner, Endeavor Group.', 'The businesses are Professional Bull Riders, On Location and IMG, the companies announced Thursday.', ""The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues."", 'While the company does acquire a new league in PBR, the world\'s largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. ""', ""At TKO, we're primarily interested in league ownership if that exists and businesses that can power our current sports ecosystem."", 'That could be ticket sales, hospitality, consumer products, media rights expertise.', ""That's what we're getting in IMG and On Location."", '""Private equity firm Silver Lake announced its intentions to take Endeavor private earlier this year.', 'As part of that transaction, Silver Lake wanted to divest certain assets, Shapiro said.', 'Endeavor came to the TKO board with a proposal to sell the three businesses.', 'TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.', 'PBR puts on more than 200 events annually for more than 1 million fans.', 'PBR CEO and Commissioner Sean Gleason will continue to lead the organization, TKO said in a statement.', 'On Location provides luxury hospitality for major sporting events including the Super Bowl, the Ryder Cup, March Madness, the FIFA World Cup and the Olympics.', 'IMG packages and sells media rights and brand partnerships, providing strategic consultancy on the biggest TV deals for the NFL, English Premier League, National Hockey League, Major League Soccer, UFC, WWE and PBR.', 'The acquisition of IMG does not include ""businesses associated with the IMG brand in licensing, models, and tennis representation, nor IMG\'s full events portfolio,"" according to the TKO statement.', 'In addition to the transaction, TKO also announced it is initiating an annual dividend of $300 million and has authorized a share buyback program of up to $2 billion for its Class A common stock.']",0.1242944349710279,"TKO organized a special committee to examine the transaction, which it ultimately recommended to the board, Shapiro said.","While the company does acquire a new league in PBR, the world's largest bull riding league, it also is expanding into luxury hospitality with On Location and media rights consultancy through IMG.""Sports unify us and have never been in more demand,"" said Mark Shapiro, president and chief operating officer of both Endeavor and TKO, in an interview. """,0.9950423041979471,"The deal is all stock, and Endeavor's ownership in TKO will increase from 53% to 59%.The transaction expands TKO's strategic ambitions by broadening its sports focus beyond the operation of leagues.",,2024-10-24
-Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures,https://www.cnbc.com/2024/10/23/apple-goldman-sachs-fines-apple-card-failures.html,2024-10-23T20:32:47+0000,"In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service. The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices. While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest. Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.""Apple Card is one of the most consumer-friendly credit cards that has ever been offered. We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.""Apple said it worked closely with Goldman Sachs to address the issues when it learned about them.""While we strongly disagree with the CFPB's characterization of Apple's conduct, we have aligned with them on an agreement,"" an Apple spokesperson said. ""We look forward to continuing to deliver a great experience for our Apple Card customers.""— CNBC's Hugh Son and Steve Kovach contributed to this report.",CNBC,23/10/2024,"['In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.', 'The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.', 'Even when Goldman Sachs did receive disputes, the CFPBsaid the bank did not follow federal requirements when investigating the cases.', 'Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million.', 'The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.', '""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers.', 'Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.', ""Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service."", 'The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.', 'That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.', 'But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices.', 'While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest.', 'Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.', '""Apple Card is one of the most consumer-friendly credit cards that has ever been offered.', 'We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""', 'We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.', '""Apple said it worked closely with Goldman Sachs to address the issues when it learned about them.', '""While we strongly disagree with the CFPB\'s characterization of Apple\'s conduct, we have aligned with them on an agreement,"" an Apple spokesperson said. ""', 'We look forward to continuing to deliver a great experience for our Apple Card customers.""—', ""CNBC's Hugh Son and Steve Kovach contributed to this report.""]",0.270534942455914,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.,-0.1531419952710469,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,"Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.",2024-10-24
-"Starbucks shares slide after coffee chain says sales fell again, suspends outlook",https://www.cnbc.com/2024/10/22/starbucks-shares-slide-after-preliminary-results-show-sales-fell-again.html,2024-10-23T12:13:21+0000,"In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that's exactly what we are doing with our 'Back to Starbucks' plan,"" CEO Brian Niccol said in a statement.Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30. The coffee chain's new CEO aims to reverse slowing demand for Starbucks' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program. He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers. All three of those goals have been top complaints from customers and baristas in recent years.""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company's website on Tuesday.The company's preliminary net sales fell 3% to $9.1 billion. It reported preliminary adjusted earnings per share of 80 cents.Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.Shares of the company fell more than 3% in extended trading on the announcement.For the third consecutive quarter, Starbucks' same-store sales fell. This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.The company blamed its soft sales on weaker demand in North America. In its home market, its same-store sales decreased 6%. Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.In China, its second-largest market, same-store sales plummeted 14%. The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market.The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant. The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers. Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months.Niccol joined Starbucks after six years as CEO of Chipotle. During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business. In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding.Niccol has also been reshuffling the company's executive ranks. On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position. Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role. Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August.Shares of Starbucks are up 1% this year, as of Tuesday's close. The company has a market cap of more than $109 billion.",CNBC,23/10/2024,"['In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.', '""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that\'s exactly what we are doing with our \'Back to Starbucks\' plan,"" CEO Brian Niccol said in a statement.', ""Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30."", 'The coffee chain\'s new CEO aims to reverse slowing demand for Starbucks\' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program.', 'He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers.', 'All three of those goals have been top complaints from customers and baristas in recent years.', '""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company\'s website on Tuesday.', ""The company's preliminary net sales fell 3% to $9.1 billion."", 'It reported preliminary adjusted earnings per share of 80 cents.', 'Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.', 'Shares of the company fell more than 3% in extended trading on the announcement.', ""For the third consecutive quarter, Starbucks' same-store sales fell."", ""This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic."", 'The company blamed its soft sales on weaker demand in North America.', 'In its home market, its same-store sales decreased 6%.', 'Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.', 'In China, its second-largest market, same-store sales plummeted 14%.', ""The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market."", 'The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.', '""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.', '""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.', 'Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.', ""The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant."", 'The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.', 'In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers.', ""Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months."", 'Niccol joined Starbucks after six years as CEO of Chipotle.', 'During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.', ""To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business."", ""In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding."", ""Niccol has also been reshuffling the company's executive ranks."", 'On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position.', 'Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role.', ""Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August."", ""Shares of Starbucks are up 1% this year, as of Tuesday's close."", 'The company has a market cap of more than $109 billion.']",0.0891955299188254,"""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.",The company blamed its soft sales on weaker demand in North America.,-0.3245488777756691,"Shares of Starbucks are up 1% this year, as of Tuesday's close.",This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.,2024-10-24
-"American Airlines lifts 2024 profit forecast after sales strategy shift, posts third-quarter loss",https://www.cnbc.com/2024/10/24/american-airlines-aal-3q-2024-earnings.html,2024-10-24T13:39:32+0000,"In this articleAmerican Airlines posted a third-quarter loss but raised its profit forecast for the year as CEO Robert Isom said the company's sales strategy shift earlier this year is paying off.The carrier said it expects to earn between 25 cents and 50 cents a share on an adjusted basis for the fourth quarter, above the 29 cents analysts polled by LSEG expected. For the full year, the airline expects to earn as much as an adjusted $1.60 a share, ahead of an earlier American forecast for no more than $1.30 a share.American in May fired its chief commercial officer after a sales strategy that aimed to drive direct bookings backfired and quickly reverted much of its sales model.""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we're confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.""Here is how American performed in the third quarter compared with Wall Street estimates compiled by LSEG:American's revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier. Unit revenue fell 2% in the quarter.For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.",CNBC,24/10/2024,"[""In this articleAmerican Airlines posted a third-quarter loss but raised its profit forecast for the year as CEO Robert Isom said the company's sales strategy shift earlier this year is paying off."", 'The carrier said it expects to earn between 25 cents and 50 cents a share on an adjusted basis for the fourth quarter, above the 29 cents analysts polled by LSEG expected.', 'For the full year, the airline expects to earn as much as an adjusted $1.60 a share, ahead of an earlier American forecast for no more than $1.30 a share.', 'American in May fired its chief commercial officer after a sales strategy that aimed to drive direct bookings backfired and quickly reverted much of its sales model.', '""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we\'re confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""', 'We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.', '""Here is how American performedin thethird quartercompared with Wall Street estimates compiled by LSEG:American\'s revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier.', 'Unit revenue fell 2% in the quarter.', 'For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.']",0.1118594735197558,We have heard great feedback from travel agencies and corporate customers as we work to rebuild the foundation of our commercial strategy and make it easy for customers to do business with American.,"""Here is how American performedin thethird quartercompared with Wall Street estimates compiled by LSEG:American's revenue rose 1.2% to a record $13.65 billion for the three months ended Sept. 30, but posted a net loss of $149 million, narrower than the $545 million loss it reported a year earlier.",0.3249094618691338,"""We have taken aggressive action to reset our sales and distribution strategy and reengage the business travel community, which we're confident will improve our revenue performance over time,"" Isom said in an earnings release on Thursday. ""","For the fourth quarter, American said its unit revenue will likely drop between 1% to 3% compared with last year, with capacity up as much as 3% year over year.",2024-10-24
-"Peloton partners with Costco to sell Bike+ as it looks to reach young, wealthy customers",https://www.cnbc.com/2024/10/22/peloton-costco-partner-to-sell-bike-for-2024-holiday.html,2024-10-22T16:33:23+0000,"In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday.Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495. The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty. It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer. The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers. Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview. ""We've been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."" Camp Sanders said Peloton's partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers. The membership-based club has gained popularity as shoppers across all incomes prioritize value and try to get more for their money with bulk packs and private-label items.As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data. Costco's members are also getting younger. Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not. About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September. According to Numerator, 36% of Costco's customers have a household income of more than $125,000. Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population.Camp Sanders said Costco's members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers. ""Many of [Costco's] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""Many Costco members are juggling families, they maybe have a busy career … and they've got the space in their home"" to build their own gyms, he continued. Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases. For example, hundreds of Hyatt Hotel properties have Peloton equipment on site. As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay. It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.",CNBC,22/10/2024,"[""In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday."", ""Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495."", ""The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty."", 'It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer.', 'The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.', 'Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.', 'As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers.', ""Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview."", '""We\'ve been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""', ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."", '""Camp Sanders said Peloton\'s partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.', 'The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers.', 'The membership-based club hasgained popularity as shoppersacross all incomesprioritize value and try to get more for their money with bulk packs and private-label items.', 'As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.', ""Costco's members are also getting younger."", 'Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not.', ""About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September."", ""According to Numerator, 36% of Costco's customers have a household income of more than $125,000."", ""Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population."", 'Camp Sanders said Costco\'s members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers.', '""Many of [Costco\'s] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""', 'Many Costco members are juggling families, they maybe have a busy career … and they\'ve got the space in their home"" to build their own gyms, he continued.', ""Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases."", 'For example, hundreds of Hyatt Hotel properties have Peloton equipment on site.', 'As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay.', 'It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.', ""Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.""]",0.2249941021309299,"Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",0.802168380130421,"As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",2024-10-24
-Boeing machinists to vote on new proposal with 35% raises that could end strike,https://www.cnbc.com/2024/10/19/boeing-workers-to-vote-on-new-proposal-that-could-end-strike.html,2024-10-21T13:53:47+0000,"In this articleBoeing and its machinists' union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than monthlong strike that has hobbled the manufacturers' aircraft  production.The ratification vote is set for Wednesday.The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes.Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week. ""With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,"" the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years. Boeing later made a sweetened offer but the union blasted it saying it was not negotiated.""We look forward to our employees voting on the negotiated proposal,"" Boeing said in a statement.Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.The company earlier this month said it will report a deep loss and take charges of about $5 billion in its commercial and defense units. A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.On Oct. 11, he announced job cuts of 10% of Boeing's workforce and that the company will stop making 767s when orders are fulfilled in 2027.",CNBC,21/10/2024,"[""In this articleBoeing and its machinists' union have reached a newcontract proposal, the union said Saturday, outlininga deal that could end a more than monthlong strike that has hobbled the manufacturers' aircraft production."", 'The ratification vote is set for Wednesday.', 'The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes.', 'Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week.', '""With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,"" the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.', '""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.', 'The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years.', 'Boeing later made a sweetened offer but the union blasted it saying it was not negotiated.', '""We look forward to our employees voting on the negotiated proposal,"" Boeing said in a statement.', 'Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.', 'The company earlier this month said it will report a deep loss and take charges of about $5 billion in its commercial and defense units.', 'A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.', ""On Oct.11, he announced job cuts of 10% of Boeing's workforce and that the company will stop making 767s when orders are fulfilled in 2027.""]",0.095604632052522,"""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.",Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.,0.2523415982723236,"A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.",Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.,2024-10-24
-'Swicy' items take over restaurant menus as Gen Z seeks heat,https://www.cnbc.com/2024/10/22/swicy-items-take-over-restaurant-menus-as-gen-z-seeks-heat.html,2024-10-22T18:46:25+0000,"The hottest food and drink trend this year isn't just spicy — it's also sweet.""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing. While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors. The Food Institute even dubbed it the ""Summer of Swicy"" this year.Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential. Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers. Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment.Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales. In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence. Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen. The one element that might have changed over time are the spice levels.""I'm sure food is hotter now than it was 20 years ago,"" Nielsen said.She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen. Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza. But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.""Now, four years on, we're moving out of this and adding more spicy flavors,"" Nielsen said.Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division.McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show. The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.The following year, McCormick, which owns Frank's RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there's something for everyone,"" Cohen Aviram said.One reason why so many U.S. consumers are seeking out spicy foods and drinks? Increasing diversity.""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it. Then it gets introduced and repackaged,"" Nielsen said.For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation.One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze. After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors. It told customers to pick a side: team swicy or team umami.The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that's really excited about complex flavor profiles — but there's only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.Here's one example of the generation's heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said.Feedback from Shake Shack's customers reflects that, too.""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like 'Hey, you could have punched it up a little bit,'"" Karangis said.Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar.""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you're just not going to sense the nuance,"" she said.When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness. At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink. The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O'Toole, Burger King North America's chief marketing officer.The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile.""Guests can easily and accessibly try a 'swicy' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.Of course, not all swicy profiles resonate with customers. For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.But despite some missteps, the swicy pairing is likely here to stay – at least for a while.""The flavors will stick around, for sure. I think the name will get tiresome. ... It probably still has a couple of years to go,"" Nielsen said.",CNBC,22/10/2024,"[""The hottest food and drink trend this year isn't just spicy — it's also sweet."", '""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing.', ""While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors."", 'The Food Institute even dubbed it the ""Summer of Swicy"" this year.', 'Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.', ""Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers."", ""Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment."", 'Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.', 'Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales.', ""In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence."", 'Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.', 'While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen.', 'The one element that might have changed over time are the spice levels.', '""I\'m sure food is hotter now than it was 20 years ago,"" Nielsen said.', 'She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.', ""The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen."", 'Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.', 'The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza.', 'But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.', '""Now, four years on, we\'re moving out of this and adding more spicy flavors,"" Nielsen said.', ""Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division."", 'McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show.', 'The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.', 'The following year, McCormick, which owns Frank\'s RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.', '""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there\'s something for everyone,"" Cohen Aviram said.', 'One reason why so many U.S. consumers are seeking out spicy foods and drinks?', 'Increasing diversity.', '""The reason that sweet heat or swicy is sort of everlasting is that it\'s a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.', 'Then it gets introduced and repackaged,"" Nielsen said.', ""For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation."", 'One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze.', ""After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors."", 'It told customers to pick a side: team swicy or team umami.', 'The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that\'s really excited about complex flavor profiles — but there\'s only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.', 'Here\'s one example of the generation\'s heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.', ""And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said."", ""Feedback from Shake Shack's customers reflects that, too."", '""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like \'Hey, you could have punched it up a little bit,\'"" Karangis said.', ""Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar."", '""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you\'re just not going to sense the nuance,"" she said.', 'When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness.', 'At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink.', 'The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O\'Toole, Burger King North America\'s chief marketing officer.', ""The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile."", '""Guests can easily and accessibly try a \'swicy\' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O\'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.', 'Of course, not all swicy profiles resonate with customers.', 'For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.', 'But despite some missteps, the swicy pairing is likely here to stay – at least for a while.', '""The flavors will stick around, for sure.', 'I think the name will get tiresome. ...', 'It probably still has a couple of years to go,"" Nielsen said.']",0.2628919497619236,"""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.","Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers.",0.5218298898802863,"Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.","In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence.",2024-10-24
-UK borrowing for September rises ahead of Budget,https://www.bbc.co.uk/news/articles/c981857nl79o,2024-10-22T06:12:15.682Z,"Government borrowing rose last month, marking the third-highest September since records began in January 1993. Official figures show that borrowing - the difference between spending and tax take - reached £16.6bn, continuing a trend of overshooting official forecasts. The numbers present a challenge for the Treasury at the Budget next week as it has decided it will not borrow to fund day-to-day spending. It is, however, expected to change its self-imposed debt rules to give it more leeway on investment, meaning it could spend more on longer-term projects.  Chief Treasury Secretary Darren Jones claimed the new Labour government had inherited a fiscal ""black hole"" and that resolving this ""will require difficult decisions"". Economists have predicted Labour may raise taxes or cut spending in the Budget on  30 October as it tries to deal with long-running government debts and borrowing. Some believe it will change its fiscal rules, with Jones giving his clearest indication yet last week that Labour will do so to allow it borrow to invest in big infrastructure projects. ""Today’s data highlights the scale of the public finances challenges facing the chancellor,"" said Cara Pacitti, senior economist at the Resolution Foundation. The Office for National Statistics (ONS) said the spending increase was partly due to higher debt interest and public sector pay rises, such as the one Labour gave to junior doctors to settle their strike action in July. Meanwhile, the social benefits bill fell by £2bn to £25.7bn, with Labour's cut to winter fuel payments for wealthier pensioners outweighing the yearly increase in inflation-linked benefits. ""While it is too late for September’s disappointing public finances figures to influence the amount of headroom the Office for Budget Responsibility (OBR) will hand the chancellor in the Budget on 30 October, they do highlight the limited scope the Chancellor has to increase day-to-day spending without raising taxes,"" said Alex Kerr, UK economist at Capital Economics. ""That said, if she tweaks her fiscal rules, she will still have room to raise public investment.""  The increased borrowing means the UK's national debt stood at 98.5% of its economic output at the end of September, a slight drop from the month before but still around levels last seen in the early 1960s. The OBR, which monitors the UK government’s spending plans and performance, predicted borrowing of £15.1bn for September, less than the actual figure that came in. It marks a continuation of a trend where official figures have been overshooting OBR forecasts every month since June. The ONS figure for borrowing the first six months of the financial year is £79.6bn, compared with £73.0bn forecast by the OBR.  The monthly figure for September was, however, lower than expected by economists, who had collectively predicted borrowing of £17.5bn. Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.  It’ll be delivered straight to your inbox every weekday. ",BBC,22/10/2024,"['Government borrowing rose last month, marking the third-highest September since records began in January 1993.', 'Official figures show that borrowing - the difference between spending and tax take - reached £16.6bn, continuing a trend of overshooting official forecasts.', 'The numbers present a challenge for the Treasury at the Budget next week as it has decided it will not borrow to fund day-to-day spending.', 'It is, however, expected to change its self-imposed debt rules to give it more leeway on investment, meaning it could spend more on longer-term projects.', 'Chief Treasury Secretary Darren Jones claimed the new Labour government had inherited a fiscal ""black hole"" and that resolving this ""will require difficult decisions"".', 'Economists have predicted Labour may raise taxes or cut spending in the Budget on 30 October as it tries to deal with long-running government debts and borrowing.', 'Some believe it will change its fiscal rules, with Jones giving his clearest indication yet last week that Labour will do so to allow it borrow to invest in big infrastructure projects. ""', 'Today’s data highlights the scale of the public finances challenges facing the chancellor,"" said Cara Pacitti, senior economist at the Resolution Foundation.', 'The Office for National Statistics (ONS) said the spending increase was partly due to higher debt interest and public sector pay rises, such as the one Labour gave to junior doctors to settle their strike action in July.', 'Meanwhile, the social benefits bill fell by £2bn to £25.7bn, with Labour\'s cut to winter fuel payments for wealthier pensioners outweighing the yearly increase in inflation-linked benefits. ""', 'While it is too late for September’s disappointing public finances figures to influence the amount of headroom the Office for Budget Responsibility (OBR) will hand the chancellor in the Budget on 30 October, they do highlight the limited scope the Chancellor has to increase day-to-day spending without raising taxes,"" said Alex Kerr, UK economist at Capital Economics. ""', 'That said, if she tweaks her fiscal rules, she will still have room to raise public investment.""', ""The increased borrowing means the UK's national debt stood at 98.5% of its economic output at the end of September, a slight drop from the month before but still around levels last seen in the early 1960s."", 'The OBR, which monitors the UK government’s spending plans and performance, predicted borrowing of £15.1bn for September, less than the actual figure that came in.', 'It marks a continuation of a trend where official figures have been overshooting OBR forecasts every month since June.', 'The ONS figure for borrowing the first six months of the financial year is £79.6bn, compared with £73.0bn forecast by the OBR.', 'The monthly figure for September was, however, lower than expected by economists, who had collectively predicted borrowing of £17.5bn.', 'Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.1275080809057589,"Meanwhile, the social benefits bill fell by £2bn to £25.7bn, with Labour's cut to winter fuel payments for wealthier pensioners outweighing the yearly increase in inflation-linked benefits. ""","It is, however, expected to change its self-imposed debt rules to give it more leeway on investment, meaning it could spend more on longer-term projects.",-0.2463540985034062,"Government borrowing rose last month, marking the third-highest September since records began in January 1993.","The OBR, which monitors the UK government’s spending plans and performance, predicted borrowing of £15.1bn for September, less than the actual figure that came in.",2024-10-23
-Binance in Nigeria: Charges dropped against cryptocurrency executive Tigran Gambaryan,https://www.bbc.co.uk/news/articles/c8dmp1jg448o,2024-10-23T16:08:30.693Z,"Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad. Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) - which they denied. The 40-year-old was in charge of financial crime compliance at Binance, the world's largest crypto exchange that Nigeria blames for much of its recent economic turmoil. It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency. The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism. Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre - a prison in the capital, Abuja where he had been held since April - were exacerbating a back problem. “The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August. The High Court judge has twice denied him bail, saying he was a potential flight risk. This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager. He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest - and is still wanted by the Nigerian authorities. According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness. The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him. ""We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,"" Reuters quotes EFCC lawyer Ekele Ihenacho as saying. The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court. Binance has also fallen foul of US laws. Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform. 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,23/10/2024,"['Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad.', 'Tigran Gambaryan, a US citizen, was arrested on a business trip to Nigeria in February and later charged alongside his company Binance with laundering $35.4m (£28m) - which they denied.', ""The 40-year-old was in charge of financial crime compliance at Binance, the world's largest crypto exchange that Nigeria blames for much of its recent economic turmoil."", 'It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.', 'The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.', 'Mr Gambaryan’s family has been calling for his release over concerns about his health, saying conditions at the Kuje Correctional Centre - a prison in the capital, Abuja where he had been held since April - were exacerbating a back problem. “', 'The herniated disc in his back has worsened to the point where it might leave permanent damage and affect his ability to walk,” his wife Yuki said in August.', 'The High Court judge has twice denied him bail, saying he was a potential flight risk.', 'This followed the escape from custody of his colleague Nadeem Anjarwalla, a British-Kenyan dual national who was Binance’s Africa regional manager.', 'He was arrested alongside Mr Gambaryan in February but fled the country within weeks of the pair being put under house arrest - and is still wanted by the Nigerian authorities.', 'According to the Reuters news agency, Gambaryan’s trial was adjourned last Friday as he was not able to appear because of illness.', 'The Economic and Financial Crimes Commission (EFCC) then announced in court in Abuja on Wednesday that it was dropping the case against him. ""', 'We have withdrawn the money laundering charges against Tigran Gambaryan to allow him to get medical treatment outside the country,"" Reuters quotes EFCC lawyer Ekele Ihenacho as saying.', 'The tax evasion charges filed against Binance by the Federal Inland Revenue Service will still be pursued in court.', 'Binance has also fallen foul of US laws.', 'Last November its founder Changpeng Zhao resigned and in April was sentenced to four months in prison for allowing criminals to launder money on his platform.', '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']",-0.3603618320711833,"It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.","The charges against Binance, including tax evasion offences that it denies, were part of a clampdown by the Nigerian authorities on cryptocurrency firms in general over fears they were being used for money laundering and financing terrorism.",-0.6003132121903556,Nigeria’s anti-corruption agency has dropped a money-laundering case against a top cryptocurrency executive to allow him to get medical treatment abroad.,"It accused the digital platform - where investors can buy, sell and trade cryptocurrencies - of fixing exchange rates and currency speculation leading to the free-fall of the local currency.",2024-10-23
-"Volkswagen cars taken away with little warning, says watchdog",https://www.bbc.co.uk/news/articles/cy8080n5yelo,2024-10-21T12:56:44.134Z,"Vulnerable people who owned cars through a loan scheme with Volkswagen's finance arm had them taken away with ""limited, if any"" warning, a watchdog has ruled. One customer who was struggling to meet loan payments told Volkswagen Finance he was going through a difficult time and had tried to take his own life, but the firm showed ""a lack of empathy"", the Financial Conduct Authority (FCA) said. Around 110,000 customers will get a share of the £21.5m compensation the FCA said VW Finance must pay for its failures. The FCA has also fined the firm £5.4m for the behaviour. The company said it had made ""significant adjustments"" to its business since. VW Finance added it recognised its shortcomings and apologised for ""any detriment caused"". According to the FCA's report, VW Finance failed to engage with customers who were struggling to pay and sent them ""templated communications"". Other drivers were charged the cost of taking their cars away and ignored by VW Finance when they tried to discuss repayment options. The FCA's report was the result of speaking to case studies and analysing VW Finance's processes. The report cites one man who told the company about his divorce, anxiety and attempts to take his own life, but was treated ""sarcastically"". It also refers to a woman who lost her job and had her car taken away and sold at auction after falling behind on the payments, despite offering multiple times to find a repayment arrangement. After the car was repossessed, she was charged £252 for ""sundry debit” and an “adjustment”. ""In actual fact, this was a repossession fee,"" the FCA said. VW Finance would have been fined £7.7m, but it received a 30% discount after agreeing with the FCA to solve the issues. Jane Sydenham, investment director at Rathbones, told BBC Radio 4's Today programme on Tuesday that VW Finance was not alone in its behaviour. ""A lot of finance companies started to find that a lot of customers were falling behind on payments when interest rates quite quickly in 2022 — and some companies did not handle this well,"" she said. Meanwhile, Rocio Concha, director of policy and advocacy at consumer group Which?, said VW Finance's repossession of cars without offering alternative options was ""particularly concerning"". A spokesperson for VW Finance told the BBC: ""We recognise our shortcomings in these past cases and have made significant adjustments over recent years to ensure that we are always delivering the right level of service,""  ""We are in the process of concluding our remediation efforts as we continue to provide goodwill payments to affected customers and apologise for any detriment caused."" VW Finance is the UK-based finance arm of the wider German car group Volkswagen, which also owns car brands Audi, Skoda, Bentley, Porsche and several others. This not the only time the FCA has punished a car finance firm for its treatment of vulnerable customers. In 2020, Moneybarn was told to pay out £30m in compensation to all of its 5,933 customers and hit with a £2.77m fine for its failure to treat drivers fairly or give them clear information. The FCA said Moneybarn had ""failed to allow customers the ability to clear their arrears over a realistic and sustainable period"". ",BBC,21/10/2024,"['Vulnerable people who owned cars through a loan scheme with Volkswagen\'s finance arm had them taken away with ""limited, if any"" warning, a watchdog has ruled.', 'One customer who was struggling to meet loan payments told Volkswagen Finance he was going through a difficult time and had tried to take his own life, but the firm showed ""a lack of empathy"", the Financial Conduct Authority (FCA) said.', 'Around 110,000 customers will get a share of the £21.5m compensation the FCA said VW Finance must pay for its failures.', 'The FCA has also fined the firm £5.4m for the behaviour.', 'The company said it had made ""significant adjustments"" to its business since.', 'VW Finance added it recognised its shortcomings and apologised for ""any detriment caused"".', 'According to the FCA\'s report, VW Finance failed to engage with customers who were struggling to pay and sent them ""templated communications"".', 'Other drivers were charged the cost of taking their cars away and ignored by VW Finance when they tried to discuss repayment options.', ""The FCA's report was the result of speaking to case studies and analysing VW Finance's processes."", 'The report cites one man who told the company about his divorce, anxiety and attempts to take his own life, but was treated ""sarcastically"".', 'It also refers to a woman who lost her job and had her car taken away and sold at auction after falling behind on the payments, despite offering multiple times to find a repayment arrangement.', 'After the car was repossessed, she was charged £252 for ""sundry debit” and an “adjustment”. ""', 'In actual fact, this was a repossession fee,"" the FCA said.', 'VW Finance would have been fined £7.7m, but it received a 30% discount after agreeing with the FCA to solve the issues.', 'Jane Sydenham, investment director at Rathbones, told BBC Radio 4\'s Today programme on Tuesday that VW Finance was not alone in its behaviour. ""', 'A lot of finance companies started to find that a lot of customers were falling behind on payments when interest rates quite quickly in 2022 — and some companies did not handle this well,"" she said.', 'Meanwhile, Rocio Concha, director of policy and advocacy at consumer group Which?,', 'said VW Finance\'s repossession of cars without offering alternative options was ""particularly concerning"".', 'A spokesperson for VW Finance told the BBC: ""We recognise our shortcomings in these past cases and have made significant adjustments over recent years to ensure that we are always delivering the right level of service,"" ""We are in the process of concluding our remediation efforts as we continue to provide goodwill payments to affected customers and apologise for any detriment caused.""', 'VW Finance is the UK-based finance arm of the wider German car group Volkswagen, which also owns car brands Audi, Skoda, Bentley, Porsche and several others.', 'This not the only time the FCA has punished a car finance firm for its treatment of vulnerable customers.', 'In 2020, Moneybarn was told to pay out £30m in compensation to all of its 5,933 customers and hit with a £2.77m fine for its failure to treat drivers fairly or give them clear information.', 'The FCA said Moneybarn had ""failed to allow customers the ability to clear their arrears over a realistic and sustainable period"".']",-0.0745511591932181,"A spokesperson for VW Finance told the BBC: ""We recognise our shortcomings in these past cases and have made significant adjustments over recent years to ensure that we are always delivering the right level of service,"" ""We are in the process of concluding our remediation efforts as we continue to provide goodwill payments to affected customers and apologise for any detriment caused.""","Vulnerable people who owned cars through a loan scheme with Volkswagen's finance arm had them taken away with ""limited, if any"" warning, a watchdog has ruled.",-0.5095826039711634,"VW Finance would have been fined £7.7m, but it received a 30% discount after agreeing with the FCA to solve the issues.","A lot of finance companies started to find that a lot of customers were falling behind on payments when interest rates quite quickly in 2022 — and some companies did not handle this well,"" she said.",2024-10-23
-Meta combats celebrity scam ads with face recognition tech,https://www.bbc.co.uk/news/articles/cg565mrdz7zo,2024-10-22T10:33:20.809Z,"Facebook and Instagram owner Meta is to introduce facial recognition technology to try and crack down on scammers who fraudulently use celebrities in adverts. Elon Musk and personal finance expert, Martin Lewis, are among those to fall victim to such scams, which typically promote investment schemes and crypto-currencies. Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them. Meta already uses an ad review system which uses artificial intelligence (AI) to detect fake celebrity endorsements but is now seeking to beef it up with facial recognition tech. It will work by comparing images from ads flagged as being dubious with celebrities' Facebook or Instagram profile photos. If the image is a confirmed to be a match, and the ad a scam, it will be automatically deleted. Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait."" The problem of celebrity scams has been a long-running one for Meta. It became so significant in the 2010s that Mr Lewis took legal action against Facebook, but he ultimately dropped the case when the tech giant agreed to introduce a button so people could report scam ads.  In addition to introducing the button, Facebook also agreed to donate £3m to Citizens Advice. But, since then, the scams have become more complex and significantly more believable. They are increasingly powered by so-called deepfake technology, where a realistic computer-generated likeness or video is used to make it seem like the celebrity is backing a product or service. Meta has faced pressure to do something about the growing threat of these ads. On Sunday, Mr Lewis urged the government to give the UK regulator, Ofcom, more powers to tackle scam ads after a fake interview with Chancellor Rachel Reeves was used to trick people into giving away their bank details. ""Scammers are relentless and continuously evolve their tactics to try to evade detection,"" Meta acknowledged. ""We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added. Meta has also announced it will also use facial recognition tech to help people who find themselves locked out of their social media. Currently, unlocking Instagram or Facebook accounts involves uploading official ID or documents. But now video selfies and face recognition is being tested as a way to prove who a person is and and regain access more quickly. The material provided by the user will be checked against the account's profile image to see if it is a match. However, the widespread use of facial recognition is controversial - Facebook has previously used it, before ditching it in 2021 over privacy, accuracy and bias concerns. It now says that the video selfies will be encrypted and stored securely, and won't be shown publicly. Facial data generated in making the comparison will be deleted after the check. But the system will not be initially offered in areas where permission from regulators has not yet been obtained, including the UK and EU. ",BBC,22/10/2024,"['Facebook and Instagram owner Meta is to introduce facial recognition technology to try and crack down on scammers who fraudulently use celebrities in adverts.', 'Elon Musk and personal finance expert, Martin Lewis, are among those to fall victim to such scams, which typically promote investment schemes and crypto-currencies.', 'Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.', 'Meta already uses an ad review system which uses artificial intelligence (AI) to detect fake celebrity endorsements but is now seeking to beef it up with facial recognition tech.', ""It will work by comparing images from ads flagged as being dubious with celebrities' Facebook or Instagram profile photos."", 'If the image is a confirmed to be a match, and the ad a scam, it will be automatically deleted.', 'Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait.""', 'The problem of celebrity scams has been a long-running one for Meta.', 'It became so significant in the 2010s that Mr Lewis took legal action against Facebook, but he ultimately dropped the case when the tech giant agreed to introduce a button so people could report scam ads.', 'In addition to introducing the button, Facebook also agreed to donate £3m to Citizens Advice.', 'But, since then, the scams have become more complex and significantly more believable.', 'They are increasingly powered by so-called deepfake technology, where a realistic computer-generated likeness or video is used to make it seem like the celebrity is backing a product or service.', 'Meta has faced pressure to do something about the growing threat of these ads.', 'On Sunday, Mr Lewis urged the government to give the UK regulator, Ofcom, more powers to tackle scam ads after a fake interview with Chancellor Rachel Reeves was used to trick people into giving away their bank details. ""', 'Scammers are relentless and continuously evolve their tactics to try to evade detection,"" Meta acknowledged. ""', 'We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added.', 'Meta has also announced it will also use facial recognition tech to help people who find themselves locked out of their social media.', 'Currently, unlocking Instagram or Facebook accounts involves uploading official ID or documents.', 'But now video selfies and face recognition is being tested as a way to prove who a person is and and regain access more quickly.', ""The material provided by the user will be checked against the account's profile image to see if it is a match."", 'However, the widespread use of facial recognition is controversial - Facebook has previously used it, before ditching it in 2021 over privacy, accuracy and bias concerns.', ""It now says that the video selfies will be encrypted and stored securely, and won't be shown publicly."", 'Facial data generated in making the comparison will be deleted after the check.', 'But the system will not be initially offered in areas where permission from regulators has not yet been obtained, including the UK and EU.']",-0.1253329903494627,"We hope that by sharing our approach, we can help inform our industry’s defences against online scammers,"" it added.","Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.",0.3802930882998875,"Meta said ""early testing"" of the system had shown ""promising results"" so it would now start showing in-app notifications to a larger group of public figures who had been impacted by so-called ""celeb-bait.""","Mr Lewis previously told the Today programme, on BBC Radio 4, that he receives ""countless"" reports of his name and face being used in such scams every day, and had been left feeling ""sick"" by them.",2024-10-23
-McDonald's hamburgers linked to deadly E. coli outbreak in the US,https://www.bbc.co.uk/news/articles/c33v3klkdy8o,2024-10-22T20:58:42.819Z,"A McDonald's sandwich has been making people sick in the US, according to the Centers for Disease Control and Prevention (CDC).  E. coli, a type of bacteria that can cause serious stomach problems, has been found in McDonald's Quarter Pounder sandwiches, the CDC announced on Tuesday.  So far, the CDC has recorded 49 cases of illness across 10 states. Ten cases resulted in patients being admitted to hospital and one person has died.  Most of the cases were recorded in western and Midwest states, according to the CDC. The fast-food restaurant is working with investigators to determine which ingredients caused the outbreak, according to a statement from the CDC. “McDonald’s has pulled ingredients for these burgers, and they won’t be available for sale in some states,” the agency said. “It is not yet known which specific food ingredient is contaminated,” the CDC added, noting that McDonald's has already “stopped using fresh slivered onions and quarter-pound beef patties in several states”. The CDC said that the slivered onions are believed to be the likely source of contamination, and investigators with the Food and Drug Administration (FDA) are working to determine if the onions were sold to any other business. No recalls have been issued yet by the CDC or by other health and food regulators. The first case was recorded on 27 September, investigators say. Victims have ranged in age from 13 to 88. Of the 10 people taken to hospital, one person developed hemolytic uremic syndrome, a serious condition that can cause kidney failure. Another person, who the CDC described as “an older adult in Colorado” died after eating at McDonald’s. Cases have been reported in Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, Oregon, Utah, Wisconsin and Wyoming. McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday. In a statement, McDonald's said that a preliminary investigation found ""that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers"". The Chicago-based company added that it has instructed all local restaurants ""to remove this product from their supply"" and have paused shipments of slivered onions to the region. The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do."" Other beef products remain on the menu, McDonald's USA President Joe Erlinger said in a video message.  ""At McDonald's, you can count on us to do the right thing,"" he said. E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals. Although many are harmless, some produce toxins that can make you sick. Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever. It usually takes a few days after being infected for symptoms to show. This is not the first E. coli outbreak to affect McDonald's in recent years.  In 2022, six children in Alabama were sickened with E. coli after eating chicken McNuggets.  Four children were admitted to hospital. Health inspectors later visited the affected restaurant and found several violations, including improper hand-washing and a lack of gloves. ",BBC,22/10/2024,"[""A McDonald's sandwich has been making people sick in the US, according to the Centers for Disease Control and Prevention (CDC)."", ""E. coli, a type of bacteria that can cause serious stomach problems, has been found in McDonald's Quarter Pounder sandwiches, the CDC announced on Tuesday."", 'So far, the CDC has recorded 49 cases of illness across 10 states.', 'Ten cases resulted in patients being admitted to hospital and one person has died.', 'Most of the cases were recorded in western and Midwest states, according to the CDC.', 'The fast-food restaurant is working with investigators to determine which ingredients caused the outbreak, according to a statement from the CDC. “', 'McDonald’s has pulled ingredients for these burgers, and they won’t be available for sale in some states,” the agency said. “', ""It is not yet known which specific food ingredient is contaminated,” the CDC added, noting that McDonald's has already “stopped using fresh slivered onions and quarter-pound beef patties in several states”."", 'The CDC said that the slivered onions are believed to be the likely source of contamination, and investigators with the Food and Drug Administration (FDA) are working to determine if the onions were sold to any other business.', 'No recalls have been issued yet by the CDC or by other health and food regulators.', 'The first case was recorded on 27 September, investigators say.', 'Victims have ranged in age from 13 to 88.', 'Of the 10 people taken to hospital, one person developed hemolytic uremic syndrome, a serious condition that can cause kidney failure.', 'Another person, who the CDC described as “an older adult in Colorado” died after eating at McDonald’s.', 'Cases have been reported in Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, Oregon, Utah, Wisconsin and Wyoming.', ""McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday."", 'In a statement, McDonald\'s said that a preliminary investigation found ""that a subset of illnesses may be linked to slivered onions used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers"".', 'The Chicago-based company added that it has instructed all local restaurants ""to remove this product from their supply"" and have paused shipments of slivered onions to the region.', 'The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do.""', 'Other beef products remain on the menu, McDonald\'s USA President Joe Erlinger said in a video message. ""', 'At McDonald\'s, you can count on us to do the right thing,"" he said.', 'E. coli are a diverse group of bacteria that normally live in the intestines of humans and animals.', 'Although many are harmless, some produce toxins that can make you sick.', 'Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.', 'It usually takes a few days after being infected for symptoms to show.', ""This is not the first E. coli outbreak to affect McDonald's in recent years."", 'In 2022, six children in Alabama were sickened with E. coli after eating chicken McNuggets.', 'Four children were admitted to hospital.', 'Health inspectors later visited the affected restaurant and found several violations, including improper hand-washing and a lack of gloves.']",-0.2183907153797128,"The sandwich is also being temporarily removed from the menu in several states, the company said, adding: ""We take food safety extremely seriously and it’s the right thing to do.""","Symptoms include severe and sometimes bloody diarrhoea, stomach cramps, vomiting and fever.",-0.8761950731277466,,McDonald's shares fell by about 9% on the New York Stock Exchange after the news broke on Tuesday.,2024-10-23
-Giuliani ordered to turn over NYC apartment to Georgia election workers,https://www.bbc.co.uk/news/articles/cly3y501zxvo,2024-10-22T20:44:36.431Z,"A judge has ordered Rudy Giuliani to turn over his Manhattan apartment and other valuables to two Georgia election workers as part of a defamation lawsuit.   Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).  Mr Giuliani, a former attorney to Donald Trump, had falsely accused them of tampering with votes during the 2020 presidential election. In addition to the apartment, the federal judge ruled on Tuesday that Mr Giuliani must turn over his watches, furniture and sports memorabilia to Ms Freeman and Ms Moss.  The judge also ruled that Ms Freeman and Ms Moss are the beneficiaries of $2m that the one-time New York City mayor says Trump's 2020 presidential campaign still owes him.  Ms Freeman and Ms Moss asked a court last month to seize some of Mr Giuliani's assets, including multiple properties in New York and Palm Beach, Florida, as well as dozens of luxury watches, a Mercedes-Benz and other personal items.  They also sought three of his New York Yankees World Series rings, one of which is valued at roughly $30,000. In the 24-page order released on Tuesday, the judge ruled Mr Giuliani must turn over more than two dozen watches and a jersey signed by former New York Yankees centre fielder Joe Dimaggio.  The judge deferred judgment on the World Series rings and the condo in Palm Beach.  Mr Giuliani has seven days to turn over his possessions, including the luxurious Manhattan apartment, which he previously tried to sell for $6m, according to BBC's US news partner CBS.  Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss.  Separately, he has pleaded not guilty to nine felony charges in what prosecutors called a ""fake elector scheme"" to declare Trump the winning candidate in Arizona during the 2020 presidential election.  Mr Giuliani was charged with 17 others for his alleged role in that scheme. He filed for bankruptcy last year after losing the defamation lawsuit to Ms Freeman and Ms Moss.  The women said they had to endure threats and harassment after being targeted by Mr Giuliani. In July, a federal judge dismissed his bankruptcy case, leaving him without protection from his creditors. ",BBC,22/10/2024,"['A judge has ordered Rudy Giuliani to turn over his Manhattan apartment and other valuables to two Georgia election workers as part of a defamation lawsuit.', 'Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).', 'Mr Giuliani, a former attorney to Donald Trump, had falsely accused them of tampering with votes during the 2020 presidential election.', 'In addition to the apartment, the federal judge ruled on Tuesday that Mr Giuliani must turn over his watches, furniture and sports memorabilia to Ms Freeman and Ms Moss.', ""The judge also ruled that Ms Freeman and Ms Moss are the beneficiaries of $2m that the one-time New York City mayor says Trump's 2020 presidential campaign still owes him."", ""Ms Freeman and Ms Moss asked a court last month to seize some of Mr Giuliani's assets, including multiple properties in New York and Palm Beach, Florida, as well as dozens of luxury watches, a Mercedes-Benz and other personal items."", 'They also sought three of his New York Yankees World Series rings, one of which is valued at roughly $30,000.', 'In the 24-page order released on Tuesday, the judge ruled Mr Giuliani must turn over more than two dozen watches and a jersey signed by former New York Yankees centre fielder Joe Dimaggio.', 'The judge deferred judgment on the World Series rings and the condo in Palm Beach.', ""Mr Giuliani has seven days to turn over his possessions, including the luxurious Manhattan apartment, which he previously tried to sell for $6m, according to BBC's US news partner CBS."", ""Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss."", 'Separately, he has pleaded not guilty to nine felony charges in what prosecutors called a ""fake elector scheme"" to declare Trump the winning candidate in Arizona during the 2020 presidential election.', 'Mr Giuliani was charged with 17 others for his alleged role in that scheme.', 'He filed for bankruptcy last year after losing the defamation lawsuit to Ms Freeman and Ms Moss.', 'The women said they had to endure threats and harassment after being targeted by Mr Giuliani.', 'In July, a federal judge dismissed his bankruptcy case, leaving him without protection from his creditors.']",0.0520888354035124,"Last year, the two election workers - Ruby Freeman and Shaye Moss - successfully sued Mr Giuliani for over $140m (£106m).",The women said they had to endure threats and harassment after being targeted by Mr Giuliani.,-0.9091254770755768,,Mr Giuliani was stripped of his legal credentials in July after facing legal trouble for making false statements about Trump's 2020 election loss.,2024-10-23
-"STAGE, Agrostar, DeHaat: India’s start-ups look to villages to drive next leg of growth",https://www.bbc.co.uk/news/articles/c62gpp3dn15o,2024-10-21T23:03:19.932Z,"The tiny villages of Haryana state in India’s rural north-west find themselves in an unlikely spotlight these days. Farmers' homes in hamlets around the industrial town of Rohtak are suddenly in demand, doubling up as movie sets.  Alongside the mooing of cows, it isn’t unusual to hear a director shouting ""lights, camera, action"" here.  A new start-up, called STAGE, has spawned a nascent film industry in this hinterland. ""Batta"", a high-octane drama about power and injustice, is just the latest in half-a-dozen movies under production in the area, Vinay Singhal, founder of STAGE, told the BBC on the film’s sets. “There were just a dozen odd Haryanvi films made in India's history before we came in. Since 2019, we’ve made more than 200,” says Mr Singhal. STAGE makes content for largely under-served provincial audiences, keeping hyper-local tastes, dialectical quirks and the rural cultural syntax in mind.  There are 19,500 different dialects in India, and STAGE has identified 18 that are spoken by a large enough population to merit their own film industry. The app currently offers content in two languages - Rajasthani and Haryanvi. It has three million paying subscribers and is planning to expand and include other dialects like Maithili and Konkani, which are spoken in north-east and coastal-west India, respectively.  “We’re also on the verge of closing a funding round from an American venture capitalist firm to expand into these territories,” says Mr Singhal, who appeared along with his co-founders on the Indian version of Shark Tank, a business reality show, a year ago. STAGE is among a growing number of Indian start-ups that are betting big on the rural market opportunity as the next growth frontier. Others include players like Agrostar and DeHaat. While a bulk of India’s 1.4 billion people still live in its 650,000 villages, they’ve hardly been a market for its booming tech start-ups so far.  Asia’s third-largest economy has been a hotbed for innovation, birthing several dozen unicorns - or tech companies valued at over $1bn - but they’ve all largely built for the “top 10%” of urban Indians, according to Anand Daniel, partner at Accel, which has funded some of the country’s most successful ventures, from Flipkart to Swiggy and Urban Company. While there have been notable exceptions like online marketplace Meesho, or a few farm technology players, the start-up boom has largely bypassed India’s villages. That’s now changing as more founders successfully cater to rural consumers and get funded for their ideas.  “Investors don’t show you the door anymore,” says Mr Singhal.  “Five years ago, I didn’t get any money at all. I had to bootstrap the company.” Accel itself is now cutting more cheques to entrepreneurs solving for the rural market, recently announcing it will invest up to $1m in rural start-ups through its pre-seed accelerator programme. Unicorn India Ventures, another local VC fund, says 50% of their investments are now in start-ups based in tier 2 and tier 3 cities. And in July this year, the Japanese auto giant Suzuki announced a $40m India fund to invest in start-ups building for rural markets. So what’s driving this shift? The untapped market opportunity is large, says Mr Daniel, and there’s a growing realisation among investors and founders that rural doesn’t necessarily mean poor. Two-thirds of India’s population live in the hinterland and spend about $500bn annually. In fact, the top 20% of this demographic spends more money than half of those that live in the cities, according to Accel’s own estimates. “As India adds $4tn to GDP over the next decade, at least 5% of that will be digitally influenced, and coming from ‘Bharat' or rural India,” says Mr Daniel.  That’s a $200bn incremental opportunity. Giving tailwind to this is the growing penetration of smartphones among middle-income rural families. Some 450 million Indians now use one outside its cities - which is more than the entire US population.  And click-of-a-button digital payments through the much-touted UPI interface has been a game-changer for companies looking beyond the metros to expand their offering. “Five or seven years ago, the ability to reach this target group - be it digitally, logistically or in terms of getting payments - wasn’t easy. But the timing right now is much better for this generation of start-ups trying to address this market,” says Mr Daniel. Also, while most innovation was happening in cities like Mumbai and Bengaluru a decade ago, a growing number of entrepreneurs are now emerging from smaller towns, driven by factors such as lower operating costs, availability of local talent, and government initiatives aimed at promoting entrepreneurship in non-metro areas, according to a report from Primus Ventures. Being close to the ground may have also contributed to exposing founders to the potential of the vast non-metro market. But cracking rural India is easier said than done. The small town consumer is price-conscious and geographically dispersed. The  number of addressable consumers in any given postcode is far smaller than the cities. Infrastructure also continues to lag, so “distribution isn’t easy, and operating costs are high”, says Gautam Malik, chief revenue officer at Frontier Markets, a rural e-commerce start-up that does last-mile deliveries to villages with populations below 5,000.  Besides, those using urban templates and force-fitting them to the village context will fail, says Mr Malik.  His company quickly realised why traditional e-commerce wasn’t able to penetrate the very last mile. The village customer simply didn’t trust her money with a third party that didn’t have local presence.  To build that trust factor, Mr Malik and his team had to tie up with village-level women entrepreneurs to act as their sales and delivery agents. Such differentiation and a commitment for the long haul will be critical, he says, to winning rural India and cracking that incremental $200bn market opportunity. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. ",BBC,21/10/2024,"['The tiny villages of Haryana state in India’s rural north-west find themselves in an unlikely spotlight these days.', ""Farmers' homes in hamlets around the industrial town of Rohtak are suddenly in demand, doubling up as movie sets."", 'Alongside the mooing of cows, it isn’t unusual to hear a director shouting ""lights, camera, action"" here.', 'A new start-up, called STAGE, has spawned a nascent film industry in this hinterland. ""', 'Batta"", a high-octane drama about power and injustice, is just the latest in half-a-dozen movies under production in the area, Vinay Singhal, founder of STAGE, told the BBC on the film’s sets. “', ""There were just a dozen odd Haryanvi films made in India's history before we came in."", 'Since 2019, we’ve made more than 200,” says Mr Singhal.', 'STAGE makes content for largely under-served provincial audiences, keeping hyper-local tastes, dialectical quirks and the rural cultural syntax in mind.', 'There are 19,500 different dialects in India, and STAGE has identified 18 that are spoken by a large enough population to merit their own film industry.', 'The app currently offers content in two languages - Rajasthani and Haryanvi.', 'It has three million paying subscribers and is planning to expand and include other dialects like Maithili and Konkani, which are spoken in north-east and coastal-west India, respectively. “', 'We’re also on the verge of closing a funding round from an American venture capitalist firm to expand into these territories,” says Mr Singhal, who appeared along with his co-founders on the Indian version of Shark Tank, a business reality show, a year ago.', 'STAGE is among a growing number of Indian start-ups that are betting big on the rural market opportunity as the next growth frontier.', 'Others include players like Agrostar and DeHaat.', 'While a bulk of India’s 1.4 billion people still live in its 650,000 villages, they’ve hardly been a market for its booming tech start-ups so far.', 'Asia’s third-largest economy has been a hotbed for innovation, birthing several dozen unicorns - or tech companies valued at over $1bn - but they’ve all largely built for the “top 10%” of urban Indians, according to Anand Daniel, partner at Accel, which has funded some of the country’s most successful ventures, from Flipkart to Swiggy and Urban Company.', 'While there have been notable exceptions like online marketplace Meesho, or a few farm technology players, the start-up boom has largely bypassed India’s villages.', 'That’s now changing as more founders successfully cater to rural consumers and get funded for their ideas. “', 'Investors don’t show you the door anymore,” says Mr Singhal. “', 'Five years ago, I didn’t get any money at all.', 'I had to bootstrap the company.”', 'Accel itself is now cutting more cheques to entrepreneurs solving for the rural market, recently announcing it will invest up to $1m in rural start-ups through its pre-seed accelerator programme.', 'Unicorn India Ventures, another local VC fund, says 50% of their investments are now in start-ups based in tier 2 and tier 3 cities.', 'And in July this year, the Japanese auto giant Suzuki announced a $40m India fund to invest in start-ups building for rural markets.', 'So what’s driving this shift?', 'The untapped market opportunity is large, says Mr Daniel, and there’s a growing realisation among investors and founders that rural doesn’t necessarily mean poor.', 'Two-thirds of India’s population live in the hinterland and spend about $500bn annually.', 'In fact, the top 20% of this demographic spends more money than half of those that live in the cities, according to Accel’s own estimates. “', ""As India adds $4tn to GDP over the next decade, at least 5% of that will be digitally influenced, and coming from ‘Bharat' or rural India,” says Mr Daniel."", 'That’s a $200bn incremental opportunity.', 'Giving tailwind to this is the growing penetration of smartphones among middle-income rural families.', 'Some 450 million Indians now use one outside its cities - which is more than the entire US population.', 'And click-of-a-button digital payments through the much-touted UPI interface has been a game-changer for companies looking beyond the metros to expand their offering. “', 'Five or seven years ago, the ability to reach this target group - be it digitally, logistically or in terms of getting payments - wasn’t easy.', 'But the timing right now is much better for this generation of start-ups trying to address this market,” says Mr Daniel.', 'Also, while most innovation was happening in cities like Mumbai and Bengaluru a decade ago, a growing number of entrepreneurs are now emerging from smaller towns, driven by factors such as lower operating costs, availability of local talent, and government initiatives aimed at promoting entrepreneurship in non-metro areas, according to a report from Primus Ventures.', 'Being close to the ground may have also contributed to exposing founders to the potential of the vast non-metro market.', 'But cracking rural India is easier said than done.', 'The small town consumer is price-conscious and geographically dispersed.', 'The number of addressable consumers in any given postcode is far smaller than the cities.', 'Infrastructure also continues to lag, so “distribution isn’t easy, and operating costs are high”, says Gautam Malik, chief revenue officer at Frontier Markets, a rural e-commerce start-up that does last-mile deliveries to villages with populations below 5,000.', 'Besides, those using urban templates and force-fitting them to the village context will fail, says Mr Malik.', 'His company quickly realised why traditional e-commerce wasn’t able to penetrate the very last mile.', 'The village customer simply didn’t trust her money with a third party that didn’t have local presence.', 'To build that trust factor, Mr Malik and his team had to tie up with village-level women entrepreneurs to act as their sales and delivery agents.', 'Such differentiation and a commitment for the long haul will be critical, he says, to winning rural India and cracking that incremental $200bn market opportunity.', 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",0.1938447831776569,"Asia’s third-largest economy has been a hotbed for innovation, birthing several dozen unicorns - or tech companies valued at over $1bn - but they’ve all largely built for the “top 10%” of urban Indians, according to Anand Daniel, partner at Accel, which has funded some of the country’s most successful ventures, from Flipkart to Swiggy and Urban Company.","Batta"", a high-octane drama about power and injustice, is just the latest in half-a-dozen movies under production in the area, Vinay Singhal, founder of STAGE, told the BBC on the film’s sets. “",0.5214071308865267,"Such differentiation and a commitment for the long haul will be critical, he says, to winning rural India and cracking that incremental $200bn market opportunity.","Infrastructure also continues to lag, so “distribution isn’t easy, and operating costs are high”, says Gautam Malik, chief revenue officer at Frontier Markets, a rural e-commerce start-up that does last-mile deliveries to villages with populations below 5,000.",2024-10-23
-AI on the trading floor: Morgan Stanley expands OpenAI-powered chatbot tools to Wall Street division,https://www.cnbc.com/2024/10/23/morgan-stanley-rolls-out-openai-powered-chatbot-for-wall-street-division.html,2024-10-23T16:58:15+0000,"In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview. The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.""Since its arrival as a viral consumer app in late 2022, OpenAI's generative AI technology has been swiftly adopted by Wall Street's largest players.Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter who wasn't authorized to disclose the figure publicly. The San Francisco-based startup recently raised money at a $157 billion valuation.OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, said Pierre Buhler, a banking consultant with SSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.""But it is an emerging market, and we are still at the very beginning."" It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added.At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank.It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty.""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material.The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said. The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available.Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner.""I don't see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""I really think that it's humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""",CNBC,23/10/2024,"['In this articleMorgan Stanley is expanding the use of OpenAI-powered, generative artificial intelligence tools to its vaunted investment banking and trading division, CNBC has learned.', ""The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research."", ""The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank."", '""We see it as a game changer from a productivity standpoint, both for our research analysts and our colleagues across institutional securities,"" Huberty said in an interview.', 'The tool helps staff ""access the highest quality, most insightful information as efficiently as possible.', '""Since its arrival as a viral consumer app in late 2022, OpenAI\'s generative AI technology has been swiftly adopted by Wall Street\'s largest players.', ""Morgan Stanley says that close to half of its 80,000 employees are using generative AI tools created with OpenAI, while at rival JPMorgan Chase, about 60% of the firm's 316,043 employees have access to a platform using OpenAI's models, said a person with knowledge of the matter whowasn'tauthorized to disclose the figure publicly."", 'The San Francisco-based startup recently raised money at a $157 billion valuation.', 'OpenAI already has network advantages in financial services because of its ample funding and early focus on use cases for banks, saidPierre Buhler,a banking consultant withSSA & Co.""They are ahead of everyone else in terms of market penetration,"" Buhler said.', '""But it is an emerging market, and we are still at the very beginning.""', ""It's likely that competitors to OpenAI such as Anthropic will gain use over time, he added."", 'At Morgan Stanley, a leader in global investment banking and trading along with JPMorgan and Goldman Sachs, employees have gravitated toward AskResearchGPT, using it instead of getting on the phone or lobbing an email to the research department, Huberty said.', ""Employees are asking the tool three times the number of questions as compared with a previous tool based on traditional AI that's been in use since 2017, according to the bank."", ""It's most in-demand among salespeople and other client-facing staff who often field questions from hedge funds or other institutional investors, said Huberty."", '""We found that it takes a salesperson one-tenth of the time to respond to the average client inquiry"" using AskResearchGPT, she said.', ""In a recent demonstration, the GPT-4 based chatbot was able to summarize Morgan Stanley's position on matters from copper to Nvidia to the finer points of standing up a data center, understanding industry-specific jargon and providing charts and links to source material."", ""The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said."", ""The tool is embedded within workers' browsers as well as Microsoft Teams and Outlook programs to make it readily available."", ""Understandably, Huberty says she is often asked if AI could ultimately replace the analysts who are creating the reams of research published under Morgan Stanley's banner."", '""I don\'t see in the near future a path to just having the machine write the research report to generate the idea,"" she said. ""', 'I really think that it\'s humans who make the call and own the relationship, which is a really important part of the analyst job, or sales and trading job, or corporate banker job.""']",0.2135415517849616,"The firm, which launched an AI assistant based on OpenAI's ChatGPT technology to its wealth management advisors in early 2023, began rolling out another version called AskResearchGPT this summer in its institutional securities group, said Katy Huberty, Morgan Stanley's global director of research.","The tool lets users extract answers from across the universe of Morgan Stanley's research — including on stocks, commodities, industry trends and regions — collapsing what could otherwise be the cumbersome task of gleaning insights from the more than 70,000 reports produced annually by the bank.",0.9984887440999348,"The bank wants to push adoption further in light of the productivity gains it's seeing, Huberty said.",,2024-10-23
-AI at work: Will it contribute to employee burnout?,https://www.bbc.co.uk/news/articles/c93pz1dz2kxo,2024-10-22T23:09:53.634Z,"When ChatGPT burst onto the scene in late 2022, PR agency founder Anurag Garg was eager for his team of 11 to quickly incorporate the technology in their workflow, so the business could keep up with its competitors. Mr Garg encouraged his employees to use the AI language tool for the agency’s long list of daily tasks, from coming up with story ideas for clients, pitches to offer the media, and transcribing meeting and interview notes. But rather than increase the team’s productivity, it created stress and tension. Staff reported that tasks were in fact taking longer as they had to create a brief and prompts for ChatGPT, while also having to double check its output for inaccuracies, of which there were many. And every time the platform was updated, they had to learn its new features, which also took extra time. “There were too many distractions. The team complained that their tasks were taking twice the amount of time because we were now expecting them to use AI tools,""  says Mr Garg, who runs Everest PR and divides his time between the US and India. The entire aim of introducing AI to the company was to simplify people’s workflows, but it was actually giving everyone more work to do, and making them feel stressed and burnt out."" As a business leader, Mr Garg also began to feel overwhelmed by the growing number of AI tools being launched, and feeling he had to keep pace with every new addition. Not only was he using ChatGPT like his team, but Zapier to track team tasks, and Perplexity to supplement client research. “There's an overflow of AI tools in the market, and no single tool solves multiple problems. As a result, I constantly needed to keep tabs on multiple AI tools to execute tasks, which became more of a mess. It was hard to track which tool was supposed to do what, and I started getting utterly frustrated,” says Mr Garg. “The market is flooded with AI tools, so if I invest in a specific app today, there's a better one available next week. There's a constant learning curve to stay relevant, which I was finding hard to manage, leading to burnout.” Mr Garg backtracked on the mandate that the team should use AI in all their work, and now they use it primarily for research purposes - and everyone is much happier. “It was a learning phase for us. The work is more manageable now as we are not using too many AI tools. We’ve gone back to everything being done directly by the team, and they feel more connected and more involved in their work. It's much better,” says Mr Garg. The stress Mr Garg and his team experienced using AI tools at work is reflected in recent research. In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year. Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload. And 47% of employees using AI in the survey say they have no idea how to achieve the productivity gains their employers expect. As a result, 61% of people believe that using AI at work will increase their chances of experiencing burnout - rising to 87% of people under 25, as revealed in a separate survey of 1,150 Americans, by CV writing company Resume Now. Resume Now’s survey also highlights how 43% of people feel AI will negatively impact work-life balance. Whether the tech is based on AI or not, surveys suggest many workers are already feeling overwhelmed. A further study by work management platform Asana highlights the effect of introducing more work-based apps.  In its survey of 9,615 knowledge workers across Australia, France, Germany, Japan, the UK and the US, it found that, of those that use six to 15 different apps in the workplace, 15% say they miss messages and notifications because of the number of tools. For those that use 16 or more, 23% say they are less efficient, and their attention span is reduced because of constantly having to switch apps. As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.” Lawyer turned coach Leah Steele now specialises in helping legal professionals overcome burnout, with many coming to her feeling burdened by their companies’ increased workload demands after introducing AI-based productivity tools. It’s an experience she’s familiar with, after the introduction of a new technology platform in a previous role saw her client caseload rise from 50 to 250. “The biggest thing I'm seeing is this continuous competing demand to do more with less - but companies are not really considering whether the systems and the tech that they’re introducing are giving an outcome that isn't helpful,” says Bristol- based Ms Steele. “Everything's moving so quickly. It's a constant battle to keep on top of things to develop expertise in such a cutting edge area.” The burnout lawyers are now experiencing, Ms Steele adds, is not only about the growing volume of work tech and AI tools are facilitating, but the knock on effects. “When we're looking at burnout, it's not just about the volume of the work we're doing, but how we feel about the work and what we're getting from it,” says Ms Steele. “You could feel stressed about having ended up in an environment of high volume and low control, when what you originally wanted to do was interact personally with clients and make a difference to them.” Ms Steele adds: “You could also feel stressed about the risk of losing your job, and the fear of being replaced because you’re no longer enjoying the work as it’s become so tech driven.” The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “While AI and new technologies can make legal work more efficient by automating routine tasks, they can also create more work for lawyers, not less,” says president Richard Atkinson. “Learning to use these tools takes time and lawyers often need to undertake training and adapt their work processes. Many technologies were not originally designed for the legal sector, which can make the transition more challenging.” Alicia Navarro is the founder and chief executive of Flown, an online platform and community which helps people focus on “deep work” - tasks that require sustained concentration. She agrees that there is an “avalanche” of AI tools, but says they need to be used correctly. “There's such a huge amount of filtering and learning that has to take place before these tools can even start to become productive elements in our lives”. But she argues that for small firms, with limited resources, AI can be a big help. “It’s an incredibly empowering thing for start-ups to be able to do a lot more, or companies to be able to pay more dividends or pay their team more.” ",BBC,22/10/2024,"['When ChatGPT burst onto the scene in late 2022, PR agency founder Anurag Garg was eager for his team of 11 to quickly incorporate the technology in their workflow, so the business could keep up with its competitors.', 'Mr Garg encouraged his employees to use the AI language tool for the agency’s long list of daily tasks, from coming up with story ideas for clients, pitches to offer the media, and transcribing meeting and interview notes.', 'But rather than increase the team’s productivity, it created stress and tension.', 'Staff reported that tasks were in fact taking longer as they had to create a brief and prompts for ChatGPT, while also having to double check its output for inaccuracies, of which there were many.', 'And every time the platform was updated, they had to learn its new features, which also took extra time. “', 'There were too many distractions.', 'The team complained that their tasks were taking twice the amount of time because we were now expecting them to use AI tools,"" says Mr Garg, who runs Everest PR and divides his time between the US and India.', 'The entire aim of introducing AI to the company was to simplify people’s workflows, but it was actually giving everyone more work to do, and making them feel stressed and burnt out.""', 'As a business leader, Mr Garg also began to feel overwhelmed by the growing number of AI tools being launched, and feeling he had to keep pace with every new addition.', 'Not only was he using ChatGPT like his team, but Zapier to track team tasks, and Perplexity to supplement client research. “', ""There's an overflow of AI tools in the market, and no single tool solves multiple problems."", 'As a result, I constantly needed to keep tabs on multiple AI tools to execute tasks, which became more of a mess.', 'It was hard to track which tool was supposed to do what, and I started getting utterly frustrated,” says Mr Garg. “', ""The market is flooded with AI tools, so if I invest in a specific app today, there's a better one available next week."", ""There's a constant learning curve to stay relevant, which I was finding hard to manage, leading to burnout.”"", 'Mr Garg backtracked on the mandate that the team should use AI in all their work, and now they use it primarily for research purposes - and everyone is much happier. “', 'It was a learning phase for us.', 'The work is more manageable now as we are not using too many AI tools.', 'We’ve gone back to everything being done directly by the team, and they feel more connected and more involved in their work.', ""It's much better,” says Mr Garg."", 'The stress Mr Garg and his team experienced using AI tools at work is reflected in recent research.', 'In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year.', 'Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload.', 'And 47% of employees using AI in the survey say they have no idea how to achieve the productivity gains their employers expect.', 'As a result, 61% of people believe that using AI at work will increase their chances of experiencing burnout - rising to 87% of people under 25, as revealed in a separate survey of 1,150 Americans, by CV writing company Resume Now.', 'Resume Now’s survey also highlights how 43% of people feel AI will negatively impact work-life balance.', 'Whether the tech is based on AI or not, surveys suggest many workers are already feeling overwhelmed.', 'A further study by work management platform Asana highlights the effect of introducing more work-based apps.', 'In its survey of 9,615 knowledge workers across Australia, France, Germany, Japan, the UK and the US, it found that, of those that use six to 15 different apps in the workplace, 15% say they miss messages and notifications because of the number of tools.', 'For those that use 16 or more, 23% say they are less efficient, and their attention span is reduced because of constantly having to switch apps.', 'As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.”', 'Lawyer turned coach Leah Steele now specialises in helping legal professionals overcome burnout, with many coming to her feeling burdened by their companies’ increased workload demands after introducing AI-based productivity tools.', 'It’s an experience she’s familiar with, after the introduction of a new technology platform in a previous role saw her client caseload rise from 50 to 250. “', ""The biggest thing I'm seeing is this continuous competing demand to do more with less - but companies are not really considering whether the systems and the tech that they’re introducing are giving an outcome that isn't helpful,” says Bristol- based Ms Steele. “"", ""Everything's moving so quickly."", ""It's a constant battle to keep on top of things to develop expertise in such a cutting edge area.”"", 'The burnout lawyers are now experiencing, Ms Steele adds, is not only about the growing volume of work tech and AI tools are facilitating, but the knock on effects. “', ""When we're looking at burnout, it's not just about the volume of the work we're doing, but how we feel about the work and what we're getting from it,” says Ms Steele. “"", 'You could feel stressed about having ended up in an environment of high volume and low control, when what you originally wanted to do was interact personally with clients and make a difference to them.”', 'Ms Steele adds: “You could also feel stressed about the risk of losing your job, and the fear of being replaced because you’re no longer enjoying the work as it’s become so tech driven.”', 'The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “', 'While AI and new technologies can make legal work more efficient by automating routine tasks, they can also create more work for lawyers, not less,” says president Richard Atkinson. “', 'Learning to use these tools takes time and lawyers often need to undertake training and adapt their work processes.', 'Many technologies were not originally designed for the legal sector, which can make the transition more challenging.”', 'Alicia Navarro is the founder and chief executive of Flown, an online platform and community which helps people focus on “deep work” - tasks that require sustained concentration.', 'She agrees that there is an “avalanche” of AI tools, but says they need to be used correctly. “', ""There's such a huge amount of filtering and learning that has to take place before these tools can even start to become productive elements in our lives”."", 'But she argues that for small firms, with limited resources, AI can be a big help. “', 'It’s an incredibly empowering thing for start-ups to be able to do a lot more, or companies to be able to pay more dividends or pay their team more.”']",0.0552549558056169,The Law Society of England and Wales acknowledges that lawyers need better support from law firm leaders to make the most of new technology like AI. “,"As Cassie Holmes, management professor at the University of California in Los Angeles, commented in the study: “Using multiple apps requires additional time to learn them and switch between them, and this lost time is painful because we are so sensitive to wasted time.”",-0.160477677360177,"In freelancer platform Upwork’s survey of 2,500 knowledge workers in the US, UK, Australia and Canada, 96% of top executives say they expect the use of AI tools to increase their company’s overall productivity levels - with 81% acknowledging they’ve increased demands on workers over the past year.",Yet 77% of employees in the survey say AI tools have actually decreased their productivity and added to their workload.,2024-10-23
-TikTok owner ByteDance sacks intern for sabotaging AI project,https://www.bbc.co.uk/news/articles/c7v62gg49zro,2024-10-21T02:50:19.704Z,"TikTok owner, ByteDance, says it has sacked an intern for ""maliciously interfering"" with the training of one of its artificial intelligence (AI) models. But the firm rejected claims about the extent of the damage caused by the unnamed individual, saying they ""contain some exaggerations and inaccuracies"". It comes after reports about the incident spread over the weekend on social media. The Chinese technology giant's Doubao ChatGPT-like generative AI model is the country's most popular AI chatbot. ""The individual was an intern with the [advertising] technology team and has no experience with the AI Lab,"" ByteDance said in a statement. ""Their social media profile and some media reports contain inaccuracies."" Its commercial online operations, including its large language AI models, were unaffected by the intern's actions, the company added. ByteDance also denied reports that the incident caused more than $10m (£7.7m) of damage by disrupting an AI training system made up of thousands of powerful graphics processing units (GPU). As well as firing the person in August, ByteDance said it had informed the intern's university and industry bodies about the incident. ByteDance operates some of the world's most popular social media apps, including TikTok and its Chinese-equivalent Douyin.  It is widely seen as a leader when it comes to algorithm development due to how appealing its apps are to users. Like many of its peers in China and around the world, the social media giant is investing heavily in AI. It uses the technology to power its Doubao chatbot as well as many other applications, including a text-to-video tool called Jimeng. ",BBC,21/10/2024,"['TikTok owner, ByteDance, says it has sacked an intern for ""maliciously interfering"" with the training of one of its artificial intelligence (AI) models.', 'But the firm rejected claims about the extent of the damage caused by the unnamed individual, saying they ""contain some exaggerations and inaccuracies"".', 'It comes after reports about the incident spread over the weekend on social media.', 'The Chinese technology giant\'s Doubao ChatGPT-like generative AI model is the country\'s most popular AI chatbot. ""', 'The individual was an intern with the [advertising] technology team and has no experience with the AI Lab,"" ByteDance said in a statement. ""', 'Their social media profile and some media reports contain inaccuracies.""', ""Its commercial online operations, including its large language AI models, were unaffected by the intern's actions, the company added."", 'ByteDance also denied reports that the incident caused more than $10m (£7.7m) of damage by disrupting an AI training system made up of thousands of powerful graphics processing units (GPU).', ""As well as firing the person in August, ByteDance said it had informed the intern's university and industry bodies about the incident."", ""ByteDance operates some of the world's most popular social media apps, including TikTok and its Chinese-equivalent Douyin."", 'It is widely seen as a leader when it comes to algorithm development due to how appealing its apps are to users.', 'Like many of its peers in China and around the world, the social media giant is investing heavily in AI.', 'It uses the technology to power its Doubao chatbot as well as many other applications, including a text-to-video tool called Jimeng.']",0.0396468640203295,"The Chinese technology giant's Doubao ChatGPT-like generative AI model is the country's most popular AI chatbot. ""","But the firm rejected claims about the extent of the damage caused by the unnamed individual, saying they ""contain some exaggerations and inaccuracies"".",-0.343239426612854,It is widely seen as a leader when it comes to algorithm development due to how appealing its apps are to users.,"TikTok owner, ByteDance, says it has sacked an intern for ""maliciously interfering"" with the training of one of its artificial intelligence (AI) models.",2024-10-23
-Alejandro Toledo: Ex-president of Peru gets 20 years for corruption,https://www.bbc.co.uk/news/articles/cx252e2q055o,2024-10-22T00:43:15.660Z,"A court in Peru has sentenced former President Alejandro Toledo to 20 years and six months in jail for corruption and money-laundering.  Prosecutors say he took $35m (£27m) in bribes from a Brazilian construction company which was awarded a contract to build a road in southern Peru.  Toledo, 78, was in office between 2001 and 2006.  He was arrested five years ago in California, where he had lived and worked for many years, and extradited to Peru last year.   The Brazilian company Odebrecht admitted paying millions of dollars in bribes to officials across Latin America and the US to secure government contracts. Judge Inés Rojas said Peruvians had “trusted” Toledo as their president, “in charge of managing public finances” and responsible for “protecting and ensuring the correct” use of resources. Instead, she was quoted as saying by the Associated Press, he had “defrauded the state”. Toledo has denied the allegations against him and on Monday frequently smirked and at times laughed, especially when the judge was speaking on Monday, the news agency notes. In 2019, another former Peruvian president, Alan García, shot himself when police arrived at his home to arrest him over bribery allegations involving Odebrecht, which has since changed its name to Novonor. Two other former Peruvian presidents, Pedro Pablo Kuczynski and Ollanta Humala, are also being investigated in the Odebrecht case. ",BBC,22/10/2024,"['A court in Peru has sentenced former President Alejandro Toledo to 20 years and six months in jail for corruption and money-laundering.', 'Prosecutors say he took $35m (£27m) in bribes from a Brazilian construction company which was awarded a contract to build a road in southern Peru.', 'Toledo, 78, was in office between 2001 and 2006.', 'He was arrested five years ago in California, where he had lived and worked for many years, and extradited to Peru last year.', 'The Brazilian company Odebrecht admitted paying millions of dollars in bribes to officials across Latin America and the US to secure government contracts.', 'Judge Inés Rojas said Peruvians had “trusted” Toledo as their president, “in charge of managing public finances” and responsible for “protecting and ensuring the correct” use of resources.', 'Instead, she was quoted as saying by the Associated Press, he had “defrauded the state”.', 'Toledo has denied the allegations against him and on Monday frequently smirked and at times laughed, especially when the judge was speaking on Monday, the news agency notes.', 'In 2019, another former Peruvian president, Alan García, shot himself when police arrived at his home to arrest him over bribery allegations involving Odebrecht, which has since changed its name to Novonor.', 'Two other former Peruvian presidents, Pedro Pablo Kuczynski and Ollanta Humala, are also being investigated in the Odebrecht case.']",0.0764716512041394,"Judge Inés Rojas said Peruvians had “trusted” Toledo as their president, “in charge of managing public finances” and responsible for “protecting and ensuring the correct” use of resources.","He was arrested five years ago in California, where he had lived and worked for many years, and extradited to Peru last year.",-0.1397198836008707,Prosecutors say he took $35m (£27m) in bribes from a Brazilian construction company which was awarded a contract to build a road in southern Peru.,"Instead, she was quoted as saying by the Associated Press, he had “defrauded the state”.",2024-10-23
-Blade Runner 2049 producers sue Elon Musk over cybercab images,https://www.bbc.co.uk/news/articles/ce3z37dpvl9o,2024-10-22T04:07:54.769Z,"The maker of the film Blade Runner 2049 has sued Tesla, Elon Musk and Warner Bros Discovery, alleging they used imagery from the movie without permission. Production firm Alcon Entertainment claims it had specifically denied a request from Warner Bros to use material from the film at the launch event for Tesla's long-awaited robotaxi. Alcon alleges that despite its refusal Tesla and the other organisers of the event on 10 October used artificial intelligence (AI) to create promotional imagery based on the film. Tesla and Warner Bros did not immediately reply to requests for comment from BBC News. The “financial magnitude of the misappropriation here was substantial,"" the lawsuit said. ""Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added. Alcon also accused the event organisers of ""false endorsement"" by suggesting a connection between the production company and Tesla.  Warner Bros, which hosted the robotaxi launch event at one of its movie studios, was also the distributor of Blade Runner 2049 when it was released in 2017. The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards. Elon Musk has referred to the original film several times in the past, hinting at one point that it was a source of inspiration for Tesla's Cybertruck. Alcon is currently producing a spinoff television series Blade Runner 2099. Separately, the director of 2004 sci-fi film I, Robot accused Mr Musk of copying his designs for humanoid machines and self-driving vehicles. The title of Tesla robotaxi event - We, Robot - which played on the the title of an Isaac Asimov short story collection, caught the eye of Alex Proyas. ""Hey Elon, can I have my designs back please,"" Mr Proyas said in a post on X which has been viewed more than eight million times. But the claim was met with scepticism online, with some suggesting his own film is derivative. ",BBC,22/10/2024,"['The maker of the film Blade Runner 2049 has sued Tesla, Elon Musk and Warner Bros Discovery, alleging they used imagery from the movie without permission.', ""Production firm Alcon Entertainment claims it had specifically denied a request from Warner Bros to use material from the film at the launch event for Tesla's long-awaited robotaxi."", 'Alcon alleges that despite its refusal Tesla and the other organisers of the event on 10 October used artificial intelligence (AI) to create promotional imagery based on the film.', 'Tesla and Warner Bros did not immediately reply to requests for comment from BBC News.', 'The “financial magnitude of the misappropriation here was substantial,"" the lawsuit said. ""', 'Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added.', 'Alcon also accused the event organisers of ""false endorsement"" by suggesting a connection between the production company and Tesla.', 'Warner Bros, which hosted the robotaxi launch event at one of its movie studios, was also the distributor of Blade Runner 2049 when it was released in 2017.', 'The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards.', ""Elon Musk has referred to the original film several times in the past, hinting at one point that it was a source of inspiration for Tesla's Cybertruck."", 'Alcon is currently producing a spinoff television series Blade Runner 2099.', 'Separately, the director of 2004 sci-fi film I, Robot accused Mr Musk of copying his designs for humanoid machines and self-driving vehicles.', 'The title of Tesla robotaxi event - We, Robot - which played on the the title of an Isaac Asimov short story collection, caught the eye of Alex Proyas. ""', 'Hey Elon, can I have my designs back please,"" Mr Proyas said in a post on X which has been viewed more than eight million times.', 'But the claim was met with scepticism online, with some suggesting his own film is derivative.']",0.1028167001888412,"The highly-anticipated sequel to the 1982 cyberpunk classic Blade Runner, starred Ryan Gosling, Harrison Ford, Ana de Armas and Jared Leto, and won two Academy Awards.","Any prudent brand considering any Tesla partnership has to take Musk’s massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account,"" it added.",-0.7040505806605021,,"But the claim was met with scepticism online, with some suggesting his own film is derivative.",2024-10-23
-Embraer CEO says jet maker studying possibilities for a new aircraft,https://www.cnbc.com/2024/10/18/embraer-ceo-new-aircraft.html,2024-10-18T21:26:15+0000,"In this articleBrazilian plane maker Embraer is studying the market and new technology that could warrant it building an all-new jet, CEO Francisco Gomes Neto told CNBC.A new airplane could help the airplane manufacturer compete with much larger rivals Airbus and Boeing, which deliver hundreds of jets a year compared with Embraer's dozens of aircraft.But Gomes Neto noted that no decisions have been made yet.""At this point in time, we don't have concrete plans to go to a big narrow body,"" he said, adding that the studies for new engine technologies, avionics and potential demand are ""to be prepared.""In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines, manufacturing its E2 jet, and ""delivering what we promise"" customers.Embraer said Friday that it delivered 16 commercial jets in the third quarter, up more than 5% from a year earlier. Including its defense and business jets, the company handed over 57 jets in the period, a third more than last year.The Federal Aviation Administration approved a freighter version of its E190 passenger-to-freighter converted jet earlier this month, helping clear the way for its commercial introduction.""This is maybe the advantage we have: We have a great product [that's] available,"" Gomes Neto said.Both Airbus and Boeing are struggling to ramp up production and deliver aircraft on time in the wake of the pandemic. Boeing has the added challenges of a safety crisis and a machinist strike.Boeing once had plans to take control of Embraer's commercial jet business but ended those discussions in early 2020. Last month, Embraer said Boeing would pay it $150 million over the scuttled plan.Like its competitors, Embraer is facing supply chain strains coming out of the pandemic, and the company is taking a more in-depth look at delivery capabilities.Engines, hydraulic valves, cabin interiors and components for them are some of the areas where it has been difficult to ramp up production from suppliers, Gomes Neto said. He added that he expects supply chain problems will likely ease in 2026.",CNBC,18/10/2024,"[""In this articleBrazilian plane maker Embraer is studying the market and new technology that could warrant it building an all-new jet, CEO Francisco Gomes Neto told CNBC.A new airplane could help the airplane manufacturer compete with much larger rivals Airbus and Boeing, which deliver hundreds of jets a year compared with Embraer's dozens of aircraft."", 'But Gomes Neto noted that no decisions have been made yet.', '""At this point in time, we don\'t have concrete plans to go to a big narrow body,"" he said, adding that the studies for new engine technologies, avionics and potential demand are ""to be prepared.', '""In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines, manufacturing its E2 jet, and ""delivering what we promise"" customers.', 'Embraer said Friday that it delivered 16 commercial jets in the third quarter, up more than 5% from a year earlier.', 'Including its defense and business jets, the company handed over57 jets in the period, a third more than last year.', 'The Federal Aviation Administration approved a freighter version of its E190 passenger-to-freighter converted jet earlier this month, helping clear the way for its commercial introduction.', '""This is maybe the advantage we have: We have a great product [that\'s] available,"" Gomes Neto said.', 'Both Airbus and Boeing are struggling to ramp up production and deliver aircraft on time in the wake of the pandemic.', 'Boeing has the added challenges of a safety crisis and a machinist strike.', ""Boeing once had plans to take control of Embraer's commercial jet business but ended those discussions in early 2020."", 'Last month, Embraer said Boeing would pay it $150 million over the scuttled plan.', 'Like its competitors, Embraer is facing supply chain strains coming out of the pandemic, and the company is taking a more in-depth look at delivery capabilities.', 'Engines, hydraulic valves, cabin interiors and components for them are some of the areas where it has been difficult to ramp up production from suppliers, Gomes Neto said.', 'He added that he expects supply chain problems will likely ease in 2026.']",0.0912186227499905,"""In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines, manufacturing its E2 jet, and ""delivering what we promise"" customers.",Both Airbus and Boeing are struggling to ramp up production and deliver aircraft on time in the wake of the pandemic.,0.4188511371612549,"Embraer said Friday that it delivered 16 commercial jets in the third quarter, up more than 5% from a year earlier.",Both Airbus and Boeing are struggling to ramp up production and deliver aircraft on time in the wake of the pandemic.,2024-10-23
-HSBC splits bank between East and West in major overhaul,https://www.bbc.co.uk/news/articles/cg787nkl8nno,2024-10-22T07:36:33.823Z,"HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged. The changes are set to take effect from 2025. HSBC also announced a reshuffle in its leadership ranks, with the appointment of its first female finance chief in the bank's 159-year history. Its new chief executive Georges Elhedery said he wants to ""unleash our full potential and drive success into the future."" Under the plans, the bank will create separate business units in the UK and Hong Kong.  There will also be two other operations: ""corporate and institutional banking"" and ""international wealth and premier banking"". Business in these operations will fall into either “eastern markets”, which includes the Asia-Pacific region and the Middle East, or “western markets”, covering the UK, continental Europe and the Americas. ""The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged,"" Mr Elhedery said. ""The creation of a new international wealth and premier banking division signals HSBC’s intent to be the bank of choice for the rich,"" said AJ Bell investment director Russ Mould. He added that the Middle East is expected to be a ""major opportunity for the group given its significant wealth and HSBC will want to have people on the ground ready to serve."" ""By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested. The newly-appointed Ms Kaur has worked at the bank for more than a decade and is currently its chief risk and compliance officer.  As well as becoming HSBC's chief financial officer, Ms Kaur will take up the role of executive director of the board, which is subject to election at the firm's next annual general meeting. ",BBC,22/10/2024,"[""HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs."", 'The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged.', 'The changes are set to take effect from 2025.', ""HSBC also announced a reshuffle in its leadership ranks, with the appointment of its first female finance chief in the bank's 159-year history."", 'Its new chief executive Georges Elhedery said he wants to ""unleash our full potential and drive success into the future.""', 'Under the plans, the bank will create separate business units in the UK and Hong Kong.', 'There will also be two other operations: ""corporate and institutional banking"" and ""international wealth and premier banking"".', 'Business in these operations will fall into either “eastern markets”, which includes the Asia-Pacific region and the Middle East, or “western markets”, covering the UK, continental Europe and the Americas. ""', 'The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged,"" Mr Elhedery said. ""', 'The creation of a new international wealth and premier banking division signals HSBC’s intent to be the bank of choice for the rich,"" said AJ Bell investment director Russ Mould.', 'He added that the Middle East is expected to be a ""major opportunity for the group given its significant wealth and HSBC will want to have people on the ground ready to serve."" ""', 'By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.', 'The newly-appointed Ms Kaur has worked at the bank for more than a decade and is currently its chief risk and compliance officer.', ""As well as becoming HSBC's chief financial officer, Ms Kaur will take up the role of executive director of the board, which is subject to election at the firm's next annual general meeting.""]",0.2746520768632859,"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.","HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.",0.9686275869607924,"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow,"" Mr Elhedery suggested.",,2024-10-23
-Boeing-made communications satellite breaks up in space,https://www.bbc.co.uk/news/articles/ce8d886l028o,2024-10-23T03:50:35.838Z,"A communications satellite designed and built by embattled aerospace giant Boeing has broken up in orbit. The satellite's operator, Intelsat, has confirmed the ""total loss"" of  iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.   Intelsat also says it has taken steps to complete ""a comprehensive analysis"" of the incident.  Boeing has been facing crises on multiple fronts, with a strike at its commercial plane business and issues with its Starliner spacecraft. ""We are coordinating with the satellite manufacturer, Boeing, and government agencies to analyse data and observations,"" Intelsat said. Boeing did not comment directly on the incident, referring BBC News to Intelsat's statements. The US Department of Defense's space-tracking website, SpaceTrack, also confirmed the incident.   An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite. Separately, two astronauts have been stranded at the International Space Station (ISS) after the Boeing Starliner capsule they arrived on in June was deemed unfit to make the return flight.  They are due to travel back to Earth on a spacecraft made by Elon Musk's SpaceX next year. Since last month, Boeing has also been dealing with a strike involving more than 30,000 workers at its commercial plane making operation.  Union members are set to vote on the company's latest offer on Wednesday. The new offer includes a 35% pay rise over the next four years. Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding. It also said it would start laying off 17,000 employees - about 10% of its workforce - from November. In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal. The agreement was in relation to two 737-MAX planes that were lost in nearly-identical accidents that cost 346 lives more than five years ago. ",BBC,23/10/2024,"['A communications satellite designed and built by embattled aerospace giant Boeing has broken up in orbit.', 'The satellite\'s operator, Intelsat, has confirmed the ""total loss"" of iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.', 'Intelsat also says it has taken steps to complete ""a comprehensive analysis"" of the incident.', 'Boeing has been facing crises on multiple fronts, with a strike at its commercial plane business and issues with its Starliner spacecraft. ""', 'We are coordinating with the satellite manufacturer, Boeing, and government agencies to analyse data and observations,"" Intelsat said.', ""Boeing did not comment directly on the incident, referring BBC News to Intelsat's statements."", ""The US Department of Defense's space-tracking website, SpaceTrack, also confirmed the incident."", 'An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite.', 'Separately, two astronauts have been stranded at the International Space Station (ISS) after the Boeing Starliner capsule they arrived on in June was deemed unfit to make the return flight.', ""They are due to travel back to Earth on a spacecraft made by Elon Musk's SpaceX next year."", 'Since last month, Boeing has also been dealing with a strike involving more than 30,000 workers at its commercial plane making operation.', ""Union members are set to vote on the company's latest offer on Wednesday."", 'The new offer includes a 35% pay rise over the next four years.', 'Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding.', 'It also said it would start laying off 17,000 employees - about 10% of its workforce - from November.', 'In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal.', 'The agreement was in relation to two 737-MAX planes that were lost in nearly-identical accidents that cost 346 lives more than five years ago.']",-0.0999536706147653,"An alert on the platform said the US Space Forces also said it is ""currently tracking around 20 associated pieces"" of the satellite.","In July, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and to pay at least $243.6m after breaching a 2021 deferred prosecution deal.",-0.1331610764775957,"Last week, Boeing announced it was seeking up to $35bn (£27bn) in new funding.","The satellite's operator, Intelsat, has confirmed the ""total loss"" of iS-33e, which has affected customers in Europe, Africa and parts of the Asia-Pacific region.",2024-10-23
-Starbucks boss shakes up menu to win back customers,https://www.bbc.co.uk/news/articles/czxgxjrdy80o,2024-10-23T01:49:01.604Z,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales. Brian Niccol said the company needed to “fundamentally change” and said it would review its pricing. Figures revealed that Starbucks' customers have cut back on spending as the rising cost of living squeezed budgets, particularly in China. But Mr Niccol also admitted that there were issues in its stores such as not enough staff and customer bottlenecks. Starbucks refused to confirm or deny whether menu changes and price adjustments will apply to the UK. The company said global sales tumbled by 7% between July and September. The downturn was more dramatic in China, where sales fell 14% for the same period, as the economy there falters. “Despite our heightened investments, we were unable to change the trajectory of our traffic decline,"" said Rachel Ruggeri, Starbucks' finance chief. Months earlier, she had said the company was seeing signs of revival. To improve its slowing sales, Mr Nichol pledged to ""get back to Starbucks"". ""We will simplify our overly complex menu, fix our pricing architecture, and ensure that every customer feels Starbucks is worth it every single time they visit,"" he said. He added: ""We need to refine mobile order and pay so it doesn’t overwhelm the café experience."" Randeep Somel, fund manager at financial services firm L&G, said a cheaper and less complicated menu could help speed up service. ""At peak times, the queues are just too large so if you simplify the menu it might help customer throughput,"" he told BBC Radio 4's Today Programme. Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around. But he faced criticism over his plan to commute almost 1,000 miles (1,600km) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet. Critics saw it as in contradiction with the company's public stance on green issues. Starbucks is due to release its full results next week. It shares dropped 4% on Tuesday as it suspended its financial forecasts for the next year due to ""current state of the business"". Starbucks' former chief executive Laxman Narasimhan, who was ousted after a year-and-a-half in the role, had attempted to revitalised the chain's menu. He said in summer he wanted to add new items such as boba drinks and an egg sandwich with pesto as well speedier service in stores. However, weeks later he left. Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US. A union working to organise baristas in the US posted a message on social media expressing ""solidarity"" with Palestine, shortly after the 7 October attack by Hamas. The post, which the union said was not authorised by leaders, spread rapidly despite being taken down, and sparked backlash against the coffee giant. Starbucks said it disagreed with the union's statement. It described its official position as condemning ""violence in the region"". ",BBC,23/10/2024,"['The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.', 'Brian Niccol said the company needed to “fundamentally change” and said it would review its pricing.', ""Figures revealed that Starbucks' customers have cut back on spending as the rising cost of living squeezed budgets, particularly in China."", 'But Mr Niccol also admitted that there were issues in its stores such as not enough staff and customer bottlenecks.', 'Starbucks refused to confirm or deny whether menu changes and price adjustments will apply to the UK.', 'The company said global sales tumbled by 7% between July and September.', 'The downturn was more dramatic in China, where sales fell 14% for the same period, as the economy there falters. “', 'Despite our heightened investments, we were unable to change the trajectory of our traffic decline,"" said Rachel Ruggeri, Starbucks\' finance chief.', 'Months earlier, she had said the company was seeing signs of revival.', 'To improve its slowing sales, Mr Nichol pledged to ""get back to Starbucks"". ""', 'We will simplify our overly complex menu, fix our pricing architecture, and ensure that every customer feels Starbucks is worth it every single time they visit,"" he said.', 'He added: ""We need to refine mobile order and pay so it doesn’t overwhelm the café experience.""', 'Randeep Somel, fund manager at financial services firm L&G, said a cheaper and less complicated menu could help speed up service. ""', 'At peak times, the queues are just too large so if you simplify the menu it might help customer throughput,"" he told BBC Radio 4\'s Today Programme.', 'Mr Niccol, who previously headed the Mexican food chain Chipotle, was brought into Starbucks to help turn the business around.', ""But he faced criticism over his plan to commute almost 1,000 miles (1,600km) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet."", ""Critics saw it as in contradiction with the company's public stance on green issues."", 'Starbucks is due to release its full results next week.', 'It shares dropped 4% on Tuesday as it suspended its financial forecasts for the next year due to ""current state of the business"".', ""Starbucks' former chief executive Laxman Narasimhan, who was ousted after a year-and-a-half in the role, had attempted to revitalised the chain's menu."", 'He said in summer he wanted to add new items such as boba drinks and an egg sandwich with pesto as well speedier service in stores.', 'However, weeks later he left.', 'Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US.', 'A union working to organise baristas in the US posted a message on social media expressing ""solidarity"" with Palestine, shortly after the 7 October attack by Hamas.', 'The post, which the union said was not authorised by leaders, spread rapidly despite being taken down, and sparked backlash against the coffee giant.', ""Starbucks said it disagreed with the union's statement."", 'It described its official position as condemning ""violence in the region"".']",-0.0379451617746635,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.",Starbucks has also been grappling with protests and boycott campaigns on social media tied to the Israel-Gaza war and a union fight in the US.,-0.136965254942576,"The new boss of Starbucks has promised to simplify its ""overly complex menu"" as the coffee chain attempts to win back customers and boost falling sales.",The company said global sales tumbled by 7% between July and September.,2024-10-23
-"Air India, IndiGo: How bomb hoaxes are giving a bad name to India airlines",https://www.bbc.co.uk/news/articles/cx2kz84kgj0o,2024-10-20T23:54:04.668Z,"A dramatic and unprecedented surge in hoax bomb threats targeting Indian airlines is wreaking havoc on flight schedules, diverting planes and causing widespread disruption.  A video posted on social media last week showed passengers draped in woollens, walking down the icy ladder of an Air India plane into the frigid air of Iqaluit, a remote city in Canada. The 211 passengers on the Boeing 777, originally en route from Mumbai to Chicago, had been diverted early on 15 October due to a bomb threat. “We have been stuck at the airport since 5am with 200 passengers… We have no idea what’s happening or what we are supposed to do next… We are completely stranded,” Harit Sachdeva, a passenger, posted on social media. He praised the “kind airport staff” and alleged Air India was not doing enough to inform the passengers. Mr Sachdeva’s post captured the frustration and anxiety of passengers diverted to an unknown, remote destination. Hours later, a Canadian Air Force plane ended their ordeal by ferrying the stranded passengers to Chicago. Air India confirmed that the flight had been diverted to Iqaluit due to a ""security threat posted online"". The threat was false, mirroring scores of similar hoaxes targeting India’s airlines so far this year. Last week alone, there were at least 90 threats, resulting in diversions, cancellations and delays. In June, 41 airports received hoax bomb threats via email in a single day, prompting heightened security. For context, between 2014 and 2017, authorities recorded 120 bomb hoax alerts at airports, with nearly half directed at Delhi and Mumbai, the country’s largest airports. This underscores the recurring nature of such threats in recent years, but this year’s surge has been sensational. (It’s hard to know how India compares to other countries as data is not readily available.) ""I am deeply concerned over the recent disruptive acts targeting Indian airlines, affecting domestic and international operations. Such mischievous and unlawful actions are a matter of grave concern. I condemn attempts to compromise safety, security and operational integrity of our aviation sector,"" federal aviation minister, Kinjarapu Ram Mohan Naidu, said. So what is going on?  Hoax bomb threats targeting airlines are often linked to malicious intent, attention-seeking, mental health issues, disruption of business operations or a prank, experts say. In 2018, a rash of jokes about bombs by airplane passengers in Indonesia led to flight disruptions. Even fliers have proved to be culprits: last year, a frustrated passenger tried to delay a SpiceJet flight by calling in a bomb hoax alert after missing his check-in at an airport in India's Bihar. These hoaxes end up wreaking havoc in one of the world’s fastest-growing aviation markets. More than 150 million passengers flew domestically in India last year, according to the civil aviation ministry. More than 3,000 flights arrive and depart every day in the country from more than 150 operational airports, including 33 international airports. Last week’s hoaxes peaked even as India's airlines carried 484,263 passengers on 14 October, a record on a single day for the country. India has just under 700 commercial passenger planes in service, and an order backlog of more than 1,700 planes, according to Rob Morris of Cirium, a consultancy. “All this would certainly render India the fastest growing commercial aircraft market today,” says Mr Morris. Consider the consequences of a bomb threat alert on an airline.  If the plane is in the air, it must divert to the nearest airport - like the Air India flight that diverted last week to Canada or a Frankfurt-bound Vistara flight from Mumbai that diverted to Turkey in September. Some involve fighter jets to be scrambled to escort planes reporting threats like what happened with a Heathrow-bound Air India flight over Norfolk and a Singapore-bound Air India Express last week.  Once on the ground, passengers disembark, and all baggage and cargo and catering undergo thorough searches. This process can take several hours, and often the same crew cannot continue flying due to duty hour limitations. As a result, a replacement crew must be arranged, further prolonging the delay. “All of this has significant cost and network implications. Every diverted or delayed flight incurs substantial expenses, as grounded aircraft become money-losing assets. Delays lead to cancellations, and schedules are thrown off balance.” says Sidharath Kapur, an independent aviation expert. The dramatic rise in bomb threats on social media from anonymous accounts has complicated efforts to identify perpetrators. The motives remain unclear, as does whether the threats come from a single individual, a group, or are simply copycat acts. Last week, Indian authorities arrested a 17-year-old school dropout for creating a social media account to issue such threats. His motivations remain unclear, but he is believed to have targeted four flights - three international - resulting in two delays, one diversion and one cancellation. Investigators suspect that some posts may have originated from London and Germany after tracing IP addresses. Clearly, tracking down hoaxers presents a significant challenge. While Indian law mandates life imprisonment for threats to airport safety or service disruption, this punishment is too severe for hoax calls and would likely not withstand legal scrutiny. Reports suggest the government is considering placing offenders on a no-fly list and introducing new laws that could impose a five-year prison term. Ultimately, such hoax threats can cause serious anxiety for passengers. “My aunt called to ask if she should take her booked flight given these threats. 'Should I take a train?' she asked. I told her, 'Please continue to fly',” says an aviation consultant, who preferred to remain unnamed. The threats continue to disrupt lives and sow fear. Follow BBC News India on Instagram, YouTube, Twitter, and Facebook. ",BBC,20/10/2024,"['A dramatic and unprecedented surge in hoax bomb threats targeting Indian airlines is wreaking havoc on flight schedules, diverting planes and causing widespread disruption.', 'A video posted on social media last week showed passengers draped in woollens, walking down the icy ladder of an Air India plane into the frigid air of Iqaluit, a remote city in Canada.', 'The 211 passengers on the Boeing 777, originally en route from Mumbai to Chicago, had been diverted early on 15 October due to a bomb threat. “', 'We have been stuck at the airport since 5am with 200 passengers… We have no idea what’s happening or what we are supposed to do next… We are completely stranded,” Harit Sachdeva, a passenger, posted on social media.', 'He praised the “kind airport staff” and alleged Air India was not doing enough to inform the passengers.', 'Mr Sachdeva’s post captured the frustration and anxiety of passengers diverted to an unknown, remote destination.', 'Hours later, a Canadian Air Force plane ended their ordeal by ferrying the stranded passengers to Chicago.', 'Air India confirmed that the flight had been diverted to Iqaluit due to a ""security threat posted online"".', 'The threat was false, mirroring scores of similar hoaxes targeting India’s airlines so far this year.', 'Last week alone, there were at least 90 threats, resulting in diversions, cancellations and delays.', 'In June, 41 airports received hoax bomb threats via email in a single day, prompting heightened security.', 'For context, between 2014 and 2017, authorities recorded 120 bomb hoax alerts at airports, with nearly half directed at Delhi and Mumbai, the country’s largest airports.', 'This underscores the recurring nature of such threats in recent years, but this year’s surge has been sensational. (', 'It’s hard to know how India compares to other countries as data is not readily available.) ""', 'I am deeply concerned over the recent disruptive acts targeting Indian airlines, affecting domestic and international operations.', 'Such mischievous and unlawful actions are a matter of grave concern.', 'I condemn attempts to compromise safety, security and operational integrity of our aviation sector,"" federal aviation minister, Kinjarapu Ram Mohan Naidu, said.', 'So what is going on?', 'Hoax bomb threats targeting airlines are often linked to malicious intent, attention-seeking, mental health issues, disruption of business operations or a prank, experts say.', 'In 2018, a rash of jokes about bombs by airplane passengers in Indonesia led to flight disruptions.', ""Even fliers have proved to be culprits: last year, a frustrated passenger tried to delay a SpiceJet flight by calling in a bomb hoax alert after missing his check-in at an airport in India's Bihar."", 'These hoaxes end up wreaking havoc in one of the world’s fastest-growing aviation markets.', 'More than 150 million passengers flew domestically in India last year, according to the civil aviation ministry.', 'More than 3,000 flights arrive and depart every day in the country from more than 150 operational airports, including 33 international airports.', ""Last week’s hoaxes peaked even as India's airlines carried 484,263 passengers on 14 October, a record on a single day for the country."", 'India has just under 700 commercial passenger planes in service, and an order backlog of more than 1,700 planes, according to Rob Morris of Cirium, a consultancy. “', 'All this would certainly render India the fastest growing commercial aircraft market today,” says Mr Morris.', 'Consider the consequences of a bomb threat alert on an airline.', 'If the plane is in the air, it must divert to the nearest airport - like the Air India flight that diverted last week to Canada or a Frankfurt-bound Vistara flight from Mumbai that diverted to Turkey in September.', 'Some involve fighter jets to be scrambled to escort planes reporting threats like what happened with a Heathrow-bound Air India flight over Norfolk and a Singapore-bound Air India Express last week.', 'Once on the ground, passengers disembark, and all baggage and cargo and catering undergo thorough searches.', 'This process can take several hours, and often the same crew cannot continue flying due to duty hour limitations.', 'As a result, a replacement crew must be arranged, further prolonging the delay. “', 'All of this has significant cost and network implications.', 'Every diverted or delayed flight incurs substantial expenses, as grounded aircraft become money-losing assets.', 'Delays lead to cancellations, and schedules are thrown off balance.”', 'says Sidharath Kapur, an independent aviation expert.', 'The dramatic rise in bomb threats on social media from anonymous accounts has complicated efforts to identify perpetrators.', 'The motives remain unclear, as does whether the threats come from a single individual, a group, or are simply copycat acts.', 'Last week, Indian authorities arrested a 17-year-old school dropout for creating a social media account to issue such threats.', 'His motivations remain unclear, but he is believed to have targeted four flights - three international - resulting in two delays, one diversion and one cancellation.', 'Investigators suspect that some posts may have originated from London and Germany after tracing IP addresses.', 'Clearly, tracking down hoaxers presents a significant challenge.', 'While Indian law mandates life imprisonment for threats to airport safety or service disruption, this punishment is too severe for hoax calls and would likely not withstand legal scrutiny.', 'Reports suggest the government is considering placing offenders on a no-fly list and introducing new laws that could impose a five-year prison term.', 'Ultimately, such hoax threats can cause serious anxiety for passengers. “', ""My aunt called to ask if she should take her booked flight given these threats. '"", ""Should I take a train?'"", 'she asked.', ""I told her, 'Please continue to fly',” says an aviation consultant, who preferred to remain unnamed."", 'The threats continue to disrupt lives and sow fear.', 'Follow BBC News India on Instagram, YouTube, Twitter, and Facebook.']",-0.2594053338582829,He praised the “kind airport staff” and alleged Air India was not doing enough to inform the passengers.,"A dramatic and unprecedented surge in hoax bomb threats targeting Indian airlines is wreaking havoc on flight schedules, diverting planes and causing widespread disruption.",-0.6732865780591964,"All this would certainly render India the fastest growing commercial aircraft market today,” says Mr Morris.","Delays lead to cancellations, and schedules are thrown off balance.”",2024-10-23
-McDonald's tells U.S. restaurants it's not a 'political brand' after Trump visit,https://www.cnbc.com/2024/10/21/mcdonalds-says-its-not-political-after-trump-visit.html,2024-10-22T13:19:15+0000,"In this articleThough President Donald Trump visited a Pennsylvania McDonald's location on Sunday, the fast-food giant is trying to stay neutral in the presidential race.""As we've seen, our brand has been a fixture of conversation in this election cycle. While we've not sought this, it's a testament to how much McDonald's resonates with so many Americans. McDonald's does not endorse candidates for elected office and that remains true in this race for the next President,"" the company said in an internal message viewed by CNBC and confirmed by a source familiar with the matter.Trump learned how to operate a fry cooker and work the drive-thru line during his short shift at a Feasterville, Pennsylvania, restaurant. He used the stunt as an opportunity to take more shots at his opponent, Vice President Kamala Harris.Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim. Harris has denied the accusation. McDonald's and its franchisees don't have all of their employment records for workers dating back to the early 1980s, when the 60-year-old Harris would have worked there, the company said in the Sunday memo.""Though we are not a political brand, we've been proud to hear former President Trump's love for McDonald's and Vice President Harris's fond memories working under the Arches,"" McDonald's said.Both McDonald's and the franchisee who operates the location emphasized that the chain opens its doors to ""everyone.""""As a small, independent business owner, it is a fundamental value of my organization that we proudly open our doors to everyone who visits the Feasterville community,"" franchisee Derek Giacomantonio said in a statement. ""That's why I accepted former President Trump's request to observe the transformative working experience that 1 in 8 Americans have had: a job at McDonald's.""Although McDonald's publicly supported the Black Lives Matter movement in 2020, it has tried to portray itself as an apolitical brand to avoid alienating customers. It follows a broader shift in Corporate America away from politics or initiatives perceived as ideological.A number of companies, including Ford, Lowe's and Harley-Davidson, have walked back their diversity, equity and inclusion policies and practices this year.And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring. But McDonald's has already been involved with another controversy this election cycle.In late May, several viral social media posts criticized the burger giant's affordability, citing everything from an $18 Big Mac meal at a Connecticut location to charts that alleged the chain's prices had more than doubled over the last five years. Republicans latched onto the controversy, tying a jump in McDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation.To quell the controversy, McDonald's U.S. President Joe Erlinger wrote an open letter and released fact sheets about the company's pricing.— CNBC's Kate Rogers contributed reporting.",CNBC,22/10/2024,"[""In this articleThough President Donald Trump visited a Pennsylvania McDonald's location on Sunday, the fast-food giant is trying to stay neutral in the presidential race."", '""As we\'ve seen, our brand has been a fixture of conversation in this election cycle.', ""While we've not sought this, it's a testament to how much McDonald's resonates with so many Americans."", 'McDonald\'s does not endorse candidates for elected office and that remains true in this race for the next President,"" the company said in an internal message viewed by CNBC and confirmed by a source familiar with the matter.', 'Trump learned how to operate a fry cooker and work the drive-thru line during his short shift at a Feasterville, Pennsylvania, restaurant.', 'He used the stunt as an opportunity to take more shots at his opponent, Vice President Kamala Harris.', ""Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim."", 'Harris has denied the accusation.', ""McDonald's and its franchisees don't have all of their employment records for workers dating back to the early 1980s, when the 60-year-old Harris would have worked there, the company said in the Sunday memo."", '""Though we are not a political brand, we\'ve been proud to hear former President Trump\'s love for McDonald\'s and Vice President Harris\'s fond memories working under the Arches,"" McDonald\'s said.', 'Both McDonald\'s and the franchisee who operates the location emphasized that the chain opens its doors to ""everyone.', '""""As a small, independent business owner, it is a fundamental value of my organization that we proudly open our doors to everyone who visits the Feasterville community,"" franchisee Derek Giacomantonio said in a statement. ""', ""That's why I accepted former President Trump's request to observe the transformative working experience that 1 in 8 Americans have had: a job at McDonald's."", '""Although McDonald\'s publicly supported the Black Lives Matter movement in 2020, it has tried to portray itself as an apolitical brand to avoid alienating customers.', 'It follows a broader shift in Corporate America away from politics or initiatives perceived as ideological.', ""A number of companies, including Ford, Lowe's and Harley-Davidson, have walked back their diversity, equity and inclusion policies and practices this year."", ""And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring."", ""But McDonald's has already been involved with another controversy this election cycle."", ""In late May, several viral social media posts criticized the burger giant's affordability, citing everything from an $18 Big Mac meal at a Connecticut location to charts that alleged the chain's prices had more than doubled over the last five years."", ""Republicans latched onto the controversy, tying a jump inMcDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation."", ""To quell the controversy, McDonald's U.S. President Joe Erlinger wrote an open letter and released fact sheets about the company's pricing.—"", ""CNBC's Kate Rogers contributed reporting.""]",0.0822679171161547,"""Though we are not a political brand, we've been proud to hear former President Trump's love for McDonald's and Vice President Harris's fond memories working under the Arches,"" McDonald's said.","Trump often accuses Harris of lying about working at McDonald's for a summer in her 20s, but has offered no proof backing up the claim.",-0.0422786672910054,"Republicans latched onto the controversy, tying a jump inMcDonald's menu prices to Biden's economic policy in a bid to win over voters fed up with inflation.","And that's a change that many Americans want; only 38% of U.S. adults believe that businesses should take public stances, down from 48% in 2022, according to a Gallup-University of Bentley study conducted this spring.",2024-10-23
-Apple and Goldman Sachs ordered to pay more than $89 million for Apple Card failures,https://www.cnbc.com/2024/10/23/apple-goldman-sachs-fines-apple-card-failures.html,2024-10-23T16:31:22+0000,"In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs. Even when Goldman Sachs did receive disputes, the CFPB said the bank did not follow federal requirements when investigating the cases.Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million. The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers. Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service. The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices. While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest. Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.""Apple Card is one of the most consumer-friendly credit cards that has ever been offered. We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.""Representatives from Apple did not immediately respond to CNBC's request for comment.— CNBC's Hugh Son contributed to this report.",CNBC,23/10/2024,"['In this articleThe Consumer Financial Protection Bureau ordered Apple and Goldman Sachs on Wednesday to pay more than $89 million for mishandling consumer disputes related to Apple Card transactions.', 'The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.', 'Even when Goldman Sachs did receive disputes, the CFPBsaid the bank did not follow federal requirements when investigating the cases.', 'Goldman Sachs was ordered to pay a $45 million civil penalty and $19.8 million in redress, while Apple was fined $25 million.', 'The bureau also banned Goldman Sachs from launching new credit cards unless it can provide an adequate plan to comply with the law.', '""Apple and Goldman Sachs illegally sidestepped their legal obligations for Apple Card borrowers.', 'Big Tech companies and big Wall Street firms should not behave as if they are exempt from federal law,"" said CFPB Director Rohit Chopra.', ""Apple Card was first launched in 2019 as a credit card alternative, hinged on Apple Pay, the company's mobile payment and digital wallet service."", 'The company partnered with Goldman Sachs as its issuing bank, and advertised the card as more simple and transparent than other credit cards.', 'That December, the companies launched a new feature that allowed users to finance certain Apple devices with the card through interest-free monthly installments.', 'But the CFPB found that Apple and Goldman Sachs misled consumers about the interest-free payment plans for Apple devices.', 'While many customers thought they would get automatic interest-free monthly payments when they bought Apple devices with an Apple Card, they were still charged interest.', 'Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.', '""Apple Card is one of the most consumer-friendly credit cards that has ever been offered.', 'We worked diligently to address certain technological and operational challenges that we experienced after launch and have already handled them with impacted customers,"" Nick Carcaterra, vice president of Goldman Sachs corporate communications, told CNBC. ""', 'We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.', '""Representatives from Apple did not immediately respond to CNBC\'s request for comment.—', ""CNBC's Hugh Son contributed to this report.""]",0.243548983161664,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,The bureau said Apple failed to send tens of thousands of consumer disputes to Goldman Sachs.,-0.4666368535586765,We are pleased to have reached a resolution with the CFPB and are proud to have developed such an innovative and award-winning product alongside Apple.,"Goldman Sachs did not adequately communicate to consumers about how the refunds would work, which meant some people ended up paying additional interest charges, according to the CFPB.It also meant some consumers had incorrect credit reports, the agency said.",2024-10-23
-"Boeing at ""crossroads"" as strike hits and losses rise",https://www.bbc.co.uk/news/articles/cp9zrylmdk0o,2024-10-23T14:31:26.426Z,"Boeing boss Kelly Ortberg has warned the company is at a ""crossroads"" after losses at the aerospace giant surged to roughly $6bn (£4.6bn). Mr Ortbeg, who took over as chief executive in August, said he was working ""feverishly"" to stabilise the firm, as it works to repair its reputation which has been hit by manufacturing and safety concerns.  The plane maker is also dealing with a strike by more than 30,000 of its workers in the US, which has dragged on for more than a month and halted production of several aircraft.  Its disappointing results come as workers are set to vote on Wednesday on the company's latest pay and benefits proposal. In prepared remarks, Mr Ortberg said he was ""hopeful"" that the plan, which includes a 35% pay raise over four years, would be approved, while noting that significant other hurdles remain to reset the business.  ""This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,"" he added. The latest crisis at Boeing erupted in January when a dramatic mid-air blowout of a piece of one of its passenger planes.  Its space business also suffered a back eye after its Starliner vessel was forced to return to Earth without carrying astronauts.    The strike has compounded the problems, leading to a dramatic slowdown in production. Mr Ortberg said the firm was ""saddled with too much debt"" and had disappointed customers with lapses in performance across the business. Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn.  Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.   But he warned investors that restarting the firm's factories, whenever the strike does end, will be tricky.  ""It’s much harder to turn this on than it is to turn it off. So it’s critical, absolutely critical, that we do this right,"" he said.  ""We have a detailed return-to-work plan in place and I’m really looking forward to getting everybody back and getting to work on that plan."" The company announced plans earlier this month to cut roughly 10% of its workforce. Thousands of other staff are already on a rolling furlough due to the strike, which has also hit suppliers.  Mr Ortberg told investors that his first priority was a ""fundamental culture change"". ""We need to prevent the festering of issues and work better together to identify, fix and understand root cause,"" he said. ",BBC,23/10/2024,"['Boeing boss Kelly Ortberg has warned the company is at a ""crossroads"" after losses at the aerospace giant surged to roughly $6bn (£4.6bn).', 'Mr Ortbeg, who took over as chief executive in August, said he was working ""feverishly"" to stabilise the firm, as it works to repair its reputation which has been hit by manufacturing and safety concerns.', 'The plane maker is also dealing with a strike by more than 30,000 of its workers in the US, which has dragged on for more than a month and halted production of several aircraft.', ""Its disappointing results come as workers are set to vote on Wednesday on the company's latest pay and benefits proposal."", 'In prepared remarks, Mr Ortberg said he was ""hopeful"" that the plan, which includes a 35% pay raise over four years, would be approved, while noting that significant other hurdles remain to reset the business. ""', 'This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again,"" he added.', 'The latest crisis at Boeing erupted in January when a dramatic mid-air blowout of a piece of one of its passenger planes.', 'Its space business also suffered a back eye after its Starliner vessel was forced to return to Earth without carrying astronauts.', 'The strike has compounded the problems, leading to a dramatic slowdown in production.', 'Mr Ortberg said the firm was ""saddled with too much debt"" and had disappointed customers with lapses in performance across the business.', ""Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn."", 'Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.', 'But he warned investors that restarting the firm\'s factories, whenever the strike does end, will be tricky. ""', 'It’s much harder to turn this on than it is to turn it off.', 'So it’s critical, absolutely critical, that we do this right,"" he said. ""', 'We have a detailed return-to-work plan in place and I’m really looking forward to getting everybody back and getting to work on that plan.""', 'The company announced plans earlier this month to cut roughly 10% of its workforce.', 'Thousands of other staff are already on a rolling furlough due to the strike, which has also hit suppliers.', 'Mr Ortberg told investors that his first priority was a ""fundamental culture change"". ""', 'We need to prevent the festering of issues and work better together to identify, fix and understand root cause,"" he said.']",-0.1545282563159074,"In prepared remarks, Mr Ortberg said he was ""hopeful"" that the plan, which includes a 35% pay raise over four years, would be approved, while noting that significant other hurdles remain to reset the business. """,Its space business also suffered a back eye after its Starliner vessel was forced to return to Earth without carrying astronauts.,-0.350133053958416,"Mr Ortberg argued the firm was in a strong position, with a backlog of roughly 5,400 orders for its planes.","Boeing's commercial aircraft business reported operating losses of $4bn in the last three months, while its defence unit lost nearly $2.4bn.",2024-10-23
-Elon Musk battles Mukesh Ambani over India's satellite internet,https://www.bbc.co.uk/news/articles/ce3z3ydwdppo,2024-10-22T23:01:35.849Z,"The race between two of the world’s richest men, Elon Musk and Mukesh Ambani, is intensifying as they prepare to face off in India’s satellite broadband market. After India's government announced last week that satellite spectrum for broadband would be allocated administratively rather than through auction, this battle has only heated up. Mr Musk had previously criticised the auction model supported by Mr Ambani. Satellite broadband provides internet access anywhere within the satellite’s coverage. This makes it a reliable option for remote or rural areas where traditional services like DSL - a connection that uses telephone lines to transmit data - or cable are unavailable. It also helps to bridge the hard-to-reach digital divide. India's telecom regulator has yet to announce spectrum pricing, and commercial satellite internet services are still to begin.  However, satellite internet subscribers in India are projected to reach two million by 2025, according to credit rating agency ICRA.  The market is competitive, with around half a dozen key players, led by Mr Ambani's Reliance Jio.  Having invested billions in airwave auctions to dominate the telecom sector, Jio has now partnered with Luxembourg-based SES Astra, a leading satellite operator. Unlike Mr Musk's Starlink, which uses low-Earth orbit (LEO) satellites positioned between 160 and 1,000 km from Earth's surface for faster service, SES operates medium-Earth orbit (MEO) satellites at a much higher altitude, offering a more cost-effective system. Receivers on the ground receive satellite signals and process it to internet data. Mr Musk’s Starlink has 6,419 satellites in orbit and four million subscribers across 100 countries. He has been aiming to launch services in India since 2021, but regulatory hurdles have caused delays.  If his company enters India this time, it will boost Prime Minister Narendra Modi's efforts to attract foreign investment, many say.  It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani. While auctions have proved lucrative for it in the past, India’s government defends its decision to allocate satellite spectrum administratively this time, claiming it aligns with international norms.  Satellite spectrum is not typically allocated by auction as the costs involved could impact the financial rationale or investment in the business, says Gareth Owen, a technology analyst at Counterpoint Research. In contrast, administrative allocation would ensure spectrum is fairly distributed among ""qualified"" players, giving Starlink a chance to enter the race.  But Mr Ambani’s Reliance says an auction is necessary to ensure fair competition, given the lack of clear legal provisions in India on how satellite broadband services can be offered directly to people.  In letters written to the telecoms regulator earlier in October, seen by the BBC, Reliance repeatedly urged the creation of a ""level playing field between satellite-based and terrestrial access services"".  The firm also said that ""recent advancements in satellite technologies... have significantly blurred the lines between satellite and terrestrial networks"", and that ""satellite-based services are no longer confined to areas unserved by terrestrial networks"". One letter stated that spectrum assignment is done through auctions under India's telecom laws, with administrative allocation allowed only in cases of ""public interest, government functions, or technical or economic reasons preventing auctions."" On X, Mr Musk pointed out that the spectrum “was long designated by the ITU as shared spectrum for satellites”. The International Telecommunication Union (ITU), a UN agency for digital technology, sets global regulations, and India is a member and signatory. When Reuters news agency reported that Mukesh Ambani was lobbying the government to reconsider its position, Mr Musk responded to a post on X, saying: “I will call [Mr Ambani] and ask if it would not be too much trouble to allow Starlink to compete to provide internet services to the people of India.” Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen. The tycoon could be “prepared to outbid Musk”, using an auction to potentially exclude Starlink from the Indian market, he says. But it is not Mr Ambani alone who supported the auction route.  Sunil Mittal, chairman of Bharti Airtel, has said that companies aiming to serve urban, high-end customers should “take telecom licences and buy spectrum like everyone else”.  Mr Mittal - India's second-largest wireless operator - along with Mr Ambani, controls 80% of the country's telecom market. Such resistance is a “defensive move aimed at raising costs for international players seen as long-term threats,"" says Mahesh Uppal, a telecommunications expert.  “While not immediate competition, satellite technologies are advancing quickly. Telecom companies [in India] with large terrestrial businesses fear that satellites could soon become more competitive, challenging their dominance.” At stake, clearly, is the promise of the vast Indian market. Nearly 40% of India’s 1.4 billion people still don’t have internet access, with rural areas making up most of the cases, according to EY-Parthenon, a consulting company.  For context, China is  home to almost 1.09 billion internet users, which is almost 340 million more than India’s 751 million, according to DataReportal, which tracks global online trends. India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.  If priced properly, satellite broadband can help bridge some of this gap, and even help in the internet-of things (IoT), a network that connects everyday objects to the internet, allowing them to talk to each other.  Pricing will be crucial in India, where mobile data is among the cheapest globally - just 12 cents per gigabyte, according to Modi.  ""A price war [with Indian operators] is inevitable. Musk has deep pockets. There's no reason why he cannot offer a year of free services in [some] places to gain a foothold in the domestic market,"" says Prasanto K Roy, a technology analyst. Starlink has already cut prices in Kenya and South Africa.   It may not be easy though. In a 2023 report, EY-Parthenon noted that Starlink's higher costs - almost 10 times those of major Indian broadband providers - could make it difficult to compete without government subsidies.  Many more LEO satellites - the kind Starlink operates - are needed to provide global coverage than MEO satellites, increasing launch and maintenance costs. And some of the fears of Indian operators could be unfounded.  ""Businesses will never switch completely to satellite unless there is no terrestrial option. Terrestrial networks will always be less expensive than satellite, except in thinly populated regions,"" says Mr Owen.  Mr Musk could have a first-mover advantage, but ""satellite markets are notoriously slow to develop"".  The battle between two of the world's richest men over internet of space has truly begun.  ",BBC,22/10/2024,"['The race between two of the world’s richest men, Elon Musk and Mukesh Ambani, is intensifying as they prepare to face off in India’s satellite broadband market.', ""After India's government announced last week that satellite spectrum for broadband would be allocated administratively rather than through auction, this battle has only heated up."", 'Mr Musk had previously criticised the auction model supported by Mr Ambani.', 'Satellite broadband provides internet access anywhere within the satellite’s coverage.', 'This makes it a reliable option for remote or rural areas where traditional services like DSL - a connection that uses telephone lines to transmit data - or cable are unavailable.', 'It also helps to bridge the hard-to-reach digital divide.', ""India's telecom regulator has yet to announce spectrum pricing, and commercial satellite internet services are still to begin."", 'However, satellite internet subscribers in India are projected to reach two million by 2025, according to credit rating agency ICRA.', ""The market is competitive, with around half a dozen key players, led by Mr Ambani's Reliance Jio."", 'Having invested billions in airwave auctions to dominate the telecom sector, Jio has now partnered with Luxembourg-based SES Astra, a leading satellite operator.', ""Unlike Mr Musk's Starlink, which uses low-Earth orbit (LEO) satellites positioned between 160 and 1,000 km from Earth's surface for faster service, SES operates medium-Earth orbit (MEO) satellites at a much higher altitude, offering a more cost-effective system."", 'Receivers on the ground receive satellite signals and process it to internet data.', 'Mr Musk’s Starlink has 6,419 satellites in orbit and four million subscribers across 100 countries.', 'He has been aiming to launch services in India since 2021, but regulatory hurdles have caused delays.', ""If his company enters India this time, it will boost Prime Minister Narendra Modi's efforts to attract foreign investment, many say."", ""It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani."", 'While auctions have proved lucrative for it in the past, India’s government defends its decision to allocate satellite spectrum administratively this time, claiming it aligns with international norms.', 'Satellite spectrum is not typically allocated by auction as the costs involved could impact the financial rationale or investment in the business, says Gareth Owen, a technology analyst at Counterpoint Research.', 'In contrast, administrative allocation would ensure spectrum is fairly distributed among ""qualified"" players, giving Starlink a chance to enter the race.', 'But Mr Ambani’s Reliance says an auction is necessary to ensure fair competition, given the lack of clear legal provisions in India on how satellite broadband services can be offered directly to people.', 'In letters written to the telecoms regulator earlier in October, seen by the BBC, Reliance repeatedly urged the creation of a ""level playing field between satellite-based and terrestrial access services"".', 'The firm also said that ""recent advancements in satellite technologies... have significantly blurred the lines between satellite and terrestrial networks"", and that ""satellite-based services are no longer confined to areas unserved by terrestrial networks"".', 'One letter stated that spectrum assignment is done through auctions under India\'s telecom laws, with administrative allocation allowed only in cases of ""public interest, government functions, or technical or economic reasons preventing auctions.""', 'On X, Mr Musk pointed out that the spectrum “was long designated by the ITU as shared spectrum for satellites”.', 'The International Telecommunication Union (ITU), a UN agency for digital technology, sets global regulations, and India is a member and signatory.', 'When Reuters news agency reported that Mukesh Ambani was lobbying the government to reconsider its position, Mr Musk responded to a post on X, saying: “I will call [Mr Ambani] and ask if it would not be too much trouble to allow Starlink to compete to provide internet services to the people of India.”', ""Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen."", 'The tycoon could be “prepared to outbid Musk”, using an auction to potentially exclude Starlink from the Indian market, he says.', 'But it is not Mr Ambani alone who supported the auction route.', 'Sunil Mittal, chairman of Bharti Airtel, has said that companies aiming to serve urban, high-end customers should “take telecom licences and buy spectrum like everyone else”.', ""Mr Mittal - India's second-largest wireless operator - along with Mr Ambani, controls 80% of the country's telecom market."", 'Such resistance is a “defensive move aimed at raising costs for international players seen as long-term threats,"" says Mahesh Uppal, a telecommunications expert. “', 'While not immediate competition, satellite technologies are advancing quickly.', 'Telecom companies [in India] with large terrestrial businesses fear that satellites could soon become more competitive, challenging their dominance.”', 'At stake, clearly, is the promise of the vast Indian market.', 'Nearly 40% of India’s 1.4 billion people still don’t have internet access, with rural areas making up most of the cases, according to EY-Parthenon, a consulting company.', 'For context, China is home to almost 1.09 billion internet users, which is almost 340 million more than India’s 751 million, according to DataReportal, which tracks global online trends.', 'India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.', 'If priced properly, satellite broadband can help bridge some of this gap, and even help in the internet-of things (IoT), a network that connects everyday objects to the internet, allowing them to talk to each other.', 'Pricing will be crucial in India, where mobile data is among the cheapest globally - just 12 cents per gigabyte, according to Modi. ""', 'A price war [with Indian operators] is inevitable.', 'Musk has deep pockets.', 'There\'s no reason why he cannot offer a year of free services in [some] places to gain a foothold in the domestic market,"" says Prasanto K Roy, a technology analyst.', 'Starlink has already cut prices in Kenya and South Africa.', 'It may not be easy though.', ""In a 2023 report, EY-Parthenon noted that Starlink's higher costs - almost 10 times those of major Indian broadband providers - could make it difficult to compete without government subsidies."", 'Many more LEO satellites - the kind Starlink operates - are needed to provide global coverage than MEO satellites, increasing launch and maintenance costs.', 'And some of the fears of Indian operators could be unfounded. ""', 'Businesses will never switch completely to satellite unless there is no terrestrial option.', 'Terrestrial networks will always be less expensive than satellite, except in thinly populated regions,"" says Mr Owen.', 'Mr Musk could have a first-mover advantage, but ""satellite markets are notoriously slow to develop"".', ""The battle between two of the world's richest men over internet of space has truly begun.""]",0.1298894937791282,"It will also help his government's efforts to burnish its image as pro-business, countering claims that its policies favour top Indian businessmen like Mr Ambani.",A price war [with Indian operators] is inevitable.,0.3341103170229041,"Mr Ambani's resistance to the administrative pricing method might stem from a strategic advantage, suggests Mr Owen.",India’s internet adoption rate still lags behind the global average of 66.2% but recent studies show that the country is closing the gap.,2024-10-23
-'Swicy' items take over restaurant menus as Gen Z seeks heat,https://www.cnbc.com/2024/10/22/swicy-items-take-over-restaurant-menus-as-gen-z-seeks-heat.html,2024-10-22T18:46:25+0000,"The hottest food and drink trend this year isn't just spicy — it's also sweet.""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing. While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors. The Food Institute even dubbed it the ""Summer of Swicy"" this year.Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential. Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers. Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment.Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales. In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence. Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen. The one element that might have changed over time are the spice levels.""I'm sure food is hotter now than it was 20 years ago,"" Nielsen said.She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen. Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza. But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.""Now, four years on, we're moving out of this and adding more spicy flavors,"" Nielsen said.Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division.McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show. The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.The following year, McCormick, which owns Frank's RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there's something for everyone,"" Cohen Aviram said.One reason why so many U.S. consumers are seeking out spicy foods and drinks? Increasing diversity.""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it. Then it gets introduced and repackaged,"" Nielsen said.For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation.One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze. After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors. It told customers to pick a side: team swicy or team umami.The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that's really excited about complex flavor profiles — but there's only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.Here's one example of the generation's heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said.Feedback from Shake Shack's customers reflects that, too.""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like 'Hey, you could have punched it up a little bit,'"" Karangis said.Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar.""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you're just not going to sense the nuance,"" she said.When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness. At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink. The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O'Toole, Burger King North America's chief marketing officer.The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile.""Guests can easily and accessibly try a 'swicy' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.Of course, not all swicy profiles resonate with customers. For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.But despite some missteps, the swicy pairing is likely here to stay – at least for a while.""The flavors will stick around, for sure. I think the name will get tiresome. ... It probably still has a couple of years to go,"" Nielsen said.",CNBC,22/10/2024,"[""The hottest food and drink trend this year isn't just spicy — it's also sweet."", '""Swicy,"" a portmanteau of sweet and spicy, has taken over restaurant marketing.', ""While the term hasn't actually appeared on menus, the shorthand has become a popular way to describe the resurgence of foods and drinks marrying sweet and spicy flavors."", 'The Food Institute even dubbed it the ""Summer of Swicy"" this year.', 'Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.', ""Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers."", ""Common menu items have paired fruity flavors and chili powder, or used sauces like hot honey and gochujang, a red chili paste that's a popular Korean condiment."", 'Although the menu items were largely only available for a limited time, culinary experts think that the swicy trend has staying power.', 'Buzzy, trendy menu items are more important now to restaurants, which are leaning on both discounts and innovation to attract diners and reverse declining sales.', ""In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence."", 'Limited-time menu items are particularly attractive to Gen Z customers, a key demographic because they account for roughly a fifth of Americans.', 'While the swicy portmanteau might be new, the flavor pairings have been around for decades, according to trendologist Kara Nielsen.', 'The one element that might have changed over time are the spice levels.', '""I\'m sure food is hotter now than it was 20 years ago,"" Nielsen said.', 'She remembers when Jeffrey Saad opened a fast-casual Mexican restaurant in San Francisco called Sweet Heat in 1993, before he became a celebrity chef and Food Network star.', ""The second coming of the sweet heat trend started when Mike's Hot Honey started blowing up around 2010, according to Nielsen."", 'Korean cuisine, especially its sweet and spicy gochujang sauces have become more popular, too, helping to drive more people to the flavor combination.', 'The pandemic also led more consumers to return to classic comfort foods: burgers, fried chicken sandwiches and pizza.', 'But the desire for familiar favorites has faded, and now diners are once again seeking novelty — or at least a twist.', '""Now, four years on, we\'re moving out of this and adding more spicy flavors,"" Nielsen said.', ""Experts at McCormick first called out the reemerging trend in its 2022 flavor forecast report, according to Hadar Cohen Aviram, executive chef for the spice and flavoring company's U.S. consumer division."", 'McCormick highlighted ""plus sweet,"" when sweetness acts as a flavor enhancer rather than being the star of the show.', 'The forecasters were even considering naming the trend ""swicy"" in their report but went with ""plus sweet"" because it was broader, she said.', 'The following year, McCormick, which owns Frank\'s RedHot and Cholula, called out ""beyond heat,"" or using other flavors to bring out more flavor in addition to the spiciness.', '""We see lots of different people wanting to add some heat to their plates, but they do want to make sure that there\'s something for everyone,"" Cohen Aviram said.', 'One reason why so many U.S. consumers are seeking out spicy foods and drinks?', 'Increasing diversity.', '""The reason that sweet heat or swicy is sort of everlasting is that it\'s a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.', 'Then it gets introduced and repackaged,"" Nielsen said.', ""For example, Shake Shack's culinary team was inspired to make Korean-inspired items for a limited-time menu, according to John Karangis, the company's executive chef and vice president of culinary innovation."", 'One of the menu items was a Korean fried chicken sandwich, coated in a sweet and spicy gochujang glaze.', ""After it created the limited-time menu, Shake Shack's marketing team pitted the chicken sandwich against the Korean BBQ burger, with savory and salty flavors."", 'It told customers to pick a side: team swicy or team umami.', 'The swicy trend also appeals to Gen Z, the cohort born between 1997 and 2012.""We have a new generation, Generation Z, that\'s really excited about complex flavor profiles — but there\'s only so many you can taste: sweet, salty, bitter, umami,"" Nielsen said.', 'Here\'s one example of the generation\'s heat-seeking behavior: over half of Gen Z consumers identify as ""hot sauce connoisseurs,"" according to a survey conducted by NCSolutions.', ""And with swicy, achieving the perfect ratio can be tough because it's so personal, McCormick's Cohen Aviram said."", ""Feedback from Shake Shack's customers reflects that, too."", '""Of course, we hear a lot of great feedback from guests, and we also heard other feedback like \'Hey, you could have punched it up a little bit,\'"" Karangis said.', ""Cohen Aviram prefers about 40% sweet, 60% spicy when she's creating swicy concoctions, like a Frank's RedHot ice cream bar."", '""The thing with sweetness if that it kind of hijacks your palate, so if you use too much of it, you\'re just not going to sense the nuance,"" she said.', 'When Burger King released its Fiery menu this summer, it ranked the items on a scale of spiciness.', 'At one – meaning the least spicy – was its Fiery Strawberry & Sprite drink.', 'The swicy menu item was inspired by another trend: ""dirty sodas,"" the combination of soda, creamers and syrups started in Utah, according to Pat O\'Toole, Burger King North America\'s chief marketing officer.', ""The drink marked the first time that Burger King tweaked a classic fountain beverage, but it previously introduced a Frozen Fanta Kickin' Mango, with a similar swicy flavor profile."", '""Guests can easily and accessibly try a \'swicy\' beverage offering and work their way up the spice scale with other food items, if they so choose,"" O\'Toole said, adding that the chain saw strong interest across its focus groups for a spicy take on Sprite.', 'Of course, not all swicy profiles resonate with customers.', 'For example, Coca-Cola in September discontinued its spiced Coke just six months after it hit shelves, after it initially intended it as a permanent offering.', 'But despite some missteps, the swicy pairing is likely here to stay – at least for a while.', '""The flavors will stick around, for sure.', 'I think the name will get tiresome. ...', 'It probably still has a couple of years to go,"" Nielsen said.']",0.2628919497619236,"""The reason that sweet heat or swicy is sort of everlasting is that it's a key component of traditional global cuisines like Mexican, like Thai, like Korean, that a lot of people of those ancestries and heritages are familiar with it.","Over the next four years, its menu penetration is expected to rise 9.6%.A slew of restaurant chains have embraced the trend, from Shake Shack's swicy menu to Burger King's Fiery Strawberry & Sprite to Starbucks' Spicy Lemonade Refreshers.",0.5218298898802863,"Nearly 10% of restaurant menus have ""sweet and spicy"" items, up 1.8% over the last 12 months, according to market research firm Datassential.","In August, traffic to U.S. restaurants fell 3.6%, the industry's second-worst monthly performance this year since January, according to Black Box Intelligence.",2024-10-23
-Is Musk's $1m-a-day cash giveaway to US voters legal?,https://www.bbc.co.uk/news/articles/ced0d1g5zyno,2024-10-21T15:27:50.930Z,"A group of 11 former Republican officials have become the latest public figures to raise questions over the legality of cash incentives being offered by tech billionaire Elon Musk to voters before the US election on 5 November. Mr Musk’s campaign group America PAC, which was set up to support Donald Trump in the presidential contest, calls on registered voters in seven swing states to sign a petition. Each day until the election, one signatory is selected at random and awarded a million-dollar prize. But legal experts and several Democrats have suggested the giveaway may break American law by offering money for an act that requires someone to be signed up as a voter. The US Justice Department has confirmed to BBC's US partner, CBS News, that they have received the request from former Republican officials and officeholders urging an investigation into Mr Musk's financial incentives to voters. Mr Musk has pushed back against the criticism, saying ""You can be from any or no political party and you don’t even have to vote"" in order to sign the petition. The petition created by America PAC encourages voters in six swing states - Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina - to sign a ""petition in favour of free speech and the right to bear arms"". Those who refer another voter who signs up are promised a sum of $47 (£36) each. Higher sums of $100 for signing or referring are offered in Pennsylvania, the battleground state that both the Trump and Harris campaigns believe could potentially decide the race's eventual victor.  America PAC says those who sign the petition are signalling their support for the First and Second amendments of the US Constitution. Each day until polling day on 5 November, a $1m prize will be randomly awarded to any signatory in one of the seven swing states. The first lottery-style jumbo cheque was handed out to a surprised attendee at a town hall event in Pennsylvania on 19 October. ""I believe [Elon] Musk's offer is likely illegal,"" said Paul Schiff Berman, the Walter S. Cox professor of law at the George Washington University. He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence. ""His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" Mr Berman told the BBC. The US Department of Justice declined to comment. The Federal Election Commission (FEC) has been approached for comment. The strategy may be covered by a loophole, because no-one is being directly paid to register or vote, a former chairman of the FEC suggested. Brad Smith told the New York Times the giveaway was “something of a grey area” but “not that close to the line.” “He’s not paying them to register to vote. He’s paying them to sign a petition - and he wants only people who are registered to vote to sign the petition. So I think he comes out OK here,” he said. But an election law professor at Northwestern University told the BBC that the context is important. ""I understand some analysis that it’s not illegal, but I think here combined with the context it’s clearly designed to induce people to register to vote in a way that is legally problematic,"" Michael Kang said. Adav Noti of the non-partisan Campaign Legal Center said Mr Musk's scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC. Constitutional law professor Jeremy Paul, with Northeastern University School of Law, said in an email to the BBC that Mr Musk is taking advantage of a legal loophole.  He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court. Eleven attorneys and public officials who have served in Republican administrations penned a letter on Tuesday urging the Department of Justice to investigate Mr Musk's offer. ""We are aware of nothing like this in modern political history,"" they wrote, pointing to potential violations in federal and state law. ""Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote. But serious questions arising under laws that directly regulate the voting process must be an exception."" Pennsylvania Governor Josh Shapiro, a Democrat, described the move as ""deeply concerning"" and called for law enforcement agencies to investigate. In response, Mr Musk said it was ""concerning that he would say such a thing"". Billionaire investor Mark Cuban, who has campaigned in recent weeks for Kamala Harris, said the offer was both ""innovative and desperate"". ""You only do that because you think you have to, but using a sweepstake is not a bad idea. Whether or not it will work is another whole thing. It could just as easily backfire,"" he told CNBC. Michigan Secretary of State Jocelyn Benson said that, while Mr Musk was ""potentially"" breaking the law, she found it ""unnerving that somebody would try to manipulate the election in this way"". Mr Musk has argued that Democrats and their donors have funded similar initiatives in the past. On X, he shared a post which said the boss of Meta, Mark Zuckerberg “did the same thing in 2020”. Mr Zuckerberg donated $400m in the 2020 election - but this was given to two non-partisan organisations to help with the logistics around postal ballots. It was not given directly to voters. The Democratic Party has invested in initiatives in the past elections to mobilise supporters, such as a $25m voter registration campaign in the 2022 US midterm elections. However, this money also was not given directly to voters. The funding went toward initiatives that encouraged voters to register, such as employing people to knock on doors and television and digital advertising. “It’s legal to pay people to go out to register voters, but you can’t pay people directly to register,” said Prof Kang. The world's richest man had an uneven relationship with Trump when Trump was president, but Mr Musk increasingly has voiced his displeasure with Democrats in recent years. Ahead of the 2022 midterm elections, he announced that he had left the party and encouraged his followers to vote Republican. This year, he has involved himself in American politics like never before, making donations and supportive social media posts on behalf of several Republicans. In comments last week, he described much of the US-Mexico border as tantamount to the film World War Z. Mr Musk launched America PAC in July with the aim of supporting Trump's 2024 campaign for president. He has so far donated at least $75m to the group. America PAC's website says it wants ""secure borders"", ""safe cities"", ""free speech"", ""sensible spending"", a ""fair justice system"" and ""self-protection"". Trump said on Sunday that he had not followed Mr Musk's giveaway, but described him as a friend. In recent weeks, Mr Musk has appeared on the campaign trail for the first time, first by Trump's side and more recently in town hall appearances by himself. ",BBC,21/10/2024,"['A group of 11 former Republican officials have become the latest public figures to raise questions over the legality of cash incentives being offered by tech billionaire Elon Musk to voters before the US election on 5 November.', 'Mr Musk’s campaign group America PAC, which was set up to support Donald Trump in the presidential contest, calls on registered voters in seven swing states to sign a petition.', 'Each day until the election, one signatory is selected at random and awarded a million-dollar prize.', 'But legal experts and several Democrats have suggested the giveaway may break American law by offering money for an act that requires someone to be signed up as a voter.', ""The US Justice Department has confirmed to BBC's US partner, CBS News, that they have received the request from former Republican officials and officeholders urging an investigation into Mr Musk's financial incentives to voters."", 'Mr Musk has pushed back against the criticism, saying ""You can be from any or no political party and you don’t even have to vote"" in order to sign the petition.', 'The petition created by America PAC encourages voters in six swing states - Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina - to sign a ""petition in favour of free speech and the right to bear arms"".', 'Those who refer another voter who signs up are promised a sum of $47 (£36) each.', ""Higher sums of $100 for signing or referring are offered in Pennsylvania, the battleground state that both the Trump and Harris campaigns believe could potentially decide the race's eventual victor."", 'America PAC says those who sign the petition are signalling their support for the First and Second amendments of the US Constitution.', 'Each day until polling day on 5 November, a $1m prize will be randomly awarded to any signatory in one of the seven swing states.', 'The first lottery-style jumbo cheque was handed out to a surprised attendee at a town hall event in Pennsylvania on 19 October. ""', 'I believe [Elon] Musk\'s offer is likely illegal,"" said Paul Schiff Berman, the Walter S. Cox professor of law at the George Washington University.', 'He pointed to the US Code on electoral law, which states that anyone who ""pays or offers to pay or accepts payment either for registration to vote or for voting"" faces a potential $10,000 fine or a five-year prison sentence. ""', 'His offer is only open to registered voters, so I think his offer runs afoul of this provision,"" Mr Berman told the BBC.', 'The US Department of Justice declined to comment.', 'The Federal Election Commission (FEC) has been approached for comment.', 'The strategy may be covered by a loophole, because no-one is being directly paid to register or vote, a former chairman of the FEC suggested.', 'Brad Smith told the New York Times the giveaway was “something of a grey area” but “not that close to the line.” “', 'He’s not paying them to register to vote.', 'He’s paying them to sign a petition - and he wants only people who are registered to vote to sign the petition.', 'So I think he comes out OK here,” he said.', 'But an election law professor at Northwestern University told the BBC that the context is important. ""', 'I understand some analysis that it’s not illegal, but I think here combined with the context it’s clearly designed to induce people to register to vote in a way that is legally problematic,"" Michael Kang said.', 'Adav Noti of the non-partisan Campaign Legal Center said Mr Musk\'s scheme ""violates federal law and is subject to civil or criminal enforcement by the Department of Justice"". ""', 'It is illegal to give out money on the condition that recipients register as voters,"" Mr Noti told the BBC.', 'Constitutional law professor Jeremy Paul, with Northeastern University School of Law, said in an email to the BBC that Mr Musk is taking advantage of a legal loophole.', 'He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.', 'Eleven attorneys and public officials who have served in Republican administrations penned a letter on Tuesday urging the Department of Justice to investigate Mr Musk\'s offer. ""', 'We are aware of nothing like this in modern political history,"" they wrote, pointing to potential violations in federal and state law. ""', 'Law enforcement agencies are appropriately reluctant to take action shortly before elections that could affect how people vote.', 'But serious questions arising under laws that directly regulate the voting process must be an exception.""', 'Pennsylvania Governor Josh Shapiro, a Democrat, described the move as ""deeply concerning"" and called for law enforcement agencies to investigate.', 'In response, Mr Musk said it was ""concerning that he would say such a thing"".', 'Billionaire investor Mark Cuban, who has campaigned in recent weeks for Kamala Harris, said the offer was both ""innovative and desperate"". ""', 'You only do that because you think you have to, but using a sweepstake is not a bad idea.', 'Whether or not it will work is another whole thing.', 'It could just as easily backfire,"" he told CNBC.', 'Michigan Secretary of State Jocelyn Benson said that, while Mr Musk was ""potentially"" breaking the law, she found it ""unnerving that somebody would try to manipulate the election in this way"".', 'Mr Musk has argued that Democrats and their donors have funded similar initiatives in the past.', 'On X, he shared a post which said the boss of Meta, Mark Zuckerberg “did the same thing in 2020”.', 'Mr Zuckerberg donated $400m in the 2020 election - but this was given to two non-partisan organisations to help with the logistics around postal ballots.', 'It was not given directly to voters.', 'The Democratic Party has invested in initiatives in the past elections to mobilise supporters, such as a $25m voter registration campaign in the 2022 US midterm elections.', 'However, this money also was not given directly to voters.', 'The funding went toward initiatives that encouraged voters to register, such as employing people to knock on doors and television and digital advertising. “', 'It’s legal to pay people to go out to register voters, but you can’t pay people directly to register,” said Prof Kang.', ""The world's richest man had an uneven relationship with Trump when Trump was president, but Mr Musk increasingly has voiced his displeasure with Democrats in recent years."", 'Ahead of the 2022 midterm elections, he announced that he had left the party and encouraged his followers to vote Republican.', 'This year, he has involved himself in American politics like never before, making donations and supportive social media posts on behalf of several Republicans.', ""In comments last week, he described much of the US-Mexico border as tantamount to the film World War Z. Mr Musk launched America PAC in July with the aim of supporting Trump's 2024 campaign for president."", 'He has so far donated at least $75m to the group.', 'America PAC\'s website says it wants ""secure borders"", ""safe cities"", ""free speech"", ""sensible spending"", a ""fair justice system"" and ""self-protection"".', ""Trump said on Sunday that he had not followed Mr Musk's giveaway, but described him as a friend."", ""In recent weeks, Mr Musk has appeared on the campaign trail for the first time, first by Trump's side and more recently in town hall appearances by himself.""]",0.1516604610171649,"America PAC's website says it wants ""secure borders"", ""safe cities"", ""free speech"", ""sensible spending"", a ""fair justice system"" and ""self-protection"".","He said that, while there is an argument that the offer could be illegal, it is “targeted and designed to get around what’s supposed to be the law"" and he believes the case would be difficult to make in court.",-0.3439513325691223,"So I think he comes out OK here,” he said.","The world's richest man had an uneven relationship with Trump when Trump was president, but Mr Musk increasingly has voiced his displeasure with Democrats in recent years.",2024-10-23
-Ex-Abercrombie CEO charged with running sex trafficking ring,https://www.bbc.co.uk/news/articles/cgj4j05wy31o,2024-10-22T13:08:01.315Z,"The former CEO of Abercrombie & Fitch (A&F) and his partner have been arrested and charged with running a prostitution and international sex trafficking business. Authorities arrested former fashion executive Mike Jeffries, his partner Matthew Smith and the couple’s alleged middleman - James Jacobson - on Tuesday morning. Federal prosecutors said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts. Mr Jeffries and his partner have previously denied any wrongdoing via their lawyers, and Mr Jeffries' lawyer told the BBC on Tuesday that they would ""respond in detail to the allegations after the Indictment is unsealed"". A lawyer for Mr Smith has been approached for new comment. A&F declined to comment on the latest developments. Warning: This story contains descriptions of sexual acts The FBI opened an investigation last year after the BBC revealed claims that Mike Jeffries and his partner sexually exploited and abused men at events they hosted in their New York residences and hotels around the world. The BBC investigation found that there was a sophisticated operation involving a middleman and a network of recruiters tasked with finding men for these events. On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.  Outlining prosecutors' accusations, Mr Peace alleged the couple employed Mr Jacobson as their recruiter who would conduct ""tryouts"" with men from across the globe by engaging them in sex acts in exchange for money. Once Mr Jeffries approved of the men, they would be flown to his New York home where they were ""pressured to consume alcohol, Viagra, and muscle relaxants"", Mr Peace claimed. Prosecutors further alleged that Mr Jeffries and Mr Smith directed others or personally ""injected men with an erection inducing substance"" when they were incapable or unwilling to participate.  The ex-CEO ""spent millions of dollars on a massive infrastucture to support this operation and maintain its secrecy"", prosecutors said, which included international travel, hotel stays, paid staff and security for the events. Prosecutors said there were 15 victims mentioned in the indictment but alleged that the operation ""encompassed dozens and dozens of men"".   After a court appearance on Tuesday, Mr Jeffries was released on a $10m (£7.7m) bond, while Mr Jacobson was released on a $500,000 bond. They are next due in court on Friday.  Mr Smith was ordered detained.  Mr Peace, the federal prosecutor, confirmed at a press conference on Tuesday that authorities were initially tipped off by media reports. Following the BBC’s reporting, a civil lawsuit was also filed in New York accusing Mr Jeffries and Mr Smith of sex-trafficking, rape and sexual assault. The lawsuit also accused Abercrombie & Fitch of having funded a sex-trafficking operation led by its former CEO over the two decades he was in charge. Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""The unprecedented reporting of the BBC, coupled with the lawsuit our firm filed detailing the operation, are to credit for these monumental arrests.  This was the result of impressive investigative journalism.” In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts run for Mr Jeffries, 80, and his British partner Mr Smith, 61, between 2009 and 2015. The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson. Then, more men came forward last month. Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra. Mr Jacobson, 71, previously told the BBC in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"". The BBC also interviewed dozens of other sources, including former household staff. Some of the men the BBC spoke to said they were misled about the nature of the events or not told sex was involved. Others said they understood the events would be sexual, but not exactly what was expected of them. All were paid. Several told the BBC the middleman or other recruiters raised the possibility of modelling opportunities with A&F. David Bradberry, then 23 and an aspiring model, said that it was ""made clear"" to him that without performing oral sex on Mr Jacobson, he would not be meeting A&F CEO Mr Jeffries. ""It was like he was selling fame. And the price was compliance,"" Mr Bradberry told the BBC.  Mr Bradberry said he later attended a party at Mr Jeffries's mansion in the Hamptons in Long Island where he met Mr Jeffries and had sex with him.  He said the ""secluded"" location and presence of Mr Jeffries' personal staff, dressed in A&F uniforms, supervising events meant he ""didn't feel safe to say 'no' or 'I don't feel comfortable with this'"". After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised. When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer. Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded. Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape. The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees. The brand said it did not comment on legal matters. However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others. In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time. Once one of America's highest-paid CEOs, he was a controversial figure who faced claims of discrimination against staff, concerns about his lavish expenses and complaints about the unofficial influence of his life partner, Matthew Smith, inside A&F.  Do you have information about this story that you wish to share? ",BBC,22/10/2024,"['The former CEO of Abercrombie & Fitch (A&F) and his partner have been arrested and charged with running a prostitution and international sex trafficking business.', 'Authorities arrested former fashion executive Mike Jeffries, his partner Matthew Smith and the couple’s alleged middleman - James Jacobson - on Tuesday morning.', 'Federal prosecutors said the men used force, fraud and coercion to engage in ""violent and exploitive"" sexual acts.', 'Mr Jeffries and his partner have previously denied any wrongdoing via their lawyers, and Mr Jeffries\' lawyer told the BBC on Tuesday that they would ""respond in detail to the allegations after the Indictment is unsealed"".', 'A lawyer for Mr Smith has been approached for new comment.', 'A&F declined to comment on the latest developments.', 'Warning: This story contains descriptions of sexual acts The FBI opened an investigation last year after the BBC revealed claims that Mike Jeffries and his partner sexually exploited and abused men at events they hosted in their New York residences and hotels around the world.', 'The BBC investigation found that there was a sophisticated operation involving a middleman and a network of recruiters tasked with finding men for these events.', 'On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.', 'Outlining prosecutors\' accusations, Mr Peace alleged the couple employed Mr Jacobson as their recruiter who would conduct ""tryouts"" with men from across the globe by engaging them in sex acts in exchange for money.', 'Once Mr Jeffries approved of the men, they would be flown to his New York home where they were ""pressured to consume alcohol, Viagra, and muscle relaxants"", Mr Peace claimed.', 'Prosecutors further alleged that Mr Jeffries and Mr Smith directed others or personally ""injected men with an erection inducing substance"" when they were incapable or unwilling to participate.', 'The ex-CEO ""spent millions of dollars on a massive infrastucture to support this operation and maintain its secrecy"", prosecutors said, which included international travel, hotel stays, paid staff and security for the events.', 'Prosecutors said there were 15 victims mentioned in the indictment but alleged that the operation ""encompassed dozens and dozens of men"".', 'After a court appearance on Tuesday, Mr Jeffries was released on a $10m (£7.7m) bond, while Mr Jacobson was released on a $500,000 bond.', 'They are next due in court on Friday.', 'Mr Smith was ordered detained.', 'Mr Peace, the federal prosecutor, confirmed at a press conference on Tuesday that authorities were initially tipped off by media reports.', 'Following the BBC’s reporting, a civil lawsuit was also filed in New York accusing Mr Jeffries and Mr Smith of sex-trafficking, rape and sexual assault.', 'The lawsuit also accused Abercrombie & Fitch of having funded a sex-trafficking operation led by its former CEO over the two decades he was in charge.', 'Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""', 'The unprecedented reporting of the BBC, coupled with the lawsuit our firm filed detailing the operation, are to credit for these monumental arrests.', 'This was the result of impressive investigative journalism.”', 'In its initial investigation, the BBC spoke to 12 men who described attending or organising events involving sex acts run for Mr Jeffries, 80, and his British partner Mr Smith, 61, between 2009 and 2015.', 'The eight men who attended the events said they were recruited by a middleman who the BBC identified as James Jacobson.', 'Then, more men came forward last month.', ""Some alleged Mr Jeffries' assistants had injected them in the penis with what they were told was liquid Viagra."", 'Mr Jacobson, 71, previously told the BBC in a statement through his lawyer that he took offence at the suggestion of ""any coercive, deceptive or forceful behaviour on my part"" and had ""no knowledge of any such conduct by others"".', 'The BBC also interviewed dozens of other sources, including former household staff.', 'Some of the men the BBC spoke to said they were misled about the nature of the events or not told sex was involved.', 'Others said they understood the events would be sexual, but not exactly what was expected of them.', 'All were paid.', 'Several told the BBC the middleman or other recruiters raised the possibility of modelling opportunities with A&F. David Bradberry, then 23 and an aspiring model, said that it was ""made clear"" to him that without performing oral sex on Mr Jacobson, he would not be meeting A&F CEO Mr Jeffries. ""', 'It was like he was selling fame.', 'And the price was compliance,"" Mr Bradberry told the BBC.', ""Mr Bradberry said he later attended a party at Mr Jeffries's mansion in the Hamptons in Long Island where he met Mr Jeffries and had sex with him."", 'He said the ""secluded"" location and presence of Mr Jeffries\' personal staff, dressed in A&F uniforms, supervising events meant he ""didn\'t feel safe to say \'no\' or \'I don\'t feel comfortable with this\'"".', 'After the BBC’s initial investigation was published last year, A&F announced it was opening an independent investigation into the allegations raised.', 'When we recently asked when this report will be completed - and if the findings would be made public - the company declined to answer.', 'Like Mr Jeffries and Mr Smith, the brand has been trying to get the civil lawsuit against it dismissed, arguing it had no knowledge of ""the supposed sex-trafficking venture"" led by its former CEO - which it has been accused of having funded.', ""Earlier this year, a US court ruled that A&F must cover the cost of Mike Jeffries' legal defence as he continues to fight the civil allegations of sex-trafficking and rape."", 'The judge ruled the allegations were tied to his corporate role after he sued the brand for refusing to pay his legal fees.', 'The brand said it did not comment on legal matters.', 'However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.', 'In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time.', ""Once one of America's highest-paid CEOs, he was a controversial figure who faced claims of discrimination against staff, concerns about his lavish expenses and complaints about the unofficial influence of his life partner, Matthew Smith, inside A&F. Do you have information about this story that you wish to share?""]",-0.0553059153290303,"On Tuesday, US attorney for the Eastern District of New York, Breon Peace, alleged that Mr Jeffries used his wealth, power and status as CEO of A&F ""to traffic men for his own sexual pleasure"" and for the pleasure of his partner, Mr Smith.","However, in its defence submitted to court, A&F said its current leadership team was ""previously unaware of"" the allegations until the BBC contacted it, adding the company ""abhors sexual abuse and condemns the alleged conduct"" by Mr Jeffries and others.",-0.047278955578804,"Earlier on Tuesday, Brad Edwards of Edwards Henderson, a civil lawyer representing some of the alleged victims, said: ""These arrests are a huge first step towards obtaining justice for the many victims who were exploited and abused through this sex-trafficking scheme that operated for many years under the legitimate cover Abercrombie provided. ""","In 2014, Mr Jeffries stepped down as CEO following declining sales and left with a retirement package valued at around $25m (£20.5m), according to company filings at the time.",2024-10-23
-Canadians and Mexicans nervously watch the US election,https://www.bbc.co.uk/news/articles/c62gppprr6wo,2024-10-21T23:02:56.777Z,"As Americans prepare to vote for their next president, Canadians and Mexicans are watching on nervously. For some Canadians living next to the US border, politics isn’t a topic often discussed. “You don't talk politics and you don't talk religion,” says 85-year-old Ernie, who lives in the Canadian town of Fort Erie, just across the Niagara River from Buffalo, New York. Yet for others in Fort Erie, Ontario, politics can come up, especially after a few beers, and with a US presidential election fast approaching. A short walk from the Peace Bridge that connects the two countries is Southsides Patio Bar & Grill, where US-born bartender Lauren says she frequently has to break up political arguments. “It happens, especially after a few drinks. Everybody's voice is heard here,” she laughs while shaking her head. Some 2,000 miles (3,200 km) southwest in the Mexican border city of Juarez, Sofia Ana is in the Monday morning queue of cars waiting to cross to El Paso, Texas for work. ""There's better employment opportunities in the US, there's better benefits,” she explains. Ana is one of an estimated 500,000 Mexicans who legally cross the border into the US every week day.  It is in their interest that relations between the two countries remain cordial. “It affects us deeply… it is very intense,” adds Ana from her car window. With more than 155 million Americans due to vote in the US presidential election on 5 November, it is fair to say that the outcome will be felt well beyond the US. No more so than its largest trading partners Canada and Mexico. The two-way trade of goods between the US and Mexico totalled $807bn (£621bn) last year, making Mexico the US’s biggest trading partner when it comes to physical items. Meanwhile, the US’s goods trade with Canada in 2023 was in second place on $782bn. By comparison the figure for the US and China was $576bn. Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election. This is because he is proposing to introduce substantial import tariffs. These would be 60% for goods from China, and 20% on products from all other countries, apparently including Mexico and Canada. By contrast, Kamala Harris is widely expected to maintain the current more open trade policies of President Biden. This is despite the fact she voted against the 2020 United States Mexico Canada Agreement (USMCA) free trade deal, saying it didn’t go far enough on tackling climate change. Trump and Harris have “starkly different visions for the future of US economic relations with the world”, said one study in September. Back in Juarez, shop owner Adrian Ramos says that US political instability is something business owners like himself have had to get used to. “We’ve seen it all,” he says. Mr Ramos adds that the result in the US on 5 November will likely impact on his business whoever wins. “If Trump wins, it's going to take longer to cross over to the States, if Harris wins, it may not, but there will be changes depending on who wins.” In the rural Canadian township of Puslinch, Ontario, beef farmer Dave Braden is definitely more concerned about Trump returning to the White House. “The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “I think with Harris, we have the assumption that she will recognize the relationship between the two countries and we will work together.” The Canadian Chamber of Commerce is also concerned about the possibility of a second Trump presidency introducing new tariffs. It calculated that tariffs of 10% on Canadian imports (a level that Trump has previously suggested), would cost each Canadian and American $CA1,100 ($800; £615) per year.  The Canadian government has reportedly been talking to Trump’s camp to try to exempt Canada in the event that he does win the election. Not every Canadian has such fears about Trump though. One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada. For Georganne Burke, the Republicans Overseas chapter leader for Canada, it’s no surprise that some Trump supporters don’t speak publicly about him. She says that backing Trump is “not a popular position to be in”. Recent polling suggests that Harris is significantly more popular than Trump among Canadians. The USMCA, which was negotiated in 2018 under Trump’s presidency, is up for renegotiation in 2026. With that on his mind, Canada’s Minister for Innovation, Science and Industry Francois Champagne tells the BBC he is checking the US election polls daily. “Because this is such a valued relationship. It’s why I call it this indispensable relationship, because when you look at everything, you realise how indispensable we are to each other,” he explains. In the run up to the election Mr Champagne is spending time meeting American counterparts of both parties. In his words “connecting the dots”. “For example, when I meet the governor of South Carolina, which has a plant in the auto sector, I remind him that a lot of the critical minerals are coming from Canada,” he says. “So, it's making sure that everyone understands that we are joint at the hip in terms of security, supply chain, but also a growth agenda for North America.” Lila Abed, an expert on US-Mexico relations, says that whatever November’s outcome, “there will be three essential topics on the bilateral agenda with Mexico that are going to have to be dealt with immediately” – migration, security and trade. “It is telling that [new Mexican president] Claudia Sheinbaum hasn't designated Mexico's ambassador to the US,” adds Ms Abed, who is director of the Mexico Institute at the Washington-based Wilson Centre think tank. “I don't believe that will be announced until after the US presidential election, because she wants to take into consideration what kind of individual she wants in Washington after the result.” Looking ahead to 2026, Ms Abed believes the USMCA renegotiation will focus on US efforts to stop increased Chinese investment in Mexico. ""Where Republicans and Democrats actually coincide is on trying to stem or trying to stop Chinese investment in Mexico, which is something that both political parties in the United States are very concerned about,” she says. “While I believe that, you know, the tone and the policies will naturally differ depending on who wins the White House, I do believe that the main issues on the bilateral agenda will remain.” Additional reporting by Vianey Alderete. North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,21/10/2024,"['As Americans prepare to vote for their next president, Canadians and Mexicans are watching on nervously.', 'For some Canadians living next to the US border, politics isn’t a topic often discussed. “', ""You don't talk politics and you don't talk religion,” says 85-year-old Ernie, who lives in the Canadian town of Fort Erie, just across the Niagara River from Buffalo, New York."", 'Yet for others in Fort Erie, Ontario, politics can come up, especially after a few beers, and with a US presidential election fast approaching.', 'A short walk from the Peace Bridge that connects the two countries is Southsides Patio Bar & Grill, where US-born bartender Lauren says she frequently has to break up political arguments. “', 'It happens, especially after a few drinks.', ""Everybody's voice is heard here,” she laughs while shaking her head."", 'Some 2,000 miles (3,200 km) southwest in the Mexican border city of Juarez, Sofia Ana is in the Monday morning queue of cars waiting to cross to El Paso, Texas for work. ""', ""There's better employment opportunities in the US, there's better benefits,” she explains."", 'Ana is one of an estimated 500,000 Mexicans who legally cross the border into the US every week day.', 'It is in their interest that relations between the two countries remain cordial. “', 'It affects us deeply… it is very intense,” adds Ana from her car window.', 'With more than 155 million Americans due to vote in the US presidential election on 5 November, it is fair to say that the outcome will be felt well beyond the US.', 'No more so than its largest trading partners Canada and Mexico.', 'The two-way trade of goods between the US and Mexico totalled $807bn (£621bn) last year, making Mexico the US’s biggest trading partner when it comes to physical items.', 'Meanwhile, the US’s goods trade with Canada in 2023 was in second place on $782bn.', 'By comparison the figure for the US and China was $576bn.', 'Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election.', 'This is because he is proposing to introduce substantial import tariffs.', 'These would be 60% for goods from China, and 20% on products from all other countries, apparently including Mexico and Canada.', 'By contrast, Kamala Harris is widely expected to maintain the current more open trade policies of President Biden.', 'This is despite the fact she voted against the 2020 United States Mexico Canada Agreement (USMCA) free trade deal, saying it didn’t go far enough on tackling climate change.', 'Trump and Harris have “starkly different visions for the future of US economic relations with the world”, said one study in September.', 'Back in Juarez, shop owner Adrian Ramos says that US political instability is something business owners like himself have had to get used to. “', 'We’ve seen it all,” he says.', 'Mr Ramos adds that the result in the US on 5 November will likely impact on his business whoever wins. “', ""If Trump wins, it's going to take longer to cross over to the States, if Harris wins, it may not, but there will be changes depending on who wins.”"", 'In the rural Canadian township of Puslinch, Ontario, beef farmer Dave Braden is definitely more concerned about Trump returning to the White House. “', ""The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “"", 'I think with Harris, we have the assumption that she will recognize the relationship between the two countries and we will work together.”', 'The Canadian Chamber of Commerce is also concerned about the possibility of a second Trump presidency introducing new tariffs.', 'It calculated that tariffs of 10% on Canadian imports (a level that Trump has previously suggested), would cost each Canadian and American $CA1,100 ($800; £615) per year.', 'The Canadian government has reportedly been talking to Trump’s camp to try to exempt Canada in the event that he does win the election.', 'Not every Canadian has such fears about Trump though.', 'One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada.', 'For Georganne Burke, the Republicans Overseas chapter leader for Canada, it’s no surprise that some Trump supporters don’t speak publicly about him.', 'She says that backing Trump is “not a popular position to be in”.', 'Recent polling suggests that Harris is significantly more popular than Trump among Canadians.', 'The USMCA, which was negotiated in 2018 under Trump’s presidency, is up for renegotiation in 2026.', 'With that on his mind, Canada’s Minister for Innovation, Science and Industry Francois Champagne tells the BBC he is checking the US election polls daily. “', 'Because this is such a valued relationship.', 'It’s why I call it this indispensable relationship, because when you look at everything, you realise how indispensable we are to each other,” he explains.', 'In the run up to the election Mr Champagne is spending time meeting American counterparts of both parties.', 'In his words “connecting the dots”. “', 'For example, when I meet the governor of South Carolina, which has a plant in the auto sector, I remind him that a lot of the critical minerals are coming from Canada,” he says. “', ""So, it's making sure that everyone understands that we are joint at the hip in terms of security, supply chain, but also a growth agenda for North America.”"", 'Lila Abed, an expert on US-Mexico relations, says that whatever November’s outcome, “there will be three essential topics on the bilateral agenda with Mexico that are going to have to be dealt with immediately” – migration, security and trade. “', ""It is telling that [new Mexican president] Claudia Sheinbaum hasn't designated Mexico's ambassador to the US,” adds Ms Abed, who is director of the Mexico Institute at the Washington-based Wilson Centre think tank. “"", ""I don't believe that will be announced until after the US presidential election, because she wants to take into consideration what kind of individual she wants in Washington after the result.”"", 'Looking ahead to 2026, Ms Abed believes the USMCA renegotiation will focus on US efforts to stop increased Chinese investment in Mexico. ""', 'Where Republicans and Democrats actually coincide is on trying to stem or trying to stop Chinese investment in Mexico, which is something that both political parties in the United States are very concerned about,” she says. “', 'While I believe that, you know, the tone and the policies will naturally differ depending on who wins the White House, I do believe that the main issues on the bilateral agenda will remain.”', 'Additional reporting by Vianey Alderete.', 'North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1988487057926199,"There's better employment opportunities in the US, there's better benefits,” she explains.","The worry with Trump is that he'll introduce a policy [such as tariffs], and just say ‘get on with it’ and that is threatening,” says Mr Braden, standing between hay bales in front of one of his cattle fields. “",-0.127877140045166,"One Ontario farmer who is supporting him didn’t want to speak on the record, but says he believes the former president is stronger on the economy, which would benefit Canada.",Mexico and Canada’s future trade with the US could be impacted if Donald Trump wins the US election.,2024-10-23
-"Peloton partners with Costco to sell Bike+ as it looks to reach young, wealthy customers",https://www.cnbc.com/2024/10/22/peloton-costco-partner-to-sell-bike-for-2024-holiday.html,2024-10-22T16:33:23+0000,"In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday.Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495. The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty. It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer. The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers. Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview. ""We've been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."" Camp Sanders said Peloton's partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers. The membership-based club has gained popularity as shoppers across all incomes prioritize value and try to get more for their money with bulk packs and private-label items.As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data. Costco's members are also getting younger. Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not. About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September. According to Numerator, 36% of Costco's customers have a household income of more than $125,000. Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population.Camp Sanders said Costco's members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers. ""Many of [Costco's] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""Many Costco members are juggling families, they maybe have a busy career … and they've got the space in their home"" to build their own gyms, he continued. Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases. For example, hundreds of Hyatt Hotel properties have Peloton equipment on site. As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay. It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.",CNBC,22/10/2024,"[""In this articlePeloton's stationary bikes will soon sell at Costco's stores and on its website as the beleaguered fitness company looks for new ways to reach younger and affluent customers, Peloton is set to announce Tuesday."", ""Under the terms of the deal, Costco will offer Peloton's Bike+ in 300 of its U.S. stores for $1,999, and on Costco.com for $2,199 between Nov. 1 and Feb. 15 — a steep discount from the typical price of the Bike+, which is selling on Peloton's website for $2,495."", ""The offer also includes a 48-month extended warranty, while the Bike+'s pricing typically includes just a 12-month warranty."", 'It is unclear how the bundle will compare to any holiday promotions Peloton plans to offer.', 'The new partnership comes during a state of transition for Peloton, which is being led by two board members after its former CEO Barry McCarthy stepped down earlier this year.', 'Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.', 'As sales fall and losses mount, Peloton is looking for cheaper ways to attract new customers.', ""Costco is one way to get there, Dion Camp Sanders, Peloton's chief emerging business officer, told CNBC in an interview."", '""We\'ve been able to architect a deal with Costco that meets our needs with regard to profitable, sustainable unit economics, while at the same time delivering robust and clear value to Costco members,"" said Camp Sanders. ""', ""We've structured this deal with Costco to both meet our needs for profitable, sustainable growth and getting us access to Costco's very large net incremental audience."", '""Camp Sanders said Peloton\'s partnership with Costco is only for a limited time because fitness is a seasonal category for the company, but Peloton hopes to keep building on the relationship and perhaps expand it to future locations both in the U.S. and abroad.', 'The deal with Costco gets Peloton onto the shelves of a retailer with a strong fan following and wealthier customers.', 'The membership-based club hasgained popularity as shoppersacross all incomesprioritize value and try to get more for their money with bulk packs and private-label items.', 'As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.', ""Costco's members are also getting younger."", 'Those consumers prioritize health and wellness — and are willing to invest in it — in ways that older generations do not.', ""About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September."", ""According to Numerator, 36% of Costco's customers have a household income of more than $125,000."", ""Numerator has a panel of 150,000 U.S. consumers that is balanced to be representative of the country's population."", 'Camp Sanders said Costco\'s members ""have the disposable income to be able to afford our premium products,"" and their lifestyles align with what Peloton offers.', '""Many of [Costco\'s] members are affluent, they often have larger homes in the suburbs and they also have life situations where Peloton fits a clear need,"" said Camp Sanders. ""', 'Many Costco members are juggling families, they maybe have a busy career … and they\'ve got the space in their home"" to build their own gyms, he continued.', ""Costco's Executive Vice President of Merchandising Claudine Adamo declined to comment to CNBC.Peloton already sells its workout equipment through Amazon and Dick's Sporting Goods, but has also been working to develop relationships with other companies that cater to similar customer bases."", 'For example, hundreds of Hyatt Hotel properties have Peloton equipment on site.', 'As of this month, hotel members can earn points for completing workouts on the Peloton Bike and Row during their stay.', 'It also announced a deal with Truemed — the PayPal of the health savings account and flexible spending account world — that allows Peloton members to use pretax earnings to buy certain hardware products, including the Bike, Bike+ and Tread.', ""Clarification: This story has been updated to clarify comments made by Dion Camp Sanders, Peloton's chief emerging business officer, about Costco's membership.""]",0.2249941021309299,"Long focused on growth at all costs, Peloton has turned its sights to profitability and has had to become more creative as it tries to reach new users.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",0.802168380130421,"As of Sept. 1, store traffic at Costco had increased 31% compared with the same period in pre-pandemic 2019, according to Placer.ai, an analytics company that estimates visits to locations based on smartphone data.","About half of Costco's new membership sign-ups last fiscal year came from people who were under 40 years old, and the average age of its 76 million members has fallen since the Covid-19 pandemic, Chief Financial Officer Gary Millerchip said on an earnings call in late September.",2024-10-23
-Starbucks taps former Chipotle executive as global chief brand officer,https://www.cnbc.com/2024/10/18/starbucks-taps-former-chipotle-executive-as-global-chief-brand-officer.html,2024-10-18T19:25:54+0000,"In this articleStarbucks has tapped Chipotle alum Tressie Lieberman as its global chief brand officer, a newly created position and the latest executive change under Brian Niccol after he left Chipotle and took over as CEO of the coffee chain last month.In Niccol's first week on the job at Starbucks, he outlined his plan for turning around the chain's slumping sales in the U.S. For the past three quarters, Starbucks has reported same-store sales declines for its home market as its occasional customers buy fewer macchiatos and Refreshers.Among four top priorities Niccol described in his plan was improving the company's branding. He wants to remind customers about the chain's coffee expertise and its special coffee-shop experience, according to his open letter.""Starbucks is a brand people love. It's time to tell our story again and reintroduce Starbucks to the world. Tressie is the perfect person to help us do that. She has a proven track record of building strong brands, developing compelling products, creating great customer experiences, and leading breakthrough marketing,"" Niccol said in a statement on Friday.Niccol created a similar global chief brand officer role at Chipotle when he took over there in 2018.Lieberman will start at Starbucks on Nov 4. and report to Niccol.Most recently, she served as chief marketing officer for Yahoo. Prior to that role, she was vice president of digital marketing and off-premise at Chipotle between 2018 and 2023. She also overlapped with Niccol when both executives were at Pizza Hut and Taco Bell, which are owned by Yum Brands.In addition to Lieberman's hiring, Starbucks said Friday that Dawn Clark, the company's executive creative director, and Angele Robinson-Gaylord, who leads store development, will now report to Sara Trilling, Starbucks' president of North America.The company is also unifying its global communications and corporate affairs departments into a single team.Previously, Starbucks announced that Michael Conway, the company's North America CEO, was retiring. Niccol's predecessor Laxman Narasimhan had appointed Conway to the role last year. After his departure, the company eliminated the position, instead adding Lieberman's new role. Trilling also now reports directly to Niccol.In China, Molly Liu is now the sole CEO, after splitting the position with longtime leader of that unit, Belinda Wong, since last year.Starbucks' China business has been struggling, hurt by the country's sluggish economy and the proliferation of local coffee chains that can undercut its prices. Last quarter, the company's same-store sales slid 14% in China, its second-largest market.Before his ouster, Narasimhan had said that Starbucks was in the early stages of exploring strategic partnerships for its China business.Niccol is expected to share more details on his turnaround plans during the company's fiscal fourth-quarter earnings call on Oct. 30.",CNBC,18/10/2024,"['In this articleStarbucks has tapped Chipotle alum Tressie Lieberman as its global chief brand officer, a newly created position and the latest executive change under Brian Niccol after he left Chipotle and took over as CEO of the coffee chain last month.', ""In Niccol's first week on the job at Starbucks, he outlined his plan for turning around the chain's slumping sales in the U.S. For the past three quarters, Starbucks has reported same-store sales declines for its home market as its occasional customers buy fewer macchiatos and Refreshers."", ""Among four top priorities Niccol described in his plan was improving the company's branding."", ""He wants to remind customers about the chain's coffee expertise and its special coffee-shop experience, according to his open letter."", '""Starbucks is a brand people love.', ""It's time to tell our story again and reintroduce Starbucks to the world."", 'Tressie is the perfect person to help us do that.', 'She has a proven track record of building strong brands, developing compelling products, creating great customer experiences, and leading breakthrough marketing,"" Niccol said in a statement on Friday.', 'Niccol created a similar global chief brand officer role at Chipotle when he took over there in 2018.Lieberman will start at Starbucks on Nov 4.', 'and report to Niccol.', 'Most recently, she served as chief marketing officer for Yahoo.', 'Prior to that role, she was vice president of digital marketing and off-premise at Chipotle between 2018 and 2023.', 'She also overlapped with Niccol when both executives were at Pizza Hut and Taco Bell, which are owned by Yum Brands.', ""In addition to Lieberman's hiring, Starbucks said Friday that Dawn Clark, the company's executive creative director, and Angele Robinson-Gaylord, who leads store development, will now report to Sara Trilling, Starbucks' president of North America."", 'The company is also unifying its global communications and corporate affairs departments into a single team.', ""Previously, Starbucks announced that Michael Conway, the company's North America CEO, was retiring."", ""Niccol's predecessor Laxman Narasimhan had appointed Conway to the role last year."", ""After his departure, the company eliminated the position, instead adding Lieberman's new role."", 'Trilling also now reports directly to Niccol.', 'In China, Molly Liu is now the sole CEO, after splitting the position with longtime leader of that unit, Belinda Wong, since last year.', ""Starbucks' China business has been struggling, hurt by the country's sluggish economy and the proliferation of local coffee chains that can undercut its prices."", ""Last quarter, the company's same-store sales slid 14% in China, its second-largest market."", 'Before his ouster, Narasimhan had said that Starbucks was in the early stages of exploring strategic partnerships for its China business.', ""Niccol is expected to share more details on his turnaround plans during the company's fiscal fourth-quarter earnings call on Oct. 30.""]",0.1514922365448867,"She has a proven track record of building strong brands, developing compelling products, creating great customer experiences, and leading breakthrough marketing,"" Niccol said in a statement on Friday.","Starbucks' China business has been struggling, hurt by the country's sluggish economy and the proliferation of local coffee chains that can undercut its prices.",-0.2017287731170654,"She has a proven track record of building strong brands, developing compelling products, creating great customer experiences, and leading breakthrough marketing,"" Niccol said in a statement on Friday.","Last quarter, the company's same-store sales slid 14% in China, its second-largest market.",2024-10-23
-Liam Payne: Has the music industry let young pop stars down?,https://www.bbc.co.uk/news/articles/ckgnmmgrxz6o,2024-10-21T13:05:34.345Z,"The death of former One Direction star Liam Payne has sparked a debate about the duty of care in the music industry, particularly for young people. In one of the most powerful tributes to the singer, who died at the age of 31 after falling from a hotel in Argentina last week, TV personality and former X Factor judge Sharon Osbourne said: ""We all let you down."" Osbourne said Payne was ""just a kid"" when he ""entered one of the toughest industries in the world, and asked: ""Who was in your corner? Where was this industry when you needed them?"" More than 25,000 people have now signed a petition saying the entertainment industry ""needs to be held accountable and be responsible to the welfare of their artists"". Osbourne herself wasn't a judge when Payne found fame on the show - he first auditioned at the age of 14 in 2008 before returning two years later and becoming part of One Direction. The rest is history. While the boy band went on to achieve phenomenal success across the globe, Payne himself acknowledged that it came at a cost. He admitted he used alcohol to cope with the level of fame ""because there was no other way to get your head around what was going on"". US star Bruce Springsteen is among those who have spoken in recent days about the negative impact of the pressures of fame. He told the Daily Telegraph that ""young people don't have the inner facility or the inner self yet to be able to protect themselves from a lot of the things that come with success and fame"". ""So they get lost in a lot of the difficult and often pain-inducing [things]... whether it's drugs or alcohol to take some of that pressure off,"" he said. ""I understand this very well from my own experience, as I have done my own wrestling with different things."" Robbie Williams also acknowledged that he struggled with his own demons when he was 31. ""By the grace of god and/or dumb luck I’m still here,"" he said. The former Take That star called for more kindness and empathy from the public towards famous figures who might be going through difficulties. ""Even famous strangers need your compassion,"" he wrote. Could the music industry do more to help fledgling artists, and are things now changing? Robbie Williams' frequent collaborator, songwriter Guy Chambers, told the Observer the industry should hold back from working with performers who are under 18.  ""I do think putting a 16-year-old in an adult world like that is potentially really damaging. Robbie experienced that, certainly,"" he said. Chambers added: ""I know in Robbie’s case, with Take That, there wasn’t any proper protection set up to look after what were teenage boys. That was a long time ago, but I don’t see much sign of change."" JLS star Oritse Williams, who also found fame on The X Factor, told BBC Breakfast there ""isn't enough duty of care"".  ""It's a tough, tough game and you have to have a very thick skin,"" he said. ""When you haven't lived life, to go through trials and tribulations whilst being under the spotlight is a very difficult thing. And who is there to support?"" Oritse Williams said he had been through his own problems since finding boy band fame. ""You're out there alone in this crazy, crazy world, where there are a lot of vultures. It's tough to navigate."" And Eoghan Quigg, who appeared on The X Factor with Payne in 2008, told 5 Live: ""There needs to be more support because it's a fickle business, especially now with social media."" One Direction came third in The X Factor in 2010, behind winner Matt Cardle and runner-up Rebecca Ferguson - who shared her ""devastation"" at Payne's death. She has previously said she suffered exploitation and bullying in the music industry. ""I've spoken for years about the exploitation and profiteering of young stars and the effects - many of us are still living with the aftermath and the PTSD [post traumatic stress disorder],"" she wrote on social media. Ferguson recalled getting a taxi with Payne to film The X Factor after meeting him at a train station. ""I can't help but think of that boy who was hopeful and looking forward to his bright future ahead. If he hadn't jumped on that train and jumped in that taxi I believe he would be alive today."" And Katie Waissel, who also appeared on The X Factor in 2010, has long campaigned for better support for those who appear on TV. She spoke to the BBC last year about the ""obscene amount of pressure"" she felt under as a contestant on the show. In response, a spokesperson for X Factor said ""robust measures"" were in place to support those involved in the show. Speaking to BBC Radio 5 Live on Friday, she said young musicians were ""naive"" about entering into a reality television show. ""It wasn't transparent what we were getting ourselves into... no-one knows what to expect."" Waissel called the music industry ""very manipulative, coercive and deconstructive"", saying ""it sucks the soul out of people"". Matt Thomas, who co-founded the charity Music Support in 2016 after two decades as a record label executive and artist manager, said he had seen ""massive changes"" in recent years. ""I actually think the music industry has got so much better and has made so much progress,"" he told BBC News. ""What I've noticed in the last 10 years is the awareness that it's [about] human beings rather than commodities. But we've still got a long way to go."" More support is now out there, but not everybody knows where to find it, he said. ""One of the biggest issues is lack of awareness of the help that's available, and lack of clear signposting and official recognised pathways."" He also backed Chambers' suggestion that under-18s should be given much more protection. ""There's a massive difference between duty of care to artists and duty of care to children. Duty of care to children should be dealt with completely separately,"" he said. Talent manager Jonathan Shalit also said things had changed since 2010. ""Fortunately... a lot of lessons have been learned. The duty of care back then wasn't what it could have been [on reality shows in general]. Now the duty of care is considerable. ""I think it's very important to separate the emotions and the terribleness of what's happened to Liam... That is many years after he left One Direction... On the flip side, some members of One Direction have gone on to have great success and great enjoyment in the lives. It's not black and white."" He acknowledged that ""fame is not what it seems to be... you've got a million friends but you've got no friends"". ""I always say, artists are the most sensitive people in a very hard business."" The BPI, the trade body representing record labels, said there's now ""so much more focus"" on the wellbeing of artists, and understanding of the pressures they face. Labels take ""an active role"" in their artists' welfare, and there is ""a range of support"" from managers as well as organisations like Music Support and Help Musicians, which offer ""a breadth of pastoral support"", a BPI spokesman told BBC News. ""The music community is continually thinking what further care can be provided. The BPI is committed to supporting its members and the wider industry in ensuring that artist wellbeing remains a priority."" Music management consultant Marcus Anthony told 5 Live on Sunday: ""The music industry is aware that these thing need to be addressed, and big music events and conventions hold seminars and discussions about artist welfare and things are getting better. ""But some managers and labels will always prioritise the pound over the artist."" ",BBC,21/10/2024,"['The death of former One Direction star Liam Payne has sparked a debate about the duty of care in the music industry, particularly for young people.', 'In one of the most powerful tributes to the singer, who died at the age of 31 after falling from a hotel in Argentina last week, TV personality and former X Factor judge Sharon Osbourne said: ""We all let you down.""', 'Osbourne said Payne was ""just a kid"" when he ""entered one of the toughest industries in the world, and asked: ""Who was in your corner?', 'Where was this industry when you needed them?""', 'More than 25,000 people have now signed a petition saying the entertainment industry ""needs to be held accountable and be responsible to the welfare of their artists"".', ""Osbourne herself wasn't a judge when Payne found fame on the show - he first auditioned at the age of 14 in 2008 before returning two years later and becoming part of One Direction."", 'The rest is history.', 'While the boy band went on to achieve phenomenal success across the globe, Payne himself acknowledged that it came at a cost.', 'He admitted he used alcohol to cope with the level of fame ""because there was no other way to get your head around what was going on"".', 'US star Bruce Springsteen is among those who have spoken in recent days about the negative impact of the pressures of fame.', 'He told the Daily Telegraph that ""young people don\'t have the inner facility or the inner self yet to be able to protect themselves from a lot of the things that come with success and fame"". ""', 'So they get lost in a lot of the difficult and often pain-inducing [things]... whether it\'s drugs or alcohol to take some of that pressure off,"" he said. ""', 'I understand this very well from my own experience, as I have done my own wrestling with different things.""', 'Robbie Williams also acknowledged that he struggled with his own demons when he was 31. ""', 'By the grace of god and/or dumb luck I’m still here,"" he said.', 'The former Take That star called for more kindness and empathy from the public towards famous figures who might be going through difficulties. ""', 'Even famous strangers need your compassion,"" he wrote.', 'Could the music industry do more to help fledgling artists, and are things now changing?', 'Robbie Williams\' frequent collaborator, songwriter Guy Chambers, told the Observer the industry should hold back from working with performers who are under 18. ""', 'I do think putting a 16-year-old in an adult world like that is potentially really damaging.', 'Robbie experienced that, certainly,"" he said.', 'Chambers added: ""I know in Robbie’s case, with Take That, there wasn’t any proper protection set up to look after what were teenage boys.', 'That was a long time ago, but I don’t see much sign of change.""', 'JLS star Oritse Williams, who also found fame on The X Factor, told BBC Breakfast there ""isn\'t enough duty of care"". ""', 'It\'s a tough, tough game and you have to have a very thick skin,"" he said. ""', ""When you haven't lived life, to go through trials and tribulations whilst being under the spotlight is a very difficult thing."", 'And who is there to support?""', 'Oritse Williams said he had been through his own problems since finding boy band fame. ""', ""You're out there alone in this crazy, crazy world, where there are a lot of vultures."", 'It\'s tough to navigate.""', 'And Eoghan Quigg, who appeared on The X Factor with Payne in 2008, told 5 Live: ""There needs to be more support because it\'s a fickle business, especially now with social media.""', 'One Direction came third in The X Factor in 2010, behind winner Matt Cardle and runner-up Rebecca Ferguson - who shared her ""devastation"" at Payne\'s death.', 'She has previously said she suffered exploitation and bullying in the music industry. ""', 'I\'ve spoken for years about the exploitation and profiteering of young stars and the effects - many of us are still living with the aftermath and the PTSD [post traumatic stress disorder],"" she wrote on social media.', 'Ferguson recalled getting a taxi with Payne to film The X Factor after meeting him at a train station. ""', ""I can't help but think of that boy who was hopeful and looking forward to his bright future ahead."", 'If he hadn\'t jumped on that train and jumped in that taxi I believe he would be alive today.""', 'And Katie Waissel, who also appeared on The X Factor in 2010, has long campaigned for better support for those who appear on TV.', 'She spoke to the BBC last year about the ""obscene amount of pressure"" she felt under as a contestant on the show.', 'In response, a spokesperson for X Factor said ""robust measures"" were in place to support those involved in the show.', 'Speaking to BBC Radio 5 Live on Friday, she said young musicians were ""naive"" about entering into a reality television show. ""', 'It wasn\'t transparent what we were getting ourselves into... no-one knows what to expect.""', 'Waissel called the music industry ""very manipulative, coercive and deconstructive"", saying ""it sucks the soul out of people"".', 'Matt Thomas, who co-founded the charity Music Support in 2016 after two decades as a record label executive and artist manager, said he had seen ""massive changes"" in recent years. ""', 'I actually think the music industry has got so much better and has made so much progress,"" he told BBC News. ""', ""What I've noticed in the last 10 years is the awareness that it's [about] human beings rather than commodities."", 'But we\'ve still got a long way to go.""', 'More support is now out there, but not everybody knows where to find it, he said. ""', 'One of the biggest issues is lack of awareness of the help that\'s available, and lack of clear signposting and official recognised pathways.""', 'He also backed Chambers\' suggestion that under-18s should be given much more protection. ""', ""There's a massive difference between duty of care to artists and duty of care to children."", 'Duty of care to children should be dealt with completely separately,"" he said.', 'Talent manager Jonathan Shalit also said things had changed since 2010. ""', 'Fortunately... a lot of lessons have been learned.', ""The duty of care back then wasn't what it could have been [on reality shows in general]."", 'Now the duty of care is considerable. ""', ""I think it's very important to separate the emotions and the terribleness of what's happened to Liam... That is many years after he left One Direction... On the flip side, some members of One Direction have gone on to have great success and great enjoyment in the lives."", 'It\'s not black and white.""', 'He acknowledged that ""fame is not what it seems to be... you\'ve got a million friends but you\'ve got no friends"". ""', 'I always say, artists are the most sensitive people in a very hard business.""', 'The BPI, the trade body representing record labels, said there\'s now ""so much more focus"" on the wellbeing of artists, and understanding of the pressures they face.', 'Labels take ""an active role"" in their artists\' welfare, and there is ""a range of support"" from managers as well as organisations like Music Support and Help Musicians, which offer ""a breadth of pastoral support"", a BPI spokesman told BBC News. ""', 'The music community is continually thinking what further care can be provided.', 'The BPI is committed to supporting its members and the wider industry in ensuring that artist wellbeing remains a priority.""', 'Music management consultant Marcus Anthony told 5 Live on Sunday: ""The music industry is aware that these thing need to be addressed, and big music events and conventions hold seminars and discussions about artist welfare and things are getting better. ""', 'But some managers and labels will always prioritise the pound over the artist.""']",0.1525054067724147,"Labels take ""an active role"" in their artists' welfare, and there is ""a range of support"" from managers as well as organisations like Music Support and Help Musicians, which offer ""a breadth of pastoral support"", a BPI spokesman told BBC News. ""","I've spoken for years about the exploitation and profiteering of young stars and the effects - many of us are still living with the aftermath and the PTSD [post traumatic stress disorder],"" she wrote on social media.",0.0989233553409576,"I actually think the music industry has got so much better and has made so much progress,"" he told BBC News. """,I do think putting a 16-year-old in an adult world like that is potentially really damaging.,2024-10-23
-Chhattisgarh: How scammers duped India job seekers with a fake bank branch,https://www.bbc.co.uk/news/articles/c0qzyy5q0j9o,2024-10-22T05:55:00.672Z,"A few weeks ago, police in India discovered that scammers had set up a fake bank branch - complete with a logo, office furniture and even some employees - in a village in Chhattisgarh state. BBC Hindi pieced together what happened. Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village. She had been job-hunting for four years, facing increasing financial pressure. The bank officials asked her to join immediately, and she agreed because it was the State Bank of India (SBI), the country's largest government-backed lender and one of its most recognisable brands. But just a week after she joined, the police and employees from a nearby branch of SBI arrived at the bank - about 200 km (124 miles) from Chhattisgarh's capital, Raipur - and told them it was fake. Yadav was stunned. She said the people who gave her a job had conducted an interview, issued her an appointment letter and provided an identity card, with a promised salary of 30,000 rupees ($357; £273) a month. She had begun work along with five others. Police have arrested one person and say they are on the lookout for eight others. Employment-related scams are not uncommon in India, where millions of young people are desperate to find a stable job. In 2022, more than two dozen men who thought they would get jobs with the Indian Railways were tricked into counting trains for days. The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future. The police said that the six employees of the fake bank came from financially weak backgrounds, and that some of them had paid substantial amounts as bribes for the job. An officer involved in the investigation told BBC Hindi that the motive appeared to be swindling job-seekers of money. According to the initial investigation, a large number of people were asked for money under the pretence of securing a bank job and were sent to the fake branch for “training”, the officer said. After around two weeks of training, they were sent back with the promise that they would be “appointed” to an SBI branch soon, he added. Those who were allegedly duped say the fraudsters made the bank appear legitimate. Yadav says she filed an online form, uploaded her educational certificates and submitted biometric data as part of the onboarding process - common when joining many Indian firms. “I never felt for a moment that I was caught in a fraud. But now everything is ruined,” she said.  She claimed to have paid 250,000 rupees – a sum she had difficulty raising – as a bribe for the job. Rohini Sahu, from a village in the neighbouring district, was offered a job as a marketing officer by the fake employers. Sahu told BBC Hindi that her offer letter said that she had been appointed to the Raipur branch of the SBI, but had to undergo training at this branch. The letter, the signboard, the building and its infrastructure all convinced her it was a real bank. “No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.  But some villagers who wanted to open accounts were told by employees that the bank was still installing servers and that they should return next month. For some, it also offered business opportunities. Ajay Agarwal, one of the villagers, immediately applied to run a kiosk under a scheme that allows people to operate limited banking services outside the premises of the bank. Such banking kiosks are common in villages and small towns across India. But he says he soon grew sceptical after his application was not approved, and that he approached the SBI branch nearby to ask questions about the branch. Soon, the local police raided the bank. But by then the “manager” of the branch had already absconded. The man they have arrested, police say, is also an accused in another job scam in the state. He has not issued any statement in police custody. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. ",BBC,22/10/2024,"['A few weeks ago, police in India discovered that scammers had set up a fake bank branch - complete with a logo, office furniture and even some employees - in a village in Chhattisgarh state.', 'BBC Hindi pieced together what happened.', 'Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village.', 'She had been job-hunting for four years, facing increasing financial pressure.', ""The bank officials asked her to join immediately, and she agreed because it was the State Bank of India (SBI), the country's largest government-backed lender and one of its most recognisable brands."", ""But just a week after she joined, the police and employees from a nearby branch of SBI arrived at the bank - about 200 km (124 miles) from Chhattisgarh's capital, Raipur - and told them it was fake."", 'Yadav was stunned.', 'She said the people who gave her a job had conducted an interview, issued her an appointment letter and provided an identity card, with a promised salary of 30,000 rupees ($357; £273) a month.', 'She had begun work along with five others.', 'Police have arrested one person and say they are on the lookout for eight others.', 'Employment-related scams are not uncommon in India, where millions of young people are desperate to find a stable job.', 'In 2022, more than two dozen men who thought they would get jobs with the Indian Railways were tricked into counting trains for days.', 'The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future.', 'The police said that the six employees of the fake bank came from financially weak backgrounds, and that some of them had paid substantial amounts as bribes for the job.', 'An officer involved in the investigation told BBC Hindi that the motive appeared to be swindling job-seekers of money.', 'According to the initial investigation, a large number of people were asked for money under the pretence of securing a bank job and were sent to the fake branch for “training”, the officer said.', 'After around two weeks of training, they were sent back with the promise that they would be “appointed” to an SBI branch soon, he added.', 'Those who were allegedly duped say the fraudsters made the bank appear legitimate.', 'Yadav says she filed an online form, uploaded her educational certificates and submitted biometric data as part of the onboarding process - common when joining many Indian firms. “', 'I never felt for a moment that I was caught in a fraud.', 'But now everything is ruined,” she said.', 'She claimed to have paid 250,000 rupees – a sum she had difficulty raising – as a bribe for the job.', 'Rohini Sahu, from a village in the neighbouring district, was offered a job as a marketing officer by the fake employers.', 'Sahu told BBC Hindi that her offer letter said that she had been appointed to the Raipur branch of the SBI, but had to undergo training at this branch.', 'The letter, the signboard, the building and its infrastructure all convinced her it was a real bank. “', 'No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.', 'But some villagers who wanted to open accounts were told by employees that the bank was still installing servers and that they should return next month.', 'For some, it also offered business opportunities.', 'Ajay Agarwal, one of the villagers, immediately applied to run a kiosk under a scheme that allows people to operate limited banking services outside the premises of the bank.', 'Such banking kiosks are common in villages and small towns across India.', 'But he says he soon grew sceptical after his application was not approved, and that he approached the SBI branch nearby to ask questions about the branch.', 'Soon, the local police raided the bank.', 'But by then the “manager” of the branch had already absconded.', 'The man they have arrested, police say, is also an accused in another job scam in the state.', 'He has not issued any statement in police custody.', 'Follow BBC News India on Instagram, YouTube, Twitter and Facebook.']",-0.1651479443105825,"No one could have imagined in their wildest dreams that this wasn’t a legitimate bank,"" she says Residents of the village where the branch was located say they were happy when it came up as it promised easy access to banking services.","The man they have arrested, police say, is also an accused in another job scam in the state.",-0.2039158716797828,Jyoti Yadav was delighted when she got a job as an office assistant at a recently opened bank branch near her village.,"The job crisis is particularly acute in small towns and villages, where work opportunities are limited, often forcing young people to take risks such as paying bribes - which is illegal in India - for jobs that promise to secure their future.",2024-10-23
-Trump has the world’s richest man on his side. What does Musk want?,https://www.bbc.co.uk/news/articles/cj6e6zzwnllo,2024-10-22T09:15:24.272Z,"Zander Mundy was midway through a typical day at his office when he heard the news: tech billionaire Elon Musk was speaking at a nearby school in the town of Folsom, in the US state of Pennsylvania.  ""When is the richest guy in the world in town often?"" Mr Mundy remembers thinking to himself.  With a population of just under 9,000 people, Folsom is a quiet place. Residents typically shy away from speaking openly about their politics, and political yard signs are few and far between.  The 21-year-old Mr Mundy, who works at a leasing agent at an apartment complex, admits that he wasn't planning on voting in the November election.  But once he saw crowds forming - and felt the excitement - he decided to go in, eager to hear from Musk.  By the time he left the school, he recalls leaning more towards Donald Trump than towards Kamala Harris.  ""[If] someone like that tells you this is the election that's going to decide our future, not only who's president for the next four years but what the world world is going to be like... I think that's pretty huge,"" he told the BBC. ""That matters. That's significant.""  Musk, who previously cultivated an image as an eccentric tech genius who was only on the sidelines of politics, has now pledged full allegiance to Trump.  In full view of the American public, the 53-year-old has invested his time, operational know-how and ample pocketbook into trying to get the Republican elected - a rarity among the nation's business elite who traditionally prefer to influence politics from behind the scenes. It's an approach that is starkly different to traditional CEOs, many of whom have been better known for holding expensive, exclusive fundraising dinners or hosting potential donors at lavish homes in the Hamptons.  And it's prompted observers to ask questions about Mr Musk's motivations. The traditional approach by CEOs is ""not out in the public spotlight,"" explains Erik Gordon, chair of the entrepreneurship department at the University of Michigan's Ross School of Business. But ""Musk does it loudly and proudly, and, therefore, perhaps makes himself a lightning rod"".  Musk's Trump-supporting political action committee - America PAC - has already spent more than $119m (£91.6m) this election cycle, according to Open Secrets, a non-profit tracker.  Additionally, Musk's own contributions make him one of the largest individual donors in the presidential race, and reportedly play a vital role in Trump's door-knocking and ground operation in key swing states in which the campaign hopes to mobilise voters.  Steve Davis, a key lieutenant of Musk's who has worked for his companies including SpaceX, X and the Boring Company, has reportedly been recruited to help in the effort.  Mr Musk's personal investment into the campaign is something that was quickly noticed by Mr Mundy.  ""That alone was shocking to me,"" he said. ""That someone would really spend that much time and money to influence voters. That means he's doing it for a reason.""  Some Democrats, like Pennsylvania Senator John Fetterman, have been urging their party to not ignore the threat Mr Musk poses ahead of the election.  Mr Musk appeals to a demographic of people who see him as ""undeniably brilliant"" and among whom traditional Democratic outreach efforts have proven difficult, Fetterman believes.  Since first endorsing Trump in the wake of the assassination attempt in Butler, Pennsylvania, on 13 July, Mr Musk has become a common fixture on the campaign trail, where he often delivers warnings that only Trump can ""save"" American democracy.  In the closing days of the race, Mr Musk has criss-crossed the state of Pennsylvania, a key battleground state that has become a focus for Trump and Kamala Harris alike.  America PAC is now doling out $1m a day until election day to one random voter - no matter their party affiliation - provided they have registered to vote and sign a petition.  At ""town hall"" events in Harrisburg and Pittsburgh over the weekend, for example, Mr Musk presented giant lottery-style cheques to winners, with enthusiastic crowds chanting ""Elon"". He responded by telling the crowd that their energy ""lights a fire"" in his soul. At a rally in Philadelphia on Monday, Congresswoman Alexandria Ocasio-Cortez said Mr Musk was “dangling a million bucks to many of us who are struggling to make ends meet, if they dance for him"". “Elon Musk thinks that dangling money in front of a working person is a cute thing to do when the election of our lives is before us because that’s what people and billionaires like that do,"" she added. Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.  Among those observers is Matt Teske, the CEO of electric vehicle charging platform Chargeway.  According to Mr Teske, Mr Musk's political shift has been difficult for many in the electric vehicle industry, but comes as no surprise after several years of becoming increasingly active in politics.  ""I think Musk's interests are focused, predominantly, around a handful of things that are important to him related to his businesses, [with] regulation being something he's voiced concerns around,"" Mr Teske says. He notes that Mr Musk ""pushed back heavily"" on restrictions implemented during the Covid-19 pandemic in California.  The University of Michigan's Professor Gordon agrees. He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving.  ""He wants to be sort of on the frontier, [a] wild and woolly entrepreneur who can break new paths and not be bogged down by regulation, which tends to fall five, 10, 20 years behind advances in technology,"" Prof Gordon says.  ""Musk wants to go the other way,"" he adds. ""He wants to go to Mars."" If he wins in November, Donald Trump has suggested that Mr Musk could oversee ""cost cutting"" in the US government. Even if he doesn't do that exact job, Mr Musk would have Trump's ear thanks to his support during the campaign, observers believe, and he could have a strong influence on the administration's decision-making.  Mr Musk, for his part, has said he would be open to the idea of leading a ""department of government efficiency"" to end regulation's ""strangulation"" of the US.  That position, Democrats say, could present a complex conflict of interest, given the billions in government contracts Mr Musk has received for SpaceX and Tesla.  ""That's kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom's former chief economic and business adviser.  Mendonca believes that those with intertwined government and regulatory relationships ""can have a voice"" but should not be in a position of authority over those same interests.  Lawrence Noble, a former general counsel at the Federal Election Commission, has questioned the legality of Mr Musk's giveaways in the election cycle.  Mr Noble believes that this form of campaigning should concern Americans who value safe work environments and consumer protections.  “We know what companies do when left to their own devices. They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC.  ""It's dangerous to have somebody who views business that way, and views government that way, in charge of safety,"" he adds.  For Mr Musk -  who relishes being a ""disrupter"" and renegade - there's little question that his lucrative relationships with the US government will continue, no matter the result of the November election.  But his brand, and his reputation, are now tied to Donald Trump's - and his actions suggest he knows it.  Additional reporting by Pratiksha Ghildial North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter. Readers in the UK can sign up here. Those outside the UK can sign up here. ",BBC,22/10/2024,"['Zander Mundy was midway through a typical day at his office when he heard the news: tech billionaire Elon Musk was speaking at a nearby school in the town of Folsom, in the US state of Pennsylvania. ""', 'When is the richest guy in the world in town often?""', 'Mr Mundy remembers thinking to himself.', 'With a population of just under 9,000 people, Folsom is a quiet place.', 'Residents typically shy away from speaking openly about their politics, and political yard signs are few and far between.', ""The 21-year-old Mr Mundy, who works at a leasing agent at an apartment complex, admits that he wasn't planning on voting in the November election."", 'But once he saw crowds forming - and felt the excitement - he decided to go in, eager to hear from Musk.', 'By the time he left the school, he recalls leaning more towards Donald Trump than towards Kamala Harris. ""[', 'If] someone like that tells you this is the election that\'s going to decide our future, not only who\'s president for the next four years but what the world world is going to be like... I think that\'s pretty huge,"" he told the BBC. ""', 'That matters.', 'That\'s significant.""', 'Musk, who previously cultivated an image as an eccentric tech genius who was only on the sidelines of politics, has now pledged full allegiance to Trump.', ""In full view of the American public, the 53-year-old has invested his time, operational know-how and ample pocketbook into trying to get the Republican elected - a rarity among the nation's business elite who traditionally prefer to influence politics from behind the scenes."", ""It's an approach that is starkly different to traditional CEOs, many of whom have been better known for holding expensive, exclusive fundraising dinners or hosting potential donors at lavish homes in the Hamptons."", ""And it's prompted observers to ask questions about Mr Musk's motivations."", 'The traditional approach by CEOs is ""not out in the public spotlight,"" explains Erik Gordon, chair of the entrepreneurship department at the University of Michigan\'s Ross School of Business.', 'But ""Musk does it loudly and proudly, and, therefore, perhaps makes himself a lightning rod"".', ""Musk's Trump-supporting political action committee - America PAC - has already spent more than $119m (£91.6m) this election cycle, according to Open Secrets, a non-profit tracker."", ""Additionally, Musk's own contributions make him one of the largest individual donors in the presidential race, and reportedly play a vital role in Trump's door-knocking and ground operation in key swing states in which the campaign hopes to mobilise voters."", ""Steve Davis, a key lieutenant of Musk's who has worked for his companies including SpaceX, X and the Boring Company, has reportedly been recruited to help in the effort."", 'Mr Musk\'s personal investment into the campaign is something that was quickly noticed by Mr Mundy. ""', 'That alone was shocking to me,"" he said. ""', 'That someone would really spend that much time and money to influence voters.', 'That means he\'s doing it for a reason.""', 'Some Democrats, like Pennsylvania Senator John Fetterman, have been urging their party to not ignore the threat Mr Musk poses ahead of the election.', 'Mr Musk appeals to a demographic of people who see him as ""undeniably brilliant"" and among whom traditional Democratic outreach efforts have proven difficult, Fetterman believes.', 'Since first endorsing Trump in the wake of the assassination attempt in Butler, Pennsylvania, on 13 July, Mr Musk has become a common fixture on the campaign trail, where he often delivers warnings that only Trump can ""save"" American democracy.', 'In the closing days of the race, Mr Musk has criss-crossed the state of Pennsylvania, a key battleground state that has become a focus for Trump and Kamala Harris alike.', 'America PAC is now doling out $1m a day until election day to one random voter - no matter their party affiliation - provided they have registered to vote and sign a petition.', 'At ""town hall"" events in Harrisburg and Pittsburgh over the weekend, for example, Mr Musk presented giant lottery-style cheques to winners, with enthusiastic crowds chanting ""Elon"".', 'He responded by telling the crowd that their energy ""lights a fire"" in his soul.', 'At a rally in Philadelphia on Monday, Congresswoman Alexandria Ocasio-Cortez said Mr Musk was “dangling a million bucks to many of us who are struggling to make ends meet, if they dance for him"". “', 'Elon Musk thinks that dangling money in front of a working person is a cute thing to do when the election of our lives is before us because that’s what people and billionaires like that do,"" she added.', 'Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.', 'Among those observers is Matt Teske, the CEO of electric vehicle charging platform Chargeway.', 'According to Mr Teske, Mr Musk\'s political shift has been difficult for many in the electric vehicle industry, but comes as no surprise after several years of becoming increasingly active in politics. ""', 'I think Musk\'s interests are focused, predominantly, around a handful of things that are important to him related to his businesses, [with] regulation being something he\'s voiced concerns around,"" Mr Teske says.', 'He notes that Mr Musk ""pushed back heavily"" on restrictions implemented during the Covid-19 pandemic in California.', ""The University of Michigan's Professor Gordon agrees."", 'He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving. ""', 'He wants to be sort of on the frontier, [a] wild and woolly entrepreneur who can break new paths and not be bogged down by regulation, which tends to fall five, 10, 20 years behind advances in technology,"" Prof Gordon says. ""', 'Musk wants to go the other way,"" he adds. ""', 'He wants to go to Mars.""', 'If he wins in November, Donald Trump has suggested that Mr Musk could oversee ""cost cutting"" in the US government.', ""Even if he doesn't do that exact job, Mr Musk would have Trump's ear thanks to his support during the campaign, observers believe, and he could have a strong influence on the administration's decision-making."", 'Mr Musk, for his part, has said he would be open to the idea of leading a ""department of government efficiency"" to end regulation\'s ""strangulation"" of the US.', 'That position, Democrats say, could present a complex conflict of interest, given the billions in government contracts Mr Musk has received for SpaceX and Tesla. ""', 'That\'s kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom\'s former chief economic and business adviser.', 'Mendonca believes that those with intertwined government and regulatory relationships ""can have a voice"" but should not be in a position of authority over those same interests.', ""Lawrence Noble, a former general counsel at the Federal Election Commission, has questioned the legality of Mr Musk's giveaways in the election cycle."", 'Mr Noble believes that this form of campaigning should concern Americans who value safe work environments and consumer protections. “', 'We know what companies do when left to their own devices.', 'They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC. ""', 'It\'s dangerous to have somebody who views business that way, and views government that way, in charge of safety,"" he adds.', 'For Mr Musk - who relishes being a ""disrupter"" and renegade - there\'s little question that his lucrative relationships with the US government will continue, no matter the result of the November election.', ""But his brand, and his reputation, are now tied to Donald Trump's - and his actions suggest he knows it."", 'Additional reporting by Pratiksha Ghildial North America correspondent Anthony Zurcher makes sense of the race for the White House in his twice weekly US Election Unspun newsletter.', 'Readers in the UK can sign up here.', 'Those outside the UK can sign up here.']",0.1992492799169361,"They put profit and stockholder value and CEO compensation above safety, and they kind of write off the safety issues as a cost of doing business,” he tells the BBC. ""","That's kind of deeply both unethical and illegal,"" says Lenny Mendonca, California Governor Gavin Newsom's former chief economic and business adviser.",-0.2747049083312352,"Some observers, however, have questioned his motivation and have suggested that Mr Musk and his businesses stand to benefit from a relationship with Trump.","He says Mr Musk sees himself as a someone who has been held back by regulators, and feels that government intervention has stifled the development of the technologies he is focused on, such as autonomous driving. """,2024-10-23
-Reeves confirms Budget spending deals struck with all departments,https://www.bbc.co.uk/news/articles/cwy9yd318reo,2024-10-23T04:30:41.939Z,"Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October. It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts. Reeves told BBC Radio 5 Live's Matt Chorley she had struck deals with all her cabinet colleagues - and in line with tradition, popped all balloons put up in the Treasury to represent each department's funding agreement. While sympathising with ""the mess"" her colleagues had inherited, Reeves insisted departments needed to find savings to balance the budget.  In recent Budgets, chancellors have adopted the tradition of hanging balloons in the office of the Chief Secretary to the Treasury to represent spending deals that must be negotiated with government departments. As settlements are reached, the balloons are popped. In the exclusive interview, Reeves said: ""There are no balloons left in the Chief Secretary's office - the balloons have been burst."" In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.  Sky News reported that the Treasury missed its initial 16 October deadline to finalise all major Budget measures for submission to spending watchdog the Office of Budget Responsibility ahead of the Budget. Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh have all been reported as writing to Sir Keir Starmer to complain about the scale of cuts their departments were facing. Haigh has since told the BBC she did not write a letter, but had been having Budget negotiations with the Treasury ""in the normal way"". Addressing reports colleagues had gone over her head to take their concerns about budget cuts directly to the prime minister, Reeves said, ""I wouldn't believe everything you read"" in the media. But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""I'm very sympathetic towards the mess that my colleagues have inherited"", Reeves said. ""But any additional money, in the end, it has to be paid for either by taking money from other departments or raising taxes."" The Labour manifesto promised not to raise income tax rates, national insurance or VAT to protect ""working people"". Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. ""All of those things mean that we do need to find additional money,"" Reeves said. Reeves admitted this meant she was considering tweaks to ""other taxes to ensure the sums add up"". ""We were clear during the election campaign, you can't undo 14 years of damage in one Budget or in just a few months,"" she said. ""It is going to take time to rebuild our public services to ensure that working people are better off and to fix the foundations of our economy and our society as well."" As she looks to balance the first Labour Budget in 14 years, Reeves admitted she speaks to  several major political figures. ""I speak to Gordon regularly - I also speak to Tony Blair regularly,"" she said. She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well,"" she said. The one person she wishes she could ""pick up the phone to now"" is Alistair Darling, the last Labour chancellor to deliver a Budget - who died last year aged 70. Lord Darling served in cabinet for 13 years under both Blair and Brown, and was best known as the chancellor who steered the UK through the 2008 financial crisis. ""I hope that he would be proud of what I'm doing as the next Labour chancellor after him,"" she said. Reeves spoke about her pride at being the first female chancellor in the role's 800-year history. Becoming chancellor was ""beyond what a girl like me, from the ordinary background that I came from, could have ever dreamed of,"" Reeves said. Now in her ""dream job"", Reeves said, ""one of the wonderful things in the first few months of doing this job is to meet female finance ministers from around the world"" - such as US Secretary of the Treasury Janet Yellen and Chrystia Freeland, the Canadian finance minister. ""I take a lot of inspiration from those amazing women and so many others,"" Reeves said. Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It’ll be delivered straight to your inbox every weekday. ",BBC,23/10/2024,"['Chancellor Rachel Reeves says she has now reached spending settlements with all government departments ahead of her much-anticipated Budget on 30 October.', 'It comes after reports of Treasury rows with multiple departments over the expected scale of spending cuts.', ""Reeves told BBC Radio 5 Live's Matt Chorley she had struck deals with all her cabinet colleagues - and in line with tradition, popped all balloons put up in the Treasury to represent each department's funding agreement."", 'While sympathising with ""the mess"" her colleagues had inherited, Reeves insisted departments needed to find savings to balance the budget.', 'In recent Budgets, chancellors have adopted the tradition of hanging balloons in the office of the Chief Secretary to the Treasury to represent spending deals that must be negotiated with government departments.', 'As settlements are reached, the balloons are popped.', 'In the exclusive interview, Reeves said: ""There are no balloons left in the Chief Secretary\'s office - the balloons have been burst.""', 'In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.', 'Sky News reported that the Treasury missed its initial 16 October deadline to finalise all major Budget measures for submission to spending watchdog the Office of Budget Responsibility ahead of the Budget.', 'Deputy Prime Minister Angela Rayner who runs the Ministry of Housing, Communities and Local Government, as well as Justice Secretary Shabana Mahmood and Transport Secretary Louise Haigh have all been reported as writing to Sir Keir Starmer to complain about the scale of cuts their departments were facing.', 'Haigh has since told the BBC she did not write a letter, but had been having Budget negotiations with the Treasury ""in the normal way"".', 'Addressing reports colleagues had gone over her head to take their concerns about budget cuts directly to the prime minister, Reeves said, ""I wouldn\'t believe everything you read"" in the media.', 'But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""', 'I\'m very sympathetic towards the mess that my colleagues have inherited"", Reeves said. ""', 'But any additional money, in the end, it has to be paid for either by taking money from other departments or raising taxes.""', 'The Labour manifesto promised not to raise income tax rates, national insurance or VAT to protect ""working people"".', 'Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. ""', 'All of those things mean that we do need to find additional money,"" Reeves said.', 'Reeves admitted this meant she was considering tweaks to ""other taxes to ensure the sums add up"". ""', 'We were clear during the election campaign, you can\'t undo 14 years of damage in one Budget or in just a few months,"" she said. ""', 'It is going to take time to rebuild our public services to ensure that working people are better off and to fix the foundations of our economy and our society as well.""', 'As she looks to balance the first Labour Budget in 14 years, Reeves admitted she speaks to several major political figures. ""', 'I speak to Gordon regularly - I also speak to Tony Blair regularly,"" she said.', 'She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""', 'I may not be particularly impressed with the state of the public finances that he left me, but I do recognise that after Kwasi Kwarteng, he had a tough job to do as well,"" she said.', 'The one person she wishes she could ""pick up the phone to now"" is Alistair Darling, the last Labour chancellor to deliver a Budget - who died last year aged 70.', 'Lord Darling served in cabinet for 13 years under both Blair and Brown, and was best known as the chancellor who steered the UK through the 2008 financial crisis. ""', 'I hope that he would be proud of what I\'m doing as the next Labour chancellor after him,"" she said.', ""Reeves spoke about her pride at being the first female chancellor in the role's 800-year history."", 'Becoming chancellor was ""beyond what a girl like me, from the ordinary background that I came from, could have ever dreamed of,"" Reeves said.', 'Now in her ""dream job"", Reeves said, ""one of the wonderful things in the first few months of doing this job is to meet female finance ministers from around the world"" - such as US Secretary of the Treasury Janet Yellen and Chrystia Freeland, the Canadian finance minister. ""', 'I take a lot of inspiration from those amazing women and so many others,"" Reeves said.', 'Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments.', 'It’ll be delivered straight to your inbox every weekday.']",0.2121071351466193,"But she went on to say it was ""perfectly reasonable that Cabinet colleagues set out their case - both to me as chancellor and to the prime minister, about the scale of the challenges that they find in their departments"". ""","Labour also campaigned on a pledge not to ""return to austerity"" - the programme of deep spending cuts and tax hikes aimed at reducing the UK’s budget deficit pursued by the 2010 Conservative-Liberal Democrat coalition. """,0.3232622254978526,"She also maintains a ""good relationship"" with her predecessor Jeremy Hunt, regularly messaging the Conservative shadow chancellor. ""","In the run-up to the Budget, there have been reports of unease among cabinet ministers over potential cuts to meet a £40bn shortfall identified by the Treasury.",2024-10-23
-Reeves welcomes IMF's improved growth forecast,https://www.bbc.co.uk/news/articles/c3vkv9qwl5do,2024-10-22T13:01:44.664Z,"The UK economy is set to ""accelerate"", the International Monetary Fund (IMF) has said as it raised its growth forecast for this year. The influential global organisation now expects the UK to grow by 1.1% this year, up from the 0.7% it forecast three months ago. While slow compared to previous periods, this would put the UK in the middle of the pack of global nations.   Chancellor Rachel Reeves welcomed the IMF's more upbeat forecast, but said: ""I know there is more work to do."" The IMF's outlook contrasts with Reeves's assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule. The chancellor is expected to outline tax rises and spending cuts aimed at raising £40bn at next week's Budget. The IMF and UK government have disagreed over previous predictions, and economic forecasts are not always accurate. The IMF has previously stated its forecasts for most advanced economies, such as the UK's, have more often than not been within about 1.5 percentage points of what actually happens. The IMF's global forecast shows the world economy has proven resilient, with richer countries having made up for lost pandemic growth. The US continues to outperform all its peers in the G7 group of advanced economies as the presidential election looms. Its economy is forecast to grow 2.8% this year and 2.2% next year. The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"". Europe’s major economies, remain sluggish, especially Germany, but Spain is growing rapidly, by 2.9% this year and 2.1% next year. Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure. The IMF pointed to internal research showing countries that spend a high proportion of their budgets on investment have significantly faster growing economies. Reeves has inherited Conservative plans for a notable cut to public investment, measured as a share of the national economy. The Treasury has clearly signalled in recent days that it could reverse that policy, instead maintaining or increasing investment. Reeves is also expected to confirm in the Budget that the way in which the government defines its self-imposed rules on reducing the national debt will change to accommodate more investment in infrastructure projects. Elsewhere, the IMF pointed to concerns that emerging economies had been left with more ""permanent scars"" and more persistent inflation from recent global crises. Nevertheless, the sanctions-hit Russian economy has had its forecast upgraded yet again, as its move to a war economy supports growth. This year it is expected to expand by 3.6%. However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow. Speaking at the IMF meeting in Washington, Treasury Secretary Janet Yellen said on Tuesday the US would unveil ""strong new sanctions targeting those facilitating the Kremlin's war machine"". That would include anyone supplying Russia with ""critical inputs for its military"" she said. The US has taken a series of actions against Russia since the invasion of Ukraine in February 2022, including preventing banks dealing with sanctioned Russian entities and restrictions on supplying technology such as microchips and drones.  ",BBC,22/10/2024,"['The UK economy is set to ""accelerate"", the International Monetary Fund (IMF) has said as it raised its growth forecast for this year.', 'The influential global organisation now expects the UK to grow by 1.1% this year, up from the 0.7% it forecast three months ago.', 'While slow compared to previous periods, this would put the UK in the middle of the pack of global nations.', 'Chancellor Rachel Reeves welcomed the IMF\'s more upbeat forecast, but said: ""I know there is more work to do.""', 'The IMF\'s outlook contrasts with Reeves\'s assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule.', ""The chancellor is expected to outline tax rises and spending cuts aimed at raising £40bn at next week's Budget."", 'The IMF and UK government have disagreed over previous predictions, and economic forecasts are not always accurate.', ""The IMF has previously stated its forecasts for most advanced economies, such as the UK's, have more often than not been within about 1.5 percentage points of what actually happens."", ""The IMF's global forecast shows the world economy has proven resilient, with richer countries having made up for lost pandemic growth."", 'The US continues to outperform all its peers in the G7 group of advanced economies as the presidential election looms.', 'Its economy is forecast to grow 2.8% this year and 2.2% next year.', 'The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"".', 'Europe’s major economies, remain sluggish, especially Germany, but Spain is growing rapidly, by 2.9% this year and 2.1% next year.', 'Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure.', 'The IMF pointed to internal research showing countries that spend a high proportion of their budgets on investment have significantly faster growing economies.', 'Reeves has inherited Conservative plans for a notable cut to public investment, measured as a share of the national economy.', 'The Treasury has clearly signalled in recent days that it could reverse that policy, instead maintaining or increasing investment.', 'Reeves is also expected to confirm in the Budget that the way in which the government defines its self-imposed rules on reducing the national debt will change to accommodate more investment in infrastructure projects.', 'Elsewhere, the IMF pointed to concerns that emerging economies had been left with more ""permanent scars"" and more persistent inflation from recent global crises.', 'Nevertheless, the sanctions-hit Russian economy has had its forecast upgraded yet again, as its move to a war economy supports growth.', 'This year it is expected to expand by 3.6%.', 'However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow.', 'Speaking at the IMF meeting in Washington, Treasury Secretary Janet Yellen said on Tuesday the US would unveil ""strong new sanctions targeting those facilitating the Kremlin\'s war machine"".', 'That would include anyone supplying Russia with ""critical inputs for its military"" she said.', 'The US has taken a series of actions against Russia since the invasion of Ukraine in February 2022, including preventing banks dealing with sanctioned Russian entities and restrictions on supplying technology such as microchips and drones.']",0.119453043223912,"Ahead of what is expected to be a tough Budget, the IMF backed maintaining and increasing public investment as being ""positive"" for growth, especially in areas that boost productivity and competitiveness, for example digital and public infrastructure.","The IMF's outlook contrasts with Reeves's assessment of the UK economy after she claimed Labour had inherited the ""worst set of circumstances since the Second World War"" following 14 years of Conservative rule.",0.3363874918884701,"The US has seen productivity gains outstripping wage growth, and has, according to the IMF, been ""bolstered by substantial immigration flows that helped cool labour markets"".","However, next year growth is expected to fall dramatically to 1.3% as private consumption and investment slow.",2024-10-23
-Walmart will start delivering prescriptions to customers' doorsteps as CVS and Walgreens struggle,https://www.cnbc.com/2024/10/22/walmart-will-start-delivering-prescriptions-as-cvs-walgreens-struggle.html,2024-10-22T14:56:56+0000,"In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin. The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January. Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices. With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that has hit their profits and stock prices and forced them to reconsider their strategies. Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.""This is actually the No. 1 service requested by our customers,"" he said.Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.Walmart's delivery service will be available for new prescriptions and refills, the company said. It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program.Health insurance plans will be applied to the transaction, like they would in the store, the company said.The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging. Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered. And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31. Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.As of Monday's close, shares of Walmart were up around 54% for the year. Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.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, while Walmart held just 5% of that share.CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs. Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business. On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years. That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.Walmart has faced its own financial challenges on the health-care side of the business. The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn't operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""",CNBC,22/10/2024,"['In this articleAs CVS and Walgreens shutter hundreds of stores nationwide to shore up profits and investor sentiment, Walmart said Tuesday that it is offering a new option for customers: delivering prescriptions to their doorsteps.', ""The nation's largest retailer said deliveries are now available in six states: Arkansas, Missouri, New York, Nevada, South Carolina and Wisconsin."", 'The company said in a news release that it expects to deliver prescriptions in 49 states by the end of January.', 'Prescription deliveries will not be available in North Dakota due to state laws, Walmart said.', 'The prescription delivery service is another example of how Walmart is trying to outmatch competitors on convenience along with low prices.', 'With the new service, customers can get a mix of items dropped off during the same delivery, such as a box of tissues, blanket or chicken noodle soup.', ""Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies."", 'Still, it is unclear how much market share Walmart could win from CVS and Walgreens, both of which offer same-day, one-day and two-day prescription deliveries.', 'Tom Ward, chief e-commerce officer for Walmart U.S., said the company added pharmacy deliveries because of shopper demand.', '""This is actually the No.', '1 service requested by our customers,"" he said.', 'Ward said Walmart tested the deliveries in several states and saw that customers took advantage of getting a mix of items, including the prescription, in a single delivery.', ""Walmart's delivery service will be available for new prescriptions and refills, the company said."", ""It will cost $9.95 for a delivery, the standard price for Walmart doorstep deliveries, but will be free for members of Walmart+, the company's membership program."", 'Health insurance plans will be applied to the transaction, like they would in the store, the company said.', ""The deliveries will come with a few more safety steps than Walmart's other deliveries, the company said: medications will be put into tamper-evident packaging."", ""Customers can track orders in real time through Walmart's app or website and get a photo in the app or by email when the prescription is delivered."", 'And when a customer orders a new prescription and chooses delivery, they are prompted to do a consultation with the pharmacy by phone.', ""Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31."", 'Health and wellness accounts for about 12% of its annual revenue in the U.S. It includes pharmacy, over-the-counter drugs and other medical products, optical services and other clinical services.', ""As of Monday's close, shares of Walmart were up around 54% for the year."", ""Meanwhile, CVS' stock was down roughly 26% so far this year, while shares of Walgreens have fallen nearly 60%.CVS is the top U.S. pharmacy in terms of prescription drug revenue, holdingmore 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, while Walmart held just 5% of that share.', 'CVS and Walgreens are grappling with falling reimbursement rates for prescription drugs.', 'Inflation, softer consumer spending and competition from Amazon, big-box retailers and grocery stores are making it difficult for them to turn a profit at the front of the store, which carries cleaning supplies, beauty products and pantry staples, among other items.', 'CVS CEO Karen Lynch left the company and was replaced by David Joyner last week, as CVS faces pressure from Wall Street and, more recently, an activist investor to turn around its business.', 'On top of the leadership shake-up, CVS plans to cut $2 billion in expenses over several years.', 'That includes slashing less than 1% of its workforce, or roughly 2,900 jobs, on the corporate side of its business.', 'The company is also wrapping up a three-year plan to close 900 of its stores, with 851 locations shuttered as of August.', 'Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.', 'The chain has around 8,700 locations in the U.S., a quarter of which it says are unprofitable.', 'Walmart has faced its own financial challenges on the health-care side of the business.', 'The discounter planned to bring its low-price spin to health care by opening clinics that offered doctor, dentist and therapy appointments for less.', 'Yet in the spring, Walmart shuttered all of the clinics, saying in a news release at the time that it couldn\'t operate a profitable business because of ""the challenging reimbursement environment and escalating operating costs.""']",0.1607635230885578,"Most of Walmart's annual revenue in the U.S. – nearly 60% – comes from groceries, but health and wellness is a growing category for the company, according to the retailer's most recent annual filing for the fiscal year that ended Jan. 31.","Walgreens is similarly cutting costs, announcing last week that it will close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone.",-0.1206125207245349,"As of Monday's close, shares of Walmart were up around 54% for the year.","Walmart's new delivery offering could be another blow to drugstore chains, which are falling out of favor with consumers in a trend that hashit their profits and stock pricesand forced them to reconsider their strategies.",2024-10-23
-Disney will name Bob Iger's replacement in early 2026; James Gorman to become board chair next year,https://www.cnbc.com/2024/10/21/disney-ceo-succession-plan-board-chair.html,2024-10-21T15:43:09+0000,"In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday.Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement. That includes spending more time working on Nike-related matters, according to a person familiar with the matter. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.Succession hasn't been smooth at Disney. The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.Gorman said in a CNBC interview in March, before taking over as the board's succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.Iger has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.Iger's current contract as CEO runs until Dec. 31, 2026. He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.",CNBC,21/10/2024,"[""In this articleDisney has tapped James Gorman to replace Mark Parker as the company's next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday."", ""Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August."", 'He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.', '""The Disney board has benefited tremendously from James Gorman\'s expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. ""', 'I\'m extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.', 'That includes spending more time working on Nike-related matters, according to a person familiar with the matter.', 'Elliott Hill took over as Nike CEO last week, replacing John Donahoe.', 'Disney had initially targeted 2025 to announce a successor, as CNBC reported last year.', 'Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.', 'Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.', ""Succession hasn't been smooth at Disney."", ""The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years."", 'Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.', ""Iger's four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar."", 'Gorman said in a CNBC interview in March, before taking over as the board\'s succession chair, that Disney was running a ""forward-looking, forward-leaning, incredibly disciplined process.', '""Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.', 'Iger has pushed back his retirement five different times to continue to lead Disney as CEO.', ""Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year."", ""Iger's current contract as CEO runs until Dec. 31, 2026."", ""He and the board haven't decided if Iger will extend his board tenure past 2026, said the people familiar.""]",0.2569005596636836,"I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.""Parker will step down after nine years on the Disney board ""to focus on other areas"" of his work, according to a Disney statement.","The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years.",0.0619976967573165,"""The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,"" Iger said in a statement. """,Activist investor Nelson Peltz focused on the board's failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.,2024-10-23
-McDonald's shares fall after CDC says E. coli outbreak linked to Quarter Pounders,https://www.cnbc.com/2024/10/22/mcdonalds-shares-fall-after-cdc-says-e-coli-outbreak-linked-to-quarter-pounders.html,2024-10-23T12:09:20+0000,"In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""Most"" sick people reported eating a McDonald's Quarter Pounder, the CDC added.One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure. An older adult in Colorado died. McDonald's shares dropped about 7% in trading before the market opened Wednesday.In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers. McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area.Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said. It added that it was working with suppliers to replenish ingredients.The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video. The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added. Those sandwiches use a different type of onion product.""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""I hope these steps demonstrate McDonald's commitment to food safety.""Quarter Pounder hamburgers are a core menu item for McDonald's, raking in billions of dollars each year. In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores.The CDC said the number of people affected by the outbreak is ""likely much higher"" than what has been reported so far. The agency said that is because many people recover from an E. coli infection without testing for it or receiving medical care. It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added. E. coli refers to a group of bacteria found in the gut of nearly all people and animals. But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC. Most people recover without treatment after five to seven days.There have been several past reported cases of E. coli at McDonald's restaurants.In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama. Four of the six children were admitted to a hospital after experiencing severe adverse effects.",CNBC,23/10/2024,"[""In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death."", 'The agency said 49 cases have been reported in 10 states between Sept. 27 and Oct. 11, with most of the illnesses in Colorado and Nebraska. ""', 'Most"" sick people reported eating a McDonald\'s Quarter Pounder, the CDC added.', 'One of the patients developed hemolytic uremic syndrome, which is a serious condition that can cause kidney failure.', 'An older adult in Colorado died.', ""McDonald's shares dropped about 7% in trading before the market opened Wednesday."", 'In a statement Tuesday, McDonald\'s said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.', 'The company said initial findings from the ongoing investigation show that some of the illnesses may be linked to slivered onions — or fresh onions sliced into thin shapes — that are used in the Quarter Pounder and sourced by a single supplier that serves three distribution centers.', ""McDonald's has instructed all local restaurants to remove slivered onions from their supply and has paused the distribution of that ingredient in the affected area."", ""Quarter Pounder hamburgers will be temporarily unavailable in several Western states, including Colorado, Kansas, Utah and Wyoming, and portions of other states, McDonald's said."", 'It added that it was working with suppliers to replenish ingredients.', ""The majority of states and menu items are not affected by the outbreak, McDonald's USA President Joe Erlinger said in a video."", ""The company's other beef products, including the cheeseburger, hamburger, Big Mac, McDouble and the double cheeseburger, are not affected, he added."", 'Those sandwiches use a different type of onion product.', '""We are working quickly to return our full menu in these states as soon as possible,"" Erlinger said. ""', ""I hope these steps demonstrate McDonald's commitment to food safety."", '""Quarter Pounder hamburgers are a core menu item for McDonald\'s, raking in billions of dollars each year.', ""In 2018, McDonald's launched fresh beef for its Quarter Pounders across most of its U.S. stores."", 'The CDCsaidthe number of people affected by the outbreak is""likely much higher""than whathas beenreported so far.', 'The agencysaidthat is because many people recover from an E. coli infection without testing for it or receiving medical care.', 'It also typically takes three to four weeks to determine if a sick patient is part of an outbreak, the CDC added.', 'E. coli refers to a group of bacteria found in the gut of nearly all people and animals.', 'But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.', 'Symptoms, including stomach cramps, diarrhea and vomiting, usually start three to four days after swallowing the bacteria, according to the CDC.', 'Most people recover without treatment after five to seven days.', ""There have been several past reported cases of E. coli at McDonald's restaurants."", ""In 2022, at least six children developed symptoms consistent with E. coli poisoning after eating McDonald's' Chicken McNuggets Happy Meals in Ashland, Alabama."", 'Four of the six children were admitted to a hospital after experiencing severe adverse effects.']",-0.0794976328822082,I hope these steps demonstrate McDonald's commitment to food safety.,But some strains of the bacteria can cause mild to severe illness if a person eats contaminated food or drinks polluted water.,-0.2117051407694816,"In a statement Tuesday, McDonald's said it is taking ""swift and decisive action"" following the E. Coli outbreak in certain states.",In this articleMcDonald's shares dropped in premarket trading Wednesday morning after the Centers for Disease Control and Prevention said an E. coli outbreak linked to McDonald's Quarter Pounder burgers has led to 10 hospitalizations and one death.,2024-10-23
-MLS attendance and sponsorship revenue hit regular season records,https://www.cnbc.com/2024/10/22/mls-attendance-sponsorship-revenue-hit-regular-season-records.html,2024-10-22T13:54:52+0000,"Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play. It's even created a corporate team to help clubs implement new business strategies.It appears to be paying off. Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league. That's up 5% from last year, and 14% from 2022. Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement. The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league. The MLS postseason begins this week.But it wasn't just on-the-field talent that made the difference.This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023. McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs. McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not.For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they're going to launch in their stadium.""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now.""The bigger audience is drawing bigger sponsorship dollars.The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS. Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.League- and club-level sponsorship revenue both reached records.Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league. It was also No. 1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league. On TikTok, followers were up 26% since the beginning of the year. On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS. It was the third most followed North American sports team on Instagram with 17.2 million followers.Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally. Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own. The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.",CNBC,22/10/2024,"['Major League Soccer scored several regular season records, including for attendance and sponsorship, thanks in part to international super star Lionel Messi — and corporate strategy.', 'MLS has been nabbing well-known athletes like Messi and Luis Suárez, and leaning on the growing popularity of the sport within the U.S. in a bid to solidify its fanbase after nearly three decades of league play.', ""It's even created a corporate team to help clubs implement new business strategies."", 'It appears to be paying off.', 'Nearly 11.5 million people attended MLS matches during the regular season — which ended this past weekend — the most in its history, according to data from the league.', ""That's up 5% from last year, and 14% from 2022."", 'Each match during the 2024 season averaged 23,234 attendees, the highest ever for the regular season.', 'While those stats pale in comparison to other U.S. professional sports leagues — the National Basketball Association had more than 22.5 million attendees during the 2023-2024 regular season, for example — MLS seems to be building momentum.', ""Last year, MLS' Inter Miami signed Messi, which caused a surge in attendance, jersey and other product sales, and overall fanbase engagement."", 'The halo effect from the Messi, often referred to as the greatest of all time, seems to have held even with Messi playing fewer games this season due to an injury.', 'This past weekend Inter Miami ended the season with 74 points, breaking the MLS record for most scored in a season, and Messi notched a hat trick for the first time with the U.S. league.', 'The MLS postseason begins this week.', ""But it wasn't just on-the-field talent that made the difference."", 'This was the first full season that Chris McGowan served as executive vice president and chief club performance officer at the league since joining in June 2023.', 'McGowan was hired to lead the new unit, which serves to advise and develop strategies to help clubs perform better, particularly on the business side.', ""While most of this season was focused on building out McGowan's team, he said they also developed a strategic plan when it comes to identifying focus areas and creating relationships with clubs."", ""McGowan's role is akin to a consultant, making suggestions that the teams can choose to implement or not."", 'For example, McGowan and his unit helped the New York Red Bulls this season ""with some decisions on premium seating that they\'re going to launch in their stadium.', '""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. ""', ""Being able to quickly get information for clubs to make business decisions ... these are things that maybe weren't happening as systematically and as efficiently as they are now."", '""The bigger audience is drawing bigger sponsorship dollars.', 'The league signed 18 new sponsorship partners this season between MLS and Soccer United Marketing, or SUM, the commercial arm of MLS.', 'Sponsorship revenue for the league and SUM was up 13% year to date, and sponsorship revenue at the club level was also up 13% for the same period.', 'League- and club-level sponsorship revenue both reached records.', ""Messi's Inter Miami jersey continued to be a fan favorite, ranking as the highest-selling jersey in the league."", 'It was also No.', ""1 globally for Adidas in jersey sales of individual players, according to MLS.Meanwhile, its social media following grew faster than any other major men's North American sports league on TikTok, Instagram and YouTube, according to the league."", 'On TikTok, followers were up 26% since the beginning of the year.', 'On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.', 'It was the third most followed North American sports team on Instagram with 17.2 million followers.', 'Like other sports leagues in the U.S., MLS has been focusing on growing its audience and presence internationally.', 'Earlier this month it signed an agreement with German digital media platform OneFootball to provide highlights, stats and other content to a global audience.', 'When it comes to TV viewership — a marquee stat for most other professional sports leagues in the U.S. — MLS is in something of a league of its own.', 'The league has an exclusive media rights deal with Apple, meaning most of its matches are only available through MLS Season Pass on Apple TV, a separate subscription alongside the Apple TV+ streaming service.', ""Viewership data isn't available for MLS Season Pass, but Apple executives have said on public calls that the audience has risen since Messi joined the league.""]",0.2374627452650975,"""""We foster continued growth by being a great resource for clubs in areas like quickly and efficiently sharing best practices,"" said McGowan. """,It was also No.,0.971635035106114,"On YouTube, followers were up 21%, and on Instagram, they were up 10%.Inter Miami led the league as the most followed North American sports team on TikTok with 9.4 million followers, according to MLS.",,2024-10-23
-Watch maker Patek Philippe launches first new collection in 25 years,https://www.cnbc.com/2024/10/18/patek-philippe-cubitus-collection-first-new-line-in-25-years.html,2024-10-18T17:20:20+0000,"Storied Swiss watch maker Patek Philippe announced its first new collection in 25 years this week, dubbed the Cubitus line.The new collection comes at a time when luxury watch prices have largely stabilized, fueled by strong demand. Younger investors and collectors began buying up luxury time pieces during the Covid-19 pandemic, but secondhand prices have more recently slumped.The new lineup from Patek Philippe includes three different models — two in steel casings and one in platinum — and is meant to ""offer a new reinterpretation of the 'elegant sporty' style,"" according to a press release. The two steel versions, one two-toned with rose gold to create a more vintage feel and the other purely steel, play into the line's sporty inspiration and feature colorful faces.The third model separates itself with a platinum casing and different face design, including a large-format date and a dial tracking the moon phase and the day of the week.Patek Philippe said it incorporated new technologies in the watches, ranging from an ultrathin and self-winding mini rotor to an instantaneous-jump mechanism that ensures the different displays match up within 18 milliseconds. The brand said it has filed six patent applications for the new tech.Patek Philippe's new collection also includes new cufflinks, designed to match the watches with a white-gold frame that reflect the case's shape.Patek Philippe, founded in 1839, is often referred to as one of ""The Holy Trinity"" in watch making, along with Audemars Piguet and Vacheron Constantin.The brand's last new collection before the Cubitus line was back in 1999 when it released the Twenty~4 design. That lineup was ""dedicated to the young, active and modern woman,"" according to Patek Philippe's website.",CNBC,18/10/2024,"['Storied Swiss watch maker Patek Philippe announced its first new collection in 25 years this week, dubbed the Cubitus line.', 'The new collection comes at a time when luxury watch prices have largely stabilized, fueled by strong demand.', 'Younger investors and collectors began buying up luxury time pieces during the Covid-19 pandemic, but secondhand prices have more recently slumped.', 'The new lineup from Patek Philippe includes three different models — two in steel casings and one in platinum — and is meant to ""offer a new reinterpretation of the \'elegant sporty\' style,"" according to a press release.', ""The two steel versions, one two-toned with rose gold to create a more vintage feel and the other purely steel, play into the line's sporty inspiration and feature colorful faces."", 'The third model separates itself with a platinum casing and different face design, including a large-format date and a dial tracking the moon phase and the day of the week.', 'Patek Philippe said it incorporated new technologies in the watches, ranging from an ultrathin and self-winding mini rotor to an instantaneous-jump mechanism that ensures the different displays match up within 18 milliseconds.', 'The brand said it has filed six patent applications for the new tech.', ""Patek Philippe's new collection also includes new cufflinks, designed to match the watches with a white-gold frame that reflect the case's shape."", 'Patek Philippe, founded in 1839, is often referred to as one of ""The Holy Trinity"" in watch making, along with Audemars Piguet andVacheron Constantin.', ""The brand's last new collection before the Cubitus line was back in 1999 when it released the Twenty~4 design."", 'That lineup was ""dedicated to the young, active and modern woman,"" according to Patek Philippe\'s website.']",0.1990733725073075,"The two steel versions, one two-toned with rose gold to create a more vintage feel and the other purely steel, play into the line's sporty inspiration and feature colorful faces.",,0.0006035864353179,"The new collection comes at a time when luxury watch prices have largely stabilized, fueled by strong demand.","Younger investors and collectors began buying up luxury time pieces during the Covid-19 pandemic, but secondhand prices have more recently slumped.",2024-10-23
-"Novo Nordisk asks FDA to ban compounding pharmacies from making Ozempic, Wegovy copies",https://www.cnbc.com/2024/10/23/novo-nordisk-asks-fda-to-ban-compounded-ozempic-wegovy-copies-.html,2024-10-23T16:57:54+0000,"In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely. The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy. In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year. It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates. Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs. When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements. The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years. The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database. But Novo Nordisk late Tuesday nominated semaglutide to the FDA's ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks. ""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement. The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all. ""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement. The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide. That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar. Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market. The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment. Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups. The companies say that raises questions about what some manufacturers are selling and marketing to consumers.Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro. Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year. Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug. A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.",CNBC,23/10/2024,"['In this articleNovo Nordisk on Tuesday asked the Food and Drug Administration to prevent compounding pharmacies from making unapproved and often cheaper versions of its popular weight loss injection Wegovy and diabetes treatment Ozempic, arguing that the medications are too complex for those manufacturers to make safely.', 'The FDA still has to make a final decision on whether to bar compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy.', 'In a statement, the agency said it is reviewing the petition and will respond directly to Novo Nordisk.', ""The move is Novo Nordisk's latest attempt to crack down on potentially harmful copies of semaglutide after it filed 50 lawsuits against several clinics, compounding pharmacies and other manufacturers over the last year."", 'It comes as the Danish drugmaker tries to ramp up the supply of semaglutide to meet unprecedented demand in the U.S.Patients have turned to compounded versions of semaglutide amid intermittent U.S. shortages of the branded drugs, which carry hefty price tags of $1,000 per month before insurance and other rebates.', ""Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative."", ""Compounded medications are custom-made alternatives to branded drugs designed to meet a specific patient's needs."", 'When a brand-name medication is in shortage, compounding pharmacies can prepare copies of the drug if they meet FDA requirements.', 'The active ingredient in Wegovy and Ozempic, semaglutide, has been in intermittent shortages over the past two years.', ""The lowest dose of Wegovy is currently in short supply, but all other doses of the drug and Ozempic are listed as available, according to the FDA's drug shortage database."", 'But Novo Nordisk late Tuesday nominated semaglutide to the FDA\'s ""Demonstrable Difficulties for Compounding"" lists, which include complex drugs that compounders are not allowed to make, even during shortages, because they could potentially pose safety risks.', '""Semaglutide products fit this description due to their inherent complexity and the potential dangers associated with attempting to compound them,"" Novo Nordisk said in a statement.', 'The Danish drugmaker cited several risks with compounded versions of semaglutide, including unknown impurities, incorrect dosage strengths and instances where a compounded product contained no semaglutide at all.', '""These drugs are inherently complex to compound safely, and the risks they pose to patient safety far outweigh any benefits,"" Novo Nordisk said in a statement.', 'The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.', '""The FDA has previously warned about the risks of using compounded versions of so-called GLP-1s such as semaglutide.', ""That refers to a buzzy class of medications that mimic hormones produced in the gut to tamp down a person's appetite and regulate their blood sugar."", 'Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.', 'The FDA in August also said it had received reports of patients overdosing on compounded semaglutide due to errors such as patients self-administering incorrect amounts of a treatment.', 'Both Wegovy and Ozempic are under patent protection in the U.S. and abroad, and Novo Nordisk and its rival Eli Lilly do not supply the active ingredients in their drugs to outside groups.', 'The companies say that raises questions about what some manufacturers are selling and marketing to consumers.', ""Tirzepatide is the active ingredient in Eli Lilly's weight loss injection Zepbound and diabetes treatment Mounjaro."", 'Like Novo Nordisk, Eli Lilly has sued several weight loss clinics, medical spas and compounding pharmacies across the U.S. over the past year.', 'Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.', 'A trade group representing some compounders sued the FDA, which led the agency to say it will reconsider its decision to remove tirzepatide from its shortage list.']",-0.1024098906911005,"The company said its ""aim with this nomination is to ensure that patients receive only FDA-approved, safe, and effective semaglutide products.","Earlier this month, the FDA said compounded versions of semaglutide and similar drugs can be risky for patients because they are unapproved, meaning the agency does not review their safety, effectiveness and quality before they are put out in the market.",-0.3954338810660622,"Many health plans don't cover semaglutide for weight loss, making compounded versions a more affordable alternative.","Notably, the FDA took tirzepatide off its shortage list earlier in October after more than a year, even as some pharmacies say they are still struggling to stock up on the branded versions of that drug.",2024-10-23
-New Boeing CEO sets sights on 'leaner' future as quarterly loss tops $6 billion,https://www.cnbc.com/2024/10/23/boeing-ba-3q-2024-earnings.html,2024-10-23T15:39:45+0000,"In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday. At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.""We're going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now. That may include streamlining certain things,"" Ortberg said in an interview with CNBC's Squawk on the Street"" on Wednesday. He added that no decisions have been made yet. ""I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025. Boeing had originally planned to be cash-flow positive this year. Boeing shares slid during the call, trading about 3% lower around 11:30 a.m. ET.Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8 billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767. Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner. The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September.When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we've got to improve our systems engineering and our design capabilities so that never happens again.""Here's what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company's reputation and stamping out quality problems on aircraft and in other programs. In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory. The near-catastrophe reignited safety concerns from regulators and customers.""We need to know what's going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer. He is expected to face questions on the call about which units or projects the company will consider shedding.""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced. More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes. A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.""We have been feverishly working to find a solution that works for the company and meets our employees' needs,"" Ortberg said.The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest. That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.""Boeing is an airplane company and at the right time in the future we need to develop a new airplane. But we have a lot of work to do before then,"" Ortberg said Wednesday.Analysts are optimistic that the deal will pass. Results of the labor vote are expected late Wednesday night.— CNBC's Phil LeBeau contributed to this article.",CNBC,23/10/2024,"[""In this articleBoeing's new CEO, Kelly Ortberg, said the company is reviewing its various businesses, laying out a vision for a leaner future at the troubled airplane manufacturer in his first quarterly call with analysts on Wednesday."", 'At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he was hopeful for a deal.', '""We\'re going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now.', 'That may include streamlining certain things,"" Ortberg said in an interview with CNBC\'s Squawk on the Street"" on Wednesday.', 'He added that no decisions have been made yet. ""', 'I think our core business of commercial aircraft and core defense products will always stay with the Boeing Co.""""I would rather err on the side of doing less and better than doing more and not doing it well, and I think there are some cases where we can do less and do better,"" he said.', 'Boeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes.', 'CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.', 'Boeing had originally planned to be cash-flow positive this year.', 'Boeing shares slid during the call, trading about 3% lower around 11:30 a.m. ET.Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion.', 'It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.', ""Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before."", 'The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.', 'Boeing plans to end production of the 767 when orders are fulfilled in 2027.Its defense unit lost $2.4 billion in the third quarter compared with a loss of $924 million in the same period of 2023, with charges tied to several programs, including the KC-46 tanker and the troubled Starliner.', 'The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried to space.', ""Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September."", 'When asked by CNBC about the Starliner problem, Ortberg said, ""My gut reaction is that we\'ve got to improve our systems engineering and our design capabilities so that never happens again.', '""Here\'s what the company reported versus what Wall Street analysts surveyed by LSEG expected:Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company\'s reputation and stamping out quality problems on aircraft and in other programs.', ""In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9 after key bolts weren't reinstalled before the plane left Boeing's factory."", 'The near-catastrophe reignited safety concerns from regulators and customers.', '""We need to know what\'s going on, not only with our products, but with our people,"" Ortberg said in prepared remarks Wednesday before the earnings call. ""', 'And most importantly, we need to prevent the festering of issues and work better together to identify, fix, and understand root cause.', '""Ortberg acknowledged that it will take some time to turn the ship but was upbeat the company could increase output of its bestselling 737 Max once the strike ends.', '""We have employees who are thirsty to get back to the iconic company they know, setting the standards for the products that we deliver,"" he said.', 'Ortberg earlier this month said Boeing will slash 10% of its global workforce of about 170,000 people, hinting at a slimmer manufacturer.', 'He is expected to face questions on the call about which units or projects the company will consider shedding.', '""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.', 'The most pressing issue for Boeing this week is ending a costly labor strike that has hobbled its factories in the Seattle area, where most of its aircraft are produced.', 'More than 32,000 machinists walked off the job early Sept. 13, about two weeks before the quarter ended, after overwhelmingly voting down a contract that included 25% raises, among other changes.', 'A new proposal, unveiled Saturday, included 35% raises over four years, a higher signing bonus and 401(k) contributions, and other improvements.', 'The strike costs Boeing $1 billion a month, according to S&P Global Ratings, and getting to a speedy conclusion is crucial for the fragile aerospace supply chain, where furloughs are already beginning.', '""We have been feverishly working to find a solution that works for the company and meets our employees\' needs,"" Ortberg said.', 'The deal includes a commitment from Boeing to build its next aircraft in the Pacific Northwest.', 'That has been a sore spot for unionized machinists after Boeing moved its 787 Dreamliner production to a nonunion facility in South Carolina.', '""Boeing is anairplanecompany and at the right time in the future we need to develop a newairplane.', 'But we have a lot of work to do before then,"" Ortberg said Wednesday.', 'Analysts are optimistic that the deal will pass.', 'Results of the labor vote are expected late Wednesday night.—', ""CNBC's Phil LeBeau contributed to this article.""]",0.0597807357369553,"""We need to reset priorities and create a leaner, more focused organization,"" he said in his prepared remarks.",The charges were related to the additional delay of the debut of its 777X wide-body aircraft to 2026 and another delay tied to the 767.,-0.1261454555723402,"CFO Brian West said the company will likely continue to burn cash this and next year, pointing to a likely improvement in the second half of 2025.","Boeing shares slid during the call, trading about 3% lower around 11:30 a.m. ET.Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and an operating cash outflow of $1.3 billion.",2024-10-23
-September home sales drop to lowest level since 2010,https://www.cnbc.com/2024/10/23/september-home-sales-drop-to-the-lowest-level-since-2010.html,2024-10-23T14:15:32+0000,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.Sales were 3.5% lower than in September 2023. Sales fell in three out of four U.S. regions, with just the West region seeing a gain.This count is based on closings, representing contracts signed likely in July and August. Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%. Rates are now more than a full percentage point lower than they were a year ago.""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2% of all transactions in September.""The pressure of still low inventory continues to push prices higher. The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.Cash continues to be king in this market, making up 30% of September sales. Pre-Covid, cash buyers made up about 20% of sales. Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.Homes are sitting longer, an average of 28 days compared with just 21 days a year ago. First-time buyers pulled back again, making up just 26% of September sales. That matches the all-time low from August.",CNBC,23/10/2024,"['Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.', 'Sales were 3.5% lower than in September 2023.', 'Sales fell in three out of four U.S. regions, with just the West region seeing a gain.', 'This count is based on closings, representing contracts signed likely in July and August.', 'Mortgage rates started July near 7% on the 30-year fixed and then fell slowly through August to just below 6.5%.', 'Rates are now more than a full percentage point lower than they were a year ago.', '""Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,"" said Lawrence Yun, chief economist for the National Association of Realtors.', 'Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.', 'That represents a 4.3-month supply at the current sales pace.', 'Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""', 'However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.', 'Distressed property sales accounted for only 2% of all transactions in September.', '""The pressure of still low inventory continues to push prices higher.', 'The median price of an existing home sold in September was $404,500, an increase of 3% year over year and the 15th consecutive month of annual price gains.', 'Cash continues to be king in this market, making up 30% of September sales.', 'Pre-Covid, cash buyers made up about 20% of sales.', 'Yun noted that it is not just investors using cash, as investors actually pulled back slightly in September to just 16% of sales, down from 19% in August.', 'Homes are sitting longer, an average of 28 days compared with just 21 days a year ago.', 'First-time buyers pulled back again, making up just 26% of September sales.', 'That matches the all-time low from August.']",-0.0407087180599269,"Inventory was 23% higher from September 2023.""More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,"" Yun said. ""","However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low.",-0.2287962237993876,Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September.,"Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.",2024-10-23
-Spirit AeroSystems to furlough 700 workers as Boeing machinist strike continues,https://www.cnbc.com/2024/10/18/spirit-aerosystems-furloughs-700-workers.html,2024-10-18T13:55:11+0000,"In this articleBoeing supplier Spirit AeroSystems will furlough some 700 workers as a strike by machinists at the plane maker enters its sixth week, a spokesman for the supplier said Friday.More than 32,000 Boeing workers walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing, deepening the aircraft producer's financial strain and handing a new challenge to CEO Kelly Ortberg, who took the reins just over two months ago.The temporary furloughs account for about 5% of Spirit's U.S. workforce, according to its latest annual filing. The temporary furloughs will affect employees at Spirit's largest facilities, in Wichita, Kansas, and account for about 5% of Spirit's U.S. workforce, according to its latest annual filing. Meanwhile, Boeing and its machinists' union remain at an impasse, and Spirit is considering deeper cuts.""If the strike continues beyond November, we will have to implement layoffs and additional furloughs,"" Spirit spokesman Joe Buccino told CNBC on Friday.Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company's losses mount, including cutting the workforce by 10%, or about 17,000 people. Boeing is also ending 767 commercial production when orders are fulfilled in 2027 and said its long-delayed 777X wide-body jet won't debut until 2026, pushing it back yet another year.Boeing is in the process of raising debt or equity to increase liquidity.The roughly 700 Spirit workers affected by the 21-day furlough are assigned to the 777 and 767 programs for Boeing, for which Spirit has built up ""significant inventory,"" Buccino said. Spirit workers on Boeing's bestselling 737 Max are not affected, he added. Work on all three programs, however, is stalled because of the strike.Boeing agreed to acquire Spirit this summer, but the companies don't expect the deal to close until mid-2025. Reuters earlier reported Spirit's latest furloughs.",CNBC,18/10/2024,"['In this articleBoeing supplier Spirit AeroSystems will furlough some 700 workers as a strike by machinists at the plane maker enters its sixth week, a spokesman for the supplier said Friday.', ""More than 32,000 Boeing workers walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing, deepening the aircraft producer's financial strain and handing a new challenge to CEO Kelly Ortberg, who took the reins just over two months ago."", ""The temporary furloughs account for about 5% of Spirit's U.S. workforce, according to its latest annual filing."", ""The temporary furloughs will affect employees at Spirit's largest facilities, in Wichita, Kansas,andaccount for about 5% of Spirit's U.S. workforce, according to its latest annual filing."", ""Meanwhile, Boeing and its machinists' union remain at an impasse, and Spirit is considering deeper cuts."", '""If the strike continues beyond November, we will have to implement layoffs and additional furloughs,"" Spirit spokesman Joe Buccino told CNBC on Friday.', ""Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company's losses mount, including cutting the workforce by 10%, or about 17,000 people."", ""Boeing is also ending 767 commercial production when orders are fulfilled in 2027 and said its long-delayed 777X wide-body jet won't debut until 2026, pushing it back yet another year."", 'Boeing is in the process of raising debt or equity to increase liquidity.', 'The roughly 700 Spirit workers affected by the 21-day furlough are assigned to the 777 and 767 programs for Boeing, for which Spirit has built up ""significant inventory,"" Buccino said.', ""Spirit workers on Boeing's bestselling 737 Max are not affected, he added."", 'Work on all three programs, however, is stalled because of the strike.', ""Boeing agreed to acquire Spirit this summer, but the companies don't expect the deal to close until mid-2025."", ""Reuters earlier reported Spirit's latest furloughs.""]",0.0173918017647139,"The roughly 700 Spirit workers affected by the 21-day furlough are assigned to the 777 and 767 programs for Boeing, for which Spirit has built up ""significant inventory,"" Buccino said.","Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company's losses mount, including cutting the workforce by 10%, or about 17,000 people.",-0.6318454146385193,"Ortberg, who faces investors in his first earnings call next Wednesday, last week announced a series of drastic measures meant to slash costs as the company's losses mount, including cutting the workforce by 10%, or about 17,000 people.","More than 32,000 Boeing workers walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing, deepening the aircraft producer's financial strain and handing a new challenge to CEO Kelly Ortberg, who took the reins just over two months ago.",2024-10-23
-CDC told McDonald's about potential E. coli outbreak late last week,https://www.cnbc.com/2024/10/23/mcdonalds-e-coli-cdc-notified-about-outbreak-last-week.html,2024-10-23T17:31:38+0000,"In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday.At that time, the number of connected cases was smaller than it is now — though the company did not say how many cases there were then. As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers.Once notified about the link, McDonald's started working with the CDC, U.S. Department of Agriculture and Food and Drug Administration. By the time the CDC had issued its advisory notice on Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said.Roughly a fifth of McDonald's U.S. restaurants aren't selling Quarter Pounder burgers at this time.The CDC has interviewed 18 people with confirmed cases, as of Tuesday. Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.The outbreak comes as McDonald's tries to win back diners who balked at years of price increases. It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.The fast-food chain issued a statement on the outbreak on Tuesday evening, shortly after the CDC issued its advisory. Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the impacted area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states.The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak. However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.That would leave the onions as the more likely contaminant. In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable. The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.Based on reported cases so far, the outbreak took place from Sept. 27 to Oct. 11. Over a two-week period, McDonald's typically sells roughly 1 million Quarter Pounders in the affected region, the company spokespeople said.Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",CNBC,23/10/2024,"[""In this articleThe Centers for Disease Control and Prevention told McDonald's late last week about a potential link to an E. coli outbreak, company spokespeople said Wednesday."", 'At that time, the number of connected cases was smaller than it is now — though the company did not say how many cases there were then.', ""As of Tuesday, the CDC has attributed 49 cases and one fatality across 10 states to the outbreak, which has been linked to McDonald's Quarter Pounder burgers."", ""Once notified about the link, McDonald's started working with the CDC, U.S. Department of Agriculture and Food and Drug Administration."", ""By the time the CDC had issued its advisory notice on Tuesday afternoon, McDonald's had already decided to pull the Quarter Pounder burgers from restaurants in the affected areas, the spokespeople said."", ""Roughly a fifth of McDonald's U.S. restaurants aren't selling Quarter Pounder burgers at this time."", 'The CDC has interviewed 18 people with confirmed cases, as of Tuesday.', 'Of those patients, 12 recalled eating a Quarter Pounder burger before falling ill.', ""The outbreak comes as McDonald's tries to win back diners who balked at years of price increases."", 'It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.', 'The fast-food chain issued a statement on the outbreak on Tuesday evening, shortly after the CDC issued its advisory.', ""Cesar Pina, the company's North American chief supply chain officer, said in the statement that the company is removing the Quarter Pounder from restaurants in the impacted area, which includes Colorado, Kansas, Utah, Wyoming and parts of eight other states."", ""The CDC is investigating both the Quarter Pounder's uncooked onions and its beef patty as the potential culprit for the outbreak."", ""However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria."", 'That would leave the onions as the more likely contaminant.', ""In that geography, McDonald's uses a single onion supplier, which washes and slices the vegetable."", 'The company has paused its distribution of the ingredient and asked local restaurants to remove their onion supply.', 'Based on reported cases so far, the outbreak took place from Sept. 27 to Oct. 11.', ""Over a two-week period, McDonald's typically sells roughly 1 million Quarter Pounders in the affected region, the company spokespeople said."", ""Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.""]",-0.064192091069523,The outbreak comes as McDonald's tries to win back diners who balked at years of price increases.,"However, McDonald's uses multiple beef suppliers in the region, and its burgers are supposed to be cooked to an internal temperature that would kill the bacteria.",0.1050383448600769,It adds to the risks facing the company at a time when it hopes a $5 value meal deal will drive consumers back to its restaurants.,"Shares of McDonald's are trading down 5% in afternoon trading, as investors worry that the outbreak could lead to a sales slump for the fast-food giant.",2024-10-23
-Stellantis to shutter and sell large testing facility amid cost-cutting efforts,https://www.cnbc.com/2024/10/18/stellantis-arizona-proving-grounds-cost-cutting.html,2024-10-18T21:54:14+0000,"In this articleDETROIT — Automaker Stellantis plans to shutter and sell its large vehicle proving grounds in Arizona at the end of this year, CNBC has learned.The decision is the latest cost-cutting measure by the trans-Atlantic automaker under CEO Carlos Tavares, who has been increasingly under pressure from Wall Street, dealers and the United Auto Workers union amid the company's lagging financial performance, layoffs and overall business decisions.The Arizona Proving Grounds covers 4,000 acres between Phoenix and Las Vegas in Yucca, Arizona. It has been used for vehicle testing and development for the automaker since then-Chrysler purchased the property for $35 million from Ford Motor in 2007.The closure was confirmed by three people familiar with the plans who agreed to speak on the condition of anonymity because the matters are private.Stellantis plans to use a proving grounds in Arizona owned by Toyota Motor beginning next year, according to two people familiar with the decision. Toyota opened its operations, which are costly to maintain, for other companies to use in 2021.Stellantis confirmed the closure Friday morning, citing the company's ongoing cost-cutting and real estate evaluations.""Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today's rapidly changing global market,"" the company said in an emailed statement.The automaker also said it is ""working with the UAW to offer proving ground employees special packages or they can choose to follow their work in a transfer of operations"" but that employees could be placed on an ""indefinite layoff, which would entitle them to pay and benefits for two years.""Stellantis said 41 employees currently work at the Arizona Proving Grounds, including 37 hourly workers represented by a local chapter of the UAW.The UAW, which has been increasingly critical of Tavares and such layoffs, did not respond for comment on the planned closure.Stellantis, like most automakers, has several proving grounds in different climates and geographies to develop and test vehicles ahead of selling them to consumers. Stellantis' other major U.S. proving grounds facility is a 4,000-acre campus located west of Detroit in Chelsea, Michigan.Stellantis' complex in Arizona was one of 18 facilities the company notified the UAW it could potentially close during the union's contract negotiations last year with Stellantis.A majority of the other operations were parts and distribution centers that were expected to be consolidated into ""mega sites,"" as well as the company's massive 500-acre campus in metro Detroit formerly used as Chrysler's world headquarters.The status of the other properties was not immediately clear, however, local and state politicians, including Michigan Gov. Gretchen Whitmer, have expressed concerns that Stellantis could move to shutter the former headquarters in Auburn Hills, Michigan.Stellantis has significantly reduced the number of its U.S. employees in recent years amid Tavares' cost-cutting measures.Stellantis has reduced employee head count by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings. That doesn't include further head count reductions and layoffs this year.The automaker had only about 11,000 U.S. salaried employees at the end of last year. That compared with 53,000 at General Motors and 28,000 at Ford.The reductions have occurred as Stellantis has attempted to outsource many engineering efforts to lower-cost countries such as Brazil, India and Mexico, according to several people familiar with the moves.Bloomberg News earlier this year reported that Stellantis moved to recruiting a majority of its engineering workforce in those countries, where the cost per employee amounts to roughly €50,000 ($53,000) or less per year — far less than similar positions in the U.S. and Europe.",CNBC,18/10/2024,"['In this articleDETROIT — Automaker Stellantis plans to shutter and sell its large vehicle proving grounds in Arizona at the end of this year, CNBC has learned.', ""The decision is the latest cost-cutting measure by the trans-Atlantic automaker under CEO Carlos Tavares, who has been increasingly under pressure from Wall Street, dealers and the United Auto Workers union amid the company's lagging financial performance, layoffs and overall business decisions."", 'The Arizona Proving Grounds covers 4,000 acres between Phoenix and Las Vegas in Yucca, Arizona.', 'It has been used for vehicle testing and development for the automaker since then-Chrysler purchased the property for $35 million from Ford Motor in 2007.The closure was confirmed by three people familiar with the plans who agreed to speak on the condition of anonymity because the matters are private.', 'Stellantis plans to use a proving grounds in Arizona owned by Toyota Motor beginning next year, according to two people familiar with the decision.', ""Toyota opened its operations, which are costly to maintain, for other companies to use in 2021.Stellantis confirmed the closure Friday morning, citing the company's ongoing cost-cutting and real estate evaluations."", '""Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today\'s rapidly changing global market,"" the company said in an emailed statement.', 'The automaker also said it is ""working with the UAW to offer proving ground employees special packages or they can choose to follow their work in a transfer of operations"" but that employees could be placed on an ""indefinite layoff, which would entitle them to pay and benefits for two years.', '""Stellantis said 41 employees currently work at the Arizona Proving Grounds, including 37 hourly workers represented by a local chapter of the UAW.The UAW, which has been increasingly critical of Tavares and such layoffs, did not respond for comment on the planned closure.', 'Stellantis, like most automakers, has several proving grounds in different climates and geographies to develop and test vehicles ahead of selling them to consumers.', ""Stellantis' other major U.S. proving grounds facility is a 4,000-acre campus located west of Detroit in Chelsea, Michigan."", ""Stellantis' complex in Arizona was one of 18 facilities the company notified the UAW it could potentially close during the union's contract negotiations last year with Stellantis."", 'A majority of the other operations were parts and distribution centers that were expected to be consolidated into ""mega sites,"" as well as the company\'s massive 500-acre campus in metro Detroit formerly used as Chrysler\'s world headquarters.', 'The status of the other properties was not immediately clear, however, local and state politicians, including Michigan Gov. Gretchen Whitmer, have expressed concerns that Stellantis could move to shutter the former headquarters in Auburn Hills, Michigan.', ""Stellantis has significantly reduced the number of its U.S. employees in recent years amid Tavares' cost-cutting measures."", 'Stellantis has reduced employee head count by 15.5%, or roughly 47,500 employees, between December 2019 and the end of 2023, including a 14.5% reduction in North America, according to public filings.', ""That doesn't include further head count reductions and layoffs this year."", 'The automaker had only about 11,000 U.S. salaried employees at the end of last year.', 'That compared with 53,000 at General Motors and 28,000 at Ford.', 'The reductions have occurred as Stellantis has attempted to outsource many engineering efforts to lower-cost countries such as Brazil, India and Mexico, according to several people familiar with the moves.', 'Bloomberg News earlier this year reported that Stellantis moved to recruiting a majority of its engineering workforce in those countries, where the cost per employee amounts to roughly €50,000 ($53,000) or less per year — far less than similar positions in the U.S. and Europe.']",0.0464695022375847,"""Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today's rapidly changing global market,"" the company said in an emailed statement.","""Stellantis said 41 employees currently work at the Arizona Proving Grounds, including 37 hourly workers represented by a local chapter of the UAW.The UAW, which has been increasingly critical of Tavares and such layoffs, did not respond for comment on the planned closure.",0.3334141274293263,"""Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today's rapidly changing global market,"" the company said in an emailed statement.","The decision is the latest cost-cutting measure by the trans-Atlantic automaker under CEO Carlos Tavares, who has been increasingly under pressure from Wall Street, dealers and the United Auto Workers union amid the company's lagging financial performance, layoffs and overall business decisions.",2024-10-23
-'Joker: Folie a Deux' is this year's latest box-office flop. Here's what else has disappointed,https://www.cnbc.com/2024/10/18/joker-folie-a-deux-2024-box-office-flops.html,2024-10-18T14:15:54+0000,"In this articleWarner Bros. took a big swing with ""Joker: Folie a Deux."" It's turned into a big whiff.After the billion-dollar success of ""Joker"" in 2019 on a shoestring budget of just $55 million, the studio greenlit a sequel, offering director Todd Phillips a substantially larger budget of $200 million. As of Wednesday, the film has garnered just $53.8 million domestically, according to Comscore. Its global haul stands at $166 million as of Sunday with updates expected over the weekend.Panned by critics and audiences, ""Joker: Folie a Deux"" is not expected to recoup much of its lofty production budget or the additional $100 million in estimated marketing and distribution costs by the end of its theatrical run.And it's not the only blockbuster-budgeted film to disappoint at the box office this year.Other studios, including Warner Bros., Universal, Lionsgate and even Sony, have dropped hundreds of millions of dollars on franchise features and star-studded ensembles — only to see ticket sales sputter. Of course, it's not an unusual occurrence in the theatrical industry.""A combination of hits and flops are a hallmark of every box office year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""But, 2024, being subject to a variety of unique challenges to both film production and the release calendar, created an imperfect storm that led to a series of creative misfires and financial failures.""Additionally, as Hollywood contends with a growing streaming market and a more fickle moviegoing public, these misfires could worry investors.""Before the rise of streaming, assessing a film's financial performance was seemingly clearer cut than it has become in recent years,"" said Shawn Robbins, director of analytics for Fandango's movie division.Because of streaming, Hollywood has shortened the theatrical window, bringing movies to the home market much faster than before. This means that potential moviegoers, who might be on the fence about seeing a movie or seeing it quickly, have a shorter time to wait before they can view it from their couch on a streaming service to which they already subscribe. And if that movie has poor reviews, audiences have even less incentive to go out to cinemas.""In turn, this shift in dynamics and business models might call into question what kind of box office-to-budget ratio constitutes a loss and what doesn't,"" Robbins noted. ""Some numbers are easier to eyeball and identify as a financial misfire without much argument, to be sure. Others may be less obvious to discern in a constantly evolving global marketplace.""For example, a straight-to-streaming movie with a budget of $200 million could be deemed a success for a studio, if it drums up enough views. Meanwhile, a $200 million film that goes to theaters and underperforms is often considered a failure. That's especially true when considering studios are also spending on marketing and promotion costs, usually equal to half of the production budget, and sharing ticket proceeds with cinemas.For companies such as Netflix, Apple or Amazon that have bigger cushions and stakeholders who are traditionally more comfortable with risk, big-budget films going straight to streaming may not faze investors. But for more traditional media companies, that have long traded off their successes at the box office, shareholders still want to see a big theatrical return on investment.Here's a look at some of the biggest box-office disappointments so far in 2024, based on production budgets estimated by IMDb and box-office tallies to date from Comscore:Warner Bros.' ""Joker: Folie a Deux"" fell short of opening weekend expectations earlier this month, securing just $37.6 million domestically after initial box office forecasts called for close to $70 million in its first few days in theaters.The film picks up after Arthur Fleck's arrest in ""Joker"" as he awaits trial at Arkham State Hospital. Audiences failed to connect with the sequel, which featured Lady Gaga, who played a version of Harley Quinn, and her musical talents in a number of scenes.""Joker: Folie a Deux"" suffered the biggest second-week drop of any DC studios film, a whopping 81% fall.For comparison, its predecessor snapped up $96.2 million during its opening weekend and $248.4 million globally in its first three days.""Joker: Folie a Deux"" failed to lure back its most ardent fans or inspire new moviegoers to flock to cinemas. Critics widely panned the flick, which currently holds a 33% rating on review aggregator Rotten Tomatoes and a rare ""D"" on CinemaScore.Trying to capitalize on the popularity of video game-based movies, Lionsgate shelled out $115 million for director Eli Roth's adaptation of ""Borderlands.""The film touted an all-star cast of Cate Blanchett, Kevin Hart, Jack Black, Jamie Lee Curtis and up-and-comer Ariana Greenblatt, but fell flat with audiences. Blanchett portrayed an infamous bounty hunter who forms an unlikely alliance with a ragtag team of misfits while on a quest to find the missing daughter of the most powerful man in the universe.""Borderlands"" generated a 10% rating on Rotten Tomatoes from 161 reviews and stalled out with just $32.9 million in global ticket sales.Universal's ""Argylle"" similarly had a stacked cast — Bryce Dallas Howard, Sam Rockwell, Henry Cavill, John Cena, Dua Lipa and Samuel L. Jackson, among them — but failed to drum up box-office interest.The film centers on Howard as reclusive author Elly Conway, whose best-selling espionage novels start to mirror the covert actions of a real-life spy organization.After spending around $200 million on production and an estimated $100 million on marketing efforts, the film generated just $96.2 million worldwide.Much of the film's issues stemmed from poor reviews — it garnered a 33% rating on Rotten Tomatoes — for what some called a convoluted yet predictable plot.Universal's ""The Fall Guy"" was actually very well-received by critics, earning an 81% rating on Rotten Tomatoes. However, even the dynamic duo of Ryan Gosling, fresh off ""Barbie,"" and Emily Blunt, one of the stars of ""Oppenheimer,"" wasn't enough to draw audiences out to cinemas.The film, a love letter to stunt performers based on a television show from the '80s with the same name, centers on Gosling's Colt Seavers, a battle-scarred stuntman who is drawn back into the movie industry after the star of a film directed by Seavers' former love interest Jody Moreno (Blunt) goes missing.""The Fall Guy"" tallied just $180.9 million globally. Its production budget was $125 million, not including marketing and distribution costs. The lack of major franchise attachment and niche storyline appears to have narrowed the audience.Sony's Spider-Man universe films have been hit-or-miss at the box office for years. For every Venom or Spider-Verse success there's a ""Morbius"" or a ""Madame Web.""With an 11% score on Rotten Tomatoes, ""Madame Web"" sparked the wrong kind of viral attention after its release. Memes flooded social media sites poking fun at the cast's wooden performances, gaping plot holes and poorly redubbed dialogue.""Madame Web"" follows Cassandra Webb, a New York City paramedic with clairvoyance. Webb's visions warn her about a threat to three young women, who each will gain spider powers in the future.The film, which cost around $80 million to produce, managed to scoop up around $100 million in ticket sales globally. However, after marketing costs and splitting receipts with cinemas, the film did not make back its budget.Warner Bros.' ""Furiosa: A Mad Max Saga"" was a long-awaited prequel from the mind of George Miller. However, despite solid reviews — a 90% ""Fresh"" rating on Rotten Tomatoes — the film failed to explode at the box office.A prequel to 2015's ""Mad Max: Fury Road,"" the film explores Furiosa's early life after she is kidnapped by a tyrannical warlord and attempts over several years to get back home.The film's production did benefit from extensive government subsidies for filming in Australia, which lessened the financial blow, but ""Furiosa"" generated only $172.4 million during its global run. Its production budget was estimated at around $168 million without marketing expenses.For comparison, ""Mad Max: Fury Road"" snared $368 million during its global run in 2015.""Megalopolis"" was a passion project for writer-director Francis Ford Coppola, who had been stewing over the film's concept since the late '70s. He self-financed the film, shelling out $120 million on production.The film is set in an alternate version of 21st-century New York City called New Rome. It follows an architect named Cesar Catilina (Adam Driver) as he attempts to revitalize the city by building the futuristic utopia called Megalopolis all while facing corrupt leadership bent on shutting down his plans.The ""overstuffed opus,"" as Rotten Tomatoes critics called the piece, had a sizeable cast of heavyweights in addition to Driver — Dustin Hoffman, Giancarlo Esposito, Laurence Fishburne and Jon Voight among them — but seemed to draw in only Coppola's biggest fans. ""Megalopolis"" tallied just $9.2 million globally.The film was distributed by Lionsgate. It is unclear if the marketing and distribution costs were split between Coppola and Lionsgate or if the studio took on the financial burden.Another passion project, ""Horizon: An American Saga — Chapter 1"" from Kevin Costner faced difficulties at the box office. The feature collected only $38.2 million at the global box office during its run in theaters. Its poor performance led Costner and Warner Bros. to postpone the release of a planned sequel, ""Chapter 2,"" which had been set for about six weeks after the first hit theaters.""Chapter 1"" follows several different narratives of people exploring the American West and pioneering new territory, including a gruff cowboy played by Costner, who finds himself on the run with a prostitute and a young boy after killing a fellow gunman.Costner produced, wrote, directed and starred in both films, spending an estimated $100 million on the two projects. Two more chapters in the saga are still in development with an undisclosed budget.Western films are a tough sell at modern box offices. The classic genre is beloved by film buffs, but isn't a huge draw for moviegoers. The highest-grossing Western at the box office is Quentin Tarantino's 2012 film ""Django Unchained,"" which generated about $450 million globally, according to Comscore. Costner's ""Dances with Wolves,"" from 1990, is the second-highest with $424.2 million in global ticket sales, not adjusted for inflation.While 2013's ""The Lone Ranger"" tallied $260 million worldwide, no other Western film has garnered more than $250 million at the global box office.Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Fandango and Rotten Tomatoes.",CNBC,18/10/2024,"['In this articleWarner Bros. took a big swing with ""Joker: Folie a Deux.""', ""It's turned into a big whiff."", 'After the billion-dollar success of ""Joker"" in 2019 on a shoestring budget of just $55 million, the studio greenlit a sequel, offering director Todd Phillips a substantially larger budget of $200 million.', 'As of Wednesday, the film has garnered just $53.8 million domestically, according to Comscore.', 'Its global haul stands at $166 million as of Sunday with updates expected over the weekend.', 'Panned by critics and audiences, ""Joker: Folie a Deux"" is not expected to recoup much of its lofty production budget or the additional $100 million in estimated marketing and distribution costs by the end of its theatrical run.', ""And it's not the only blockbuster-budgeted film to disappoint at the box office this year."", 'Other studios, including Warner Bros., Universal, Lionsgate and even Sony, have dropped hundreds of millions of dollars on franchise features and star-studded ensembles — only to see ticket sales sputter.', ""Of course, it's not an unusual occurrence in the theatrical industry."", '""A combination of hits and flops are a hallmark of every box office year,"" said Paul Dergarabedian, senior media analyst at Comscore. ""', 'But, 2024, being subject to a variety of unique challenges to both film production and the release calendar, created an imperfect storm that led to a series of creative misfires and financial failures.', '""Additionally, as Hollywood contends with a growing streaming market and a more fickle moviegoing public, these misfires could worry investors.', '""Before the rise of streaming, assessing a film\'s financial performance was seemingly clearer cut than it has become in recent years,"" said Shawn Robbins, director of analytics for Fandango\'s movie division.', 'Because of streaming, Hollywood has shortened the theatrical window, bringing movies to the home market much faster than before.', 'This means that potential moviegoers, who might be on the fence about seeing a movie or seeing it quickly, have a shorter time to wait before they can view it from their couch on a streaming service to which they already subscribe.', 'And if that movie has poor reviews, audiences have even less incentive to go out to cinemas.', '""In turn, this shift in dynamics and business models might call into question what kind of box office-to-budget ratio constitutes a loss and what doesn\'t,"" Robbins noted. ""', 'Some numbers are easier to eyeball and identify as a financial misfire without much argument, to be sure.', 'Others may be less obvious to discern in a constantly evolving global marketplace.', '""For example, a straight-to-streaming movie with a budget of $200 million could be deemed a success for a studio, if it drums up enough views.', 'Meanwhile, a $200 million film that goes to theaters and underperforms is often considered a failure.', ""That's especially true when considering studios are also spending on marketing and promotion costs, usually equal to half of the production budget, and sharing ticket proceeds with cinemas."", 'For companies such as Netflix, Apple or Amazon that have bigger cushions and stakeholders who are traditionally more comfortable with risk, big-budget films going straight to streaming may not faze investors.', 'But for more traditional media companies, that have long traded off their successes at the box office, shareholders still want to see a big theatrical return on investment.', 'Here\'s a look at some of the biggest box-office disappointments so far in 2024, based on production budgets estimated by IMDb and box-office tallies to date from Comscore:Warner Bros.\' ""Joker: Folie a Deux"" fell short of opening weekend expectations earlier this month, securing just $37.6 million domestically after initial box office forecasts called for close to $70 million in its first few days in theaters.', 'The film picks up after Arthur Fleck\'s arrest in ""Joker"" as he awaits trial at Arkham State Hospital.', 'Audiences failed to connect with the sequel, which featured Lady Gaga, who played a version of Harley Quinn, and her musical talents in a number of scenes.', '""Joker: Folie a Deux"" suffered the biggest second-week drop of any DC studios film, a whopping 81% fall.', 'For comparison, its predecessor snapped up $96.2 million during its opening weekend and $248.4 million globallyin its first three days.', '""Joker: Folie a Deux"" failed to lure back its most ardent fans or inspire new moviegoers to flock to cinemas.', 'Critics widely panned the flick, which currently holds a 33% rating on review aggregator Rotten Tomatoes and a rare ""D"" on CinemaScore.', 'Trying to capitalize on the popularity of video game-based movies, Lionsgate shelled out $115 million for director Eli Roth\'s adaptation of ""Borderlands.', '""The film touted an all-star cast of Cate Blanchett, Kevin Hart, Jack Black, Jamie Lee Curtis and up-and-comer Ariana Greenblatt, but fell flat with audiences.', 'Blanchett portrayed an infamous bounty hunter who forms an unlikely alliance with a ragtag team of misfits while on a quest to find the missing daughter of the most powerful man in the universe.', '""Borderlands"" generated a 10% rating on Rotten Tomatoes from 161 reviews and stalled out with just $32.9 million in global ticket sales.', 'Universal\'s ""Argylle"" similarly had a stacked cast — Bryce Dallas Howard, Sam Rockwell, Henry Cavill, John Cena, Dua Lipa and Samuel L. Jackson, among them — but failed to drum up box-office interest.', 'The film centers on Howard as reclusive author Elly Conway, whose best-selling espionage novels start to mirror the covert actions of a real-life spy organization.', 'After spending around $200 million on production and an estimated $100 million on marketing efforts, the film generated just $96.2 million worldwide.', ""Much of the film's issues stemmed from poor reviews — it garnered a 33% rating on Rotten Tomatoes — for what some called a convoluted yet predictable plot."", 'Universal\'s ""The Fall Guy"" was actually very well-received by critics, earning an 81% rating on Rotten Tomatoes.', 'However, even the dynamic duo of Ryan Gosling, fresh off ""Barbie,"" and Emily Blunt, one of the stars of ""Oppenheimer,"" wasn\'t enough to draw audiences out to cinemas.', ""The film, a love letter to stunt performers based on a television show from the '80s with the same name, centers on Gosling's Colt Seavers, a battle-scarred stuntman who is drawn back into the movie industry after the star of a film directed by Seavers' former love interest Jody Moreno (Blunt) goes missing."", '""The Fall Guy"" tallied just $180.9 million globally.', 'Its production budget was $125 million, not including marketing and distribution costs.', 'The lack of major franchise attachment and niche storyline appears to have narrowed the audience.', ""Sony's Spider-Man universe films have been hit-or-miss at the box office for years."", 'For every Venom or Spider-Verse success there\'s a ""Morbius"" or a ""Madame Web.', '""With an 11% score on Rotten Tomatoes, ""Madame Web"" sparked the wrong kind of viral attention after its release.', ""Memes flooded social media sites poking fun at the cast's wooden performances, gaping plot holes and poorly redubbed dialogue."", '""Madame Web"" follows Cassandra Webb, a New York City paramedic with clairvoyance.', ""Webb's visions warn her about a threat to three young women, who each will gain spider powers in the future."", 'The film, which cost around $80 million to produce, managed to scoop up around $100 million in ticket sales globally.', 'However, after marketing costs and splitting receipts with cinemas, the film did not make back its budget.', 'Warner Bros.\' ""Furiosa: A Mad Max Saga"" was a long-awaited prequel from the mind of George Miller.', 'However, despite solid reviews — a 90% ""Fresh"" rating on Rotten Tomatoes — the film failed to explode at the box office.', 'A prequel to 2015\'s ""Mad Max: Fury Road,"" the film explores Furiosa\'s early life after she is kidnapped by a tyrannical warlord and attempts over several years to get back home.', 'The film\'s production did benefit from extensive government subsidies for filming in Australia, which lessened the financial blow, but ""Furiosa"" generated only $172.4 million during its global run.', 'Its production budget was estimated at around $168 million without marketing expenses.', 'For comparison, ""Mad Max: Fury Road"" snared $368 million during its global run in 2015.""Megalopolis"" was a passion project for writer-director Francis Ford Coppola, who had been stewing over the film\'s concept since the late \'70s.', 'He self-financed the film, shelling out $120 million on production.', 'The film is set in an alternate version of 21st-century New York City called New Rome.', 'It follows an architect named Cesar Catilina (Adam Driver) as he attempts to revitalize the city by building the futuristic utopia called Megalopolis all while facing corrupt leadership bent on shutting down his plans.', 'The ""overstuffed opus,"" as Rotten Tomatoes critics called the piece, had a sizeable cast of heavyweights in addition to Driver — Dustin Hoffman, Giancarlo Esposito, Laurence Fishburne and Jon Voight among them — but seemed to draw in only Coppola\'s biggest fans. ""', 'Megalopolis"" tallied just $9.2 million globally.', 'The film was distributed by Lionsgate.', 'It is unclear if the marketing and distribution costs were split between Coppola and Lionsgate or if the studio took on the financial burden.', 'Another passion project, ""Horizon: An American Saga — Chapter 1"" from Kevin Costner faced difficulties at the box office.', 'The feature collected only $38.2 million at the global box office during its run in theaters.', 'Its poor performance led Costner and Warner Bros. to postpone the release of a planned sequel, ""Chapter 2,"" which had been set for about six weeks after the first hit theaters.', '""Chapter 1"" follows several different narratives of people exploring the American West and pioneering new territory, including a gruff cowboy played by Costner, who finds himself on the run with a prostitute and a young boy after killing a fellow gunman.', 'Costner produced, wrote, directed and starred in both films, spending an estimated $100 million on the two projects.', 'Two more chapters in the saga are still in development with an undisclosed budget.', 'Western films are a tough sell at modern box offices.', ""The classic genre is beloved by film buffs, but isn't a huge draw for moviegoers."", 'The highest-grossing Western at the box office is Quentin Tarantino\'s 2012 film ""Django Unchained,"" which generated about $450 million globally, according to Comscore.', 'Costner\'s ""Dances with Wolves,"" from 1990, is the second-highest with $424.2 million in global ticket sales, not adjusted for inflation.', 'While 2013\'s ""The Lone Ranger"" tallied $260 million worldwide, no other Western film has garnered more than $250 million at the global box office.', 'Disclosure: Comcast is the parent company of NBCUniversal and CNBC.', 'NBCUniversal owns Fandango and Rotten Tomatoes.']",-0.0199436070884278,"The film, a love letter to stunt performers based on a television show from the '80s with the same name, centers on Gosling's Colt Seavers, a battle-scarred stuntman who is drawn back into the movie industry after the star of a film directed by Seavers' former love interest Jody Moreno (Blunt) goes missing.","A prequel to 2015's ""Mad Max: Fury Road,"" the film explores Furiosa's early life after she is kidnapped by a tyrannical warlord and attempts over several years to get back home.",-0.2504693315579341,"For comparison, its predecessor snapped up $96.2 million during its opening weekend and $248.4 million globallyin its first three days.","""Joker: Folie a Deux"" suffered the biggest second-week drop of any DC studios film, a whopping 81% fall.",2024-10-23
-"CVS replaces CEO Karen Lynch with exec David Joyner as profits, share price suffer",https://www.cnbc.com/2024/10/18/cvs-to-replace-ceo-karen-lynch-with-exec-david-joyner.html,2024-10-18T20:02:49+0000,"In this articleLongtime CVS Health executive David Joyner has succeeded Karen Lynch as CEO, as the company struggles to drive higher profits and stock performance, CVS announced Friday.The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year. The stock closed around 5% lower on Friday. CVS has faced challenges as higher medical costs weigh on its insurance unit, Aetna, and a retail pharmacy business pressured by softer consumer spending and reimbursement headwinds for prescription drugs. In August, the company slashed its full-year profit guidance for the third consecutive quarter and said it would cut $2 billion in costs over the next several years.In its release Friday, CVS also said it expects adjusted earnings of between $1.05 and $1.10 per share for its third quarter. It anticipates higher medical costs than previously expected.""In light of continued elevated medical cost pressures in the Health Care Benefits segment, investors should no longer rely on the Company's previous guidance provided on its second quarter 2024 earnings call on August 7, 2024,"" CVS said in the release.The company is set to report third-quarter earnings on Nov. 6.Last month, major CVS shareholder Glenview Capital began a significant push for changes at the company, CNBC previously reported.In a statement on Friday, Glenview Capital said it respects and supports Lynch's departure from the company and looks forward to engaging with Joyner. The firm called for CVS to refresh its board of directors.""We believe the Company's culture, governance and leadership should be strengthened by those with both appropriate industry experience as well as fresh perspectives and that the Company would be best served through prompt Board evolution,"" Glenview said.CNBC also reported last month that CVS' board had engaged strategic advisors to weigh its options, including the potential of a breakup of its insurance and retail businesses. But CVS will now move forward intact, a company spokesperson told CNBC on Friday.Joyner most recently oversaw the company's pharmacy services business as president of CVS' major pharmacy benefits manager, Caremark, a similar position to the one Lynch held before she assumed the top job in February 2021. He retired from CVS in 2019 before returning to helm Caremark at the beginning of last year.""I came back to CVS Health in 2023 because I believed I could give more to the company, and I take this opportunity today for the same reason,"" Joyner said in a statement.He began his career at Aetna in pharmacy benefit services and previously held the role of executive vice president of sales and marketing at CVS Health.Joyner also had a roughly eight-year stint at Caremark before CVS acquired it in 2007. Caremark is one of the nation's three largest so-called PBMs, which sit at the center of the U.S. drug supply chain. PBMs negotiate drug rebates with manufacturers on behalf of insurers, create lists of preferred medications covered by health plans and reimburse pharmacies for prescriptions. ""We believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create,"" Chairman Roger Farah said in a statement.Lynch also stepped down from the company's board of directors this week, the company said Friday. Joyner will take a seat on the board, and Farah will assume the role of executive chairman.As CEO of CVS, Joyner will grapple with the Biden administration and lawmakers' increased scrutiny of Caremark and other PBMs, which will likely continue regardless of which party holds the White House after the U.S. election. The Federal Trade Commission last month sued Caremark and two other large PBMs, arguing that they use practices that boost their profits while inflating insulin costs for patients.He'll also need to navigate higher medical costs from Medicare Advantage patients, which 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. Medicare Advantage is a privately run health insurance plan contracted by Medicare.The company is hoping to achieve its target of 100 to 200 basis points margin improvement in its Medicare Advantage business next year, CVS executives said in August. Next month, CVS will report that medical costs were still elevated in the third quarter.The company expects its insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — to be around 95.2% for the quarter, up from 85.7% during the year-earlier period. A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.— CNBC's Sara Salinas and Rohan Goswami contributed to this report.",CNBC,18/10/2024,"['In this articleLongtime CVS Health executive David Joyner has succeeded Karen Lynch as CEO, as the company struggles to drive higher profits and stock performance, CVS announced Friday.', 'The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year.', 'The stock closed around 5% lower on Friday.', 'CVS has faced challenges as higher medical costs weigh on its insurance unit, Aetna, and a retail pharmacy business pressured by softer consumer spending and reimbursement headwinds for prescription drugs.', 'In August, the company slashed its full-year profit guidance for the third consecutive quarter and said it would cut $2 billion in costs over the next several years.', 'In its release Friday, CVS also said it expects adjusted earnings of between $1.05 and $1.10 per share for its third quarter.', 'It anticipates higher medical costs than previously expected.', '""In light of continued elevated medical cost pressures in the Health Care Benefits segment, investors should no longer rely on the Company\'s previous guidance provided on its second quarter 2024 earnings call on August 7, 2024,"" CVS said in the release.', 'The company is set to report third-quarter earnings on Nov. 6.Last month, major CVS shareholder Glenview Capital began a significant push for changes at the company, CNBC previously reported.', ""In a statement on Friday, Glenview Capital said it respects and supports Lynch's departure from the company and looks forward to engaging with Joyner."", 'The firm called for CVS to refresh its board of directors.', '""We believe the Company\'s culture, governance and leadership should be strengthened by those with both appropriate industry experience as well as fresh perspectives and that the Company would be best served through prompt Board evolution,"" Glenview said.', ""CNBC also reported last month that CVS' board had engaged strategic advisors to weigh its options, including the potential of a breakup of its insurance and retail businesses."", 'But CVS will now move forward intact, a company spokesperson told CNBC on Friday.', ""Joyner most recently oversaw the company's pharmacy services business as president of CVS' major pharmacy benefits manager, Caremark, a similar position to the one Lynch held before she assumed the top job in February 2021."", 'He retired from CVS in 2019 before returning to helm Caremark at the beginning of last year.', '""I came back to CVS Health in 2023 because I believed I could give more to the company, and I take this opportunity today for the same reason,"" Joyner said in a statement.', 'He began his career at Aetna in pharmacy benefit services and previously held the role of executive vice president of sales and marketing at CVS Health.', 'Joyner also had a roughly eight-year stint at Caremark before CVS acquired it in 2007.', ""Caremark is one of the nation's three largest so-called PBMs, which sit at the center of the U.S. drug supply chain."", 'PBMs negotiate drug rebates with manufacturers on behalf of insurers, create lists of preferred medications covered by health plans and reimburse pharmacies for prescriptions.', '""We believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces, more rapidly advance the operational improvements our company requires, and fully realize the value we can uniquely create,"" Chairman Roger Farah said in a statement.', ""Lynch also stepped down from the company's board of directors this week, the company said Friday."", 'Joyner will take a seat on the board, and Farah will assume the role of executive chairman.', ""As CEO of CVS, Joyner will grapple with the Biden administration and lawmakers' increased scrutiny of Caremark and other PBMs, which will likely continue regardless of which party holds the White House after the U.S. election."", 'The Federal Trade Commission last month sued Caremark and two other large PBMs, arguing that they use practices that boost their profits while inflating insulin costs for patients.', ""He'll also need to navigate higher medical costs from Medicare Advantage patients, which havejumped over the last yearfor insurers as more seniors return to hospitals to undergo procedures they had delayed during the Covid-19 pandemic."", 'Medicare Advantage is a privately run health insurance plan contracted by Medicare.', 'The company is hoping to achieve its target of 100 to 200 basis points margin improvement in its Medicare Advantage business next year, CVS executives said in August.', 'Next month, CVS will report that medical costs were still elevated in the third quarter.', ""The company expects its insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — to be around 95.2% for the quarter, up from 85.7% during the year-earlier period."", 'A lower ratio typically indicates that a company collected more in premiums than it paid out in benefits, resulting in higher profitability.—', ""CNBC's Sara Salinas and Rohan Goswami contributed to this report.""]",0.2722061706394021,"""We believe the Company's culture, governance and leadership should be strengthened by those with both appropriate industry experience as well as fresh perspectives and that the Company would be best served through prompt Board evolution,"" Glenview said.",The stock closed around 5% lower on Friday.,0.0799825032552083,"The company expects its insurance unit's medical benefit ratio — a measure of total medical expenses paid relative to premiums collected — to be around 95.2% for the quarter, up from 85.7% during the year-earlier period.","The move, effective Thursday, the day before the announcement, comes as CVS shares have fallen nearly 20% this year.",2024-10-23
-"GM stock has best day since 2020 after automaker tops Wall Street's third-quarter expectations, raises guidance",https://www.cnbc.com/2024/10/22/general-motors-gm-earnings-q3-2024.html,2024-10-22T20:23:32+0000,"In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year.Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet.GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations.GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50. It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks. The automaker plans to lower its outstanding shares to below 1 billion by early 2025. GM had more than 1.1 billion shares outstanding as of Tuesday close.The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters.GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs.Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening,  remained over $49,000 from July through September.""The consumer has held up remarkably well for us,"" he said during a media briefing. ""Nothing we see has changed from where we've been for the last several quarters.""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier. Its net income during the quarter rose slightly to $3 billion.Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings.The company's North American operations represented a disproportional amount of its earnings. They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier. The results represented a 9.7% adjusted profit margin.The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter. The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter.The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year. GM expects to share its full 2025 guidance in January.Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans.""We think we can turn it around,"" Jacobson told CNBC's Phil LeBeau on Tuesday regarding China. He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.Shares of GM were up about 36% this year as of Monday's close of $48.93. The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share. An earlier version misstated a figure.",CNBC,22/10/2024,"[""In this articleDETROIT — Shares of General Motors saw their largest daily increase since March 2020 on Tuesday after the company topped Wall Street's third-quarter earnings expectations, increased 2024 guidance and reconfirmed plans for shareholder returns and resilient earnings next year."", ""Shares of the Detroit automaker closed Tuesday at $53.73, up 9.8% — marking the highest daily percentage increase for the stock since volatile trading during the onset of the coronavirus pandemic in March 2020.Outside of the coronavirus pandemic, the increase was GM's best day since May 2018, according to FactSet."", ""GM easily outperformed Wall Street's third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.Here's how the company performed in the third quarter, compared with average estimates compiled by LSEG:This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations."", 'GM is now forecasting full-year adjusted earnings before interest and taxes of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50.', 'It also raised its adjusted automotive free cash flow forecast to between $12.5 billion and $13.5 billion, up from $9.5 billion and $11.5 billion.', 'The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.', 'Jacobson also reassured Wall Street that the company would continue returning cash to shareholders in the form of stock buybacks.', 'The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.', ""The automaker has topped Wall Street's EPS estimates for nine consecutive quarters and revenue for eight straight quarters."", ""GM's third-quarter results were assisted by continued strong pricing, offsetting losses in China and year-over-year cost increases of $200 million in labor and $700 million in warranty costs."", ""Jacobson said the company's average transaction price per vehicle, which Wall Street has been monitoring for signs of weakening, remained over $49,000 from July through September."", '""The consumer has held up remarkably well for us,"" he said during a media briefing. ""', ""Nothing we see has changed from where we've been for the last several quarters."", '""GM said revenue during the third quarter was up 10.5% from roughly $44 billion a year earlier.', 'Its net income during the quarter rose slightly to $3 billion.', ""Jacobson noted some of the company's third-quarter outperformance was assisted by the automaker pulling ahead some truck production from the fourth quarter, which represented a $400 million boost in adjusted earnings."", ""The company's North American operations represented a disproportional amount of its earnings."", 'They included adjusted earnings before interest and taxes of nearly $4 billion, up 12.9% from a year earlier.', 'The results represented a 9.7% adjusted profit margin.', 'The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.', ""GM's financing arm reported a 7.3% decline in adjusted earnings to $687 million during the third quarter."", ""The automaker's embattled Cruise autonomous vehicle unit has lost roughly $1.3 billion through September, including a loss of $383 million during the third quarter."", 'The quarterly report comes just two weeks after a GM investor day in which the company indicated its earnings strength is expected to continue into next year.', 'GM expects to share its full 2025 guidance in January.', ""Topics of interest for investors that were not addressed earlier this month include GM's funding plans for its Cruise autonomous vehicle unit, details on its China restructuring, and any updates regarding its near-term electric vehicle sales and plans."", '""We think we can turn it around,"" Jacobson told CNBC\'s Phil LeBeau on Tuesday regarding China.', 'He said the automaker has several meetings scheduled with its Chinese partners regarding the restructuring, including cost cuts.', ""Shares of GM were up about 36% this year as of Monday's close of $48.93."", 'The stock has been boosted by billions of dollars in buybacks by GM, which have led to a 19% year-over-year reduction in outstanding shares.', 'Correction: The automaker tightened its net income attributable to common stockholders, which excludes some dividend payouts, to between $10.4 billion and $11.1 billion, or $9.14 and $9.64 per share.', 'An earlier version misstated a figure.']",0.2014658441001565,The automaker plans to lower its outstanding shares to below 1 billion by early 2025.GM had more than 1.1 billion shares outstanding as of Tuesday close.,"That compared to its previous guidance of $10 billion to $11.4 billion, or $8.93 and $9.93.GM CFO Paul Jacobson warned earnings will be lower during the fourth quarter, citing timing of truck production, seasonality, lower wholesale volumes and vehicle mix, including selling more electric vehicles.",0.5029580569267273,Its net income during the quarter rose slightly to $3 billion.,"The North American results compared with a $137 million loss in China, where GM is attempting to restructure operations, and an 88.2% drop in adjusted earnings in its other international markets compared with a year earlier to $42 million.",2024-10-23
-Lucid CEO defends $1.75 billion capital raise following stock drop,https://www.cnbc.com/2024/10/21/lucid-ceo-wall-street-capital-raise.html,2024-10-22T11:24:38+0000,"In this articleDETROIT — Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock's worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.Rawlinson said the raise, which included a public offering of nearly 262.5 million shares of its common stock, was a timely, strategic business decision to ensure the electric vehicle company has enough capital for its ongoing operations and growth plans. It also should alleviate any potential worries that the company would need to issue a ""going concern"" disclosure regarding its operations, he said.""We'd signaled that we had a cash runway to Q4 next year. As a Nasdaq company, we have to avoid a going concern. And a going concern is issued within 12 months of your financial runway,"" Rawlinson said Monday from the company's newly opened offices in suburban Detroit. ""So, it should have been no surprise to anybody.""But Wall Street analysts largely took a negative view of the move due to its timing. Several said the raise was unnecessary or came earlier than expected for the company, which had $5.16 billion of total liquidity to end the third quarter. That included more than $4 billion in cash, cash equivalents and investment balances.The announced transactions also come two months after Lucid said Saudi Arabia's Public Investment Fund had agreed to supply the company with $1.5 billion in cash, as the EV maker looks to add new models to its product line.""A cap raise was slightly larger and earlier than we had expected,"" Morgan Stanley analyst Adam Jonas wrote following the raise being announced Wednesday after markets closed.RBC Capital Markets analyst Tom Narayan shared similar thoughts: ""We suspect that investors will wonder why LCID is raising more capital just after it secured the PIF capital in August, and at currently depressed share price levels. We expect Lucid shares to trade sharply lower as a result,"" he wrote in an investor note Wednesday night.Rawlinson on Monday reiterated that the company would raise capital ""opportunistically."" He said the company's current funds now secure its capital into 2026, ahead of it launching a new midsize platform later that year.""This is exactly as expected. It is exactly to the playbook. It should have come as zero surprise to anyone,"" he said. ""And why did I choose this moment? Because I didn't want to string it out to the end, because I didn't have to.""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.""Those five categories are the long-term investment for the future that we're making now,"" Rawlinson said. ""Have we got to cut costs with every car we're making? Absolutely.""Wednesday's announcement was made in conjunction with plans for Lucid's majority stockholder and affiliate of PIF, Ayar Third Investment Co., to purchase more than 374.7 million shares of common stock from Lucid to maintain its roughly 59% ownership of the company.Such a transaction is called pro rata, which allows an investor such as PIF to participate in future rounds of financing and retain its ownership stake. It's something the PIF has routinely done with Lucid.Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.""I think it's been misinterpreted and misreported,"" Rawlinson said. ""The norm is to go pro rata. If we didn't go pro rata, it surely would be a signal that the PIF were losing faith in us.""Lucid last week said the public offering was expected to raise about $1.67 billion, with a 30-day option for underwriter BofA Securities to purchase up to nearly 39.37 million additional shares of Lucid's common stock as well.Lucid has reported record deliveries in 2024 of its current model, an all-electric sedan called Air. The company expects to produce 9,000 vehicles this year. Production of its Gravity SUV is expected to start by the end of this year.However, Lucid's sales and financial performance have not scaled as quickly as expected following higher costs, slower-than-expected demand for EVs, and marketing and awareness problems for the company. — CNBC's Michael Bloom contributed to this report.",CNBC,22/10/2024,"[""In this articleDETROIT — Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock's worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.Rawlinson said the raise, which included a public offering of nearly 262.5 million shares of its common stock, was a timely, strategic business decision to ensure the electric vehicle company has enough capital for its ongoing operations and growth plans."", 'It also should alleviate any potential worries that the company would need to issue a ""going concern"" disclosure regarding its operations, he said.', '""We\'d signaled that we had a cash runway to Q4 next year.', 'As a Nasdaq company, we have to avoid a going concern.', 'And a going concern is issued within 12 months of your financial runway,"" Rawlinson said Monday from the company\'s newly opened offices in suburban Detroit. ""', 'So, it should have been no surprise to anybody.', '""But Wall Street analysts largely took a negative view of the move due to its timing.', 'Several said the raise was unnecessary or came earlier than expected for the company, which had $5.16 billion of total liquidity to end the third quarter.', 'That included more than $4 billion in cash, cash equivalents and investment balances.', ""The announced transactions also come two months after Lucid said Saudi Arabia's Public Investment Fund had agreed to supply the company with $1.5 billion in cash, as the EV maker looks to add new models to its product line."", '""A cap raise was slightly larger and earlier than we had expected,"" Morgan Stanley analyst Adam Jonas wrote following the raise being announced Wednesday after markets closed.', 'RBC Capital Markets analyst Tom Narayan shared similar thoughts: ""We suspect that investors will wonder why LCID is raising more capital just after it secured the PIF capital in August, and at currently depressed share price levels.', 'We expect Lucid shares to trade sharply lower as a result,"" he wrote in an investor note Wednesday night.', 'Rawlinson on Monday reiterated that the company would raise capital ""opportunistically.""', ""He said the company's current funds now secure its capital into 2026, ahead of it launching a new midsize platform later that year."", '""This is exactly as expected.', 'It is exactly to the playbook.', 'It should have come as zero surprise to anyone,"" he said. ""', 'And why did I choose this moment?', ""Because I didn't want to string it out to the end, because I didn't have to."", '""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.', '""Those five categories are the long-term investment for the future that we\'re making now,"" Rawlinson said. ""', ""Have we got to cut costs with every car we're making?"", 'Absolutely.', '""Wednesday\'s announcement was made in conjunction with plans for Lucid\'s majority stockholder and affiliate of PIF, Ayar Third Investment Co., to purchase more than 374.7 million shares of common stock from Lucid to maintain its roughly 59% ownership of the company.', 'Such a transaction is called pro rata, which allows an investorsuch as PIF to participate in future roundsof financing and retain its ownership stake.', ""It's something the PIF has routinely done with Lucid."", 'Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.', '""I think it\'s been misinterpreted and misreported,"" Rawlinson said. ""', 'The norm is to go pro rata.', ""If we didn't go pro rata, it surely would be a signal that the PIF were losing faith in us."", '""Lucid last week said the public offering was expected to raise about $1.67 billion, with a 30-day option for underwriter BofA Securities to purchase up to nearly 39.37 million additional shares of Lucid\'s common stock as well.', 'Lucid has reported record deliveries in 2024 of its current model, an all-electric sedan called Air.', 'The company expects to produce 9,000 vehicles this year.', 'Production of its Gravity SUV is expected to start by the end of this year.', ""However, Lucid's sales and financial performancehave not scaled as quickly as expectedfollowing higher costs, slower-than-expecteddemand for EVs, and marketing and awareness problems for the company. —"", ""CNBC's Michael Bloom contributed to this report.""]",0.0240898600705502,"Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.","""But Wall Street analysts largely took a negative view of the move due to its timing.",0.0642392845714793,"Individual investors were likely concerned by share dilution following the action, but Rawlinson said the continued support of the PIF should be viewed as a positive.","""Shares of Lucid declined about 18% on Thursday after the announcement — marking the worst daily decline for the company since December 2021.Rawlinson said Lucid is currently in a highly capital-intensive investment period as it expands its sole U.S. factory in Arizona; builds a second plant in Saudi Arabia; prepares to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and builds out its retail and service network.",2024-10-23
-"Starbucks shares slide after coffee chain says sales fell again, suspends outlook",https://www.cnbc.com/2024/10/22/starbucks-shares-slide-after-preliminary-results-show-sales-fell-again.html,2024-10-23T12:13:21+0000,"In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that's exactly what we are doing with our 'Back to Starbucks' plan,"" CEO Brian Niccol said in a statement.Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30. The coffee chain's new CEO aims to reverse slowing demand for Starbucks' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program. He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers. All three of those goals have been top complaints from customers and baristas in recent years.""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company's website on Tuesday.The company's preliminary net sales fell 3% to $9.1 billion. It reported preliminary adjusted earnings per share of 80 cents.Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.Shares of the company fell more than 3% in extended trading on the announcement.For the third consecutive quarter, Starbucks' same-store sales fell. This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.The company blamed its soft sales on weaker demand in North America. In its home market, its same-store sales decreased 6%. Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.In China, its second-largest market, same-store sales plummeted 14%. The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market.The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant. The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers. Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months.Niccol joined Starbucks after six years as CEO of Chipotle. During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business. In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding.Niccol has also been reshuffling the company's executive ranks. On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position. Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role. Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August.Shares of Starbucks are up 1% this year, as of Tuesday's close. The company has a market cap of more than $109 billion.",CNBC,23/10/2024,"['In this articleStarbucks on Tuesday posted preliminary quarterly results that showed its sales fell again as the coffee chain tries to execute a turnaround.', '""Our fourth quarter performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that\'s exactly what we are doing with our \'Back to Starbucks\' plan,"" CEO Brian Niccol said in a statement.', ""Niccol said he plans to share more details on the steps Starbucks is taking to turn around the business on the company's earnings call, scheduled for Oct. 30."", 'The coffee chain\'s new CEO aims to reverse slowing demand for Starbucks\' drinks, starting with its largest market: the U.S.Already, the CEO said the company is ""fundamentally changing"" its marketing by refocusing on all of its customers, not just members of its loyalty program.', 'He added that Starbucks plans to simplify its ""overly complex menu,"" fix its pricing and make sure all of its drinks are handed directly to customers.', 'All three of those goals have been top complaints from customers and baristas in recent years.', '""We believe that our problems are very fixable and that we have significant strengths to build on,"" Niccol said in prepared remarks released on the company\'s website on Tuesday.', ""The company's preliminary net sales fell 3% to $9.1 billion."", 'It reported preliminary adjusted earnings per share of 80 cents.', 'Analysts surveyed by LSEG were expecting the company to report fiscal fourth-quarter earnings per share of $1.03 and revenue of $9.38 billion.', 'Shares of the company fell more than 3% in extended trading on the announcement.', ""For the third consecutive quarter, Starbucks' same-store sales fell."", ""This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic."", 'The company blamed its soft sales on weaker demand in North America.', 'In its home market, its same-store sales decreased 6%.', 'Traffic tumbled 10%, despite increased investments in the business, such as more frequent promotions in its mobile app and an expanded range of product offerings.', 'In China, its second-largest market, same-store sales plummeted 14%.', ""The company attributed the decline to competition in the country, which it said is altering consumer behavior and changing the company's strategy for the market."", 'The company also suspended its fiscal 2025 outlook, citing the recent CEO transition and the ""current state of the business.', '""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.', '""We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround,"" Chief Financial Officer Rachel Ruggeri said in a statement.', 'Ruggeri added that the company is developing a plan to turn around the business, but creating a strategy will take time.', ""The surprise announcement of the company's preliminary results comes nearly two months after Niccol took the helm of the coffee giant."", 'The CEO transition followed two quarters of falling sales for Starbucks and several activist investors building stakes in the company.', 'In the U.S., the chain has been losing its occasional customers, who have opted to save money instead of spending on its macchiatos and Refreshers.', ""Starbucks' business in China has also been struggling to recover since the pandemic, and the rise of cheaper local rivals such as Luckin Coffee and a more cautious consumer have dented sales in recent months."", 'Niccol joined Starbucks after six years as CEO of Chipotle.', 'During his tenure at the fast-casual chain, he led the company through a turnaround after its foodborne illness crises, invested in its digital business and turned it into a top industry performer, even during the pandemic.', ""To curb Starbucks' sales slump, Niccol plans to turn first to the company's struggling U.S. business."", ""In an open letter released during his first week on the job, he said he plans to focus on four areas of improvement: the barista experience, morning service, its cafes and the company's branding."", ""Niccol has also been reshuffling the company's executive ranks."", 'On Friday, the company announced a former Chipotle executive, Tressie Lieberman, will be joining Starbucks as its global chief brand officer, a newly created position.', 'Last month, Starbucks said its North American CEO Michael Conway would retire after just five months in the role.', ""Niccol's predecessor Laxman Narasimhan had appointed Conway before his ouster in August."", ""Shares of Starbucks are up 1% this year, as of Tuesday's close."", 'The company has a market cap of more than $109 billion.']",0.0891955299188254,"""Despite the dismal quarter, the company increased its dividend from 57 cents to 61 cents per share.",The company blamed its soft sales on weaker demand in North America.,-0.3245488777756691,"Shares of Starbucks are up 1% this year, as of Tuesday's close.",This quarter's 7% decline in same-store sales was the company's steepest drop since the Covid-19 pandemic.,2024-10-23
-"Coca-Cola tops earnings estimates, as higher prices offset sluggish demand",https://www.cnbc.com/2024/10/23/coca-cola-ko-q3-2024-earnings.html,2024-10-23T14:59:31+0000,"In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand.Shares of the company fell 2% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier.Excluding items, the company earned 77 cents per share.Adjusted net sales of $11.95 billion were roughly flat from a year earlier. Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter.Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets. The metric strips out the impact of pricing and foreign currency to reflect demand. Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company's conference call. That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less. Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors. Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions. The company called out volume declines in China and Turkey specifically. Like North America, Latin America reported flat volume.Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter. The company's juice, dairy and plant-based beverages division reported a 3% decline in volume. Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.Coke said its pricing rose 10%. Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%. The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year. Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.",CNBC,23/10/2024,"[""In this articleCoca-Cola on Wednesday reported quarterly earnings and revenue that topped analysts' expectations, thanks to a boost from higher prices that offset sluggish demand."", 'Shares of the company fell 2% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Coke reported third-quarter net income attributable to shareholders of $2.85 billion, or 66 cents per share, down from $3.09 billion, or 71 cents per share, a year earlier."", 'Excluding items, the company earned 77 cents per share.', 'Adjusted net sales of $11.95 billion were roughly flat from a year earlier.', ""Coke's organic revenue, which strips out the impact of acquisitions, divestitures and currency, climbed 9% during the quarter."", 'Unit case volume fell 1% in the quarter, driven by weakening demand in some international markets.', 'The metric strips out the impact of pricing and foreign currency to reflect demand.', 'Consumer companies, including Coke, have reported in recent months that customers are more price sensitive, leading to sluggish demand for its products as prices remain high.', 'A set of consumers are ""exhibiting value-seeking behavior,"" Quincey told analysts on the company\'s conference call.', 'That shift includes buying fewer packs of Coke products or smaller size drinks at fast-food restaurants.', 'Even so, Coke in recent quarters has been besting rival PepsiCo, which has been dealing with the fallout from Quaker Foods recalls, in addition to a U.S. consumer who has been snacking and drinking less.', 'Pepsi said volume for its North American beverage business fell 3% in its third quarter, fueled by weakening demand for energy drinks.', ""Coke's unit case volume in North America was flat for the quarter, as shrinking demand for its water, sports, coffee and tea products offset growth in its namesake soda, juice, dairy, plant-based beverages and sparkling flavors."", 'Executives said premium products, like Fairlife milk and Topo Chico seltzers, have been performing well, despite their higher price tags.', ""But unit case volume fell 2% in both the company's Europe, Middle East and Africa and Asia-Pacific regions."", 'The company called out volume declines in China and Turkey specifically.', 'Like North America, Latin America reported flat volume.', ""Globally, volume for Coke's sparkling soft drinks, like Sprite, and for its namesake soda were both flat for the quarter."", ""The company's juice, dairy and plant-based beverages division reported a 3% decline in volume."", 'Its water, sports, coffee and tea segment saw volume fall 4%, fueled by a 6% drop in bottled water.', 'Coke said its pricing rose 10%.', 'Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.', '""We see us heading towards a more normalized level of pricing going into next year and landing in a more normal zone that tracks at similar rates to the CPI,"" Quincey said, speaking about North American pricing more specifically. ""', 'Of course, we continue to be very choiceful about where we invest for affordability options and where we invest for premiumization options.', '""For 2024, Coke now expects organic revenue growth of roughly 10%, on the high end of its prior range of 9% to 10%.', 'The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.', 'Coke is projecting a low-single-digit headwind for comparable revenue and a mid-single-digit headwind for earnings per share.']",0.0973301379868602,"Roughly 4% of that increase comes from markets experiencing intense inflation, like Argentina, while the rest is the result of price hikes and customers trading up to pricier options.","The company reiterated its projection that comparable earnings per share will rise 5% to 6%.Coke will provide its full 2025 outlook when it reports fourth-quarter earnings, but the company is already expecting currency to hurt its results next year.",-0.2266080638636713,Coke said its pricing rose 10%.,Adjusted net sales of $11.95 billion were roughly flat from a year earlier.,2024-10-23
-Spirit Airlines extends debt refinancing deadline hours before expiration,https://www.cnbc.com/2024/10/18/spirit-airlines-debt-deadline.html,2024-10-18T20:42:13+0000,"In this articleSpirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline.Spirit said in a filing late Friday that earlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity.""As previously disclosed, the Company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities,"" Spirit said in a filing late Friday.The deadline was previously set in September and had been extended until Oct. 21 before the Friday change. The airline's stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share.The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.Many of its planes have been grounded because of a Pratt & Whitney engine recall. It has also reported weaker-than-expected bookings and its planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.Earlier this month, The Wall Street Journal said the carrier is considering a bankruptcy filing. Spirit and advisor Perella Weinberg Partners did not immediately comment on the matter.",CNBC,18/10/2024,"['In this articleSpirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline.', 'Spirit said in a filing late Friday thatearlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity.', '""As previously disclosed, the Company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities,"" Spirit said in a filing late Friday.', 'The deadline was previously set in September and had been extended until Oct. 21 before the Friday change.', ""The airline's stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share."", 'The Miramar, Florida-based airline has furloughed workers, slashed its schedule and deferred aircraft deliveries to save cash over the past year.', 'Many of its planes have been grounded because of aPratt & Whitney engine recall.', 'It has also reportedweaker-than-expected bookings andits planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.', 'Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.', 'Earlier this month, The Wall Street Journal said the carrier is considering a bankruptcy filing.', 'Spirit and advisor Perella Weinberg Partners did not immediately comment on the matter.']",0.2097483240776851,"""As previously disclosed, the Company remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities,"" Spirit said in a filing late Friday.",It has also reportedweaker-than-expected bookings andits planned acquisition by JetBlue Airways was scuttled after getting blocked by a federal judge on antitrust grounds.,-0.378247720854623,"In this articleSpirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline.",Its shares have tumbled more than 90% so far this year and nearly 40% so far in October alone.,2024-10-23
-"Elections, hurricane damage and more: Here are four factors that will shape holiday shoppers' purchases",https://www.cnbc.com/2024/10/19/holiday-shopping-season-elections-hurricanes-to-affect-retail-spending.html,2024-10-21T00:57:10+0000,"Inflation may have cooled, but retailers are still staring down a holiday season with plenty of uncertainty.Several hard-to-predict factors will influence consumers' spending, as they deck the halls and look for the perfect gifts. Volatile weather, election distraction and a deal-hunting mindset may shape the season. And fewer days between Thanksgiving and Christmas than last year will put shoppers on the clock.Yet there's reason for optimism for retailers: Shoppers are feeling more upbeat and plan to spend more compared with last holiday season, according to an annual survey by consulting firm Deloitte and a separate forecast by the National Retail Federation.Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation. That's a more modest increase than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion. The NRF's figure excludes automobile dealers, gasoline stations and restaurants.Shoppers expect to spend an average of $1,778 on the holidays this year, 8% more than last holiday season, according to consulting firm Deloitte's survey. The survey, which included about 4,000 consumers and was conducted in late August and early September, attributed that spending increase to a more favorable economic outlook, a perception among respondents that prices would be higher and more willingness to spend among higher-earning households with an annual income of between $100,000 and $199,000.Low unemployment, a return to more typical inflation levels and a recent Federal Reserve interest rate cut are lifting consumers' spirits, said Stephen Rogers, managing director of Deloitte's Consumer Industry Center.""People are still in a better frame of mind, despite the political chatter,"" he said. ""When they look at their bank account and think about what their financial situation is, they feel better.""Weeks before trick-or-treating, shoppers got a taste of their first holiday deals.Those early offers set the stage for a season when shoppers are expected to seek out more ways to stretch the budget after costs of living climbed for years.Nearly 80% of shoppers surveyed by Deloitte said they would participate in deals events in October and November, up from 61% last year.""Our deal seeking muscle has been really exercised the past two years and we are just going to continue to exercise it,"" Rogers said.NRF CEO Matt Shay echoed that prediction. On a call with reporters this week, he said the retail trade group expects a more promotional environment this holiday season, with deals across more brands and categories than a year ago.Another potential challenge for retailers? Catering to customers who are more focused on decorations and experiences than gifts. Consumers plan to spend 16% more year over year on experiences, but spend 3% less on gifts compared with the year-ago holiday period, according to Deloitte's survey. Non-gift purchases, including spending on decor and party apparel, is also expected to jump 9% year over year.The firm's survey found that spending in retail categories would remain relatively flat with an average of $1,043 in 2024 compared with $1,020 in 2023. Consumers across income groups reported value-seeking habits, including less self-gifting, more trading down to affordable retailers and more seeking out private labels or ""dupes"" of pricier items.That shift could hurt retailers that sell goods, unless they come up with compelling ways to tie their merchandise to experiences, such as suggesting hiking gear, Rogers said.For Home Depot, which sells a wide range of holiday decor including Santa-themed throw pillows and a giant animated reindeer for yards, the high demand for decor could be an opportunity. Yet the home improvement retailer said it's prepared for consumers to seek value, too.This holiday season, Home Depot bought more low-priced artificial Christmas trees, such as a prelit tree that sells for $49, said Lance Allen, senior merchant of decorative holiday for the home improvement retailer.As Americans await results of the presidential election, will they also shop for the holidays?That's a question on the minds of retailers and consumer brands, including Walmart and SharkNinja, that are hoping shoppers will browse and buy rather than become glued to the news. The election is on Nov. 5, and it could take days for a winner to be called if the race between Vice President Kamala Harris and former President Donald Trump ends up as close as polls suggest.SharkNinja CEO Mark Barrocas described the election as the ""biggest unknown"" that will shape the holiday season.""It may be a blip and it may be nothing, and it may disrupt things for a few weeks if the news cycle is all-consuming,"" he said. ""Christmas is going to come and there will be a holiday season. It's just a matter of how many distractions there are.""He said the election and the news cycle around it may also influence how consumers feel about the economy.Walmart's internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.""The one thing that is still out there and moving is what's going to happen with the election, and what happens with the election will really determine if this is something that stays positive or not,"" she said.Already, some companies have blamed the election for taking a bite out of their sales. Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue.""Consumers will, I think, take a little bit of pause in making investment decisions, whether it's discretionary or other things,"" he said. ""I think you're going to hear other industries talking about that as well.""For retailers, cooler and wintery weather is always on the Christmas wish list.Weather can tip shoppers into the holiday spirit and get them in the mood to buy thicker sweaters, coats and gifts, said Evan Gold, executive vice president for Planalytics, a Philadelphia-based company that advises retailers on weather-related inventory planning.""There's no external factor that influences consumers' purchases as directly, frequently and immediately as the weather,"" he said.This year, the early fall got off to a rockier start. The now unofficial kickoff to the holiday shopping season marked by October sales events coincided with unseasonably warm temperatures in San Francisco and other parts of the country, and severe hurricanes that battered North Carolina and Florida. That makes shoppers less likely to want to buy sweaters, coats and artificial trees.Yet the weather this year should eventually help retailers, Gold said, since November and December temperatures are expected to be colder than a year ago. He said the shift in weather, such as a dusting of snow or a cold snap, can help signal shoppers to get ready for the season.Many families will just be trying to rebuild from hurricane damage rather than buying holiday gifts, which could redirect money to furniture, clothes or home repairs, Jack Kleinhenz, the NRF's chief economist, said on a call with reporters.""It'll be just an adjustment in their budget in what they'll be spending for, but it's really too early to know the full impact on retail,"" he said.Home Depot expects that, too. It pulled holiday product out of 124 of its big-box stores to make room for items that hard-hit areas need, such as shingles and drywall, Allen said. Instead, he said, it plans to sell a more limited assortment in those stores of items such as wreaths and its top-selling trees.""They're trying to rebuild and recover their houses,"" he said. ""So obviously, they're not going to go buy a nine-foot reindeer and put that out there.""Thanks to the calendar, the holiday rush may be on overdrive.Shoppers will have five fewer days between Thanksgiving and Christmas this year compared with last year — which could dampen spending or potentially motivate time-pressured shoppers to seek out rush shipping, curbside pickup or other quicker options to get gifts.The pressure will be on retailers to make the most of each day and to deliver on convenience, as shoppers race to get what they need and expect items to arrive within a few hours or at minimum, within a few days, said the NRF's Shay.""A shorter period does have consequences and implications and one of those, of course, is that the shipping season will be shorter,"" he said.On a recent store tour, Kohl's Chief Marketing Officer Christie Raymond said the retailer expects it will have to work harder to woo customers, especially lower- and middle-income shoppers, who have felt pinched by the cumulative effect of inflation and crunched for time.""We think they're feeling more squeezed than last year,"" Raymond said. And, she added, shoppers have also said they are ""feeling time-squeezed.""To appeal to those consumers, Kohl's wants to have more of what they need, Chief Merchandising and Digital Officer Nick Jones said.The retailer has bulked up its offering of gift items, added more party dresses and started to sell a wider range of decorations, including Christmas trees, lawn ornaments and wrapping paper.""We want to be a holiday destination,"" he said. ""We haven't got the food, but we've got everything else.""",CNBC,21/10/2024,"['Inflation may have cooled, but retailers are still staring down a holiday season with plenty of uncertainty.', ""Several hard-to-predict factors will influence consumers' spending, as they deck the halls and look for the perfect gifts."", 'Volatile weather, election distraction and a deal-hunting mindset may shape the season.', 'And fewer days between Thanksgiving and Christmas than last year will put shoppers on the clock.', ""Yet there's reason for optimism for retailers: Shoppers are feeling more upbeat and plan to spend more compared with last holiday season, according to an annual survey by consulting firm Deloitte and a separate forecast by the National Retail Federation."", 'Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation.', ""That's a more modest increase than the 3.9% year-over-year jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion."", ""The NRF's figure excludes automobile dealers, gasoline stations and restaurants."", ""Shoppers expect to spend an average of $1,778 on the holidays this year, 8% more than last holiday season, according to consulting firm Deloitte's survey."", ""The survey, which included about 4,000 consumers and was conducted in late August and early September, attributed that spending increase to a more favorable economic outlook, a perception among respondents that prices would be higher and more willingness to spend among higher-earning households with an annual income of between $100,000 and $199,000.Low unemployment, a return to more typical inflation levels and a recent Federal Reserve interest rate cut are lifting consumers' spirits, said Stephen Rogers, managing director ofDeloitte's Consumer Industry Center."", '""People are still in a better frame of mind, despite the political chatter,"" he said. ""', 'When they look at their bank account and think about what their financial situation is, they feel better.', '""Weeks before trick-or-treating, shoppers got a taste of their first holiday deals.', 'Those early offersset the stage for a season when shoppers are expected to seek out more ways to stretch the budget after costs of living climbed for years.', 'Nearly 80% of shoppers surveyed by Deloitte said they would participate in deals events in October and November, up from 61% last year.', '""Our deal seeking muscle has been really exercised the past two years and we are just going to continue to exercise it,"" Rogers said.', 'NRF CEO Matt Shay echoed that prediction.', 'On a call with reporters this week, he said the retail trade group expects a more promotional environment this holiday season, with deals across more brands and categories than a year ago.', 'Another potential challenge for retailers?', 'Catering to customers who are more focused on decorations and experiences than gifts.', ""Consumers plan to spend 16% more year over year on experiences, but spend 3% less on gifts compared with the year-ago holiday period, according to Deloitte's survey."", 'Non-gift purchases, including spending on decor and party apparel, is also expected to jump 9% year over year.', ""The firm's survey found that spending in retail categories would remain relatively flat with an average of $1,043 in 2024 compared with $1,020 in 2023."", 'Consumers across income groups reported value-seeking habits, including less self-gifting, more trading down to affordable retailers and more seeking out private labels or ""dupes"" of pricier items.', 'That shift could hurt retailers that sell goods, unless they come up with compelling ways to tie their merchandise to experiences, such as suggesting hiking gear, Rogers said.', 'For Home Depot, which sells a wide range of holiday decor including Santa-themed throw pillows and a giant animated reindeer for yards, the high demand for decor could be an opportunity.', ""Yet the home improvement retailer said it's prepared for consumers to seek value, too."", 'This holiday season, Home Depot bought more low-priced artificial Christmas trees, such as a prelit tree that sells for $49, said Lance Allen, senior merchant of decorative holiday for the home improvement retailer.', ""As Americans await results of the presidential election, will they also shop for the holidays?That's a question on the minds of retailers and consumer brands, including Walmart and SharkNinja, that are hoping shoppers will browse and buy rather than become glued to the news."", 'The election is on Nov. 5, and it could take days for a winner to be called if the race between Vice President Kamala Harris and former President Donald Trump ends up as close as polls suggest.', 'SharkNinja CEO Mark Barrocas described the election as the ""biggest unknown"" that will shape the holiday season.', '""It may be a blip and it may be nothing, and it may disrupt things for afew weeks if the news cycle is all-consuming,"" he said. ""', 'Christmas is going to come and there will be a holiday season.', ""It's just a matter of how many distractions there are."", '""He said the election and the news cycle around it may also influence how consumers feel about the economy.', 'Walmart\'s internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.', '""The one thing that is still out there and moving is what\'s going to happen with the election, and what happens with the election will really determine if this is something that stays positive or not,"" she said.', 'Already, some companies have blamed the election for taking a bite out of their sales.', 'Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.', ""Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue."", '""Consumers will, I think, take a little bit of pause in making investment decisions, whether it\'s discretionary or other things,"" he said. ""', ""I think you're going to hear other industries talking about that as well."", '""For retailers, cooler and wintery weather is always on the Christmas wish list.', 'Weather can tip shoppers into the holiday spirit and get them in the mood to buy thicker sweaters, coats and gifts, said Evan Gold, executive vice president for Planalytics, a Philadelphia-based company that advises retailers on weather-related inventory planning.', '""There\'s no external factor that influences consumers\' purchases as directly, frequently and immediately as the weather,"" he said.', 'This year, the early fall got off to a rockier start.', 'The now unofficial kickoff to the holiday shopping season marked by October sales events coincided with unseasonably warm temperatures in San Francisco and other parts of the country, and severe hurricanes that battered North Carolina and Florida.', 'That makes shoppers less likely to want to buy sweaters, coats and artificial trees.', 'Yet the weather this year should eventually help retailers, Gold said, since November and December temperatures are expected to be colder than a year ago.', 'He said the shift in weather, such as a dusting of snow or a cold snap, can help signal shoppers to get ready for the season.', ""Many families will just be trying to rebuild from hurricane damage rather than buying holiday gifts, which could redirect money to furniture, clothes or home repairs, Jack Kleinhenz, the NRF's chief economist, said on a call with reporters."", '""It\'ll be just an adjustment in their budget in what they\'ll be spending for, but it\'s really too early to know the full impact on retail,"" he said.', 'Home Depot expects that, too.', 'It pulled holiday product out of 124 of its big-box stores to make room for items that hard-hit areas need, such as shingles and drywall, Allen said.', 'Instead, he said, it plans to sell a more limited assortment in those stores of items such as wreaths and its top-selling trees.', '""They\'re trying to rebuild and recover their houses,"" he said. ""', ""So obviously, they're not going to go buy a nine-foot reindeer and put that out there."", '""Thanks to the calendar, the holiday rush may be on overdrive.', 'Shoppers will have five fewer days between Thanksgiving and Christmas this year compared with last year — which could dampen spending or potentially motivate time-pressured shoppers to seek out rush shipping, curbside pickup or other quicker options to get gifts.', ""The pressure will be on retailers to make the most of each day and to deliver on convenience, as shoppers race to get what they need and expect items to arrive within a few hours or at minimum, within a few days, said the NRF's Shay."", '""A shorter period does have consequences and implications and one of those, of course, is that the shipping season will be shorter,"" he said.', ""On a recent store tour, Kohl's Chief Marketing Officer Christie Raymond said the retailer expects it will have to work harder to woo customers, especially lower- and middle-income shoppers, who have felt pinched by the cumulative effect of inflation and crunched for time."", '""We think they\'re feeling more squeezed than last year,"" Raymond said.', 'And, she added, shoppers have also said they are ""feeling time-squeezed.', '""To appeal to those consumers, Kohl\'s wants to have more of what they need, Chief Merchandising and Digital Officer Nick Jones said.', 'The retailer has bulked up its offering of gift items, added more party dresses and started to sell a wider range of decorations, including Christmas trees, lawn ornaments and wrapping paper.', '""We want to be a holiday destination,"" he said. ""', 'We haven\'t got the food, but we\'ve got everything else.""']",0.2251670779755516,"Walmart's internal research suggests ""an uptick in positivity"" as its shoppers enjoy the fall and get ready for Halloween, said Jen Acerra, vice president of customer insights and strategy at Walmart.","Amazon chalked up a weak forecast in August to election distraction that would dampen demand for online shopping, a comment some mocked as an excuse.",0.1810809847186593,"Holiday spending in November and December is expected to increase by 2.5% to 3.5% compared with 2023 and range between $979.5 billion and $989 billion, according to the National Retail Federation.","Delta Air Lines' CEO, Ed Bastian, said in a CNBC interview this month that the company expects lower demand before and after the election to hit the carrier's revenue.",2024-10-23
-Boeing machinists to vote on new proposal with 35% raises that could end strike,https://www.cnbc.com/2024/10/19/boeing-workers-to-vote-on-new-proposal-that-could-end-strike.html,2024-10-21T13:53:47+0000,"In this articleBoeing and its machinists' union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than monthlong strike that has hobbled the manufacturers' aircraft  production.The ratification vote is set for Wednesday.The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes.Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week. ""With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,"" the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years. Boeing later made a sweetened offer but the union blasted it saying it was not negotiated.""We look forward to our employees voting on the negotiated proposal,"" Boeing said in a statement.Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.The company earlier this month said it will report a deep loss and take charges of about $5 billion in its commercial and defense units. A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.On Oct. 11, he announced job cuts of 10% of Boeing's workforce and that the company will stop making 767s when orders are fulfilled in 2027.",CNBC,21/10/2024,"[""In this articleBoeing and its machinists' union have reached a newcontract proposal, the union said Saturday, outlininga deal that could end a more than monthlong strike that has hobbled the manufacturers' aircraft production."", 'The ratification vote is set for Wednesday.', 'The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes.', 'Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week.', '""With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration,"" the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.', '""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.', 'The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years.', 'Boeing later made a sweetened offer but the union blasted it saying it was not negotiated.', '""We look forward to our employees voting on the negotiated proposal,"" Boeing said in a statement.', 'Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.', 'The company earlier this month said it will report a deep loss and take charges of about $5 billion in its commercial and defense units.', 'A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.', ""On Oct.11, he announced job cuts of 10% of Boeing's workforce and that the company will stop making 767s when orders are fulfilled in 2027.""]",0.095604632052522,"""President Biden believes the collective bargaining process is the best way to achieve good outcomes for workers, and the ultimate decision on a contract will be for the union workers to decide,"" a White House spokesperson said in a statement.",Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.,0.2523415982723236,"A ratified contract on Wednesday, when Boeing also reports full results, would be a victory for new CEO Kelly Ortberg, who took the top job in August, tasked with reshaping the company.",Boeing is working to stop bleeding cash as it grapples with a safety crisis stemming from a near-catastrophic door plug blowout on one of its 737 Maxes at start the year and challenges in its other programs.,2024-10-23
-"Procter & Gamble earnings beat estimates, but weak demand in China hurts sales",https://www.cnbc.com/2024/10/18/procter-gamble-pg-q1-2025-earnings.html,2024-10-18T16:12:57+0000,"In this articleProcter & Gamble on Friday reported weaker-than-expected revenue as lower demand in China again weighed on its sales.The company's organic sales in Greater China, its second-largest market, fell 15% in the fiscal first quarter. As home prices drop and jobless rates rise in the country, shoppers have pulled back their spending, hurting P&G's sales for shampoo, diapers and other consumer staples.While executives maintained their confidence in China long term, demand isn't expected to recover for at least several more quarters.""The market continues to be weak and will be weak, we believe, for a number of quarters to come,"" CFO Andre Schulten said on a call with the press.P&G's outlook for China didn't take into account the Chinese government's recently announced plans to boost the country's economy.Shares of the company fell roughly 1% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:P&G's net sales dropped 1% to $21.74 billion. Organic revenue, which strips out foreign exchange, acquisitions and divestitures, rose 2%, helped by higher prices.The company reported flat volume for the quarter. The metric excludes pricing, which makes it a more accurate reflection of demand than sales. Like many consumer companies, P&G has seen demand for its products fall after several years of price hikes. Last quarter was the first time in more than two years that its volume increased.In the U.S., P&G's volume grew in eight of its 10 categories, and the company isn't seeing any trade down to private-label products, Schulten said.But it's a different story in Greater China, which saw its organic sales worsen compared with the prior quarter. The company called out volume declines in China for both its hair care and oral care segments. Still, Greater China accounts for less than 10% of P&G's revenue.""The issues around Asia and execution are pretty minimal compared to some of the other rough spots that the company's gone through in the past,"" said Charles Rinehart, chief investment officer of Johnson Investment Counsel, a longtime shareholder in Procter & Gamble.P&G's beauty business, which includes brands like Pantene and Olay, saw volume fall 2% in the quarter. In particular, its skin care segment struggled, with organic sales tumbling more than 20%. P&G blamed the steep decline on lower volume and decreased sales of its pricey SK-II brand, which has struggled ever since pandemic lockdowns. Anti-Japanese sentiment in China has been the latest challenge for the brand; last year, SK-II sales took a hit as Chinese consumers boycotted the brand, fearing that Japan's release of treated radioactive waste would contaminate the products.Both P&G's health care and baby, feminine and family care divisions reported 1% declines in volume for the quarter. But its baby care segment, which includes Pampers diapers, had an even worse quarter, with its organic sales falling by mid-single digits. As the global birth rate continues to drop, P&G has turned to pushing consumers to buy more expensive baby care items, like its Pampers Premium diapers, to grow sales. But that strategy can't always make up for declining volume.P&G's grooming division, which includes Gillette and Venus, reported 4% volume growth. The company credited innovation for its strong performance.The company's fabric and home care business saw volume rise 1% in the quarter. The division includes Swiffer, Febreze and Tide products.P&G reported fiscal first-quarter net income attributable to the company of $3.96 billion, or $1.61 per share, down from $4.52 billion, or $1.83 per share, a year earlier.Excluding restructuring charges and other items, the company earned $1.93 per share.P&G reiterated its fiscal 2025 forecast. It anticipates core net earnings per share in a range of $6.91 to $7.05 and revenue growth of 2% to 4%.",CNBC,18/10/2024,"['In this articleProcter & Gamble on Friday reported weaker-than-expected revenue as lower demand in China again weighed on its sales.', ""The company's organic sales in Greater China, its second-largest market, fell 15% in the fiscal first quarter."", ""As home prices drop and jobless rates rise in the country, shoppers have pulled back their spending, hurting P&G's sales for shampoo, diapers and other consumer staples."", ""While executives maintained their confidence in China long term, demand isn't expected to recover for at least several more quarters."", '""The market continues to be weak and will be weak, we believe, for a number of quarters to come,"" CFO Andre Schulten said on a call with the press.', ""P&G's outlook for China didn't take into account the Chinese government's recently announced plans to boost the country's economy."", 'Shares of the company fell roughly 1% in morning trading.', ""Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:P&G's net salesdropped1% to $21.74 billion."", 'Organic revenue, which strips out foreign exchange, acquisitions and divestitures, rose 2%, helped by higher prices.', 'The company reported flat volume for the quarter.', 'The metric excludes pricing, which makes it a more accurate reflection of demand than sales.', 'Like many consumer companies, P&G has seen demand for its products fall after several years of price hikes.', 'Last quarter was the first time in more than two years that its volume increased.', ""In the U.S., P&G's volume grew in eight of its 10 categories, and the company isn't seeing any trade down to private-label products, Schulten said."", ""But it's a different story in Greater China, which saw its organic sales worsen compared with the prior quarter."", 'The company called out volume declines in China for both its hair care and oral care segments.', ""Still, Greater China accounts for less than 10% of P&G's revenue."", '""The issues around Asia and execution are pretty minimal compared to some of the other rough spots that the company\'s gone through in the past,"" said Charles Rinehart, chief investment officer of Johnson Investment Counsel, a longtime shareholder in Procter & Gamble.', ""P&G's beauty business, which includes brands like Pantene and Olay, saw volume fall 2% in the quarter."", 'In particular, its skin care segment struggled, with organic sales tumbling more than 20%.', 'P&G blamed the steep decline on lower volume and decreased sales of its pricey SK-II brand, which has struggled ever since pandemic lockdowns.', ""Anti-Japanese sentiment in China has been the latest challenge for the brand; last year, SK-II sales took a hit as Chinese consumers boycotted the brand, fearing that Japan's release of treated radioactive waste would contaminate the products."", ""Both P&G's health care and baby, feminine and family care divisions reported 1% declines in volume for the quarter."", 'But its baby care segment, which includes Pampers diapers, had an even worse quarter, with its organic sales falling by mid-single digits.', 'As the global birth rate continues to drop, P&G has turned to pushing consumers to buy more expensive baby care items, like its Pampers Premium diapers, to grow sales.', ""But that strategy can't always make up for declining volume."", ""P&G's grooming division, which includes Gillette and Venus, reported 4% volume growth."", 'The company credited innovation for its strong performance.', ""The company's fabric and home care business saw volume rise 1% in the quarter."", 'The division includes Swiffer, Febreze and Tide products.', 'P&G reported fiscal first-quarter net income attributable to the company of $3.96 billion, or $1.61 per share, down from $4.52 billion, or $1.83 per share, a year earlier.', 'Excluding restructuring charges and other items, the company earned $1.93 per share.', 'P&G reiterated its fiscal 2025 forecast.', 'It anticipates core net earnings per share in a range of $6.91 to $7.05 and revenue growth of 2% to 4%.']",0.1330287382450646,The company credited innovation for its strong performance.,"Anti-Japanese sentiment in China has been the latest challenge for the brand; last year, SK-II sales took a hit as Chinese consumers boycotted the brand, fearing that Japan's release of treated radioactive waste would contaminate the products.",-0.2795409283467701,"Organic revenue, which strips out foreign exchange, acquisitions and divestitures, rose 2%, helped by higher prices.","Both P&G's health care and baby, feminine and family care divisions reported 1% declines in volume for the quarter.",2024-10-23